Payday Loans -Please read and agree!!!

Ghostrider

goodz wrote: »

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.

No they don't, don't be so ridiculous and start thinking about what it is you are actually saying.

You're also referring to those that fall foul of PDL's as being weak and stupid - well I think that just about sums up my point and makes your argument look pretty weak.

Cars can be dangerous I agree, but we don't ban cars - because there are plenty of people that benefit from them so why penalise those that use them properly - what we do instead is educate people how to respect them

goodz wrote: »

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.

I see you've learnt a new word today, well done but please don't wear it out.

Risk adjusted pricing does exactly what it says on the tin, it looks like you seem to have a vague grasp of the practice (which by the way is used widely across the finance industry for personal and corporate lending and is accepted practice). It has been used for many many years and will continue to be that way for many more.

What I take from your poorly formed response on this point is that actually you just don't like it - great argument that one.

goodz wrote: »

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.

I never said that two wrongs make a right, and my argument is not illogical you just misunderstood it. My argument is quite simply that many things in life and society have the capacity to create misery and loss for people if abused, but it doesn't make them worthy of being banned, it means they need to be respected and used in moderation.

goodz wrote: »

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.

I think you're making another horrific stereotypical judgement about the people that use PDLs.

So lets summarise what goodz has been able to demonstrate to us all today.

1) You clearly know how to use a thesaurus
2) You clearly don't know when to stop using a thesaurus
3) You claim to support those that "suffer" from using PDLs
4) But you think those that use PDLs are weak
5) You think those that use PDLs are stupid
6) You think those that use PDLs are uneducated
7) You think those that use PDLs are incompetent
8) You think those that use PDLs are incapable

Wow, you are doing well today...I bet the "suffering" population of people using PDLs are so glad you're fighting their cause.

Pass me the popcorn, i'm enjoying you making a fool of yourself.

mumtomany_2

goodz wrote: »

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.

What is your comment - uncaring and insulting!! How can you make such sweeping comments about people who use payday loans??

I agree with most people on here that PDLs have their place and that the people who suffer misery are normally to blame. BUT i have seen some real people who circumstances changed in the blink of an eye and it really isn't there fault that they now can not commit to pay back the amount agreed instantly. I'd hate to think what theses people would say if i called the weak or stupid. In fact i'm be pretty sure i'd be fired if i said that!! lol.

I seriously think you need to sit down and have a conversation with yourself about making massive generalised statements cause it seems your never lost for words!

To everyone else:
On the subject of banning PDLs i do not think this is needed. I also do not think it will be possible to educate society (or at least not for 2 generations - if we start in primary school now) as people no longer have the mentality of save now buy later. We sit here and judge people who want instant credit for the latest i-phone or whatever is current now but isn't this a monster society created?? People who take out PDLs to get xmas presents or things they do not need should be chased when they do not pay back the money owed. And anyone taking them out because they are desperate and do not have enough money to buy food or pay the rent should seek help!!

I believe that these things should be used responsibly and when needed and by people who can afford to pay them back but i do believe that they should be better regulated. I get so fed up of hearing "its the creditors fault they shouldn't have given me the credit". My response is you shouldn't have taken it out if you couldn't afford it and this is how you learn a bit of personal responsibility.

Sorry i went a bit rambly but these issue to get to me a bit!!

goodz

Tixy wrote: »

The OP hasn't confirmed that they agree with what you've posted, and you have posted a lot of nonsense on this thread. The vast majority of people who have responsded to this thread do not appear to agree with you.

I agree with this statement - meer hasn't said anything that nobody has agreed with, everything meer has said has been agreed with by someone.

Apples2 wrote: »

Amen to that.
You forgot Delinquent - It's on your name badge.

meer53 wrote: »

Thanks Tixy, :A i really think though that Goodz is the sort of person who really has to have the last word (or 50) so no-one will ever stop them spouting the verbal you-know-what. Most sensible people will agree that used correctly PDL's can help. You just can't get through to some people.

It's a shame that you antisocial types don't care about people suffering from pay day loans. Shame on you, you should know better.

goodz

mumtomany wrote: »

What is your comment - uncaring and insulting!! How can you make such sweeping comments about people who use payday loans??

I agree with most people on here that PDLs have their place and that the people who suffer misery are normally to blame. BUT i have seen some real people who circumstances changed in the blink of an eye and it really isn't there fault that they now can not commit to pay back the amount agreed instantly. I'd hate to think what theses people would say if i called the weak or stupid. In fact i'm be pretty sure i'd be fired if i said that!! lol.

I seriously think you need to sit down and have a conversation with yourself about making massive generalised statements cause it seems your never lost for words!

To everyone else:
On the subject of banning PDLs i do not think this is needed. I also do not think it will be possible to educate society (or at least not for 2 generations - if we start in primary school now) as people no longer have the mentality of save now buy later. We sit here and judge people who want instant credit for the latest i-phone or whatever is current now but isn't this a monster society created?? People who take out PDLs to get xmas presents or things they do not need should be chased when they do not pay back the money owed. And anyone taking them out because they are desperate and do not have enough money to buy food or pay the rent should seek help!!

