DMP & Mutual Support Thread - Part 10

blisteringblue

Personally I hope everybody that has ever borrowed from a PDL puts in a claim for unreasonable lending. Whether they are just trying it on or have a reasonable case. Anything to put them out of business.

It does seem they are on the financial agenda now, but it's a little late for a lot of people.

Puzzcat

Interesting chats about responsible/irresponsible borrowing/lending. I never had pdl' s so can't really comment on those, but I often wonder about the responsibility of the bank that does annual financial reviews and offers you 10k loan to pay off od and cc and does not close the accounts to stop you reusing them...my choice to run up the debt again but if they had closed this avenue I may not have gone into a dmp owing them 20k...I was an irresponsible borrower, they an irresponsible lender...ho hum hindsight is a wonderful thing and I love my dmp...:D

blisteringblue

Very true Puzz. I've never had a PDL either but they are just simply wrong.

I know people have to take responsibility for their actions, I am and will pay off all my debts.

But how can an APR of 1870% be allowed. Ah buts it short term borrowing I hear you all cry. It may well be short term borrowing, but after the 12th monthly roll over, increasing slightly each time then that is 1870% in my basic maths book? Simply wrong plain and simple.

Puzzcat

blisteringblue wrote: »

Very true Puzz. I've never had a PDL either but they are just simply wrong.

I know people have to take responsibility for their actions, I am and will pay off all my debts.

But how can an APR of 1870% be allowed. Ah buts it short term borrowing I hear you all cry. It may well be short term borrowing, but after the 12th monthly roll over, increasing slightly each time then that is 1870% in my basic maths book? Simply wrong plain and simple.

I agree entirely and get very cross when that stupid w*nga adverts comes on the tv and radio... They should be banned but then would that cause more problems for those that need to use them... maybe better regulated, particularly to the HUGE interest rates...

Monkeyballs

I know the whole issue of irresponsible lending/borrowing is a contentious one and on any other forum anybody in debt would immediately be shot down by dozens of folk better than you itching to put you in your place...

I personally do believe that currently there is a need for some form of short term lending in one form or another, the problem is that it is high risk and therefore it's unlikely that banks or credit unions, etc will ever find it financially viable so we are back to square one

If someone applies for a short term loan then it does not and should not immediately mean banks look at you as having financial problems or being a high risk, but they do.

Likewise if a company offers short term/payday loans states that "payday loans are not suitable for long term lending" then they are responsible for identifying anyone who is doing so and should automatically question the next loan request with details of a debt charity.

At that point if the lender just re-loans then the customer is irresponsible, because they have not taken action to try to help themselves - if a PDL just stopped lending then invariably due to the timeframe the customer would be short for the coming month and may even start to have problems with priority bills such as rent, fuel, food, etc.

But I don't think everyone who has ever applied should make a complaint because people do need to take responsibility for their own actions, and if nothing else it would only serve to slow down a claim from someone with a genuine complaint

MB of G x

Monkeyballs

Maybe, places like Step Change, Payplan, CAP, etc. should not be referred to as a charity?

The word charity has connotations which a lot people would rather not be associated with?

Perhaps if it was Debt Advice Association then more people might approach them? Maybe the word charity does more damage than harm?

MB of G x

Time_to_face_the_music

Monkeyballs wrote: »

I personally do believe that currently there is a need for some form of short term lending in one form or another, the problem is that it is high risk and therefore it's unlikely that banks or credit unions, etc will ever find it financially viable so we are back to square one

April 2013

http://www.citizensadvice.org.uk/press_office-20130807a

June 2014

http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_20140611.htm

I can't see Cameron and his cronies doing anything about it soon

Time_to_face_the_music

Growurown wrote: »

:wave: Afternoon peeps.

Curses, the evil orange (there's something wrong with your car) light has reappeared:mad::mad:

Now where did I put that roll of masking tape?

Sorry to hear that GUO

I know it's probably a daft question but have you googled it and/or checked if there is a forum for your make/model of car where you can ask?

jubilee14

Afternoon all. lots of posts again.

interesting reading on the PDL and AP/AR issues.

I didnt have the misfortune of the PDL but the big banks are as much a pain giving you plenty to spend/consolidate and then not being willing to reduce the interest despite being 'responsible lenders'

I dont have a problem with AP/AR i do not like that it doesnt come with an interest freeze tho. But i guess the informal arrangement rather than bankruptcy is what it is. Just irks me am willing ( was going to write happpy) to pay what i owe just need some help getting the interest down so i can do it in a reasonable time.

anyways... GUO sorry the dreaded light is back again.
MB - glad to see your back to english for now.
All newbies welcome great to see the board getting used so frequently these days it had been a bit quiet for a few months.

HH glad to see your back !

have a good Monday all

drhuxtable

Hello there I have had my first response from a creditor (pdl company Mr lender) since sending out token letters last week, this is below. Is there any advice as to how one replies to things like this? I'm a bit worried about this door step collector point being made. I don't plan to go on my dmp for a few months just make token payments while I sort my finances out. Cheers for any pointers

>>Thank you for your recent letter and for your £1.00 postal order.
!
We have removed your card on your account ending in **** as requested.
!
Your current outstanding balance is £492.50.
!
We would like to offer you a 6 month repayment plan equating to monthly instalments of £82.08.
Please note whilst your account is not in a repayment plan status further interest will be incurred and our system will try to recoup the full outstanding balance at any given time.
Finally, we will also look to sell your account to a doorstep collection agency.
Please confirm and we can set this up for you.
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