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Loan companies

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By *iamondsmiles. OP   Woman
over a year ago

little house on the praire

Bit serious for me.

Do you think loan companies such as same day loan, payday loan ect, should be allowed to advertise on the television. Especially in this day and age. People get into so much debt and these loan companies dish it out them at horrendous interest rates and then maybe they have to take another one out to pay the first and so becomes a viscious circle

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By *ethany10Couple
over a year ago

falkirk

Well at the end of the day people are not forced to borrow from them, however the APR rates are ridiculous!

Steve

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By *iamondsmiles. OP   Woman
over a year ago

little house on the praire


"Well at the end of the day people are not forced to borrow from them, however the APR rates are ridiculous!

Steve"

No not forced i agree, but definetly temptation to those with little money

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By (user no longer on site)
over a year ago

These parasites should be banned totally, not just stifled from mainstream advertising. They serve no purpose other than their own and they're certainly helping nobody out of a sticky short term situation.

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By *arambarMan
over a year ago

swindon

The APR is an unfair comparison though as it's distorted by the short duration of the loan. It's a much fairer comparison if you look at both nominal APR and effective APR (EAR).

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By (user no longer on site)
over a year ago


"Well at the end of the day people are not forced to borrow from them, however the APR rates are ridiculous!

Steve

No not forced i agree, but definetly temptation to those with little money"

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By (user no longer on site)
over a year ago

Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined.

There's a reason some people can't get access to mainstream credit and it's usually because denying them that access is in their own best interest. Having dealt with debt counselling first hand (giving - not getting) so many see it as 'the last resort' or 'the only option' - instead of either a.) going without or b.) getting help through support organisations that are there to give just that.

Easy access to credit is what fucked this country up - not just the banks or the government - but the myriad of companies throwing money at people at rates they can't afford in the first place.

Pay day lenders? if they don't have the money in their pay packet this week/month - what small miracle is going to double their earnings next week/month to enable them to pay their usual bills plus double the money they borrowed from you?

Rant over - for now!

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By *aceytopWoman
over a year ago

from a town near you


"Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined.

There's a reason some people can't get access to mainstream credit and it's usually because denying them that access is in their own best interest. Having dealt with debt counselling first hand (giving - not getting) so many see it as 'the last resort' or 'the only option' - instead of either a.) going without or b.) getting help through support organisations that are there to give just that.

Easy access to credit is what fucked this country up - not just the banks or the government - but the myriad of companies throwing money at people at rates they can't afford in the first place.

Pay day lenders? if they don't have the money in their pay packet this week/month - what small miracle is going to double their earnings next week/month to enable them to pay their usual bills plus double the money they borrowed from you?

Rant over - for now! "
you beat me to it,i dont usualy have long rants on here but these people are the scum of the earth,they target the most vulnerable people,well said

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By (user no longer on site)
over a year ago


"Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined.

There's a reason some people can't get access to mainstream credit and it's usually because denying them that access is in their own best interest. Having dealt with debt counselling first hand (giving - not getting) so many see it as 'the last resort' or 'the only option' - instead of either a.) going without or b.) getting help through support organisations that are there to give just that.

Easy access to credit is what fucked this country up - not just the banks or the government - but the myriad of companies throwing money at people at rates they can't afford in the first place.

Pay day lenders? if they don't have the money in their pay packet this week/month - what small miracle is going to double their earnings next week/month to enable them to pay their usual bills plus double the money they borrowed from you?

Rant over - for now! you beat me to it,i dont usualy have long rants on here but these people are the scum of the earth,they target the most vulnerable people,well said"

It's seen as an easy solution to most - til repayment time comes round - at which point it tends to get rolled over and becomes a perpetual problem.

I've dealt with those that have ended up losing jobs, homes and families - and those that have contemplated/attempted suicide.

And I'd chuck all those companies offering to solve peoples debt problems for them in the same group! Parasites preying on the vulnerable, often doing a shit job and just prolonging the issues whilst taking their cut for doing something that is able to be done for free.

There are numerous free, professional and independant organisiations out there that offer impartial and accurate information and advice. And they don't care what caused your problems and offer nothing but support and guidance.

The trouble is - TV companies make no advertising revenue from these organisations but a shit load from the payday lenders and debt management companies - and most of the people in those situations are big watcheers of daytime TV.

