Wonga/Payday Express - Why don't they play ball?

Apples2

Mara69 wrote: »

I believe that no one HAS to get a pay day loan.

That's correct, although there is an ever increasing group who see it as their RIGHT to take these loans and not repay a penny.
It's easy to point a finger firmly at those who lent money, complaining it was their own fault for lending, but where are the other three fingers pointing (four if Cornish)?

Stupid decision today does not mean everything is okay tomorrow.

Mara69

michael1983l wrote: »

oh and P.s. I never said that payday loans were responsible for what has happened to my family. I actually said they had a hand in the situation.

No, you actually said:

michael1983l wrote: »

payday loans have had a huge part in destroying my families life.

michael1983l

Maria69, why are you now asking for my story and how I got there, you already know don't you, because you have already made the judgement that taking a payday loan was easily avoidable for me and my family.

Also let me readdress a point, you have said that the Payday loan company has no responsibility or hand in my family suffering in this situation. Well I am not sure what my kids can do to stop me taking out a payday loan or even my wife, but they do suffer from the fact that PDL companies have raided money from accounts and charged way more for a debt than what we could afford. Yes I did agree to the terms and conditions, but I was desperate and I had no nappies nor did I have enough food and with 2 infants in the house you HAVE to do what you can to correct that. If it means taking a chance with a PDL with the hope that somehow you manage to pay it by getting extra work ect ect then you have to do it if there are no other options.

I have already proven my point to the degree that you have admitted to having absolutely no knowledge on how my situation arose over time yet you have already made your judgement. Your judgement runs somewhere along the lines of if you agreeed to a loan and you ended up defaulting somewhere down the loan then it is your fault and your an idiot for doing so.

Life does not always go as you plan and sometimes you make poor decisions and mistakes. I do not know a single person who has never made a mistake. What I do know is that some people are good at writing litarature and some people are not so good, is it my responsibility that I cannot write a best selling novel? Some people are good at drama and some people are not good. is it my responsibility that my skills are not good enough to earn an oscar? Life deals people different abilities and traits that does not make it their fault if they are not naturally good at something. Some people are good with money, some people are not this is no different to the examples I have just talked about.

I do not need to post my SOA, my IVA practicioner look after that for me, I doubt you can offer me better advice than they can. As for my story it would be a bit of a waste of time to spend half an hour typing it for you as you have already made your judgement, I am guilty as charged. Also my story is that of a very personal one and it would be difficult to tell. I will tell you though that it contains some things that you would love to pounce on, some places my money ended up going you will already steriotype and make your judgement, without looking at the background and the circumstances leading up to that point of course.

Mara69

Michael, your last post makes my point perfectly for me. You have said nothing to encourage me to change my stance in respect of pay day loans. The first and last responsibility lies with you. For your families sake I hope you get a grasp of financial matters - and fast.

michael1983l

Mara69 wrote: »

Michael, your last post makes my point perfectly for me. You have said nothing to encourage me to change my stance in respect of pay day loans. The first and last responsibility lies with you. For your families sake I hope you get a grasp of financial matters - and fast.

I love the backslapping with thanks around this place massaging all those sitting in their ivory towers ego's. You have proved nothing, all you have proved is that you make judgements based on steriotypes rather than facts.

michael1983l

Anyway back to the original issue. It is a fact that Payday Loan companies target those in financial difficulties, this is proven by their own advertising with things like "bad credit and ccj's accepted" on their advertising. Payday loan companies also normally take a look at a persons credit file and must realise the people they sometimes lend to have a higher risk of default than they do actually paying the loan, yet they still lend the money. Many payday loan companies know that their charges rack up fast and they continue to make profit even when lending to people likely to default by their aggressive debt collection techniques, that in my experience are not always legal and I will soon have evidence for that when the OFT revoke some licenses shortly.

The PDL companies are not as innocent as you make out, profiteering out of the poor may not be illigal but you have to question the morals of the practice. Payday Loan companies need tight regulation and they need to stop issuing multiple loans on the same paycheque. They also need to tighten their criteria for lending, how can they complain about people not paying when they are lending so irresponsibly?

People get into the PDL trap that is a fact. You only need to look on the forums here to realise it happens. The merits of why they took it and whose responsibility it is should not be too much of an issue for you, a full understanding of each situation to ascertain if they ended up there by circumstance or by fault would take too long to explain and be too personaly intrusive so why should it be required? Why can you not assume the best of people instead of the worst? When people come here for help on a situation why take pleasure in trying to nail them to the irrresponsibility mast? If they have come here for help, that is the first sign that they want to resolve the situation?

Do you believe that most people go into these Payday loans with the intention of not paying? If you do that is an incorrect assumption, if you have ever been chased by a PDL company, it is not pleasant at all. People may go in with flawed intentions about paying it back and may be over optomistic about what they can afford. But not everybody is good with money and the fact that they are cap in hand to PDL companies only compounds the issue that they are not naturally good at managing money.

It is not fair to riddicule somebody for asking for help, you don't think their situation merits help then do not give them any. Do not sit there make judgements and then post riddicule so that you can get you pat on the back sorry I meant thanks from the rest of those that prefer to judge people based on steriotypes rather than facts.

mattyprice4004

michael1983l wrote: »

You are right it doesn't make sense and this is where people who have not been there normally start to misunderstand the situation. Once you get to a situation of desperation, desperate people make foolish decisions. It is very difficult when you are in the situation of being the sole provider in your household yet you can't even buy a box of corn flakes.

Fair enough, I'll bear that in mind and if I find myself in this situation, I'll try to find alternative methods of dealing with the issue.

It is true that desperate people make foolish decisions, and I hope your families' issues are resolved soon.

antrobus

michael1983l wrote: »

Also if Payday Loan companies were so upstanding and legitimate why has the US, which has a banking system very similar to ours decided to outlaw the practice in so many states?

According to the CFA; 33 states have "enacted safe harbor legislation for payday lenders and permit loans based on checks written on consumers' bank accounts at triple digit interest rates or with no rate cap at all". So what you might as well ask the question; why have most states in the US passed legislation to permit payday lending?

And as it happens, the US doesn't have a "banking system very similar to ours". It actually has a very different banking system.

michael1983l

antrobus wrote: »

According to the CFA; 33 states have "enacted safe harbor legislation for payday lenders and permit loans based on checks written on consumers' bank accounts at triple digit interest rates or with no rate cap at all". So what you might as well ask the question; why have most states in the US passed legislation to permit payday lending?

And as it happens, the US doesn't have a "banking system very similar to ours". It actually has a very different banking system.

The very fact that it is even up for debate should send alarm bells ringing. New York is a pretty significant state in the US and they have outlawed the practice. If it was so cut and dry that the practices were 100% upstanding then there would be no grounds for them being outlawed at all.

As for the banking system, well the administration of accounts may be different but they are still based on a centeral bank and they still can invest in bonds and stock without actually providing any capital. Their currency is till issued by the Fed reserve of which they charge interest to the issuing bank much like the BoE over here. The banking systems are very similar indeed, they still make securities againt property and assets like we do.

BoGoF

Ok, say we follow a few US states and ban PDL's.....what then for those who crave credit whatever the consequence?

Where there's a demand there's a supply no matter how unsavoury the source