Payday Loans -Please read and agree!!!

goodz

Amba_Gambla wrote: »

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

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

Oh, well done, you managed to understand the concept, despite your need to beat yourself up about it. Ok, well, we should be grateful for small mercies and that at least your intellect has been sufficient for that even if you've then gone on to fail to appreciate the meaning and ramifications.

Keep trying, you might get there in the end. But watch out, it could be too little too late for you.

goodz

meer53 wrote: »

If the "incompetent, incapable" people didn't spend more than they earn there wouldn't be any Payday Loan companies. Is it the Governments fault that they do this ? No-one forces them to spend more than they have coming in. The Government provides them all with education, including Mathematics, what else are they supposed to do ? Monitor everyones bank accounts ?
Your comments are silly. And what does David Cameron have to do with any of this ?

You've completely missed the point. This is all going over your head. You posted irrelevant nonsense that fails to relate to the subject of the thread.

The subject of the thread is the iniquity of big business screwing poor people into the ground via payday loans.

This is grossly irresponsible behaviour by both the lenders and the victims. This is similar to loan sharking and is only slightly different to loan sharking.

This is what you patently fail to understand.

goodz

EdgEy wrote: »

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.

You too here demonstrate your complete failure to understand this subject whatsoever. Plus your attitude is poor.

meer53

goodz wrote: »

You've completely missed the point. This is all going over your head. You posted irrelevant nonsense that fails to relate to the subject of the thread.

The subject of the thread is the iniquity of big business screwing poor people into the ground via payday loans.

This is grossly irresponsible behaviour by both the lenders and the victims. This is similar to loan sharking and is only slightly different to loan sharking.

This is what you patently fail to understand.

I understand perfectly well thank you.

These "poor people" manage to screw themselves into the ground with their inability to manage their finances. Payday loans aren't compulsory, you have the option to get yourself out of debt without them, some people just want a quick fix and don't fully understand what they're getting into. How is this the PDL companies fault ?

tomwakefield

As an extension to the OP, why not ban all financial lending entirely. Then people won't ever get into debt trouble, and it will encourage people to do novel things like only spending money they actually have.

People have got into debt troubles without resorting to PDLs, so other lending must equally be bad.

Right, OP?

opinions4u

This thread started badly, but I really didn't expect to read some of the tosh that has been added over the last few hours.

Banning PDLs isn't the solution.

Perhaps saying they can't release the funds for 72 hours (removing the impulse side of the PDLs) might have some legs. The same could apply to other forms of credit too. But that can cause other debt issues with other lenders.

And remember, our politicians like lending - they think it stimulates the economy. When the banks tanked as a result of too much lending what was it those brilliant politicians thought the banks should do? .... well they kicked up a fuss about the banks not lending enough!

alox123

ses6jwg wrote: »

Err, just like with alcohol you cannot take out a loan unless you are 18 i.e. an adult i.e. someone who is assumed to be responsible.

If we are using alcohol as an example, there is nothing to stop me going to the shop and purchasing 5 bottles of Vodka and drinking myself to death. The reason I don't do it is because I am a responsible adult who realises that drinking to an excess results in death.

The same reason I don't take out payday loans is because I realise that they are an extortionate APR as set out quite clearly in their advertisements and taking them out to an excess will land me in financial difficulty.

Your argument is ludicrous.

I'm not really trying to win an argument.

I'm trying to give an example of how government regulation is essential, and how it could and should be applied to Payday loan companies. Your example of buying 5 bottles of vodka is a little flawed. If you were drunk, an outlet has a legal responsibility to not serve you. In the same way, if someone with 11 payday loans should really not find it that easy to get a 12th, but people do. Or lenders that allow people to roll a £1000 loan over 6 times on an income of £1000 must be able to see there is a problem. Where and who draws the line? If someone borrowing fails to draw the line themselves (maybe they have gambling, drug or drink problems - or maybe they've fallen on hard time), and the loan company are quite happy there is no line - when does it stop?




Please Google the Financial Ombudsman Code to responsible lending (I'm not allowed to post links yet). Then consider Payday loans don't usually show up on credit files, some don't do credit checks (even brag about that fact) and the kind of help these lenders give varies massively. There are post all over the forum advising those stuck which ones that will help, which ones will exploit loopholes in the law to get money back and just how unpredictable things can be once these loans are not paid.

The Payday loan companies are working within the law, I'd agree - but using lots of tricks and less than ethical marketing techniques to make money.

There seems to be 2 sides to this. People that don't mind they exist but its the people who use them recklessness who need to change, and people who do mind they exist and that people need be protected from themselves.

On one side - the pro-PDL side - people just aren't educated enough to use them responsibility. And the otherside, they take advantage of these people.

From personal experience, I have a fair amount of common sense - it feels more like the latter. Its easy to say 'don't take them out they have high interest' - if you have alternatives. If you don't have alternatives, they can feel like a Godsend.

Can anyone confirm this; Payday loans DO NOT show up on credit searches? If so, how can they possibly lend responsibly? I've never been asked when applying for one if I have any others, however its the first thing my banked picked up on when I was asking for a financial hardship loan - citing as the reason they turned me down?

How can payday loan companies be factored in to the idea of responsible lending if its so easy to hide them?

Derivative

goodz wrote: »

You too here demonstrate your complete failure to understand this subject whatsoever. Plus your attitude is poor.

I feel I understand - I simply choose to disagree with you. That may make my attitude poor in your opinion, thankfully I have the freedom not to share it.

I suspect you're not a big believer in freedom though.

goodz

meer53 wrote: »

I understand perfectly well thank you.

These "poor people" manage to screw themselves into the ground with their inability to manage their finances. Payday loans aren't compulsory, you have the option to get yourself out of debt without them, some people just want a quick fix and don't fully understand what they're getting into. How is this the PDL companies fault ?

No, clearly you patently don't understand, as you here demonstrate again, abundantly clearly. Nor do you care about stupid and desperate people's failure and damnation, that is also evident in your tone.

No, payday loans are iniquitous, pernicious and insidious and plain wrong and very much should be banned and suppressed, exactly like loan sharks which they are very similar to. There is no place for this vile evil in modern civilised society.

Many people are saying this. We're right. You're wrong. Listen and learn.

Derivative

goodz wrote: »

Many people are saying this. We're right. You're wrong. Listen and learn.

Sound argument.
You've converted me.