Payday loans please read

Apples2

Asbo just has an axe to grind. He is the idiot who borrowed far too much, can't repay and now blames the world.

Stop feeding the troll. The fool won't stop as long as people keep replying to him.

asbokid

im-lost wrote: »

There's no provision in the CCA for a company to display its terms for all and sundry to see on their website, if you email wonga they will send you some sample terms.

Some "sample terms", by email, eh?! Whoopee!

It is deceitful not to prominently display the FULL standard terms of conditions of the Consumer Credit Contract on the Wonga website.

It is a deliberately policy of Wonga. It is to keep the would-be borrower in ignorance.

• The consumer is denied the opportunity to study the contract closely.
• The consumer is placed under undue pressure to agree the contract
• The consumer is denied the opportunity to consult a financial expert.

You've just cobbled together a few bits of information, thrown in a few legal terms and references to a few acts, and lay it out as fact.

That's because it is all fact, my friend!

Dr Stella Creasy, the MP for Walthamstow is singing the very same tune here:

Wonga.Com is a Rogue Lender with unlawful business practices.

Dr Creasy is a Cambridge graduate with an LSE doctorate in Economics..

http://www.workingforwalthamstow.org.uk/?cat=22

MonkeyMad

asbokid wrote: »

Some "sample terms", by email, eh?! Whoopee!

It is deceitful not to prominently display the FULL standard terms of conditions of the Consumer Credit Contract on the Wonga website.

It is a deliberately policy of Wonga. It is to keep the would-be borrower in ignorance.

• The consumer is denied the opportunity to study the contract closely.
• The consumer is placed under undue pressure to agree the contract
• The consumer is denied the opportunity to consult a financial expert.

That's because it is all fact, my friend!

Dr Stella Creasy, the MP for Walthamstow is singing the very same tune here:

Wonga.Com is a Rogue Lender with unlawful business practices.

Dr Creasy is a Cambridge graduate with an LSE doctorate in Economics..

http://www.workingforwalthamstow.org.uk/?cat=22

Perhaps you ought to tell NatWest about their outrageous practice of not having the terms of the CCA on prominent display on their website either.

In fact during my investigation, they had the temerity not to actually show me the terms and conditions until I applied for a loan and THEN they wanted me to tick a box to say I had read them. I mean, if they want me to tick a box, they can't expect me to actually print them off and READ them in my own time surely, or even better get someone who might actually understand them to read them to me? Jeez, who has the time?

I quite agree with Dr Creasy - my doctorate in physics has made me an expert on all kinds of unrelated things. Similar to Dr Creasy (who appears to actually have a doctorate in social psychology not economics), I can sound pretty informed about things I know nothing about.

bigadaj

Don't like wonga but have little sympathy for people who borrow from them. By all means ban them all and the like but the borrowers will just be borrowing off the local loan shark with threats and violence, people need to use their brains a little, and plan ahead.

asbokid

MonkeyMad wrote: »

their outrageous practice of not having the terms of the CCA on prominent display

Indeed.

Every Borrower must be furnished with the Full Terms and Conditions of the Contract to which he intends to conclude.

Those Terms should be provided in a timely fashion to allow him a "real opportunity of becoming acquainted with them.. before the conclusion of the contract" (Directive 93/13/EEC) [1]

In fact during my investigation, they had the temerity not to actually show me the terms and conditions until I applied for a loan and THEN they wanted me to tick a box to say I had read them.

Indeed.


Where are the full terms and conditions of wonga's consumer credit contract? And why are they not published?

This is inexcusable. The contract is not individually negotiated. A standard contract applies to every wonga borrower.

So why are the terms and conditions of that contract not available for download from the wonga website?

The answer is that there is a sinister veil of secrecy at wonga.

The devious Rogue Lender is keeping the would-be borrower in the dark.

The true nature of the contract is hidden from him, until the very last gasp before the contract is concluded.

That, it should be argued, makes the wonga consumer credit contract not only unfair but also unenforceable in law.


[1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1993:095:0029:0034:EN:PDF (see Art. 3(3) and its Annex)

meer53

asbokid wrote: »

Indeed.

