Pay day loan companies

Apples2

I'm not convinced this thread has.much to do with signatures, we all do it all the time. Anyone ever signed their mobile phone contract when bought online?

Is OP looking for an angle to get away with not repaying a loan?

DCFC79

Apples2 wrote: »

I'm not convinced this thread has.much to do with signatures, we all do it all the time. Anyone ever signed their mobile phone contract when bought online?

Is OP looking for an angle to get away with not repaying a loan?

Thats the impression I got as well.

nickboylan

Not at all, the 'Get money now' 'Its easy, get £2000 in 2 minutes' adverts annoy me.

I just think the whole concept of pay day loans is completely ridiculous and unethical.

They just encourage people to get into more debt.

Someone must agree with me on this????

DCFC79

nickboylan wrote: »

Not at all, the 'Get money now' 'Its easy, get £2000 in 2 minutes' adverts annoy me.

I just think the whole concept of pay day loans is completely ridiculous and unethical.

They just encourage people to get into more debt.

Someone must agree with me on this????

I agree there are people out there who live on pay day loans purely because they have got in the pdl cycle.

They have they're place as a short gap if its paid back on time agreed to.

FireWyrm

DCFC79 wrote: »

I agree there are people out there who live on pay day loans purely because they have got in the pdl cycle.

They have they're place as a short gap if its paid back on time agreed to.

I saw a case the other day over at DFW where someone was being chased by a bailiff (a real on) for unpaid council tax and was completely unable to pay until 4th Feb. Since the bailiff was threatening to add extortionate fees to what amount to a £140 debt, it was actually in the interests of the person to take a PDL for 14 days as it would be cheaper than fighting the bailiff.

Of course, the difference was, that this person had the money to pay it back, just not that day.

PDLs are not unethical. Last I looked, no one is forced to take one out and if my 8 year old can spot the flaw in the model (namely, if you didnt have it this month, what makes you think you'll have the money + interest next), then I recon most adults ought to be savvy enough to understand.

PDLs also state (by their own statistics) that 75% of their loans are for frivolous or non essential purposes which rather exposes the lie that it is the most vulnerable or hard up of society who get them. Most PDLs are not for food, or fuel, they are for nights out, new dresses etc. Further to this, they are up front about their fees. Those figures of 4000+% are for ANNUAL PERCENTAGE RATE. That means, the figure is calculated for annual borrowing (as required by law) but they dont offer yearly loans, they offer short term 14 days to 30 day loans. If you calculate it over that time period, it is a far more reasonable 20 - 40%. I've seen CREDIT CARDS from aledgedly 'reputable' lenders with worse rates than that and no-one is complaining about THEIR ethics.

Rawls4mayor

I don't see the point in these loans, they don't lend you enough to be able to buy anything!

Brains64

nickboylan wrote: »

hmmm,

what happened to the good old days of a face to face meeting, signature and a handshake?

These companies are the reason why this country is in such a terrible state.

I know its irresponsible borrowers but if someone is desperate and a company dangles some money in front of them they would probably take it.

It is far too easy for people to get loans and I really think this terrible loan shark type lending should be stopped or some strict laws put in place.

I know what you mean, it's the pace of life now and the sheer numbers of people all looking for the same services, there just isn't the time for the personal touch like in the 60's and 70's, even the 80's were calm in comparison to the insane speed everything is done at these days, of course the fact that I'm getting old probably adds to my perspective of things moving too quickly:rotfl:.

As far as online signatures go for loans and for that matter any other service and the question of legality, it's something that's often occurred to me because, as far as I understand, an online signiture is as legally binding as one done on paper and I would have thought should be treated as such, however, and I don't want to build up anyones hopes here but it wouldn't surprise me if one day some very bold, ambitious and sharp lawyer went to court and challenged it on behalf of a client.

It might not even be a lawyer, it could be an MP like Stella Creasy whom is not a fan of payday loan companies and I'm sure would like nothing better than to needle them anyhow she can, or it might be an ordinary member of the public whom decides to stand up and question the whole thing.

Apples2

Why do people who have borrowed so much money they are totally maxed out or who have failed to repay a hatful of credit agreements that they are instantly rejected all think they would easily get another loan as long as they could have a face to face?

Glasgow_Al

Brains64 wrote: »

As far as online signatures go...snip...it wouldn't surprise me if one day some very bold, ambitious and sharp lawyer went to court and challenged it on behalf of a client.

On what possible grounds? The Electronic Communications Act 2000 is clear on the matter.

Brains64

Glasgow_Al wrote: »

On what possible grounds? The Electronic Communications Act 2000 is clear on the matter.

Objections your honor....on the grounds my learned friend has snipped my post significantly and has greatly misrepresented what I was saying .