speed credit.

dtsazza

libramoon wrote: »

these companies should loose there licence they only loan to weak vulnerable people they no they can get the money back by passing the debt to collection aggencies even if you dont pay

Don't forget that the reason they charge such a high APR is to cover the costs of those who don't repay. Debt collection companies aren't magic, and from what I understand, sub-prime debts like this are typically sold for around 10% of their notional value. PDL companies typically do lose money when people default - and people default often.

What you actually get, then, is that those who do repay on time are funding the losses of those that default and don't pay back what they promised to pay.

...its wrong cause thats what has put the uk in so much debt its companies like wonga, speed credit,quick quid and the other hundreds of companies

Erm - no. What's put the UK in debt is successive governments deciding to spend more money than they bring in through tax - because either raising taxes or reducing spending are unpopular, and because the electorate hasn't twigged that borrowing is just even higher tax rises in future.

Wonga had nothing to do with that, though.

people on benefits seem to all ways get accepted more than if u work, as they no you wont be able to pay the loan back and they love the intrest rates

I doubt that PDL companies would turn away anyone solvent, working or not. Their market sector is such that they aren't picky (hence the huge APRs to account for this), but I find it hard to believe that they'd be dissatisfied with a loan that was executed perfectly according to the agreement.

£196 revenue on loaning £400 for 28 days is nothing to sniff at. If you gave companies the option to magically have every loan paid back on time, I'm sure they'd jump at it.

i say to who ever out there that is allowing these companies to do this to our country should be the one to pay

The people who are allowing these companies to do this, are the ones that agree to the terms and conditions - who take out a loan from them. (And generally, they are the ones that pay, so I agree with you there.)

Anyone should be free to propose any potential trade. If they find someone who is happy to take that trade, an exchange is made on the agreed terms. Should it be the role of some third party to butt in and say that despite all involved being satisfied with the agreement, it's somehow not right?

Would you be happy if you had an agreement with Tesco to buy an apple for 30p, but then I said that rate was far too low and there should be a law that says apples must sell for at least £5 each?

what the hell has this country come to what a crap goverment we have

You can't blame the government for everything. It's only supposed to provide a framework, peoples' lives are shaped on the whole by their own decisions and reactions. You can't expect the state to ride in on a white horse and save the day for everyone, every time.

Apples2

dealer_wins wrote: »

only a complete and total idiot would ever take one out.

Sownds liyk libramoon tuk 1 owt.

mackemboy007

wiganboy wrote: »

I didn't pay it on time but i paid for an extension on it which was £48 but it doesn't say how long the extension is for and there was no confirmation of them for the payment, and i was going to repay the rest which was £167 but like i say when i went to repay it it had jumped up £400 in a week. That doesn't seem like an extension to me. How can i pay the loan of if it is going to go up £400 a week? And why won't they contact me back?

hi wiganboy i too took a loan for £100 and thought it had to be repaid 30 days later only to find they were asking for payment 14days after recieving the funds or pay £24 to extend the loan now they say i owe £547 i too got no confirmation of my payment tried telephoning them but are adamant they want full payment or i will be passed over to debt collection,i tried phoning debt collection to arrange payment plan but just put on hold listening to music after 20minutes waiting to speak to some one i put the phone down it seems to me the longer they keep you on hold the more money we got to pay them back.it wold have been cheaper to borrow off A LOAN SHARK OFF THE STREET

DCFC79

mackemboy007 wrote: »

hi wiganboy i too took a loan for £100 and thought it had to be repaid 30 days later only to find they were asking for payment 14days after recieving the funds or pay £24 to extend the loan now they say i owe £547 i too got no confirmation of my payment tried telephoning them but are adamant they want full payment or i will be passed over to debt collection,i tried phoning debt collection to arrange payment plan but just put on hold listening to music after 20minutes waiting to speak to some one i put the phone down it seems to me the longer they keep you on hold the more money we got to pay them back.it wold have been cheaper to borrow off A LOAN SHARK OFF THE STREET

What was the £100 for ?

Apples2

mackemboy007 wrote: »

hi wiganboy i too took a loan for £100 and thought it had to be repaid 30 days later only to find they were asking for payment 14days after recieving the funds

Microcredit £100, £200, £300 or £400 - you can choose to borrow £100, £200, £300 or £400. You have the option to pay us back either 14 or 28 days later.

http://www.speedcredit.co.uk/how.html

dtsazza

mackemboy007 wrote: »

hi wiganboy i too took a loan for £100 and thought it had to be repaid 30 days later only to find they were asking for payment 14days after recieving the funds

What does the paperwork say about the loan duration?

it wold have been cheaper to borrow off A LOAN SHARK OFF THE STREET

Only if you don't consider your kneecaps to have any monetary value...

DCFC79

Apples2 wrote: »

http://www.speedcredit.co.uk/how.html

I wish people would read the T&C of said loan before they start lambasting the firm.

DCFC79

dtsazza wrote: »

What does the paperwork say about the loan duration?


Only if you don't consider your kneecaps to have any monetary value...

Or fingers, thumbs, at least with thumbs cut off you can still work to pay off the debt.

ihateyes

DCFC79 wrote: »

I wish people would read the T&C of said loan before they start lambasting the firm.

Speed Credit have had the license revoked. as they are the scum of the scum

DCFC79

ihateyes wrote: »

Speed Credit have had the license revoked. as they are the scum of the scum

Is that a recent thing then ?