Pay Day Lending - is it ever ok?

jon1965

Just shows how not having the whole story leads to assumptions and judgements

Apples2

jon1965 wrote: »

Just shows how not having the whole story leads to assumptions and judgements

Are you not guilty of the same thing John?
It is just that yours are in opposition to those who consider crippling debt an avoidable situation.

Repeated comments that it doesn't matter why or how the debt occurs it is only AFTER the debt spiral has gotten out of control that the debtor becomes the victim.

Prior to that, party time buying, grabbing, borrowing as much as possible for reasons not relevant. Once the hammer comes down, they should be absolved from all responsibility and be perfectly entitled to pay back at a pittance rate with no consequence.

Your high horse isn't so high, it is equal and opposite to those you argue against.

Dabooka

jon1965 wrote: »

Just shows how not having the whole story leads to assumptions and judgements

Is it okay to apply judgement when the full details have been provided? I just wonder, as on occasion some posters on these very boards have changed their mind about getting a payday loan only after they've posted on here and been "judged", quite often by those whom have fallen into the trap and warn them of the perils.Is it okay then? Or just never ever ever?

mithuthecat

jon1965 wrote: »

So lets think this through.
I assume this is your thought process.
Because there is a profitable market for pay day loans we should let it carry on unregulated and uncontrolled. It is also the fault of the people who get sucked in to this .
So logically, as there is a profitable market for it we should remove all controls from alcohol sale, cigarette sales and lets not forget Class A drugs. After all a junkie is to blame for his addiction so lets leave em to it, and the drug dealers make a nice healthy profit

Yes but a drug addiction is an disease,what would you like me to tell you about drug addiction as I can tell you enough about it to have you in tears, as its affecting somebody very very close to me, its the dealer who want locking up, not the users

SaLoGo

iolanthe07 wrote: »

He was short by about £200 so that's what he borrowed.

But why didn't he just put it on his credit card? I don't understand why people use PDLs when credit cards, even high interest ones, are a much better deal; and if you pay back in full and on time there is no interest at all to pay with a credit card.

I did say that we don't do credit cards

KingElvis

Sorry but I'll never understand using payday loans for TV sets, wedding shizzle and other assorted tat.

Good luck with it but it sounds horrendous.

iolanthe07

SaLoGo wrote: »

I did say that we don't do credit cards

Why not? They have their faults and have led people into debt, but for all their disadvantages they are much better than Pay Day Loans.

SaLoGo

KingElvis wrote: »

Sorry but I'll never understand using payday loans for TV sets, wedding shizzle and other assorted tat.

Good luck with it but it sounds horrendous.

We did what was right for us at the time. We borrowed £300 for a few days to secure our dream venue and £200 to put towards a TV. How's that different to putting it on a credit card?

iolanthe07 wrote: »

Why not? They have their faults and have led people into debt, but for all their disadvantages they are much better than Pay Day Loans.

I'd rather not have the temptation in my purse. I know if I have a credit card I would buy stuff on impulse so that's why I don't have one.

I really don't care what people think of what we did and how we did it. All I'm saying is that PDL's are OK when used correctly in my opinion. I don't expect people to agree!

And just for the record, there is nothing 'shizzle' about my wedding venue. It is amazing and well worth the extra £25 it cost us!

jon1965

Apples2 wrote: »

Are you not guilty of the same thing John?
It is just that yours are in opposition to those who consider crippling debt an avoidable situation.

Repeated comments that it doesn't matter why or how the debt occurs it is only AFTER the debt spiral has gotten out of control that the debtor becomes the victim.

Prior to that, party time buying, grabbing, borrowing as much as possible for reasons not relevant. Once the hammer comes down, they should be absolved from all responsibility and be perfectly entitled to pay back at a pittance rate with no consequence.

Your high horse isn't so high, it is equal and opposite to those you argue against.

Apples, I would rather give everyone the benefit of te doubt to start with. Personally I think it is wrong to deliberately go out, take on debt then try to avoid it as has happened. However if you go out, take on the debt that you were encouraged to take on then your situation changes you need help and support to sort it out. If that means paying £1 per month so be it. At the same time the credit companies should uphold the law as well, so they need compliant agreements , they need to follow oft guidelines etc. This is my argument against for example PDL's in that they do not always follow the legal path and lead people into misery. It is no fun when in one morning you get 5 phone calls from the same company about the same thing . If I can't pay at 8am I sure as hell ain't going to be able to pay at 9, 10, 11 and noon

Dabooka wrote: »

Is it okay to apply judgement when the full details have been provided? I just wonder, as on occasion some posters on these very boards have changed their mind about getting a payday loan only after they've posted on here and been "judged", quite often by those whom have fallen into the trap and warn them of the perils.Is it okay then? Or just never ever ever?

Not quite sure of your meaning here, but it is perfectly fine to express an opinion when you know all the facts. You may not agree with everyone . For example now that Sal has explained that she doesnt do credit cards as the temptation would be too great (having the guts to admit that on here is admirable) I can understand why a PDL might be used. I do not think they are good but ...

mithuthecat wrote: »

Yes but a drug addiction is an disease,what would you like me to tell you about drug addiction as I can tell you enough about it to have you in tears, as its affecting somebody very very close to me, its the dealer who want locking up, not the users

mithuthecat, I can understand why you get very worked up about drug addiction. That is how my debt spiral started many years ago , paying off my stepsons drug dealer. I am not sure personally I would call it a disease rather an illness, just a play on words i guess, but goes along with alcoholism, gambling and other addictions.

SaLoGo

Anyone spotted this yet?....

http://www.moneysavingexpert.com/news/loans/2012/05/payday-loan-customer-charter-to-launch?utm_source=forum&utm_medium=sidebar&utm_campaign=box