Absolutely sickened by the constant pay day loan adverts everywhere!

bexiboo92

There needs to be stricter regulations on them. I do agree they serve a purpose, but how do these companies not check anything? You fill in a form online and they believe that you're telling the truth, no proof of your income or anything.

I took them out solely for the purpose of surviving until pay day and was at first able to pay them back, but once you slip on repayments, you really do slip. But they became a case of take them out or not be able to pay the rent and eat.

sithmaster

I once had a long moment with wonga took out a loan to get a new washing machine, but with intrest it took half of my wages so next payday i would have to take another and that went on for about a year. Thankfully I finally cleared it and would not recommend using a payday loan unless your on a good wage but then you would not need it. as for me will never touch a payday loan again

bexiboo92

Skinto_7 wrote: »

Cant say i am a fan of the adverts, although they are usually as tacky as the product they supply which in itself would be enough to stop me using them, thats if the 17256%APR plastered across screen doesnt warn you off first.

As much as it might not be the most ethical way of making money, these companies clearly advertise what they are, what they do and how much they charge, people use them knowing the facts, so dont really have much right to complain or get the adverts banned IMO

sithmaster wrote: »

I once had a long moment with wonga took out a loan to get a new washing machine, but with intrest it took half of my wages so next payday i would have to take another and that went on for about a year. Thankfully I finally cleared it and would not recommend using a payday loan unless your on a good wage but then you would not need it. as for me will never touch a payday loan again

That's exactly the situation I'm in. I'm just starting the fight of getting myself of the circle. Glad to hear someone managed it

RecoveringAlcoholic

Lots of folks got trapped by this TV ad:

http://www.youtube.com/watch?v=dSR4ZAbBwh0

endora

I've never had a PDL but I see the ads all the time, everywhere and I agree, they should be banned! Just like cigarette ads got banned years ago. Wonga have been clearly targetting different audiences such as pensioners and the self-employed and you can't turn on the TV without listening to their nonsense.

Not everyone pays attention to the small print quoting the APR nor everyone understands its meaning and, in many cases, people are so desperate they just want to get their hands on the money. PDLs are mostly used by those who can't obtain mainstram credit who are also the most likely to default and incur lots of charges in addition to extortionate interest.

Maybe we should all go get a PDL, default and refuse to pay, just like the banks were brought to their knees by Americans defaulting on their mortgages on a massive scale, the PDL industry could suffer the same fate (and no-one would bail them out as they hold no savings or investments). Either that or our government does something about it. Sooner or later the bubble is going to burst.

Can't wait for the day when Wonga et al go into liquidation! :j:j:j

bexiboo92

Think it'll be a while before Wonga go into liquidation, they seem to be one of the main lenders

The_mangler

We use to call people like Wonga - Loan sharks. I cant see what difference there is to people calling in the heavies to your house and preying on the vulnerable in your own living room through the TV.

Ive never had a payday loan but whenever the adverts come on now the whole family join in with shouting out 'leeches' at the screen.

foxgloves

The Labour MP, Stella Creasy, has been trying hard to get the sheer awfulness of these companies recognised so that the levels of interest they charge can be made illegal. they do prey on people's desperation & I do have sympathies for those who get caught in the trap. However, although there are a lot of adverts for these companies, there is now also a lot of negative publicity about how they are sinking people deeper into debt. While people still use these businesses in such big numbers, they will thrive. I can't udnerstand why someone who has been unable to pay back the money on the first or second loan would think that the third, fourth or fifth loan would be any different. I was reading about these companies in either The Guardian or Observer (can't remember which) & the article said that these tend to be American companies which have come to the UK to play their business because they are more regulated in the States......so they can make more money out of the poor here. Disgraceful.

fantastiyk

I can't understand why our government allows them - either to be here in the country or to advertise here. And it tells us a lot about the TV companies who run ads for them. Everything does not have to boil down to how much money can be made, we have choices. And its ok to choose to have morals.
What concerns me is young children growing up in households where these ads are playing in the ad break, it becomes normalised and a household name to them as they heard it throughout their childhood. Thankfully my kids are old enough to understand never to touch them and why, but what about those who aren't.
It irritates me that something I don't agree with has to be pushed in my face 4 to 5 times in the course of watching one programme.
I'm concerned that only one MP is trying to do something about it.

ILW

If you don't like the product, don't buy it.
Are we really all that pathetic that we feel that adverts need to be banned?