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"I'm pretty certain that most if not all banks use in house debt collection agencies and in house solicitors. This practice isn't unique to Wonga or payday loans. I suspect the difference is Wonga didn't register the company's correctly. " I think the approach with banks and loan companies is different ie interest rates and support offered from banks who use bailiffs as a last resort | |||
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"My son had a letter from the above named company saying he owes £546 , and he hadnt taken out a loan with them , after a few phone calls and threatening them with the police and tradeing standards it was sorted , there theving robing gits , the moto of this story is if you havnt had the loan , dont pay it . " It is more that they share information with third parties and they charge administration fees £69.99 being taken out of account every time several weeks when I literally had no money to live on as they had taken it all it is easy for these companies to get personal details if you shop online etc. Robbing bastards x | |||
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"Why on earth folk do not use credit unions baffles me interest is minimal." I have gone back to the old school with Rainbow savers they are brill and post office account and pay my bills at the paypoint no direct debits and I keep a book budgeting and ticking everything off surprising how much I save when sticking to the budget the little I do save is for Christmas and child benefit is for clothing, shoes and school uniform. | |||
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"Maybe people should start being smart and only borrow money they can afford to repay?" Maybe they should be smarter and not borrow money at all,that won't ever happen though | |||
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"Maybe people should start being smart and only borrow money they can afford to repay? Maybe they should be smarter and not borrow money at all,that won't ever happen though" The whole country is living on borrowed money | |||
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"Maybe people should start being smart and only borrow money they can afford to repay? Maybe they should be smarter and not borrow money at all,that won't ever happen though The whole country is living on borrowed money " Lend me a bullseye until I get me night boat. | |||
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"Credit unions are the way forward...companies like Wonga, bright house and other high interest prey on the most vulnerable of society who for whatever reason find them self in a situation where they need financial assistance whether they have had their hours reduced or due to separation on redundancy and where their bank won't lend them anything further..I do believe that this sector needs to be better regulated and also people need to take responsibility for responsible borrowing...I've had an overdraft for years and I can count 3 times where I've had to dip into it... " I was using bright house as an example to obtain goods I know they don't provide loans | |||
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"Credit unions are the way forward...companies like Wonga, bright house and other high interest prey on the most vulnerable of society who for whatever reason find them self in a situation where they need financial assistance whether they have had their hours reduced or due to separation on redundancy and where their bank won't lend them anything further..I do believe that this sector needs to be better regulated and also people need to take responsibility for responsible borrowing...I've had an overdraft for years and I can count 3 times where I've had to dip into it... I was using bright house as an example to obtain goods I know they don't provide loans " But why go to these companies and doorstep loans if you cant pay back the interest is more than the loan why do people need brand new things and massive TVs when they cant afford gas, electric and food these people need a reality check. What is wrong with second hand, charity, freecycle and there are loads of swap and sell pages on facebook. | |||
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"In the last 4 days I have had over 50 texts from payday loan companies offering me between £100 and £1500. I believe it is 3 that has sold my mobile number, but can't be sure, but I have never had a payday loan. I'm deleting them as they arrive, blocking the number if there is one to block. But they are all different companies, there seems to be hundreds out there. And seriously, if I could pay back £1500 next payday plus whatever interest, would I really need a payday loan in the first place!!" Keep a record of the numbers and companies and make sure your bank are aware otherwise these companies will take administration costs direct from your bank they are all umbrella companies and instead of actual addresses they have PO box numbers and very hard to get anything back once they have took it. | |||
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"In the last 4 days I have had over 50 texts from payday loan companies offering me between £100 and £1500. I believe it is 3 that has sold my mobile number, but can't be sure, but I have never had a payday loan. I'm deleting them as they arrive, blocking the number if there is one to block. But they are all different companies, there seems to be hundreds out there. And seriously, if I could pay back £1500 next payday plus whatever interest, would I really need a payday loan in the first place!!" If you are getting a lot then contact your provider. It won't be them who passed it on though but you may have voted for something or sent a competition text or a charity one they are the worse for getting inundated. | |||
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"Credit unions are the way forward...companies like Wonga, bright house and other high interest prey on the most vulnerable of society who for whatever reason find them self in a situation where they need financial assistance whether they have had their hours reduced or due to separation on redundancy and where their bank won't lend them anything further..I do believe that this sector needs to be better regulated and also people need to take responsibility for responsible borrowing...I've had an overdraft for years and I can count 3 times where I've had to dip into it... I was using bright house as an example to obtain goods I know they don't provide loans But why go to these companies and doorstep loans if you cant pay back the interest is more than the loan why do people need brand new things and massive TVs when they cant afford gas, electric and food these people need a reality check. What is wrong with second hand, charity, freecycle and there are loads of swap and sell pages on facebook." Because second hand is not fashionable in some people eyes...some want to compete with the Jones next door...most people live within their means some live a footballers life on a minimum wage life | |||
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"I worked in the financial sector for some time and I can tell you for fact that this practice is the norm. I guarantee you that 99% of initial letters from lenders claiming legal action and headed by a legal firm will be a department within that company. I read the article myself and I think the BBC must be short on stories this week as they could have picked any lender in the uk who practice this way. Obviously they pick Wonga because they are the biggest! The 'legal' fee they usually charge is actually an admin fee for sending out late payment notices. If they were to engage with solicitors at that stage the cost of late payment would be an awful lot higher. The moral of my comment is that the press seem to create stories with the intention of stirring up public anger when in reality it's a non issue and the alternative is far worse." Is there no issue here? | |||
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"Maybe people should start being smart and only borrow money they can afford to repay? Maybe they should be smarter and not borrow money at all,that won't ever happen though The whole country is living on borrowed money " I'm not | |||
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"I personally would never use them or any other payday loan company as I can't see how they are a solution but people are not forced to use them. If they don't want to be harassed fir their money, don't borrow in the first place!" Wise words, unfortunately these companies only exist because of unwise people, wise people would not take out a loan with 100% APR let alone 5,853% I don't know if "inventing" companies claiming to be solicitors is common practice or not, but Wonga just got forced to pay £2.6 Million compensation for doing it, and a police criminal investigation has been started so there is the risk of more fines or maybe even jail time, so I bet any other companies doing it will stop pretty quickly. | |||
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"Wonga Group will disclose in the coming days that it lost approximately £35m last year, ending a long run of profitability for a company which has become the target of sustained criticism by opponents of the short-term lending sector." good ! | |||
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"Wonga Group will disclose in the coming days that it lost approximately £35m last year, ending a long run of profitability for a company which has become the target of sustained criticism by opponents of the short-term lending sector.good ! " | |||
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"Man its crazy hoe many unlos there are on old threads" Bet half of them are back on now lol | |||
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"why do people use them surely they know the score" People are idiots. | |||
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"why do people use them surely they know the score" No other choices. Sometimes it's down to poor management of money but mainly it's down to needing things. Sad really, profitting from peoples poverty is one of the worst thing in my eyes. | |||
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"why do people use them surely they know the score No other choices. Sometimes it's down to poor management of money but mainly it's down to needing things. Sad really, profitting from peoples poverty is one of the worst thing in my eyes." I totally agree | |||
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"why do people use them surely they know the score" people are desperarate | |||
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"Just read an article on Wonga, the pay day lenders, who sent letters to customers threatening legal action from law firms they'd simply made up, and charged some for it!" Isn't impersonating a solicitor and charging for legal services without being a solicitor of the high courts of justice a criminal offense? | |||
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