Payday Loans -Please read and agree!!!

Tixy

Finalv wrote: »

However I do believe Payday loan companies could do with regulation. The checks they do before allowing you to take out a loan are not stringent enough. When I first took out a payday loan I had no employment and no prospect of paying it back, it was borrow or starve.

It doesn't sound like you would make the same mistake again but for anyone else in this stuation - try foodbanks like the trussel trust, crisis loans or some places of worship have food for people in need.

Finalv

Tixy wrote: »

It doesn't sound like you would make the same mistake again but for anyone else in this stuation - try foodbanks like the trussel trust, crisis loans or some places of worship have food for people in need.

I currently still a student and owe to a payday company, however one my next set of loans come through in 2 weeks it will be paid off, my rent is a lot lower now and all money left over is budgeted in a spreadsheet already. I have taken control of my finances and the situation is completely my fault. I'm far to stubborn to go asking for help but that's just who I am and hopefully will never be in the same situation again.

Ghostrider

Finalv wrote: »

I currently still a student and owe to a payday company, however one my next set of loans come through in 2 weeks it will be paid off, my rent is a lot lower now and all money left over is budgeted in a spreadsheet already. I have taken control of my finances and the situation is completely my fault. I'm far to stubborn to go asking for help but that's just who I am and hopefully will never be in the same situation again.

Good on you, thats a positive story even if it was hard work learning.

Unfortunately I think you only prove the theory, which is you knew you were doing wrong and admit it was nobody's fault but your own. I hate to stick you there as an example, but at least you've got the guts to admit it and not try and find somebody else to blame.

DCFC79

Finalv wrote: »

Completely my fault, I would never blame them. However I did not lie on the application form, it stated I was a student and my was from student loans. The amount of student loans I get at the time did not cover the cost of rent due to the amount my parents earn, of which they will not support me with.

I would never blame them for my situation, however allowing someone in my desperate circumstances to take out a loan can not be considered ethical.

no 1 made you take the loan out,

can i just ask what are you studying at uni ?

goodz

Ghostrider wrote: »

Thats not entirely accurate is it, PDLs do not just come along and ruin people's lives of ther own accord do they? They advertise and offer a service, a service which if you actually removed those one-sided blinkers of yours, you'd see that many people do benefit from and use perfectly sensibly every day.
.

Yes, they do, PDLs are dangerous beasts and require careful handling. Just like cars and lorries PDLs run people down, hence with cars and lorries we try to curb and minimise the destruction by legislation and the application of it such as driving tests, banning drink drivers etc. But with pay day loans there is virtually no competency test and there is currently insufficient legislation hence lots of weak and stupid people come a cropper.

Yes, as with vehicles PDLs are useful things for people who find them useful and don't destroy themselves with them. Many people who use them derive benefit from them.

But we nevertheless very much have to try to stop children who don't understand danger and risk from running into the road and getting themselves killed. Similarly the childlike people who are currently being destroyed by PDLs need saving from the damage caused by their own incompetence. Incompetent people need help, they should not be exposed to danger and damage that they are unequipped to cope with. The current notion that it's ok and doesn't matter if such people get destroyed by their own stupidity and inability and weakness is uncaring.

Ghostrider wrote: »

If somebody decides to abuse the services of a PDL then they will of course fall foul of the penalistic nature of the service, the horrendous charges that are incurred are there for a reason, and not just to make profit (but then you can't deny any company for wanting to make a profit - thats called business). The charges are high and so are the interest rates, but this enables them to offer the service to those that need it - it's called risk based pricing, perhaps you should go away and do your homework as you clearly don't understand that concept. .

On the contrary, the business model is simple and easily understood.

Your implication that the business model is only viable and sustainable if it deploys pernicious penalty charges is not true, on the contrary, credit unions and other less pernicious lenders are sustainable and or profitable without being so grossly pernicious and insidious.

There is no justification or need for pernicious rates of interest. The pernicious rates of interest, particularly the penalty rates, are simply making multi millionaires out of a small number of monstrously greedy immoral exploiters. The pernicious rates of interest are not necessary for the lending to be done without such gross inflated rates.

Ghostrider wrote: »

I don't deny that many people will abuse the services, but so what, they are human beings who made a conscious decision to do what they did if knowing that by entering into that contract they could never honour it. We don't ban gambling, why not? Many many more people have suffered at the hands of gambling establishments and found themselves in financial difficulty - I don't see anybody clamining they had no choice and we should stop supporting the money making casinos for ruining peoples lives..

Your argument here is illogical, gambling is pernicious and destroys lives and this does not justify other business such as pay day loans also being pernicious and destroying lives. Your reasoning is incorrect, two wrongs don't make a right. Do they. No they don't, do they.

Ghostrider wrote: »

I don't think banning PDLs is the way forward, education is the way forward and not trying to drive a "nanny state" type attitude into society that never teaches anybody the fundementals of consequence.

You are wilfully missing the point that there are many weaker members of society who are often incapable of understanding how not to destroy themselves via pay day loans. It is those incompetent people who need saving from their own damnation. Many if not all of them are not likely to be able to be educated. What needs to be done is that the perilous route to self destruction has to be closed off to them. This has to be done by legislation to ban the pernicious charges and particularly the default penalty charges. This is the solution that must be done by government. Lots of vulnerable people need to be saved from this monstrous iniquity.

sharpy2010

goodz wrote: »

You are completely wilfully missing the point that there are many weaker members of society who are often incapable of understanding how not to destroy themselves via pay day loans. It is those incompetent people who need saving from their own damnation.

So that means that because there are stupid and or weak members of society, I have to be punished and regulated as well, even though I'm perfectly capable of making my own rational decisions?

Thats fair isn't it.

No.

goodz

sharpy2010 wrote: »

So that means that because there are stupid and or weak members of society, I have to be punished and regulated as well, even though I'm perfectly capable of making my own rational decisions?

Thats fair isn't it.

No.

So for your own benefit you therefore don't care about the weak and stupid people being crushed underfoot. Well, that's selfish and uncaring.

However, there's some important logic about this issue that you should be aware of and that is that you would still be able to use pay day loans if pay day loans were not allowed to charge pernicious charges. Pay day loans would still mostly be profitable viable sustainable businesses without the pernicious charges.

Getting rid of the pernicious charges would be to your benefit as well as to everyone's benefit who uses the services.

This is the fundamental point that needs to be got across to government in order for them to legislate. If and when the government legislates the owners of pay day loan businesses will be only making a few million a year in profit rather than the tens of millions a year that they are currently enjoying. But many thousands of vulnerable people will not be crushed as they currently are.

meer53

Anyone who feels the need to use the word "pernicious" 10 times in 2 posts should be carted off by the men in white coats.
Is it todays "word of the day" in the institution ?

goodz

meer53 wrote: »

Anyone who feels the need to use the word "pernicious" 10 times in 2 posts should be carted off by the men in white coats.
Is it todays "word of the day" in the institution ?

You have nothing to offer this discussion except your numptyism!:rotfl::j

meer53

goodz wrote: »

You have nothing to offer this discussion except your numptyism!:rotfl::j

And you have a lot to say which no-one seems to agree with.