Payday Loans -Please read and agree!!!

RobertoMoir

simon2010 wrote: »

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.

Well I really don't like PDL companies myself but they are not going out looking for lives to ruin, people are going to them and making financial committments they have no hope of keeping.

If you look at my previous posts in this group, I've always criticised the PDL companies for their flaws and I'd love to see them be forced to tighten up on their lending but its not entirely the lion's fault if someone insists on putting their head between its jaws.

simon2010 wrote: »

Please help us Martin!

People - just sign 'agree'.

Yes. And I wish they wouldn't. But they do. And if they were not "just agreeing" to a PDL what would they do instead? As bad as PDL companies might be, I'd suggest they're still much better than the actual loan sharks that are still out there. The ones that the sort of people who "just sign agree" will end up going to if PDL companies are banned.

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.

Yes because people in dire straits won't do something even more desperate and stupid and there's no way some kind of new, even worse type of lender will appear.

simon2010 wrote: »

Maybe I should have posted in the debt forum.................

Maybe I would have a got a better understanding than the t*** that go you should pay back what u owe...... YES WE ALL UNDERSTAND THAT ONE.

f sake.

get real, read the stories and see the misery.....

"Get real" yourself. Many of us disagreeing with you have been here and elsewhere dealing with their own debt and helping others deal with their debt for a very long time.

It isn't as simple as waving a magic wand and making PDLs go away. Something will move into that vacuum if you get your wish. Prove to people that this "something" will be better than the PDLs are right now and show a bit of joined up thinking instead of just throwing a big sulk and you might convince a few more people to join your crusade.

Fiddlestick

simon2010 wrote: »

In your capacity please help/ start a campaign to get pay day loan companies banned.

Banned?

What laws have they broken?

You only have to read the misery they are causing people on this forum!! THEY ARE SERIOUSLY RUINING LIVES out there.

Only when people don't pay back the money as agreed, when agreed.

I've used Payday Loan companies in the past and rather than moaning about how expensive it was and how horrible they were I tightened my belt and worked my hardest to pay them all off and get clear of them.

They served a financial need for me at the time, i.e. access to short term credit. I knew the rate charged and I knew what I had to pay and when I had to pay it.

I can't say I was happy about what I was being charged but there wasn't anything illegal and I knew exactly what I was getting into.

ange.a1

I have just registered on this site and can't work out how to put a post on can anyone help please ?

[Deleted User]

Top of board (this button to the left) in relevant section you want to post in...?

goodz

RobertoMoir wrote: »

its not entirely the lion's fault if someone insists on putting their head between its jaws.

I intervene if I see someone doing that.

Similarly it's not the fault of drivers when they run down mindless kids stepping into the road without looking.

It's not the fault of the railways when yobs walk on the line and get electrocuted or run down by trains.

It's not the fault of electricity substations when thieves blow themselves up trying to steal metal.

It's not the fault of bicycle manufacturers when people fall off and break their necks.

It's not the fault of horses when people fall off and break their necks or get rolled on and get crushed.

There is a body of thought that considers that it's ok for weak, vulnerable moronic people to destroy themselves via payday loans - and the above listed perils - while the exploiters get rich.

But some of us believe that the state has a duty of care to citizens and that the state is supposed to intervene to save incompetent incapable people from their madness and self destruction. But currently the government allows them to be eaten by big business and their remains trodden underfoot.

That's not good enough. Cameron is a failure and is negligent and unfit for purpose, as were Brown, Blair, Major, Thatcher etc.

richardvc

I have only read a small number of the 'misery' threads but the only conclusion I drew was that :

1. Don't use them unless it really is as a last resort AND'
2. If you have to use them, honour your part of the deal and PAY the money back when you have agreed to.

Yes the APRs are ridiculous and the punishments are heavy for non-repayment BUT I haven't heard anyone say that they had a gun placed against their head to a loan out !!

Sorry OP, whilst there is misery with these companies it seems to be self inflicted by their customers.

RichGold

richardvc wrote: »

I have only read a small number of the 'misery' threads but the only conclusion I drew was that :
1. Don't use them unless it really is as a last resort AND'
2. If you have to use them, honour your part of the deal and PAY the money back when you have agreed to.
Yes the APRs are ridiculous and the punishments are heavy for non-repayment BUT I haven't heard anyone say that they had a gun placed against their head to a loan out !!
Sorry OP, whilst there is misery with these companies it seems to be self inflicted by their customers.

I think a lot of the time people get down to using payday loans as they have had a lax attitude to repaying other credit in the past, that sentiment is carried through to their payday loan experience and then after not repaying they wonder why the world has come crashing in.

Bottom line: If you repay what you owe when it is due, you wont be penalised.

Derivative

But some of us believe that the state has a duty of care to citizens and that the state is supposed to intervene to save incompetent incapable people from their madness and self destruction. But currently the government allows them to be eaten by big business and their remains trodden underfoot.

And as a voter in said 'state', I will vote for a government which does not waste money on trying to save people who jump in front of trains.

And I will take my freedom of being able to ride a horse along with the risks. As long as my actions do not affect others, I should be able to do whatever the hell I like, thank you very much.

Edinburghlass_2

Martin's blog can be read here...

http://blog.moneysavingexpert.com/2011/12/08/payday-loans-the-evidence-why-we-need-regulation-now%E2%80%A6/

Amba_Gambla

goodz wrote: »

But some of us believe that the state has a duty of care to citizens and that the state is supposed to intervene to save incompetent incapable people from their madness and self destruction.

So you think the government needs to intervene more in order to 'save us from ourselves' !??!?!

Unbelievable...
:doh: :wall: :shocked: