Student loans and pensions

Stevie_Palimo

Fusionx212, I used the word vindictive as you can see a certain poster here being quite hateful in posts and due to the fact that they were borrowing money at one stage it is quite wrong to then go on and have such a terrible attitude towards the only Companies that helped them.

Ginger.ice, Why did I bother you ask well to be frank about it I believe that things should be weighed up from both sides and my points are all valid, Again I will state if a lender was wrong on the actual loans then yes redress should be dealt with, Think about it for a moment and take yourself away from being a borrower to see the bigger picture here.

I do work in this sector and as I have also said the lenders now are all playing within the rules and guidelines as set out by the FCA which is a good thing, You do need to remember that some people credit is not easy to gain and the payday lenders are doing a service that most would prefer instead of a thug with 5 million percent added.

Most people that borrow from my website are blue collar workers with a decent income that pay the loan back as it is intended, We only get a very small minority of low earners and for these the amounts are quite restricted.

Delete33

Stevie, the lenders are not playing by the rules and FCA guidelines, read posters comments on here and DebtCamel. The lenders are breaching FCA guidelines on complaints and Data breaches.

fusionx212

Stevie_Palimo wrote: »

Fusionx212, I used the word vindictive as you can see a certain poster here being quite hateful in posts and due to the fact that they were borrowing money at one stage it is quite wrong to then go on and have such a terrible attitude towards the only Companies that helped them.

Ginger.ice, Why did I bother you ask well to be frank about it I believe that things should be weighed up from both sides and my points are all valid, Again I will state if a lender was wrong on the actual loans then yes redress should be dealt with, Think about it for a moment and take yourself away from being a borrower to see the bigger picture here.

I do work in this sector and as I have also said the lenders now are all playing within the rules and guidelines as set out by the FCA which is a good thing, You do need to remember that some people credit is not easy to gain and the payday lenders are doing a service that most would prefer instead of a thug with 5 million percent added.

Most people that borrow from my website are blue collar workers with a decent income that pay the loan back as it is intended, We only get a very small minority of low earners and for these the amounts are quite restricted.

your points are not unreasonable and I do see where you're coming from, I cannot comment on others situations but I'll always try to keep an open mind and listen to both sides of the argument.

we are in a debt forum people are here because at some point we made the wrong decisions about money.

my situation was the money got paid back I struggled borrowed again, paid back. So much so I could not discuss with my family etc, until one day the big bubble popped.

I would consider my self to be on a good salary now adays so things are a lot smoother for me but I would say I only broke free of PDL's about 4 months ago.

yes the industry is now being reigned in and definately see a need for PDL's I still do not like the fact if I borrowed in an emergency this is negative against my credit score, I think this aspect needs to be corrected.


I saw an article http://www.dailymail.co.uk/wires/pa/article-3628805/Two-fifths-people-need-borrow-pay-shock-500-bill.html

Two-fifths of brits would struggle to pay back a big bill of £500, So this is where pdl's come into practice.

I get you have to make your money but how do you curtail excessive borrowing. you don't want to cut off people in dire situations,

people have suggested credit unions but you have to sign up and be approved as a member with a legitimate reason to borrow.

Stevie_Palimo

Delete33, The whole payday arena has changed and whilst complaints are being made in volume with some being right and some being wrong it will take time to have these resolved, This will create a knock on effect for lapse responses and if a lender is being unfair and a refund is due then yes they should be held accountable, My point about your case is the negative approach and hatred towards this industry that you did use when nobody else probably would have helped you.

Fusionx212, I do understand what you are saying and agree that the market in which these Companies did used to work was unethical to say the least, I do also see instances whereby people did not help themselves either and in this case should be questioned in full regarding any redress that may be due, As for credit unions yes they are a good idea but you do need to bear in mind that in order to get a loan from them you must have savings in place ie:- £1000.00 loan may require up to £333.00 in savings, How many people who are hard up and need a loan would have a spare £333.00 to get this loan.

There really is not an easy fix to this and money management skills would help but as we all know sometimes saving money is difficult and more so with a limited income against high outgoings, Payday lending now is 100% improved and each application made these days is scrutinised fully with a cap on fee's also being in place, These loans now would still be cheaper than a un-agreed overdraft and missed payment charges or a doorstep lender that uses scare tactics to get the weekly payments and charges people 2 million percent.

Delete33

I would not say I hate PDL, Some are complying and being reasonable and fair with their complaint process. :cool:

Stevie_Palimo

Delete33 wrote: »

I would not say I hate PDL, Some are complying and being reasonable and fair with their complaint process. :cool:

The wording in your posts does say different though when adding things like go back into the hole in the ground and back off to the States and so on, Not looking to argue and merely pointing out the facts to you, In life being polite whilst addressing concerns will get you further than a very angry approach.

Ginger.ice

The hatred is based on the experiences that a wide range of people in this and other forums have had with a wide range of PDLs over a prolonged period of time. So its not without justification.


The industry was forced to change, it wasn't a proactive decision by the industry. The people working in it are largely the same people who have been exploiting their victims for years. The only difference is the oversight being applied by the FCA. If they had their own way they would have kept going how they were without a care in the world for the lives they were helping to destroy.


No-one working in the PDL industry is doing it help people. So don't pretend that is in any way a factor. In a tiny majority of cases a PDL is the cheapest option, but in those cases you are also risking the damage that having one of these sub-prime loans does to your credit file.


The majority of PDLs I've encountered still hide behind the small size of loans to suggest they don't have to do full credit checks. Or they say that they knew the risks but they have the right to make a commercial decision to lend to riskier individuals. Neither of those facts in any way protects the consumer. It is simply a way of accepting people the FCA wouldn't ordinarily allow you to lend to.


The way they have handled complaints is scandalous. They show no respect to the consumer or the FOS. In some cases we have been threatened with legal action if we make a complaint. The contempt they hold for their customers is vile.


No-one in this industry deserves any respect or sympathy. And whilst us customers have clearly made our own mistakes, this does not forgive the exploitative opportunism shown by this totally abhorrent industry.


There is a place for PDLs but they should be held to the highest scrutiny and they should not in any circumstances be allowed to advertise, particularly on channels like 'At the races'.


If you came to change peoples opinions Steve, you've failed. I want everyone in this industry to feel the impact of our united complaints. Its punishment for having zero morals.

Delete33

It is very frustrating reading posts from people in dire need of help. Reading some of the posts makes me angry and sometimes we write before we think about what we are posting. I work in the service industry and if I treated customers like some of the PDL I would be down the road for sure. This is not going to go away so I implore the PDL complaints teams to please do not ignore customers and stop offering derogatory financial incentives for them to go away. Be fair and communicate and explain.:cool:

Delete33

Just keep complaining folks, as Stevie has pointed out, we have already made a difference as the PDL are being forced to change their lending practices. This is all down to people power, get your complaints into the FCA if your complaint has not been dealt with fairly and not in line with the FCA guidance on complaints. We have won a battle but not the war, we can change these companies attitudes and illegal practices, if we all stick together.

fusionx212

I think the contempt the pdl's show towards their customers PAYDAYuk and quick quid in general.
They very much are of the how dare you question us about the loans we gave you attitudes.

No business wants to payback the money which I get

the hostile attitudes I have experienced give a very sour taste in the mouth.