Irresponsible lending from companies?

sourcrates

Tarambor wrote: »

So basically it is OK for loan companies to go bust as a result of such legislation, people working at those companies and their suppliers to lose their jobs, any people with pensions who had shares in those companies to lose retirement money and basically a whole long line of people who are responsible with their money to end up in trouble because people who can't control themselves expect the government to force everyone else to do it for them. That is the flip-side to this that people seem to have ignored, the fact that the REAL victims in all of this are the people who lose their jobs and possibly their homes as a result even though they didn't do anything wrong.

Maybe leaving people who get into a load of debt to deal with the consequences of their decisions and suffer a bit of pain and hardship might have been better than giving them a get out of jail free card that actually REWARDS THEM in the cases where a loan not only gets the interest cancelled but cancelled altogether which just makes them think they can do whatever they want without consequence because there'll always be someone to bail them out. I wonder how many of those who successfully managed to get their loans wiped out decide to do the same again thinking they can just pull the same trick a second, third or fourth time.

I`m not saying its OK at all, that is the flip side to this I agree, I was simply answering your question.


Lets be clear, the majority of complainants get back a refund of interest and charges (if any) not the capital sum borrowed, some whose situation has been deemed so bad, have had there outstanding balance wiped out, and credit file cleared.


I`m sure the chaps at wonga were very nice people, and its hard for anyone to lose their job, but some of the folk at "wellbreakyourlegsifyoudontpay.com" may not have been so nice.

Truth be told, the payday loan saga was a bandwagon everyone wanted to jump on, and they did, some made millions, some went bust, it was the gold rush all over again, it ran its course, and then, just like the dinosaurs, died a death, what we have left now is a very different animal, better regulated, with affordability a key issue, but....... the people who made up the customer base for these lenders, are back to square one again in terms of been able to borrow money, it seems the less well off you are, the harder it still is to get a loan, yes payday lenders exploited the poor, but there only other option was the loan shark, more recently its refressing to see the emergence of credit unions, now slowly taking the place of these payday lenders, long may it continue.

enthusiasticsaver

It is irresponsible lending for sure and of course irresponsible borrowing too which you acknowledge but payday loans prey on people like you in the position you were in at the time. I am not aware of the procedure for putting in claims but I would give it a shot. You have nothing to lose.

phillw

Tarambor wrote: »

the fact that the REAL victims in all of this are the people who lose their jobs and possibly their homes as a result even though they didn't do anything wrong.

Didn't do anything wrong apart from work for a company that clearly was lending irresponsibly.

I'm not saying I don't feel for them, but I think it's a bit much to claim they are the real victims and nobody else is. They are at least equally complicit as the irresponsible borrowers.

The borrowers have consumer protection laws, the employee's have social security laws.

sourcrates wrote: »

it seems the less well off you are, the harder it still is to get a loan,

Well that makes sense, if you can't afford to repay a loan then it should be impossible to get one. With the increase in bad debt it makes sense it would be more expensive for them. It's unfair they are less well off, but we should be looking at how to fix that not how to load them with debt they can't afford.

Sncjw

These companies don’t see your bills for things Which you pay by cash so they may think you are fine to pay it back. It ultimately down to yourself to determine if you can pay it back. Your the one taking the loan.

tonycottee

Sncjw wrote: »

These companies don’t see your bills for things Which you pay by cash so they may think you are fine to pay it back. It ultimately down to yourself to determine if you can pay it back. Your the one taking the loan.

I love this idea. I might take a visit to Barclays and ask to borrow £100,000. I've decided I can afford to pay it back so what's their problem?

Lioness_Twinkletoes

[Deleted User] wrote:

I was possibly victim

You are not a victim.