Petition to end legalised loan sharks

j.by

Buy_It_Now wrote: »

This is the stupidest thing i've read today...what would you rather have...unlicensed illegal loan sharks? Some people have nowhere else to turn to. You are not forced to borrow from these Pay Day loans, it's your own free will. The individual has to control their own finances!!!!!!!!!

I think you are missing the point. People do not want to get rid of payday loans but stricter rules need to be in place and regulated and consumers protected.

Good point no they do not force you take out the loan, but it works both ways these companies are not forced to accept who are deemed as uncredit worthy, on low incomes and on benefits. And because of that persons situation they are not eligible to get any type of insurance to help if at any time you cannot repay. However they have no problem dishing this money out to you. But when someone has difficulty in paying them back they !!!!! and moan about it....HELLO the company is just as much responsible for loaning the money its called responsible lending. But there are no rules in place to prevent this like there is with banks.
I am sick and tired of goody 2 shoes people coming in these forums and looking down on people who got themselves in situations like this. I will say to you. Do you know every morning when you wake up how your day is going to be second to second??? no you dont at any given any circumstance can put you in a position of vulnerability for example, lose your job, become ill, etc.
My brother had a massive heart attack at 33 lost his job want into clinical depression and because of it is now black listed for 6 years because he couldn't pay his bills...this could happen to any one of us.

Right back to the payday loans..... My friend had loan off a well known company who advertise on TV the funny old people I sure you can guess who I am talking about. She has been a customer for a year or so and this month had difficulty paying back what she owed. She asked for help and an extension to which was agreed. However they proceeded to enter bank account not once, not twice but three times and emptied her bank of her disability money IN ONE DAY 4 days before Christmas first by taking 2 small amounts and then taking a big amount which left her with nothing. By the way they entered her bank with a completely different name and she thought she had actually been a victim of fraud.

Yes the Government give these companies permission to accept vulnerable people but they also give them the right to do what they did to my friend. Or at least they think so. We have since found that even if you owe monies to creditors they cannot cause you financial hardship to pay back what you owe specially if it is unsecured. Meaning money have to be left for every day living expenses THAT IS LAW and yet this company has done this 4 days before Christmas.

so the POINT IS tougher regulations and lower interest rates and protection for consumers.

Boris_Allen

You want to legalise cannabis but ban payday loans? You can't have your cake and eat it my friends!