Payday Loans -Please read and agree!!!

simon2010

Dear Martin

We love this site, but please help us!

In your capacity please help/ start a campaign to get pay day loan companies banned. You only have to read the misery they are causing people on this forum!! THEY ARE SERIOUSLY RUINING LIVES out there.

Please help us Martin!

People - just sign 'agree'. If we get thousands of us agreeing Martin might come on and make a comment, and maybe we can all make a difference and get rid of these companies.

Many thanks

:money::T

Apples2

simon2010 wrote: »

People - just sign 'agree'.

You've unwittingly hit the nail clean on the head.

People simply sign and agree to something they cannot in a million years honour.

dealer_wins

The misery only seems to occur when the borrowers dont pay back their loan when they agreed too.

boogiemaster

They won't be banned the government will just put a cap on the amount of interest they can charge but they will just introduce new fees into the loan agreements.

As long as a company pay taxes the government won't do a dam thing even though the whole country moan about it.

Mara69

Pay day loans have their place. It is not the loan companies ruining people's lives, it is their total and utter inability to manage their finances.

lantanna

It is so unfortunate that for a lot of people these lenders are part and parcel of everyday life now and people in sheer desperation and with a lack of other options available to them for whatever reasons. I am currently clawing my way out of a mess with them slowly but surely. For me it was a lesson I have learnt the hard way and I am sure that I will never touch them again.

Wutang_2

boogiemaster wrote: »

They won't be banned the government will just put a cap on the amount of interest they can charge but they will just introduce new fees into the loan agreements.

As long as a company pay taxes the government won't do a dam thing even though the whole country moan about it.

Do not state that the whole country moans about them as that includes me.....

Why would they be banned - its only the morons who don't pay it back who complain.

opinions4u

simon2010 wrote: »

In your capacity please help/ start a campaign to get pay day loan companies banned. You only have to read the misery they are causing people on this forum!! THEY ARE SERIOUSLY RUINING LIVES out there.

To be honest, somebody defaulting on a PDL is a great way of stopping them from building up new debts as their credit file gets trashed. So a PDL can often be the cause of getting an individual to face in to their problems.

People - just sign 'agree'.

No. While I don't like PDL companies, they can, if used sensibly save people money. Such as somebody staring a lot of bank charges in the face who uses a cheaper PDL to bring their current account in to credit.

So I'm not going to rush to agree that they should be banned.

People invariably get in to trouble with PDLs when they lie. Like knowing they don't have a pay day coming up. Or taking several out on the same day, knowing they won't be able to pay them back.

If you find yourself tempted to apply for a PDL chances are your finances are wrecked anyway. It's not the PDL company that "ruins lives" it's the idiot spending too much money long before clicking the "accept" button.

If we get thousands of us agreeing Martin might come on and make a comment, and maybe we can all make a difference and get rid of these companies.

He's not exactly encouraging people to use these companies, is he?

:money:

I really hate this thing. Massively.

Poosmate

I used to think that PDL's were the devil in disguise, actually not even in disguise. However, having read so many threads on here I actually think they could be the best thing to ever happen to people and their attitudes to debt.

You got to admit, they've got a bit of backbone when it comes to getting their money back. Maybe if the mainstream banks started just taking money from peoples accounts who default, us taxpayers wouldn't have to bail them out and those of us who do actually pay our debts would be treated more fairly with a more decent level of interest.

It's not the PDL's that are ruining peoples lives, the people themselves ruin their lives by not paying back what they owe.

Poo

[Deleted User]

PDL are in some cases CHEAPER than the alternative,e.g the apr on some unauthorised o/d would also make your eyes water,and at least pdl wallers only pass you on to a dca and dont have your legs broken
used wisely and infrequently pdl`s can for some people be a life saver,others just abuse them and end up borrowing for months thats when the 2700%apr kicks in

the best advice i can give the financially inept is to join a credit union

Amba_Gambla

Poosmate wrote: »

It's not the PDL's that are ruining peoples lives, the people themselves ruin their lives by not paying back what they owe.

Exactly......