Payday Loans a warning

**alboke** · 14 February, 2012, 08:19

is this safe ?
dont like putting to much info on forms
then recieving loads of junk mail

**hypersonic** · 14 February, 2012, 11:34

Pay day loans

I agree m8
They must be making a bloody fortune with these loans. They not only sponsor SPL and premier league football clubs but also half the ads on ATR and Sly sports. Interest rates are in the region of 4000% APR. Its crazy that peeps are using these sharks when there are credit unions around, who only charge a few % interest. These are the same sharks who run hire purchase companies who allow repayments less than the interest on the loan, making the repayment time indefinite.
Seems ironic that you have a payday loan ad on your post !

**Canker_Canison** · 14 February, 2012, 12:45

But you are looking at those people who don't think about the implications of their spending habits.

These loans are designed for emergency use, not every month because I gotta go out on the lash with the lads.

Somebody I know gets paid between ?300-?400 per week & still living with his parents. But two days after being paid he's out trying to borrow money off anyone who might have some.
Between drink, drugs & gambling he's always skint. But he won't use these companies as he knows he will have to pay them back.

**rds60h** · 14 February, 2012, 15:57

The government said they were actively hunting down "Loan Sharks" but now they seem to be encouraging them by allowing them to be "proper" companies.
A Loan Shark is a Loan Shark and these companies are Loan Sharks!!!!

**caveman_nige** · 14 February, 2012, 16:28

i don't really see a problem with them, the problem really stems from borrowers who decide to use them but cannot afford to pay them back or are poor at managing their own finances.. its a high rate of interest for sure, but its a short term loan service and they clearly state their rates on the ads from i have seen..

If I needed a couple of hundred quid one month to sort something out i would consider using them but then be more frugal the following month so that i would not need another straightaway.. So long as they are regulated, i am not talking about the local loanshark at the boozer..

They are supplying a service, its just like with many things financial, some people can't live within their means and then the situation can snowball out of control...

Its a great shame that people feel that desperate about their finances they choose to end their lives to get out of it, often leaving the debts for their immediate family to take care of. But banning them is a bit nanny state, with online casinos flourishing i hear no complaints about the families that get ruined by them..

**tshirtman** · 14 February, 2012, 17:25

If you have lass than ?15k worth of debt, and your skint every month, you can get a Debt Relief Order, they cost ?90 and last for a year, after that year all your debts get wiped out,

Code:

http://www.debtrelieforder.co.uk/

I know some people get to the stage of contemplating suicide, but there is help out there, you can also apply to the "British Gas Energy Trust", for help paying gas/electric, and other debt off.

Code:

http://www.britishgasenergytrust.org.uk/

I would advise anyone who is struggling with debt to seek advice from the CAB, you'd be amazed what they can do to help.

**Elric** · 14 February, 2012, 17:46

have a look here this will tell you more about these companies
payday,wonga etc

Code:

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?163-Debt-Action-Group

**smirnoff_rules** · 14 February, 2012, 18:05

u go to a guy at the pub and he gives a loans and u have to pay him 20 back on a 100 notes in a few weeks , u cant pay its goes up , we all remember these guys and alot got time inside ,, u open a webpage and charge 3 times that and thats ok ?

o l forgot they pay tax and nic , is that all it was about .. yea

**ChelseaBun** · 15 February, 2012, 11:05

that's sad, there's far too many stories of people killing themselves, and their families too, over debt.

more needs to be done in schools to teach us how to live within our means to save up money and handle our finances properly. also more needs to be done to help those in debt, scaring people with bailiffs does nothing to help it just encourages people to get into more debt to keep people away from their doors.

as for these payday loans, how they are even legal is beyond me, there are some disgusting people out there who like to take advantage. just because its in a nice shop and has fancy adverts and its legal, doesn't mean its right.

once someone is in debt, its far too easy for things to spiral out of control. and there is nothing to protect us from these soul destroying money grabbers, yes it is our responsibility not to be greedy and take it in the first place, but sometimes desperate times call for desperate measures...

**Shady** · 15 February, 2012, 11:08

Originally posted by ChelseaBun

more needs to be done in schools to teach us how to live within our means to save up money and handle our finances properly.

.

there is cb.. its called MATHS,
Johnny has 50p, apples cost 20p each. How many apples can Johnny buy?
Answer: 2 with 10p remaining..

Wrong answer:- 2 apples, then get a payday loan for ?1 and buy another 5...

**ChelseaBun** · 15 February, 2012, 11:17

Originally posted by Shady

there is cb.. its called MATHS,
Johnny has 50p, apples cost 20p each. How many apples can Johnny buy?
Answer: 2 with 10p remaining..

Wrong answer:- 2 apples, then get a payday loan for ?1 and buy another 5...

no shady we are made to believe that we can go out get a job then move out and run our own house on just a minimum wage, we were told nothing about average rent prices, council tax, electricity bills, gas bills, food shop costs etc. that takes you well above minimum wage, and not once were we advised to stay with our parents to save for a mortgage, they teach you nothing of real life in school. its a scary thought how unprepared we are leaving school into the real world. no wonder theres a rise in suicides over debts and its only going to continue to rise until they get it sorted and focus on what matters in school.

as much as i enjoyed maths, its rendered useless the very day you leave school.

**Shady** · 15 February, 2012, 11:20

how is maths useless? you use it every day, ill give you the fact that school doesnt prepare you for real life in some sense.. BUT to say school doesnt prepare you for handling finances is balderdash.. the simple maths question i posted PROVES that it does, you cannot spend what you havent got..common sense and maths is the only way to get rid of these companies

**ChelseaBun** · 15 February, 2012, 11:29

Originally posted by Shady

how is maths useless? you use it every day, ill give you the fact that school doesnt prepare you for real life in some sense.. BUT to say school doesnt prepare you for handling finances is balderdash.. the simple maths question i posted PROVES that it does, you cannot spend what you havent got..common sense and maths is the only way to get rid of these companies

they don't give you real figures, they give you shitty little equations like the example you gave and expect you to run your life on that.

put it this way shady, a lot has changed since you were at school, the more up to date curriculum isn't as intense as it used to be. how is using tan, sin and cos gonna help me run my house? how is pythagoras going to help me pay my bills? its not. yet that is what they spend 3/5ths of the two year standard grade teaching. and then once you get into higher level they are teaching you graphs on a calculator that noone even owns.

**gmb45** · 15 February, 2012, 11:31

shady--> <---- bun

Payday Loans a warning

Payday Loans a warning

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