MSE News: Payday loan crisis calls double as Kerry Katona Cash Lady TV ad banned

MoneySaverLog

the_insider wrote: »

The ad in question has just been on while I was reading this thread. Didn't look very banned to me!

That just says it all, they will probably use some excuse the ad was arranged before the ruling.

molerat

the_insider wrote: »

The ad in question has just been on while I was reading this thread. Didn't look very banned to me!

This is a different one that is only voiced by KK, the banned one was much longer.

Domi37

FYI Cash Lady is not a direct lender but a broker... part of PDB UK Ltd.

From the site: CashLady is not a lender but is a licensed credit broker which introduces borrowers and lenders for the purposes of entering into short-term unsecured loan agreements.

im-lost

Ronaldo_Mconaldo wrote: »

A fool and his money are soon parted. These words have been true in the past, they are true now and they will be true in the future. The many simple folk of this country will always need some distraction to pass the time, just let them get on with it instead of trying to help. The end result will be the same anyway.

so, given the choice of say having a couple of direct debits bouncing at £25 a time and taking out a payday loan at a cost of£ £30, what would you choose?

I know what id choose, and it wouldn't make me a fool for doing so

there are many thousands of people that use these services without a single problem, and are happy to pay a small amount for what is in most cases, an extremely fast and good service.

But nope, payday loan companies have to be demonised, because of the headline APR, that isn't relevant , and the small number of people that use them irresponsibly and get in to all kinds of bother.

At least payday loan companies do a bit of work to get their fees... unlike the banks, they decline to make a payment and charge you for the privilege of not paying it...

bigadaj

Kerry katona giving advice on anything, let alone money is so hilariously ridiculous it is untrue, still shows the level of financial education many have.

hanlou007

Could not agree more with "I'm Lost"
PDL are providing a service and if people are stupid enough to use them without working out if they can pay it back then thats their fault.....although i'm sure in time someone will come up with a way to say they were wrong to lend the money and we can all claim it back

So if i have a bad month and have some car issues for example that take me towards or over my overdraft limit i'd rather borrow a few quid from Wonga and pay back £10 to them than pay out £50 to my bank for two DD transactions.

JuicyJesus

im-lost wrote: »

so, given the choice of say having a couple of direct debits bouncing at £25 a time and taking out a payday loan at a cost of£ £30, what would you choose?

I'd choose not being in the situation where I don't have money in the account for payments that I know are going to come out.

there are many thousands of people that use these services without a single problem, and are happy to pay a small amount for what is in most cases, an extremely fast and good service.

Entirely true. Payday loan companies serve a niche. But they're still astonishingly expensive and their lending criteria appear to be basically "anyone who's not bankrupt and has a debit card". And they are a fast path into ruin if you don't pay attention (and the people who take PDLs out generally aren't those who pay attention to their finances.)

But nope, payday loan companies have to be demonised, because of the headline APR, that isn't relevant , and the small number of people that use them irresponsibly and get in to all kinds of bother.

Virtually every case of serious financial difficulty I've seen, payday loans have been a contributing factor and actively making the problem worse.

At least payday loan companies do a bit of work to get their fees... unlike the banks, they decline to make a payment and charge you for the privilege of not paying it...

As it happens, the banks probably do MORE work. Payday loan lending decisions are virtually all automated (Wonga tout this as a selling point) whereas banks do employ people to make decisions on transactions on an ad-hoc basis. A good deal are automated, many aren't though.

Irregardless, I'd still rather pay neither.

Ronaldo_Mconaldo

Monkeyballs wrote: »

I also hate ad's for gambling sites - as a recovering addict these ad's make me feel ill from a combination of wanting to play and knowing that a lot of my problems stem from what they are selling!

We don't need a nanny state, what we need to do is focus on making people realise their responsibility and the potential outcome of the choices which they make in black and white.

I'm a former bankrupt, never learned from my mistakes, now in debt and a recovering gambling addict - basically a total screw up lol but now I can see what I've been doing wrong and am on the right path to recovery :-)

MB

So by that logic we should ban booze adverts because they might upset recovering alcoholics etc. it's not anybody else's fault that you've got a problem so why should anything else change to suit you?

annchester1

The same add was on yesterday lunchtime - agree with above, so much for being banned!! Where do they get such eye watering percentages from? Everytime these payday loan adds come on, I get my calculator out and use £500 as the basic loan - the results? Enormous!! Poor Kerry Katona, she always seems to come out of these things badly - not her fault if she's been paid to do it.

bigadaj

annchester1 wrote: »

The same add was on yesterday lunchtime - agree with above, so much for being banned!! Where do they get such eye watering percentages from? Everytime these payday loan adds come on, I get my calculator out and use £500 as the basic loan - the results? Enormous!! Poor Kerry Katona, she always seems to come out of these things badly - not her fault if she's been paid to do it.

Of course it's her fault if she's paid to do it, celebrity scum with the iq of a slug. Still she's probably stupid enough to use that service, unlike those with more sense an deducation like carol vorderman, just evil.