People who take out payday loans....

Pollycat

bobobins wrote: »

My biggest gripe was the fact that this thread was not started to bring awareness to an issue or to provide help or support to people in need. It was started with the intention of insulting people for the sake of insulting them.

That's why a thread like this belongs in the Arms or on DT - not on the Praise, Vent & Warnings board.

Westphalia

I can remember back in the 1970's when I was considerably younger and more carefree I would regularly cash a cheque just before payday knowing it would take a couple of days to clear.

There were private kiosk's in London run by a firm called Chequepoint, (might even still be around) who would simply charge a couple of quid commission for the privilege.

Not quite the same thing as accruing interest on a loan I know, but I'm sure I wasn't the only person who did it.

It's not really the principle that has changed, simply the scale.

fozmcfc

Westphalia wrote: »

I can remember back in the 1970's when I was considerably younger and more carefree I would regularly cash a cheque just before payday knowing it would take a couple of days to clear.

There were private kiosk's in London run by a firm called Chequepoint, (might even still be around) who would simply charge a couple of quid commission for the privilege.

Not quite the same thing as accruing interest on a loan I know, but I'm sure I wasn't the only person who did it.

It's not really the principle that has changed, simply the scale.

During my bad gambling days, I used to do that, once I'd gambled all my spare cash away, I'd cash a cheque at the Chequepoint, then I could gamble a day or so, before I got paid. :eek:

In the early day, my cash card use to have a £50 daily limit, so sometimes I'd cash a cheque to get more cash for gambling.

Sometimes they would refuse, because they used to tick the date off at the back of the chequebook and if I'd had too many, some wouldn't do it.

fozmcfc

As for Payday loans, well, if they didn't exist, I'm sure many would turn to the sharks who will break your legs, rather than make do and mend.

Payday loans, shouldn't be forced out of business, but there should be tighter rules for lending and the charges they can add.

It should work both ways though and customers should have tighter restrictions, such as only one at a time and if they are defaulted on, then a ban on anymore being taken out for at least 1 year, until it is marked as settled in full.

I'm pretty sure, with tighter restrictions, we will see just a handful of companies willing to provide payday loans, because they won't be able to make so much money.

daveyjp

Westphalia wrote: »

I can remember back in the 1970's when I was considerably younger and more carefree I would regularly cash a cheque just before payday knowing it would take a couple of days to clear.

There were private kiosk's in London run by a firm called Chequepoint, (might even still be around) who would simply charge a couple of quid commission for the privilege.

Not quite the same thing as accruing interest on a loan I know, but I'm sure I wasn't the only person who did it.

It's not really the principle that has changed, simply the scale.

The post office used to offer a similar service. It cost £5 to cash a £100 cheque.

dodger1

fluffnutter wrote: »

Not really understanding the issues of poverty in today's capitalist society are you? No matter - the Daily Mail called. It wants its columnist back.

To be fair the Daily Mail has highlighted how awful these companies are. In their words,

"In a series of deeply shocking investigations, this paper has highlighted the misery being inflicted on the poor by payday loan sharks."

Read more: http://www.dailymail.co.uk/debate/debatesearch/article-2443314/DAILY-MAIL-COMMENT-Protect-poor-payday-loan-sharks.html#ixzz2jt5XJyC7