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By *arambarMan
over a year ago

swindon


"The trouble is - TV companies make no advertising revenue from these organisations but a shit load from the payday lenders and debt management companies - and most of the people in those situations are big watcheers of daytime TV. "

Can't we just ban daytime TV instead...?

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By * pool 1Couple
over a year ago

Liverpool

Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined

Have to agree with Mr Hobihavie exploitation of the poor if you are short try a credit union first.

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By *andcCouple
over a year ago

London and Cheshire

there was a recent survey on a daytime show to look at these companies versus unauthorized overdraft from the usual banks and you were much better off getting a payday loan than with the banks!

One guy went £2.50ish overdrawn and it cost him over £200!!! This needs stopping too.

The problem is if you haven't got a good credit score or you are in a very poorly paid job, then were do you go to get money other than these companies?

before we went to university and had badly paid jobs couldn't get the bank to lend us anything..now we got good highly paid jobs, they're queuing up to lend us money(now we don't need it!)

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By *ngieandMrManCouple
over a year ago

hereford

Companies of this type have been around since I was a child and probably longer than that. They are nothing more than parasites. Typically the reason a person 'thinks' they need a pay-day loan is because they are not very good at managing their money.

Personally I would love to see them banned from operating to protect their victims, however its never going to happen. The massive profits these companies make create a lot of tax revenue too, so don't expect the government to step in and project the public from them!!! Don't forget this money is being borrowed to be spent the same day... that's great news for the economy.

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By (user no longer on site)
over a year ago

No interests are massive with these was told credit unions are far better.

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By (user no longer on site)
over a year ago

My philosophy has always been, if you can't afford it, don't get it, if you need to save for it, then do that. DON'T go into debt to buy something you wont be using in 6 months time, so instead of taking out another loan, organise your debt, speak to someone who can help and cut down on the things you really don't need.

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By *john121Man
over a year ago

staffs

personally I hate ALL advertising on TV!

it spoils my viewing pleasure. that's why I record and watch back fast forwarding through the adverts! the sound always goes LOUDER WHEN THEY COME ON! GRRRRR!

now where were we...oh yes! you need to understand the interest rates as someone else said..

there will always be peeps who especially in the current economic climate that wont have savings and do have emergencies and find nothing left in the bank, overdraft maxed,no credit cards and so on just before pay day...

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By (user no longer on site)
over a year ago

Seems strange to me that the government took action against loan sharks, who despite not being good for anyone were on the whole charging a lot less interest than these new companies. Yet they are allowed to be legal and invasive by public advertising.

They prey on the week and know that they are going to get repeat business as next months pay won't cover the interest

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By *john121Man
over a year ago

staffs


"My philosophy has always been, if you can't afford it, don't get it, if you need to save for it, then do that. DON'T go into debt to buy something you wont be using in 6 months time, so instead of taking out another loan, organise your debt, speak to someone who can help and cut down on the things you really don't need."

damn! central heating boiler has just blown! new I should have continued with the service plan but it just seemed to be getting so expensive! why now when its freezing outside and I've just spent all my spare cash on xmas prezzies!

you're kidding officer all 4 tyres and the spare need replacing! but my boilers just blown and its freezing and i dont get paid till next week! oh please let me get them then as I wont be able to get to work!

damned emergencies!

incidentally never used them and never would but some will..

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By *ucsparkMan
over a year ago

dudley

Read though thread have to agree with most of comments. I spoke to my MP about these companies a while back as even a blind man could see they are loan sharks in suits. He asked question and was shot down. The banks who lean to PDLoan companies seem to be doing well out of them with little risk to themselves. Write to your MP and sign a online petition if you want things to change.

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By *john121Man
over a year ago

staffs


"Seems strange to me that the government took action against loan sharks, who despite not being good for anyone were on the whole charging a lot less interest than these new companies. Yet they are allowed to be legal and invasive by public advertising.

They prey on the week and know that they are going to get repeat business as next months pay won't cover the interest"

suggest you go on one of the websites and see just what next months cost are if you pay it off there and then.

I just googled one that says £200 over 30 days will cost a total repayment of £265..so 30 days will cost you £65..

whats the cost of a daily unauthorised overdraft?

just googled again and read one bank with a horse could cost you £85 for ten days...

sadly some people get themselves into shitty financial states and have some form of emergency what ever form that takes and these lenders sometimes and as long as it is just a one off may very well be there only option..

