Payday lender Sunny falls into administration - MSE News

Former_MSE_Naomi

Payday loan provider Sunny has collapsed into administration and will no longer be offering new loans...

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'Payday lender Sunny falls into administration'

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MinuteNoodles

Going to be funny as hell when all those people who willingly took loans they knew they couldn't afford and then suing the loan companies for compo for lending them the money find they need money quick and there's no more payday lenders as they've all gone bust. They'll be forced to do what they should have done in the first place and go without the shiny thing.

Who am I kidding? They'll still buy the shiny with the money they should have spent on the weekly shopping and leccy bills but then they'll abuse the food bank system so they can still eat.

[Deleted User]

Good night. Good bye Sunny. 
Thank you for seeing me and the feedback from my interview last Summer.
Your letter back then was right then about the security, I'm sorry to see it go this way today.
The best organisations go under and re-appear.
xxx

cecilbdeval

Were these the peeps who use to advertise on TV ,where the guy would say pop by whilst rollerskating...

lordmountararat

MinuteNoodles said:

Going to be funny as hell when all those people who willingly took loans they knew they couldn't afford and then suing the loan companies for compo for lending them the money find they need money quick and there's no more payday lenders as they've all gone bust. They'll be forced to do what they should have done in the first place and go without the shiny thing.

Who am I kidding? They'll still buy the shiny with the money they should have spent on the weekly shopping and leccy bills but then they'll abuse the food bank system so they can still eat.

That's a bit harsh. The collapse of these payday lenders will just drive people into the arms of illegal loan sharks. It is surprising, though, that the likes of Sunny cannot make a profit even when charging such outrageous interest.

DCFC79

cecilbdeval said:

Were these the peeps who use to advertise on TV ,where the guy would say pop by whilst rollerskating...

Its the 1 with the guy on roller skates and there's a scooter on top of a small truck which is on top of a larger truck then on top of a larger truck which is then on top of a car transporter.

Here

https://www.youtube.com/watch?v=EStakAw_3vU

MinuteNoodles

lordmountararat said:

That's a bit harsh. The collapse of these payday lenders will just drive people into the arms of illegal loan sharks. It is surprising, though, that the likes of Sunny cannot make a profit even when charging such outrageous interest.

There was a newspaper story a few years ago about someone in Stockport who was convicted for being a loan shark. The irony of the story was that at 100% interest his interest rates were far lower than the interest rates of the payday loan companies. Had he not got all punchy about collecting late or non payments he'd have been lauded as a local hero especially as Morses Club which used to be known as Shopacheck and used lots by people in that area are charging 466.37% APR on their doorstep loans.

MEM62

lordmountararat said:

MinuteNoodles said:

Going to be funny as hell when all those people who willingly took loans they knew they couldn't afford and then suing the loan companies for compo for lending them the money find they need money quick and there's no more payday lenders as they've all gone bust. They'll be forced to do what they should have done in the first place and go without the shiny thing.

Who am I kidding? They'll still buy the shiny with the money they should have spent on the weekly shopping and leccy bills but then they'll abuse the food bank system so they can still eat.

The collapse of these payday lenders will just drive people into the arms of illegal loan sharks. 

Nobody is driving people anywhere.  Once mainstream lenders won't look at you, that should be the wake up call saying that further borrowing is not affordable, that you need to stop and address your financial situation by other means.     

lordmountararat said:

MinuteNoodles said:

Going to be funny as hell when all those people who willingly took loans they knew they couldn't afford and then suing the loan companies for compo for lending them the money find they need money quick and there's no more payday lenders as they've all gone bust. They'll be forced to do what they should have done in the first place and go without the shiny thing.

Who am I kidding? They'll still buy the shiny with the money they should have spent on the weekly shopping and leccy bills but then they'll abuse the food bank system so they can still eat.

It is surprising, though, that the likes of Sunny cannot make a profit even when charging such outrageous interest.

Not surprising at all.  The interest rate reflects the risk.  Tighter regulation and miss-selling claims have proved to be the final nail in the coffin.  Just my personal opinion but, on the whole, we are better off without these players in the market.  If access to borrowing stops at an earlier point on the slippery slope then people have less of hole to dig themselves out of when the light bulb moment actually hits them.      

MP21

What happens if you had Sunny loans, they've agreed that there should be a redress on my account but the account has been sold.  Does this mean the money is no longer owed to the company who bought the debt (SSL Capital)?