Pay Day Loan

GoShane

Is there anything you can set up to ensure you get declined for pay day loans?

It seems that they will lend to anyone regardless of credit history and my brother has got into trouble over this. Im trying to help him but with so many companies out there it will be hard to protect him unless I can set something up to blanket all firms.

Thanks

jason1231972

I don't think so, may be wrong, but it's doubtful.

The individual themselves is expected to take a certain level of responsibility, and awful as these companies are, they're not necessarily doing anything wrong in lending to mentally competent adults.

There is, however, software you can get hold of that bans access to financially-related websites, if he's been scouting for loans online. I don't know where to look for it, but do know it exists. It'd probably cost you, though.

Enfieldian

If his bank cancelled his debit card that would severely limit his options.

Is he mentally capable? If so a quick diagram on a piece of paper showing that a £200 loan, rolled over for 12 months, at an average of £50 a time, costs £600 and there is still the original £200 owing, should do the trick.

dealer_wins

It is very difficult to stop someone who is mentally sound from applying for loans.

99 times out of 100 they will get into so much difficulty that even the most liberal payday companies will decline them.

Hopefully he will then realise what a nightmare/rip-off/con these loans are and "go straight" in the future.

simon2010

You can set limits when you gamble on websites
You can go to a support group to stop smoking
You can go to meetings / rehab for alcohol/ drug problems

But you cannot 'block' yourself for a period of time from applying for credit. This is soooo wrong in the current world we live in. It is time for big changes on the 'credit file' front. We need a clearer, more sensible system. 6 years for a default is a complete death sentence.

maybe if you come back in ten years time, someone may have listened to us.

Good luck anyway

Buzby

A CCJ is a good start... but this assumes they'd be bothered to check. Sadly, the higher the interest rate, the less checks are done.....

bargainbetty

Perhaps you could help your brother by identifying his spending patterns, income and outgoings and working with him to live within his means so he doesn't need them?

Unless he is mentally incompetent, you cannot do anything to stop him. While they will give money to just about anyone, the person who asked for it needs to take some measure of responsibility for their actions, and learn from the mistakes by changing their financial habits.

Took me two consolidation loans to do it, personally!