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By (user no longer on site)
over a year ago

Yes should be banned and all unsolicited calls and texts from companies for mid sold PPI/accidents never had etc. not a day goes by where I don't receive cold calls

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By *ngieandMrManCouple
over a year ago

hereford

I've noticed people mentioning bank charges for 'Unauthorised overdraft' like they are in some way out of order.

While I would agree that it doesn't help the users situation an Unauthorised Overdraft is quite simply taking money without permission. If you do not have the means to pay it back on demand or don't intend to pay it back essentially its theft!

Nowadays there is a multitude of instant methods of checking your bank balance, the 'oh I thought there was more in my account' is a poor excuse.

I really cannot understand why some people seem to think its OK to take money from a bank without permission. Be glad they only demand extortionate interest rates and or additional charges for the fact, surely this is better than being charged and convicted of theft and or fraud?

Don't get me wrong, I'm not a lover of banks, far from it, but if you are going to use them and sign-up and agree to their rules then so be it. Taking money that doesn't belong to you is theft.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

The sector needs to be better regulated and I think the advertising guidelines should be revised. I hate the adverts and I hate it even more when really respected and recognisable voices are used to sell these things. However, I prefer something regulated than un-regulated loan sharks.

I would like the government to get the industry to pay for a series of ads for Credit Unions and other community forms of lending. These just don't have the same profile and there are cases when you just need a short loan. Not everyone has ready cash for emergencies.

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By *edbagioMan
over a year ago

ripon

[ the growth of a nation can not be

acheaved by keeping the downtrodden down]pardon spelling

its in the intrest of this and evry other gov to keep the masses in chains

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By (user no longer on site)
over a year ago

Ban the wankers I say.

Why they are allowed to trade with such high interest rates beggars belief.

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By (user no longer on site)
over a year ago


"No interests are massive with these was told credit unions are far better. "

Strongly advise to use credit unions any loans are charged at minimal interest and great for helping save too.

Sadly folk feel the need to use wonga etc and this will get worse. We now have to our nations shame lots of folk having to survive on food banks and these folk are easy prey for wonga etc. Banks have for years screwed folk and when people need real help they are left to struggle.

Wonga now have stake in newcastle soccer club this appears to give them credibility, how can this be.

Our wonderful coalition government had chance to curtail interest rates charged by wonga etc but failed to actually do owt.

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By *john121Man
over a year ago

staffs


"I've noticed people mentioning bank charges for 'Unauthorised overdraft' like they are in some way out of order.

While I would agree that it doesn't help the users situation an Unauthorised Overdraft is quite simply taking money without permission. If you do not have the means to pay it back on demand or don't intend to pay it back essentially its theft!

Nowadays there is a multitude of instant methods of checking your bank balance, the 'oh I thought there was more in my account' is a poor excuse.

I really cannot understand why some people seem to think its OK to take money from a bank without permission. Be glad they only demand extortionate interest rates and or additional charges for the fact, surely this is better than being charged and convicted of theft and or fraud?

Don't get me wrong, I'm not a lover of banks, far from it, but if you are going to use them and sign-up and agree to their rules then so be it. Taking money that doesn't belong to you is theft.

"

Love it!

If as you suggest it's theft or fraud why don't the prosecute!!

Its simple, They know that people occasionally have difficult times and that a salary will be paid in but most of all they charge for it because its goid business for them and some charge exorbitantly!

people get made redundant, families go down to one wage earner and the shit happens.

It's not ideal and I'd hate to think I'd ever be in the position that some find but the banks are getting tighter and tighter.

There was an advert the other day offering to lend with just a Gtee from someone else that you'd repay the loan, which is how banks used to operate.

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By *U1966Man
over a year ago

Devon

Legalised loan sharks put them inside for fraud sorry they must donate to the conservatives

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By (user no longer on site)
over a year ago


"Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined.

There's a reason some people can't get access to mainstream credit and it's usually because denying them that access is in their own best interest. Having dealt with debt counselling first hand (giving - not getting) so many see it as 'the last resort' or 'the only option' - instead of either a.) going without or b.) getting help through support organisations that are there to give just that.

Easy access to credit is what fucked this country up - not just the banks or the government - but the myriad of companies throwing money at people at rates they can't afford in the first place.

