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

michael1983l

BoGoF wrote: »

If the circumstance is lack of education as to what APR means and not reading an agreement then yes.

No circumstance is a set of events that lead up to an event like taking out a payday loan that are legitimate reasons even if not every decision made was a perfect one along the way.

BoGoF

You seem to think that you have the monopoly of being in this situation.....you aren't. A few years ago I didn't know where my next £1 was coming from and the only time my bank account was in credit was on payday....the day after it was overdrawn...for the rest of the month.

My way out, going without, getting another part time job....reduced payments with my creditors. Not once did I blame them for lending me too much.

It's all about choices, no matter how difficult.

michael1983l

BoGoF wrote: »

You seem to think that you have the monopoly of being in this situation.....you aren't. A few years ago I didn't know where my next £1 was coming from and the only time my bank account was in credit was on payday....the day after it was overdrawn...for the rest of the month.

My way out, going without, getting another part time job....reduced payments with my creditors. Not once did I blame them for lending me too much.

It's all about choices, no matter how difficult.

Which meks me even more suprised that you appear to have little empathy for people in this situation. See you were there, you are an upstanding citizen I presume that just proves it can happen to anybody. I am glad you dealt with it and dealt with it well, but not everybody gets the correct advice at the right times and they end up making wrong decisions.

Financial education was non existant in my school and I left and made many many mistakes that I believe I would not have made should I have had a little financial education.

If you have a fight with someone and you started it but they give you a broken nose; you can still blame them for the broken nose even though indirectly it was your fault for starting the fight in the first place. Of course the person who broke your nose could have hit you somewhere else or choose to restrain you instead so they still hold some responsibility. This is like a situation with a PDL company for me, yes you went in knowing you were likely going to get hurt but the PDL company could also have choosen to not hurt you so badly. Everyone who borrows money, including myself should do all in their power to pay it back, that I do not dispute. You seem to lose track of the issue I am trying to raise, I am saying that we need to help people that come here for advice, not scare them away with riddicule. Also we need to attack the source of the problem, PDL companies DO need tighter regulation and they should be forced to lend more responsibly like their consumer credit license expects of them.

Above all, please understand that not every person in a financial mess is a greedy scourge on society. They can be everyday people from a nurse to a soldier to ateacher. It can and will happen to anyone, nobody plans to get so deep in debt that they drown themselves but it does happen.

BoGoF

michael1983l wrote: »

Which meks me even more suprised that you appear to have little empathy for people in this situation. See you were there, you are an upstanding citizen I presume that just proves it can happen to anybody. I am glad you dealt with it and dealt with it well, but not everybody gets the correct advice at the right times and they end up making wrong decisions.

Financial education was non existant in my school and I left and made many many mistakes that I believe I would not have made should I have had a little financial education.

If you have a fight with someone and you started it but they give you a broken nose; you can still blame them for the broken nose even though indirectly it was your fault for starting the fight in the first place. Of course the person who broke your nose could have hit you somewhere else or choose to restrain you instead so they still hold some responsibility. This is like a situation with a PDL company for me, yes you went in knowing you were likely going to get hurt but the PDL company could also have choosen to not hurt you so badly. Everyone who borrows money, including myself should do all in their power to pay it back, that I do not dispute. You seem to lose track of the issue I am trying to raise, I am saying that we need to help people that come here for advice, not scare them away with riddicule. Also we need to attack the source of the problem, PDL companies DO need tighter regulation and they should be forced to lend more responsibly like their consumer credit license expects of them.

Above all, please understand that not every person in a financial mess is a greedy scourge on society. They can be everyday people from a nurse to a soldier to ateacher. It can and will happen to anyone, nobody plans to get so deep in debt that they drown themselves but it does happen.

I don't think I ever once said people in a financial mess are a scourge on society. But people who borrow money on other peoples (explicit) terms then complain when they don't honour their side of the agreement are barking up the wrong tree. In my mind you either have PDL's who are free to set their rates according to risk or you don't have PDL's at all.

Oh and I think your "interests" in your profile kind of sum up you are not impartial in all of this.

michael1983l

BoGoF wrote: »

I don't think I ever once said people in a financial mess are a scourge on society. But people who borrow money on other peoples (explicit) terms then complain when they don't honour their side of the agreement are barking up the wrong tree. In my mind you either have PDL's who are free to set their rates according to risk or you don't have PDL's at all.

