Student loans and pensions

Delete33

I wish and hope all these complaints are resolved a bit quicker, then we can all move on and make our minds up about using a PDL in the future as I have had over 1,000 e-mails from loan providers offering funding since I complained back in January. I expect the forums on this subject will one day fall quiet, lets hope it is sooner rather than later.

fusionx212

Stevie I am curious, with out disclosing the company you work for, what is your position in the company.

just so I can get an understanding about your side

Stevie_Palimo

fusionx212 wrote: »

Stevie I am curious, with out disclosing the company you work for, what is your position in the company.

just so I can get an understanding about your side

I run a Company that broker loans for people and the lender and have very close links with lots if not all of the main players here.

Delete33

Nice post on DebtCamel, Zoe paid back over £10,000 from Wonga within 7 weeks, thats the way to do it. Well done Wonga!!!!!!!!!!!!!

jackster123

Stevie_Palimo wrote: »

jackster123, I do see valid points that you have made but also still believe that this is not just an area whereby people get into trouble with finances through payday lending, There are many other things in life whereby people take there own life ie:- drink, drugs, losing a job, a partner and so on but we do not go after these Companies or people in the same way that this is being dressed up as.

I feel for the people yes and would hope that it does not happen again but the likelihood is that some cases will still happen as they will with my above posted other ways to, Sad yes and stoppable no, Guidance and seeking help should be on offer more and at School I think that children need to be taught about money management and also speak openly about there thoughts and feelings so that the stigma from this will hopefully disperse.

I agree to an extent with what you are saying here. But you need to realise that when these companies were in their prime, from say, 2005- 20013, they were relentless.

Lets take John, a man I have just made up, as an example. He was a bit hard up, and borrowed £100 from Money bags. he couldnt stretch to it on payday, so rolled over the loan, paying the interest and fees for the month, and having it hanging over his head all month. The next month, he manages to pay it, but it leaves him short. He has to borrow again, but is offered a slightly higher amount this time. This continues, until John is paying about 75% of his monthly salary to Money bags, who have never seen a bank statement or payslip, and dont evenknow what he earns. Then his car breaks down, and he is in a real mess...

In the meantime, Money bags has grown. Now it has a sister company called Money purse. Money purse get the list of Money Bags clients, and offer them all new loans, with no checks and money in 24 hours! Perfect for John... or is it??

Now John is paying 75% of his wages to the first loan company, and 50% to the second company. This isnt working out very well at all. But never fear! he has just had an email from Money Wallet, offering him another loan. What John doesnt realise, is that these companies are all one and the same. They know he is now in so deep, he cant get out. they can do what ever they want, because they have taken controll of his life, and without their loans, he will have nothing.

Then, disaster strikes. John has lost his job. He gets 70 calls per day from each company, all threatening to take his home, his car, his telly. He gets a letter from each company every day, and countless emails. They call his house, and tell his wife all about it. They call his old boss, and tell him too. They do everything possible to shame him into paying money he simply hasnt got.

After a month, finally, he gets a payment from JSA. He rushes to the bank, to find money wallet have taken every penny. They email him to say thanks, and to remind him that it doesnt cover the loan, and interest is accruing at a rate of about 400%. Then he gets a final demand from each of the other companies, each threatening bailiffs if he hasnt paid the original loan, plus a few thousand interest within 24 hours.

Tell me.. if you were John, what would you do? This is the exact situation that lead to suicide, and mental breakdowns. And it happened a lot more than you are aware of.

The way they behaved was evil. Their entire business model was designed to trap people. A drug dealer is a good comparison- particularly the ones who give their product away for free, to get victims hooked, and then take every thing they own and ruin their lives.

I see what you're saying about drug dealers and the like, we have the police to deal with these criminals, and free treatment on the NHS for people who need help.

The PD loan companies operated using fear and shame.

There was no help, no groups for support, it was a shameful little secret that people couldnt/ wouldnt talk about.

Im glad the industry is changing, but Im even more glad that people dont have to suffer alone and in silence any more.

Delete33

Hi jackster123, another brilliant post, I would just change the last line. I am glad us customers have forced the industry to change.:cool:

Stevie_Palimo

jackster123, You will not convince with the use of made up scenarios, I do understand both sides which I believe you clearly fail to see, You cannot place the whole blame onto any one Company as people still need to learn this is to do with themselves as well, In some instances and this maybe quite small people did go out and think sod I'll borrow from each and every lender and simply bury my head in the sand, Part of this is to blame on the loan Company but part is also to do with the person borrowing it.

Looking at the larger picture here and as I have ever so clearly stated the Companies now that are still in the UK market are all offering loans at capped rates with affordability checks in place to prevent similar situations from happening, The blame game here does work both ways in the past and yes Companies made good profits, Fair maybe not being addressed yes, Now with this in mind you need to think about the fact that they are Companies and are there for a profit much like any other sector in the UK.

Comparing a Company to a drug dealer is way off the mark and my point was simply about what people may take there life from nothing more and nothing less.

jackster123

Stevie_Palimo wrote: »

jackster123, You will not convince with the use of made up scenarios, I do understand both sides which I believe you clearly fail to see, You cannot place the whole blame onto any one Company as people still need to learn this is to do with themselves as well, In some instances and this maybe quite small people did go out and think sod I'll borrow from each and every lender and simply bury my head in the sand, Part of this is to blame on the loan Company but part is also to do with the person borrowing it.

Looking at the larger picture here and as I have ever so clearly stated the Companies now that are still in the UK market are all offering loans at capped rates with affordability checks in place to prevent similar situations from happening, The blame game here does work both ways in the past and yes Companies made good profits, Fair maybe not being addressed yes, Now with this in mind you need to think about the fact that they are Companies and are there for a profit much like any other sector in the UK.

Comparing a Company to a drug dealer is way off the mark and my point was simply about what people may take there life from nothing more and nothing less.

Thats fine. Im not looking to convince you of anything.

Similarly, you will not convice me that this industry is doing anything other than the bare minimum.

On a seperate note, I have never ever seen a responsible payday loan broker. Only more vultures preying on the vulnerable and the desperate. How much do you charge per month for your services? £70? £80? Do you promise a guaranteed loan, no risks, no checks, no problems? Maybe you can even help to boost people credit rating?! Are your payments taken by CPA?

I have no respect for payday lenders, and even less for brokers. I wont bother with anything else that you post, because working in the industry is one thing. Coming here to defend it is something else all together.

Congratulations on successfully distracting attention from people who need help, It worked for a while, but now I know what you do for a living, I know what you're up to.

There are plenty of threads on here about being ripped off by dodgy loan brokers. Perhaps you could take your expertise there instead.

Delete33

I would like to make one last comment today, I agree with jackster123, Brokers are just as bad.

Stevie_Palimo

jackster123, I clearly brought nothing here at all with my advice on sorting the issues out, Your very blinkered approach is plain stupidity at it's best while you chose to believe the World is against you here.

I think you need to get a grip and as for what I earn and what I charge that is none of your business at all and has nothing to do with this thread, I have offered help on here with a way of sorting these issues and also balanced out the posts to by stating the facts that are and have happened within this sector.