Pay day lenders? if they don't have the money in their pay packet this week/month - what small miracle is going to double their earnings next week/month to enable them to pay their usual bills plus double the money they borrowed from you?

Rant over - for now! "

Well said

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By *ngieandMrManCouple
over a year ago

hereford

"Love it!

If as you suggest it's theft or fraud why don't the prosecute!!"

Because if they did they wouldn't have so many customers, and because they can't get money out of people in prison perhaps.

The banks, the 'till pay-day' lenders, mortgage companies, they are all in the business of offering credit and charging for the service (if you can call it a service).

Say what you like about extortionate charges for unauthorised overdrafts but it still remains that a lot of people seem to think it should be ok to take money without permission because its a bank.

But like I said I have little sympathy for the lenders, often grossly irresponsible! I know of three examples, houses spitting distance from mine. Tenants mortgage the house from the council and then don't make the repayments. One couple in particular were on first name terms with the local bailiffs and that was BEFORE they were granted a mortgage. They even had the bloody cheek to be upset when the house was repossessed! But that wasn't too much of a problem, they 'borrowed' their sons young daughter and got given another council house in a couple of weeks!

The scumbags that used to live next door to us, he actually said to me, "The damn council won't let me buy this house because I still own £12,000 on the last house I chucked the keys in" Just a few weeks later, hey ho, they have a mortgage on the house! They kept it long enough to meet with the terms of the council house purchase discount and then sell it.

In a lot of case it seems the lenders are just as irresponsible as the borrowers and its the rest of us who end up paying for it!

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By *ouple in LancashireCouple
over a year ago

in Lancashire

hey call me a socialist but the money they keep bunging the banks to loan out to SME's and then they didnt could have been used to set up local credit unions..

which would stop people being forced into the clutches of these scumbags who are no better than gangsters leeching off the poor..

but hey the big banks and the lobby groups for these 'businesses' have too much sway in our democracy dont they..

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By *john121Man
over a year ago

staffs


"there was a recent survey on a daytime show to look at these companies versus unauthorized overdraft from the usual banks and you were much better off getting a payday loan than with the banks!

One guy went £2.50ish overdrawn and it cost him over £200!!! This needs stopping too.

The problem is if you haven't got a good credit score or you are in a very poorly paid job, then were do you go to get money other than these companies?

before we went to university and had badly paid jobs couldn't get the bank to lend us anything..now we got good highly paid jobs, they're queuing up to lend us money(now we don't need it!)"

+1

I don't agree with people feeling they have to go to these companies and its because banks refuse to be more accessible or accommodating. That is to say that there was a time when you could go into your bank and speak to the manager and he'd listen, he wouldn't check you credit score he'd be understanding if it was at all possible help if he could. How many times do we here about banks refusing to help out small business despite lending allegedly being made available and it being a priority!

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By *andS66Couple
over a year ago

Derby

It was reported a few days ago that these companies had made over £650 MILLION ..... And yet have paid NO corporation tax....why haven't the fibr had them in to talk to like Starbucks etc?

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By *andS66Couple
over a year ago

Derby


"It was reported a few days ago that these companies had made over £650 MILLION ..... And yet have paid NO corporation tax....why haven't the fibr had them in to talk to like Starbucks etc?"

Govt .....damn predictive texting!

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By (user no longer on site)
over a year ago

Im lucky enough to have never had a loan.. The way i see it if i want something i work for it.. No point getting loads of loans out if there..

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By *oublewodkaWoman
over a year ago

Leeds


"Personally i'd like to see the ads banned, the firms shut down and the directors taken out into a field, stripped naked, flogged with barbed wire and then paraded down the high st with signs on their backs apologising to all those who's lives they've ruined.

There's a reason some people can't get access to mainstream credit and it's usually because denying them that access is in their own best interest. Having dealt with debt counselling first hand (giving - not getting) so many see it as 'the last resort' or 'the only option' - instead of either a.) going without or b.) getting help through support organisations that are there to give just that.

Easy access to credit is what fucked this country up - not just the banks or the government - but the myriad of companies throwing money at people at rates they can't afford in the first place.

Pay day lenders? if they don't have the money in their pay packet this week/month - what small miracle is going to double their earnings next week/month to enable them to pay their usual bills plus double the money they borrowed from you?

Rant over - for now! "

Well said!

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