Oh and I think your "interests" in your profile kind of sum up you are not impartial in all of this.

I had to check my profile then to see what you have seen as I had no idea what was there. My profile was written man, many moons ago when I was an irresponsible young man just coming out of teenage hood. Many mistakes were made, I am still paying for them now. I am honoured that I have touched you enough for you to check up on my profile though as that is something I have never personally contemplated doing. For information I haven't been a member of the armed forces for 5 years, so that might be an indicator to how outdated that information is.

And to be fair I think most people complain upon the realisation of their terms that they signed up for. I think if I read every T&C of every agreement I have ever been in, then I would never have gotten into a single one because they all contain stuff in the small print that can seriously hurt you.

I would be happy with them being scrapped completly but I realise that there might also be a facility for them where they can operate to people's needs. I am not much about limiting what they charge by APR, more about how many loans an individual can take out on a single pay cheque and how they are dealt with in the cases of defaults. I also would expect the PDL companies to be forced to take more responsibility on who they lend to, if the lender leant money when there is a clear evidence that the borrower cannot afford it then they should be penalised. I am not saying the borrower should get off with their loan, more like the company should be warned and eventually fined by the OFT for irresponsible lending.

After all borrowers get fined for irresponsible borrowing, when it becomes apparent they cannot stick to their terms of contract. So why should a lender not also be fined for lending to somebody where there appears to be clear motives for wanting their client to accrue late payment charges et al?

Apples2

I can't believe he is in the Forces, oh dear, what happened?

Secure job, regular (good) wage EVERY month, financial help from experts just a phonecall away (with no waiting in queues) but still blew it.

Micheal, I have lost what little sympathy I did have for your plight.

If we were serving together I'd have you painting rocks whilst others sorted your mess out.
I spent 23yrs in the forces and knew many with financial problems but you are taking the biscuit.

BoGoF

Well from your posts you still come across as the 'victim' still trying to get back at them robbing bast**rds. Peoples profiles and other posts often give the game away......

Anyways, your last post, "there appears to be clear motives for wanting their client to accrue late payment charges et al?".....again back in your court, what did you do to ensure you paid on time. It's just a simple of case of having the money in your account when you said you would pay them, no?

Mara69

michael1983l wrote: »

You can pick up a TV for free quite easily these days. Have you ever heard of Freecycle?

And you could sell it to use the money for whatever desperate needs you have as opposed to getting a PDL. You'd also save £13 a month on a TV licence.

michael1983l wrote: »

a set of events that lead up to an event like taking out a payday loan that are legitimate reasons even if not every decision made was a perfect one along the way.

Getting the loan is not the issue. Failing to understand both the terms of the loan and also the repercussions if you fail to pay it back on time are the issues here. Pay day loans have their place; I've used one and had no problems because I understood what I was getting into.

michael1983l

Apples2 wrote: »

I can't believe he is in the Forces, oh dear, what happened?

Secure job, regular (good) wage EVERY month, financial help from experts just a phonecall away (with no waiting in queues) but still blew it.

Micheal, I have lost what little sympathy I did have for your plight.

If we were serving together I'd have you painting rocks whilst others sorted your mess out.
I spent 23yrs in the forces and knew many with financial problems but you are taking the biscuit.

:rotfl:

You know nothing about me or my situation which is blatently obvious by the fact it is 5 years since I served last.

I am talking about an issue taht exists in our society today and offering reasons and sollutions to what can be done about it. You and many others are tergeting individuals that are suffering from this social issue and using it against them and I can only assume that this is to give yourself some sort of kick or ego boost that you cannot get outside of cyberspace.

This is a website for Consumer Advice, I must have missed the part about riddicule and social victimisation.

People who have anything about them attack the argument not the person. But most of what I see on here is people attacking the person, of which leaves me content as I know this is what people do when they have no logical way of attacking the argument.

Oh and P.S. I am not looking for your sympathy but thanks anyway.

michael1983l

Mara69 wrote: »

And you could sell it to use the money for whatever desperate needs you have as opposed to getting a PDL. You'd also save £13 a month on a TV licence.

I think you will find that any creditor accepts that having a TV, TV License, damn even a basic sky subscription is an acceptable form of basic requirement. You may agree or disagree with this but it is what the creditors allow households when negotiating a method of reypayment in terms of what they can afford.