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Pay Day Loans

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

I was asked today to advise a person who has recently taken out a so called pay day loan. The lender, who is a household name, clearly lay out the terms and conditions of the loan agreement in a deliberately confusing way using little known legal jargon. The penalties for late or non payment are draconian. The apr was 1005% rising to ...............2000% for three consecutive missed payments.

I was quite astounded how the contract could be so one sided and that people have to resort to such forms of borrowing.

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

It would be cheaper to go to a loan shark

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By *icketysplitsWoman
over a year ago

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

They are designed to be difficult to understand then dumbed down to "you pay £5 for borrowing £x".

They are aimed at those unable to understand the wording. They are aimed at those unable to get money in any other way.

Read about the Poverty Premium. Those who can least afford it have to pay more for just about every service, including loans.

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By *iamondjoeMan
over a year ago

Glastonbury

Yes, and it's shockingly unregulated.

And this is the trap that desperate people can fall in to.

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By *yrdwomanWoman
over a year ago

Putting the 'cum' in Eboracum

At least Provident only charge 50%

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By *iamondsmiles.Woman
over a year ago

little house on the praire

I thought there had been a clamp down on all this

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

They need banning

Unfortunately desperate people do desperate things.

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


"I thought there had been a clamp down on all this"

Me too.

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


"I thought there had been a clamp down on all this"
not from what I read today. Shocking in content and sinister in practice

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


"I was asked today to advise a person who has recently taken out a so called pay day loan. The lender, who is a household name, clearly lay out the terms and conditions of the loan agreement in a deliberately confusing way using little known legal jargon. The penalties for late or non payment are draconian. The apr was 1005% rising to ...............2000% for three consecutive missed payments.

I was quite astounded how the contract could be so one sided and that people have to resort to such forms of borrowing. "
these companies should be made illegal

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

Credit unions! The way to go for those in need of loans

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

This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

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

I'd rather sell a kidney than go to one of those robdogs

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

"
this loan was for £650 and was for 6 months and was taken out in December last year to pay for Christmas so you could right.

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

this loan was for £650 and was for 6 months and was taken out in December last year to pay for Christmas so you could right. "

Tsk tsk man, a woman is alllllways right

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

this loan was for £650 and was for 6 months and was taken out in December last year to pay for Christmas so you could right.

Tsk tsk man, a woman is alllllways right "
of course silly me

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

I've used them. Got me out of a hole. I borrowed £100 paid back £125 I think. Worked a treat, easily done online, money in account in 10 minutes.

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

I am involved in this world,on the good side, just go and talk to your bank,building society and they Will listen. Take it to them don't wait til they come to you. Avoid Bright House or anyone that advertises love you but worry about your Money xxxx

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


"I was asked today to advise a person who has recently taken out a so called pay day loan. The lender, who is a household name, clearly lay out the terms and conditions of the loan agreement in a deliberately confusing way using little known legal jargon. The penalties for late or non payment are draconian. The apr was 1005% rising to ...............2000% for three consecutive missed payments.

I was quite astounded how the contract could be so one sided and that people have to resort to such forms of borrowing. "

These companies make me sick. They should be outlawed. They have no place in decent society.

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By *om and JennieCouple
over a year ago

Chams or Socials

These companies disgust me but are not doing anything illegal.

The amount of people who are so desperate they need to use them depresses me.

I'm technically a debt collector (but a fairly nice one) & the stories we're hearing now are heartbreaking

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By *ophieslutTV/TS
over a year ago

Central


"They are designed to be difficult to understand then dumbed down to "you pay £5 for borrowing £x".

They are aimed at those unable to understand the wording. They are aimed at those unable to get money in any other way.

Read about the Poverty Premium. Those who can least afford it have to pay more for just about every service, including loans.

"

At least in other countries they have limits to the maximum interest rates. This is one aspect of our culture that disgusts me. Little to no protection for the vulnerable out there.

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

I got into a bit of a catch 22 with them a wee while ago, I'm sure my friends & family would have been horrified.

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By *he horny kinkstersCouple
over a year ago

North West

I don't get how increasing the interest rate after missed payments encourages anyone to try and pay it off.

If people are struggling to re-pay the original loan, charging them even more isn't going to help the company get their money back is it?

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

I'm a qualified IFA and I've used one. It's not just people who don't understand the contracts who are forced to resort to them.

Being divorced and then becoming a student meant I was really struggling financially. It served a purpose at the time.

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By *at69driveMan
over a year ago

Hertford


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

this loan was for £650 and was for 6 months and was taken out in December last year to pay for Christmas so you could right. "
. Anyone who takes out a loan to pay for Xmas must be slightly lacking in common sense.

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

this loan was for £650 and was for 6 months and was taken out in December last year to pay for Christmas so you could right. . Anyone who takes out a loan to pay for Xmas must be slightly lacking in common sense. "
The person in question is a single parent who works and brings up two children with little or no support from the ex partne. Her non common sense approach was to have a decent Christmas for her children. It's very easy to judge.

On the positive side the dogs have been called off for a while with the payment of the arrears. The current amount outstanding is now just under £1,100. I admit it was a very expensive Christmas.

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


"I thought there had been a clamp down on all this

Me too."
All I know is that the rates have been capped recently and further changes are imminent

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By *aneandpaulCouple
over a year ago

cleveleys

Should not be allowed as soon as they pay it back they get another a lot get them so they can go out for a few drinks and get there fags stay in do without for a month

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

"
It seems you are incorrect and the changes take place from January 2016.

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By *issHottieBottieWoman
over a year ago

Kent


"Should not be allowed as soon as they pay it back they get another a lot get them so they can go out for a few drinks and get there fags stay in do without for a month "

If they borrow then pay it back on payday what they choose to spend it on it up to them surely?

Luckily ive never used one. My cooker broke and my son needed a new bed so my parents got a credit card for me and it's 3 year interest free so I pay them each month.

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


"This is what I read.....

The Financial Conduct Authority (FCA) said interest and fees will be capped at 0.8% a day, lowering the cost for most borrowers, while the total cost of a loan will be limited to 100% of the original sum. Default fees will be capped at £15 in an effort to protect people struggling to repay their debts.

The changes, which will come into force on 2 January, mean that someone borrowing £100 for 30 days will not pay more than £24 in fees and charges if they repay the loan on time.

It seems you are incorrect and the changes take place from January 2016."

Amazing. You post about a subject you are 'advising' someone about, then make the effort to find the correct information, to gain a point on here.

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


"Should not be allowed as soon as they pay it back they get another a lot get them so they can go out for a few drinks and get there fags stay in do without for a month "

Oh get off your high horse, you have no idea what people use the money for.

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By *ngieandMrManCouple
over a year ago

hereford

So-called Pay-Day loans companies are nothing short of parasites and in most cases should be de-licensed for professional misconduct... Why?

Because they are professional finance experts and they KNOW that most if not all of their customers should NOT be borrowing money as it only perpetuates and compounds the financial issues of the victims, sorry 'customers'.

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