MSE News: Payday loan firms told to play fair or be banned by OFT

cazankev

Iam but a humble person and don't think I am allowed to name and shame I would love to though, id love to see them lose their licence, I would tell M.S.E though...........in an email as I think that they should be named and shamed to protect others who may be desperate.

DCFC79

cazankev wrote: »

Iam but a humble person and don't think I am allowed to name and shame I would love to though, id love to see them lose their licence, I would tell M.S.E though...........

What do you mean you don't think your allowed to name and shame ?

Other posters state who the firm is that they are referring too ?

Tell M.S.E what, who the lender is ?

cazankev

Yeah , I'll call it why don't they ever listen to their parents,just because they have left home doesn't mean that they now know it all!!!!!!!!!!!!##@###………

Apples2

cazankev wrote: »

Yeah , I'll call it why don't they ever listen to their parents,just because they have left home doesn't mean that they now know it all!!!!!!!!!!!!##@###………

C'mon man, grow a pair and tell us whodunnit.

Nikibob

i will name and shame as i think others need to be aware, who cares about this name and shame malarky... Loan Pal are the devious company who never answer their phones and guaranteed will never refund any fees through post, hopefully the bank will be successful with an ongoing investigation!!

thehig

I dont see such a big problem with Payday loans, I can only talk from my experiance with the Payday loan companies I've used.

In the past I have used

Wonga
Payday UK
Txt Loan

Wonga - Like the advert says, I do like the slider system, before I took the loan I worked out my outgoings for the month I was going to have to pay it back, and used that info to decide what I could lend.
I then Paid back exactly the amount I was told it would cost, on the day I was told it would come out my bank.
The APR is not really a good measure for short term loans, so the 10000s% APR i ignore, and just work it out what it will cost.

Payday UK - I had to use this company a few years ago when my overdraft was withdrawn, similar to Wonga minus the slider system they were good.
Paid them back the amount and date was what I agreed on before I took the loan.

Txt Loan - I used text loan, at the closest I had come to getting out of control with payday lenders, a certain month there was unexpected costs, I used Text loan for the extra cash flow.
Once set up, sent a Txt, got my loan, and paid them back 15 days later. I just ensured it was after my payday.

Payday loans are useful and have there place, based on my experience I feel I was treated fairly, and would use the companies I listed above again.

Of course my intention is to not need them, having savings is the best way, but sometimes Thats not possible.

michael1983l

thehig, in your case it is all well and good to use payday loans but the industry would not exist should every borrower act in that way. The report that the OFT has made on the industry suggests that there is evidence that the payday loan industry relies on and activly encourages people to continue to roll debt over, this is where they make their profit, not with people like you.

If payday loans are to be kept then I see it as essential that rolling over the loans is to be outlawed and also that payday lenders should share information on apllications and outlaw more than one payday loan at any one time. If this isn't done then the vulnerable and the stupid will always be at risk from this industry.

It might be worth noting that payday lenders in my own personal experience are by far the most aggressive and most likely to break the guidelines on debt collection than any other type of creditor.

nyc_451

Nikibob wrote: »

i will name and shame as i think others need to be aware

TV tries to do the same - name and shame the companies But every time there is something negative shown about payday lenders on a TV, we have more customers coming in, and they actually admit they have heard about us on The News! How ironic...

SnowTiger

Nikibob wrote: »

i will name and shame as i think others need to be aware, who cares about this name and shame malarky... Loan Pal are the devious company who never answer their phones and guaranteed will never refund any fees through post, hopefully the bank will be successful with an ongoing investigation!!

This lot: http://www.loanpal.co.uk/?

They support Cancer Research UK, so they must be okay.

Their FAQ is quite amusing:

Do you take a fee?

We do ask for a small one off fee of up to £49.50 for our service, this is to cover our processing costs and the running costs of our loan sourcing software. We don't take money from the lenders we recommend to you, even from our associated companies, and so we won't limit our search. This is why we take a fee, so we can remain completely unbiased and find the best loan for you, not the lender.

Please be rest assured that unlike our competitors, you will never be charged any further fee or any recurring payments by us. We are proud to be the UK's cheapest loan sourcing site

What's more, we want you to be totally happy. So, if you do not get offered a loan within 14 days (which if accepted we are certain you will be) then write to us and we will give you a full refund. Please be aware that because we will have already carried out work on your behalf, we are allowed to legally retain a £5 statutory brokerage fee, from the money you have paid. This means that although you get a full refund, it will be minus £5.

When is a "full refund" not a "full refund"? :rotfl:

Or there's http://www.paydayloanpal.com/, who claim to process 725,000 applications a month. That's one every four seconds, apparently. Pretty scarey and probably not true.

I wonder if the people shown in this pictures from their website are happy punters or the owners of the website counting the cash flowing in?

Apples2

SnowTiger wrote: »

I wonder if the people shown in this pictures from their website are happy punters or the owners of the website counting the cash flowing in?

Well, they are also popular in Spanish Casinos.

http://www.sistemasderuleta.com/blog/2010/01/

Everyone marveled at the casinos out whether the physical or online when they win the game and take the bet, so much so that it makes them double their bets so that their awards are not only double but you have to think that we must also think would happen if luck was not on our side, do not let us catch ambition and not lose the original sense of the game being fun

They are also a Pair of Lovers in HQ
http://allday2.com/index.php?newsid=393998

Some other Spanish E-Commerce nonsense
http://www.westfargo.es/gui/images/slides/topthree.jpg

Publicity for a Team Building Suite of Software
http://www.themexpert.com/joomla/templates/sanity

And a whole host of other Foreign sites.