Loans

bouncydog1

If the high street are forced to lend to people with debt problems the impact will be on the people who service their debts without problem. Somebody will have to pay for the defaulters.

There are some very unfortunate people who get into debt because they lose their jobs etc, and don't take steps to address the issue at the very beginning because they hold on thinking they will get another job. There are others who take loans with no intention of repaying - how do you differentiate for the lenders?

RobertoMoir

simon2010 wrote: »

That is true, but people do use them and they shouldn't! Problem 99% of people who use them, use them for the wrong reasons, not for what they are suppose to be used for e.g emergency money when stuck somewhere or other.

Something is wrong.....

Yes. What's wrong is people think they're entitled to a loan, feel slighted when they don't get it and blame the lender who turned them down instead of looking at why that might have happened, then turn to more and more desperate avenues for borrowing instead of re-examining their priorities.

simon2010 wrote: »

Why are the high streets not forced into lending to people in serious debt, say over £15000.

Because that's playing up to the idea that the way to solve debt problems is to add more debt. That's like trying to put out a fire by pouring petrol on it, and it would represent both a serious financial risk to the lender (remember how this current recession was partly caused by bad debt?) and an unfair increase in borrowing costs for those people who can manage their money reasonably well.

27col

I've read some stupid suggestions on this forum, but the idea that someone should be forced to lend money to people who have already proved that they will not be likely to repay the loan, just about beats all. Keep it up Simon, you have a great future as a troll.