I believe that these things should be used responsibly and when needed and by people who can afford to pay them back but i do believe that they should be better regulated. I get so fed up of hearing "its the creditors fault they shouldn't have given me the credit". My response is you shouldn't have taken it out if you couldn't afford it and this is how you learn a bit of personal responsibility.

Sorry i went a bit rambly but these issue to get to me a bit!!

You don't know what you're talking about, you need to do some research and inform yourself of these matters before you'll be able to make a contribution here. Start with these boards, particularly this loan one, then look at the debtfreewannabe board and the bankruptcy board and then look at a few others. Have a go with the search function to find the relevant threads. Let us know how you get on. Good luck!

goodz

Ghostrider wrote: »

No they don't, don't be so ridiculous and start thinking about what it is you are actually saying.

You're also referring to those that fall foul of PDL's as being weak and stupid - well I think that just about sums up my point and makes your argument look pretty weak.

Cars can be dangerous I agree, but we don't ban cars - because there are plenty of people that benefit from them so why penalise those that use them properly - what we do instead is educate people how to respect them



I see you've learnt a new word today, well done but please don't wear it out.

Risk adjusted pricing does exactly what it says on the tin, it looks like you seem to have a vague grasp of the practice (which by the way is used widely across the finance industry for personal and corporate lending and is accepted practice). It has been used for many many years and will continue to be that way for many more.

What I take from your poorly formed response on this point is that actually you just don't like it - great argument that one.



I never said that two wrongs make a right, and my argument is not illogical you just misunderstood it. My argument is quite simply that many things in life and society have the capacity to create misery and loss for people if abused, but it doesn't make them worthy of being banned, it means they need to be respected and used in moderation.



I think you're making another horrific stereotypical judgement about the people that use PDLs.

So lets summarise what goodz has been able to demonstrate to us all today.

1) You clearly know how to use a thesaurus
2) You clearly don't know when to stop using a thesaurus
3) You claim to support those that "suffer" from using PDLs
4) But you think those that use PDLs are weak
5) You think those that use PDLs are stupid
6) You think those that use PDLs are uneducated
7) You think those that use PDLs are incompetent
8) You think those that use PDLs are incapable

Wow, you are doing well today...I bet the "suffering" population of people using PDLs are so glad you're fighting their cause.

Pass me the popcorn, i'm enjoying you making a fool of yourself.

You don't have anything to offer here, there's not much or even any point you posting this kind of rambling nonsense. I can award you some marks for effort but for attainment, sorry, not good enough, you've missed the point and you're just being childish.

goodz

45minutewarning wrote: »

I actually worked for one of the PayDay loan brokers until a while ago. I know that customers don't get a fair deal because when a loan application is submitted it always goes first to the lender who pays the highest commission to the broker and it will not necessarily offer the best deal to the customer in terms of APR etc... It is purely about what is best for the broker. If the application is not accepted it goes to the lender who offers the 2nd highest commission to the broker, and so on. I also know that, contrary to the Data Protection Act, data in loan applications is often changed without the customer being aware and is held on databases that are far from secure. The PayDay loan business is a rip-off. I would never touch one of these loans myself, and Iwould never trust them to hold my personal data securely. It's best to avoid them like the plague!!

Yes, well said, thanks for your contribution here. Yes, indeed, it's a bad industry which very much needs regulating. A number of products need closing down and many if not all of the others need restructuring and reining in. Some of the companies purveying the gross exploitation are clearly unfit and probably need completely closing down.

As you can see on this thread, there's a lot of ignorance about this insidious industry. You can also see that a number of the people who don't know what they're talking about also have a bad attitude. Oh well, it's no surprise, that's what we find on chat boards.

Anyway, thanks for posting, please do tell us some more. As you can see, a lot of people here are badly in need of some education about this subject.

Dabooka

Goodz, you have an opinion on PDLs, which is fair enough, but your views on the customer base of these outfits is shocking and arrogant.

You have blurred the issue with your rhetoric and through your poorly constructed argument. Get off your soapbox and stop being such a muppet.

That is all

opinions4u

Don't feed it.

Wutang_2

opinions4u wrote: »

Don't feed it.

....Or, copy some of the things Goodz says and say them in real life! Its great fun, everyone thinks you're on crack.

Whenever anyone says anything, cryptically tell them that they are iniquitibalised and insidious....and THEN, once said, re edit yourself.

No one knows whats going on!

Kazza10

45minutewarning wrote: »

I actually worked for one of the PayDay loan brokers until a while ago. I know that customers don't get a fair deal because when a loan application is submitted it always goes first to the lender who pays the highest commission to the broker and it will not necessarily offer the best deal to the customer in terms of APR etc... It is purely about what is best for the broker. If the application is not accepted it goes to the lender who offers the 2nd highest commission to the broker, and so on. I also know that, contrary to the Data Protection Act, data in loan applications is often changed without the customer being aware and is held on databases that are far from secure. The PayDay loan business is a rip-off. I would never touch one of these loans myself, and Iwould never trust them to hold my personal data securely. It's best to avoid them like the plague!!

A great insight to behind the scenes and no surprises there.