Irresponsible lending complaint

sourcrates

They don’t clearly state anything of the kind though, and the customer base for such products most likely don’t understand or care how they work.

Look, I’m not going to keep arguing the point with you, your views are noted, debt, unemployment, and mental health all walk hand in hand in some peoples lives, some have very complex issues, saying they shouldn’t have borrowed is just far to simplistic an answer, real life is never that easy.

Takmon

sourcrates wrote: »

They don’t clearly state anything of the kind though, and the customer base for such products most likely don’t understand or care how they work.

Look, I’m not going to keep arguing the point with you, your views are noted, debt, unemployment, and mental health all walk hand in hand in some peoples lives, some have very complex issues, saying they shouldn’t have borrowed is just far to simplistic an answer, real life is never that easy.

Well that is the exact point i'm making, people enter into financial agreements they don't understand and then are surprised it doesn't end well for them.

Like i said above it not just a case of them not borrowing it's a case of most people have no grip on their finances and don't attempt to budget then get into loads of debt.

The Debt Free Wanabee forum is full of hundreds of people who get out of debt by budgeting correctly and it is the main method that is used.

It seems if someone disagrees with even one thing you say you seem unable to have a discussion with them and agree with anything they say. You are actively picking out certain parts of my post and ignoring other parts.

sourcrates

Takmon wrote: »

Well that is the exact point i'm making, people enter into financial agreements they don't understand and then are surprised it doesn't end well for them.

Like i said above it not just a case of them not borrowing it's a case of most people have no grip on their finances and don't attempt to budget then get into loads of debt.

The Debt Free Wanabee forum is full of hundreds of people who get out of debt by budgeting correctly and it is the main method that is used.

It seems if someone disagrees with even one thing you say you seem unable to have a discussion with them and agree with anything they say. You are actively picking out certain parts of my post and ignoring other parts.

Positive discussion is to be encouraged, and welcomed, and I would encourage anyone to come over to DFW as you will find a much more congenial attitude exists there to help you with your problems.

As many people don’t regard a constant repeating of “its your own fault” very positive frankly.

Exodi

I do somewhat agree that Sourcrates general view of creditors instinctively being in the wrong has made me wince on more than a few occasions. Even if he/she does have a deep-rooted disdain for financial institution however, it's almost undeniable that he/she provides a net positive result from their postings.

There is a compensation culture deriving from PDL'ers (this forum serves as a testament to this) and there's a growing impression that by virtue of taking out a pay day loan more than once, you have been irresponsibly lent to. I remember the recent BBC panorama (Easy Money, Tough Debt?) in which a woman 'topped up' her existing £8,500 guarantor loan she couldn't afford because she 'fancied a holiday'? It's hard to get behind a mis-selling argument in these cases (though the targeted marketing was questionable!).

In the cases that someone needs to pay for a broken boiler, or a vet bill, or a car repair, it does make you wonder what would happen to these high risk borrowers if PDL'ers were regulated out of existence? On the panorama earlier, one of the debtors mentioned he'd borrowed money for a critical vet bill and then harped on about being mis-sold. He does not consider the flip side of being rejected for the loan (as is commonly suggested would be preferred) and not being able to pay for treatment.

The biggest issue I take with these types of companies are, whether directly or indirectly, targeting the most vulnerable in society. They also use some pretty exploitative marketing techniques to capitalise on this fact.

sourcrates

Thanks Exodi for your candid response, at least you appear to have a grasp of the real problem here.

I do have a tendency to speak my mind, unfortunately.

I fear I must offer my apologies to the guides on this board for allowing it to go way off topic, I will say no more on the subject.

Takmon

sourcrates wrote: »

Positive discussion is to be encouraged, and welcomed, and I would encourage anyone to come over to DFW as you will find a much more congenial attitude exists there to help you with your problems.

As many people don’t regard a constant repeating of “its your own fault” very positive frankly.

The message needs to be delivered in a helpful way i agree with that. So if someone is posting how "X Credit Company" has ruined their life. Then you can tell them in a nice way that you could have avoided this by budgeting properly but don't worry we will give you the tools and help so you know how to do this and not make the same mistakes again.
If people start agreeing that it was all the fault of "X Credit Company" then they have no incentive to change the way they manage their finances because they believe they did nothing wrong. That may be the easiest thing to tell them but i don't think it's very helpful.

If i'm so wrong in what i'm saying then how has my interactions with financial providers resulted in thousands of pounds of money in the form of switching bonuses and high interest accounts.
Yes someone eases interactions results in high levels of debt they can't afford to repay.

The only difference is the way the interact with them.

[Deleted User]

Exodi wrote: »

In the cases that someone needs to pay for a broken boiler, or a vet bill, or a car repair, it does make you wonder what would happen to these high risk borrowers if PDL'ers were regulated out of existence? On the panorama earlier, one of the debtors mentioned he'd borrowed money for a critical vet bill and then harped on about being mis-sold. He does not consider the flip side of being rejected for the loan (as is commonly suggested would be preferred) and not being able to pay for treatment.

People are now getting their wish.

As much as people would love to say I'm lying - week before my cat died I was declined.

A week later I put on the heating and hoped my cat didn't need to see the Vet as I watched it die feeling powerless.

To incinerate what was my cat's body, the vet allowed me to go home and chose whether to put the cost on a credit or debit card. Having lost another s?!t job on the Monday leading up to my cat's death because I'm a strange and wicked woman in that I'd like whatever employment I'm in confirmed and above board. I would now like to see the day when employment follows the same scrutiny as credit.

I have a credit card for the next 9 months when if I haven't chosen to make higher repayments then in accordance with FCA rules the credit card company are going to freeze the card for me.

well done the payday loan reclaimers - hope the refund was worth it.

sourcrates

Im so sorry about your cat, we vets are sometimes caught between a rock and a hard place, most vets offer very competitive insurance policies, which work out far cheaper than any kind of credit would.

I deal with pigs in my line of work, not small animals, yet I understand your frustration with this.

Have you given any thought to having another ?

There are lots up for adoption all over the country at present.

onwards&upwards

sourcrates wrote: »

Im so sorry about your cat, we vets are sometimes caught between a rock and a hard place, most vets offer very competitive insurance policies, which work out far cheaper than any kind of credit would.

I deal with pigs in my line of work, not small animals, yet I understand your frustration with this.

Have you given any thought to having another ?

There are lots up for adoption all over the country at present.

Maybe best to wait until you are in a position to afford pet insurance though.

Rainbowgirl84

sourcrates wrote: »

Dave, don’t start on me, I bite.

I see Dave has been PPR'd now. Hmmm.