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  • FIRST POST
    • MSE Guy
    • By MSE Guy 15th Jan 10, 1:07 PM
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    MSE Guy
    MSE News: Loan sharks leave victims in debt all year
    • #1
    • 15th Jan 10, 1:07 PM
    MSE News: Loan sharks leave victims in debt all year 15th Jan 10 at 1:07 PM
    This is the discussion thread for the following MSE News Story:

    "It is estimated people on low incomes collectively borrowed £29 million from illegal lenders ahead of Christmas ..."


Page 1
    • nomoneytoday
    • By nomoneytoday 15th Jan 10, 1:31 PM
    • 4,768 Posts
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    nomoneytoday
    • #2
    • 15th Jan 10, 1:31 PM
    • #2
    • 15th Jan 10, 1:31 PM
    Would this the unplanned Christmas period that doesn't happen every December?

    If people put £40 a month aside it would give you nearly £500 for presents and excess food. If you can't afford £40 a month then why are you spending £hundreds "because it's christmas" ?
    • wizk1
    • By wizk1 15th Jan 10, 1:34 PM
    • 904 Posts
    • 612 Thanks
    wizk1
    • #3
    • 15th Jan 10, 1:34 PM
    • #3
    • 15th Jan 10, 1:34 PM
    "Loan sharks leave victims in debt all year".

    Well, from what I can see, the status of "victim" is nothing but self inflicted. Nobody forced these people to take out the loans to begin with. I would be a little more sympathetic if the "victims" were on the bones of their a*se, without heating or food. But Christmas???? Come on!!!!! Don't spend what you can't afford.
    Last edited by wizk1; 15-01-2010 at 1:36 PM.
    • Reaper
    • By Reaper 15th Jan 10, 2:16 PM
    • 6,711 Posts
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    Reaper
    • #4
    • 15th Jan 10, 2:16 PM
    • #4
    • 15th Jan 10, 2:16 PM
    There is some dubious maths in there:

    But once interest rates, which average 825% but can be up to 1,500%, are taken into account...
    The association says the average person borrowed nearly �300 over the festive season, but they will have to pay back more than �800, and are likely to still be in debt by Christmas this year.
    825% does not tally with £300 changing into £800 over a year?
    • JimmyTheWig
    • By JimmyTheWig 15th Jan 10, 3:02 PM
    • 11,888 Posts
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    JimmyTheWig
    • #5
    • 15th Jan 10, 3:02 PM
    • #5
    • 15th Jan 10, 3:02 PM
    There is some dubious maths in there:

    825% does not tally with £300 changing into £800 over a year?
    Originally posted by Reaper
    It looks about right if you pay off around £70 a month.
    • Reaper
    • By Reaper 15th Jan 10, 4:04 PM
    • 6,711 Posts
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    Reaper
    • #6
    • 15th Jan 10, 4:04 PM
    • #6
    • 15th Jan 10, 4:04 PM
    Ah. It's my dubious maths then.
    • fatbelly
    • By fatbelly 15th Jan 10, 7:52 PM
    • 14,317 Posts
    • 11,325 Thanks
    fatbelly
    • #7
    • 15th Jan 10, 7:52 PM
    • #7
    • 15th Jan 10, 7:52 PM
    Why is it that articles like this always put 'loan shark' in the headline, waffle about illegal unlicenced lenders (which is what I would call a loan shark), then discuss fully legal licenced lenders?
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