Every Borrower must be furnished with the Full Terms and Conditions of the Contract to which he intends to conclude.

Those Terms should be provided in a timely fashion to allow him a "real opportunity of becoming acquainted with them.. before the conclusion of the contract" (Directive 93/13/EEC) [1]

Indeed.


Where are the full terms and conditions of wonga's consumer credit contract? And why are they not published?

This is inexcusable. The contract is not individually negotiated. A standard contract applies to every wonga borrower.

So why are the terms and conditions of that contract not available for download from the wonga website?

The answer is that there is a sinister veil of secrecy at wonga.

The devious Rogue Lender is keeping the would-be borrower in the dark.

The true nature of the contract is hidden from him, until the very last gasp before the contract is concluded.

That, it should be argued, makes the wonga consumer credit contract not only unfair but also unenforceable in law.


[1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1993:095:0029:0034:EN:PDF (see Art. 3(3) and its Annex)

You just don't get it do you ? :rotfl::rotfl::rotfl:

asbokid

im-lost wrote: »

There's no provision in the CCA for a company to display its terms
for all and sundry to see on their website

Bwahaha!

You make the Wonga contract sound like dirty linen....

Never to be aired in public!

MonkeyMad

asbokid wrote: »

Indeed.


This is inexcusable. The contract is not individually negotiated. A standard contract applies to every wonga borrower.

Have you every had a mortgage or indeed loan of any sort? I have personally never individually negotiated the contract, nor have ever heard of any one else doing it either. You will get boilerplate terms with your details inserted - what do you think Wonga should be doing?

As for your PM, I'll reply in public, I couldn't care less if you like my tone or not, and quite precisely where I achieved my doctorate is entirely my business (although it wasn't from LSE where you will by now have noted that they study more subjects than just Economics a la Ms Creasy). I don;t see that you need know any more about my backround to make a discussion relevant. If I see obvious BS or lack of cogent argument, I'm going to call it, and I don't do touchy, feely, lots of hugs. This is a public forum, so suck it up.

To my connection with Wonga, I don't have any. I am merely pointing out to you that Wonga's contracts model is similar to the majority of High Street lenders ie they don't have theirs slapped all over the websites, instead they wait until you actually apply to give them to you, so quite why you are on a hysterical crusade against them in particular is unclear.

PDLs serve a purpose for many people who are able to understand that a short term loan by its nature has a high APR but much lower effective interest rate. You don't seem to be one of them. I actually have a preference for no short term lending at all to force people more within their means, but then that would probably offend your social principles too?

Toe-Jam

MonkeyMad wrote: »

I mean, if they want me to tick a box, they can't expect me to actually print them off and READ them in my own time surely, or even better get someone who might actually understand them to read them to me? Jeez, who has the time?
.

That's exactly what your ticking the box to say you've done. By ticking the box, you are taking responsibility of what you've ticked. If you don't read it then that's your problem.

For example, if you buy a mobile phone from buymobilephones.net, you are ticking to say you accept the terms and conditions of buymobilephones, and if you didn't bother to read it you wouldn't know that if you downgrade your tariff at all you'll get billed £140, and if you cancel it you'll get billed £240, and waive your rights to contest it.

Derivative

endora wrote: »

You guys seem to think Sky TV is a great luxury, I have Sky and pay £23/mth.

I've never taken a payday loan myself but frankly can't see how ditching Sky will help when you are saving £50 at the most (depending on package, I pay only half of that) in a month and people are borrowing £500 or so on PDLs... surely not having Sky isn't going to make any difference, either by making it possible to make ends meet without the loan or repaying it the next month -it's not really helpful advice in this situation.

People with PDL trouble have more pressing things to consider such as not having their accounts raided and being left without money to cover priorities like rent, mortgage, council tax and utilites as well as food and incurring bank charges for bounced DDs, etc.

Sky TV for 2 years covers the £500.
The point is that if you have no emergency savings and you are spending money on tat, you are setting yourself up to fail.

Cancelling it doesn't help, what helps is not buying it in the first place until you can actually afford it...