MSE News: Payday loan firms claim unfair treatment

adamc260

Some 89% of consumers questioned said payday lenders explain charges clearly

And yet how many threads appear on sites like this daily?

~Brock~

adamc260 wrote: »

And yet how many threads appear on sites like this daily?

.....presumably from representatives of the other 11%?

Enfieldian

sallyeh wrote: »

How are they misunderstood? They lend money for short terms to vulnerable people at interest rates that translate as roughly equivalent to 1200%. Useful service? Since when has loan sharking been a useful service? Its amazing what you find under some rocks.

Great, another "expert" on something that actually understands sweet FA.

adamc260

~Brock~ wrote: »

.....presumably from representatives of the other 11%?

Feels like a lot more than 11%

chris-j

adamc260 wrote: »

Feels like a lot more than 11%

Not really, forums are much more commonly used for people to have a moan or complain.

almost_there_17

wish to warn others ! I made a payment for a friend for a payday loan which we thought cleared the balance,they took 3 further payments which I had no idea and I thought had not given permission for?.I took the company wonga loan to the Financial ombudsman & logged a complaint as I was so furious.There is in tiny small print ,that we had both failed to see ,an aggreemnet to use my card for future payments.I have not got my money back as if I did ,I put my friend into to even more debt.Why is this allowed to happen?

u_talka_da_sheet

almost_there_17 wrote: »

wish to warn others ! I made a payment for a friend for a payday loan which we thought cleared the balance,they took 3 further payments which I had no idea and I thought had not given permission for?.I took the company wonga loan to the Financial ombudsman & logged a complaint as I was so furious.There is in tiny small print ,that we had both failed to see ,an aggreemnet to use my card for future payments.I have not got my money back as if I did ,I put my friend into to even more debt.Why is this allowed to happen?

Is it because there's

"an aggreemnet to use my card for future payments" ?

dunstonh

I have not got my money back as if I did ,I put my friend into to even more debt.Why is this allowed to happen?

Why is it allowed to happen? it is because you gave permission for it to happen.

tornado617

I don't use payday loans but I do know the consequences of not paying on time. They are what they are, short term loans for people who know they can cover it at the end of the month. They are not for people looking for sympathy because they cannot pay. "Ooh, I've got three kids to feed and can't afford to pay it back".So let's stack up all the daily complaints against the banks as to the complaints against the Pay Day Loan companies and we'll soon see who's ripping who off

~Brock~

tornado617 wrote: »

I don't use payday loans but I do know the consequences of not paying on time. They are what they are, short term loans for people who know they can cover it at the end of the month. They are not for people looking for sympathy because they cannot pay. "Ooh, I've got three kids to feed and can't afford to pay it back".So let's stack up all the daily complaints against the banks as to the complaints against the Pay Day Loan companies and we'll soon see who's ripping who off

You've gone and shattered my illusion.....I was always under the impression that if you had at least three kids to feed then it was enshrined in law - and in particular into consumer rights websites - that you did not need to honour any contract that you entered into!

It's a good job I didn't get round to having that third child myself thinking that I too could take advantage of this loophole.:rotfl: