Pay Day Lending - is it ever ok?

KingElvis

SaLoGo wrote: »

We don't have or need a martage and never will. We don't do 'proper' loans. What would I need one for? House is perfectly adequate, I drive a V reg Astra I'm very happy with so no new car needed, we go on cheap last minute holidays and we are paying for our wedding out of each month's pay.

We are very capable of living within our means. Not that it's anything to do with you, but we pay our bills, pay some of our wedding off, and still have plenty left over each month. We happened to be short one month after booking a last min holiday then my OH bought my engagement ring and it was before I was working. I think I am not 'financially baffled'... I don't do credit cards because I know I would be too tempted etc. I don't do 'proper' loans so am not stuck paying for something I had a few years ago.

I really don't care what 'serious' lenders think of me... my credit rating is probably crap anyway because I don't do credit! And besides, they were in my OH's name anyway. And don't give me all the 'you're financially linked' BS because we're really not!

Is it so hard to understand that we felt (and still do) that it was the right thing to do for US?)

Calm down, calm down.

You talk a lot of sense actually BUT then you go and let it down (again in my opinion) by using and advocating payday loans.

The point of a forum is discussion, nothing I've said is "aimed" at you so chill out and stop stressing, you'll get a clenched colon or something :D

gingeralan

There is no justification for borrowing on PDL's. There are much better ways, Credit cards have been mentioned. If you do not feel you have the self control to use them properly, put then in a bowl of water, then stick it in the freezer. This would mean that should you find something you wish to buy it would require you to wait before spending on it. Making it difficult to impulse buy. Or if you have a good credit rating, which is really the only occasion you should borrow in my opinion, then you could get an extension to your overdraft. If you got a good crdit rating you do not need PDL's if you got a bad credit rating you really really don't need PDL's.

SaLoGo

I'm not going to justify myself anymore. I don't do credit cards. I don't do over drafts. End of. Luckily for me my OH and I now earn enough not to have to rely on credit of any kind. I can't believe how many people on this site are suggesting I get a CC or OD!!! The need for credit has long passed (the 2 instances were last year) but if I should ever need to borrow a few hundred quid again.... I would use the PDL again

jon1965

I think it is about time we stopped on this one. Sal has made her point of view clear and doesn't matter if we agree or not. I do think the quote"there is never any justification" is rather severe and judgemental. I have my own opinions on PDLs and I have made them clear. If someone wants to use them with all the knowledge they have, it is their business.

spinningsheep

As someone that has ended up in a right royal mess over credit cards, I vowed never to touch one again even once my credit rating recovered, and for the last 3 years I have managed comfortably with no credit facility save for a catalogue but that obviously cannot be used for cash or anything. I now have a £100 O/D on my cashplus Mastercard but that is managable. I have had to take out a couple of payday loans in that 3 years, and they really have helped me out of a couple of potentially disasterous holes due to a couple of payday failures from my employer and an almost 6 week Jan 2012, but they were one offs and were unbelievably cheaper than the consequences of my rent payment failing or council tax etc.

Like all forms of credit, if managed responsibly, payday loans are useful and have their place.

SaLoGo

jon1965 wrote: »

I think it is about time we stopped on this one. Sal has made her point of view clear and doesn't matter if we agree or not. I do think the quote"there is never any justification" is rather severe and judgemental. I have my own opinions on PDLs and I have made them clear. If someone wants to use them with all the knowledge they have, it is their business.

Aww I was quite enjoying that

jon1965

well carry on then :beer:

jon1965

Sorry I do not get the point?

Peelerfart

Reported as Spam - Singapore Spam,but Spam none the less.

SaLoGo

Hmmm even I ain't that daft!