Student loans and pensions

Fireflyaway

Payday loans should be banned. I too got stuck. I borrowed then had nothing to pay bills so borrowed again etc etc. At one point I had 7 loans on the go with just a part time income! It was totally my fault and I have thankfully paid them off and now have a written budget. I'm lucky I was of sound (stupid but sound ) mind. People with poor mental health or nowhere to go for support could end up on the streets or killing themselves. I paid mine back as I believe when you make a mistake you have to feel the discomfort to prevent you from doing it again! I think they should be banned but if I don't pay back what I spent that makes me bad too.

sourcrates

Fireflyaway wrote: »

I paid mine back as I believe when you make a mistake you have to feel the discomfort to prevent you from doing it again! I think they should be banned but if I don't pay back what I spent that makes me bad too.

There's nothing wrong with the principle in general, just the application of it.
People have always sort out moneylenders, before the internet it was loan sharks, or door to door providers, the concept itself, is nothing new.

The problem was the lack of affordability checks, and the uncapped rates of interest these companies could charge you, the regulation was non existant, and the FSA struggled to catch up.

Let's face it, they lent to people who could not afford to pay it back, if you were short this month, chances are you will be next month to, so how do you repay your loan ?

That's how the spiral of payday loan debt starts, I suspect most on here can tell a similar story.
The business model they now try to flog you, is more affordable, repaid over a number of months, instead of a lump sum, and for those who use this service, it can be useful.

I don't think they should be banned, just better regulated, as they now, appear to be.

stuart30

sourcrates wrote: »

There's nothing wrong with the principle in general, just the application of it.
People have always sort out moneylenders, before the internet it was loan sharks, or door to door providers, the concept itself, is nothing new.

The problem was the lack of affordability checks, and the uncapped rates of interest these companies could charge you, the regulation was non existant, and the FSA struggled to catch up.

Let's face it, they lent to people who could not afford to pay it back, if you were short this month, chances are you will be next month to, so how do you repay your loan ?

That's how the spiral of payday loan debt starts, I suspect most on here can tell a similar story.
The business model they now try to flog you, is more affordable, repaid over a number of months, instead of a lump sum, and for those who use this service, it can be useful.

I don't think they should be banned, just better regulated, as they now, appear to be.

Ahh but the FOS has said that whilst an obvious pattern can be seen its not a spirral having a loan and then paying back..being left short and then taking out another...even after the 91st loan...lol.

As long as you dont default then the amount of loans isnt an issue...well im going to run up every credit card/over draft and take out as many pay day loans as possible and not pay any of them...ha that will show the FOS...:p

cashburner

FourMenHadADream wrote: »

First Post - thanks to the OP and all the responses since regarding PDLs.

In October I complained to QQ, P2P, PDUK, Payday Express, and Lending Stream, and Pounds Till Payday (Malta) with the most significant being the following -
* QQ - Borrowed £3,390, Paid £6,604.95, Interest £3,479.95
* LS - Borrowed £4,355, Paid £7,362, Interest £3,407

SoA were received from all lenders apart from LS, as they wanted £25, and Pounds Till Payday. I've had no response at all from Pounds Till Payday and another couple of emails will be sent over the coming days.

Lending Stream have now responded with their findings. It's taken 3 weeks but I expected a lot longer. The clock is ticking with the other lenders. LS have still to confirm if this is their final response, do I ask them to reconsider? I'm prepared to meet them halfway, and make them aware that if my complaint is uphled by FOS their reimbursement could be a lot higher with 8% standard interest added to full amount + £550 FOS fee?

Or just go straight to FOS?



What say the board?

Almost exactly the response I got. I told them (politely) to get stuffed.

cashburner

stuart30 wrote: »

Ahh but the FOS has said that whilst an obvious pattern can be seen its not a spirral having a loan and then paying back..being left short and then taking out another...even after the 91st loan...lol.

As long as you dont default then the amount of loans isnt an issue...well im going to run up every credit card/over draft and take out as many pay day loans as possible and not pay any of them...ha that will show the FOS...:p

Your luck with this has been rotten Stuart.... To be honest reading between the lines of what has happened to you I believe I'm not going to get anything either from FOS as my situation seems highly similar to yours.


I've got nigh on £2K back from lenders without going to the FOS thus far so I may just have to content myself with that.

InvernessIron

Still not heard back from Quick Quid. Best to contact the FO now? If so, how do I go about it?

FourMenHadADream

cashburner wrote: »

Almost exactly the response I got. I told them (politely) to get stuffed.

Have you had a response from FOS re Lending Stream?

sourcrates

InvernessIron wrote: »

Still not heard back from Quick Quid. Best to contact the FO now? If so, how do I go about it?

FOS can be contacted here :

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

stuart30

cashburner wrote: »

Your luck with this has been rotten Stuart.... To be honest reading between the lines of what has happened to you I believe I'm not going to get anything either from FOS as my situation seems highly similar to yours.


I've got nigh on £2K back from lenders without going to the FOS thus far so I may just have to content myself with that.

Every case is different so might be worth a shot..worst they can do is say no.


I'm not in the least bit surprised they feel that Wonga were irresponsible in not doing proper checks..but don't feel they did anything wrong..hmmm is that just me or is that contradictory...lol.


The fact ive taken 3 loans in about 10 days doesn't show I'm in hardship...No ofcourse not,try asking your Boss for a sub three times in 10 days...im sure we both know the response would be.


After putting the complaint in about the previous adjudicator it was fairly obvious what this out come would be...after all she must have been slightly embarrassed when ive proven she didn't take any notice nor even read my credit report as her response is highly inaccurate..lol.


Ahh well nothing ventured nothing gained...however I'm now 100% sure that Mrs shaw of the FOS is a complete and utter fraud and totally incompetent at her job.

ooitsme

Does anyone know if 100pounds.com is still trading? I had loans with them but I can't log into my account. Thank you.