One in 20 families 'relies' on payday loans

#2
Sod them, the biggest problem is 'self-certified' mortgages. Yes indeedee house prices are rising again and banks are eager to lend to suckers who promise to be good but don't have necessarily have the where-with-all to back it up. Fanny-Mae all over again... Institutionalised fuckwitary as opposed to private fuckwitery.
 
#3
Working in a credit related industry, I don't have a lot of sympathy for people who use payday lenders. People who use these lenders are usually repeat defaulters who will most likely default on the payday loan as well.

The biggest problem is the line between our "needs" and our "wants" has completely blurred. We must get back to basics. We need food, water, clothing and shelter. We don't "need" a 50" LCD tv. We don't "need" a playstation video game.

People must get over the sense of entitlement that pervades society now.


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M

Mark The Convict

Guest
#4
The biggest problem is the line between our "needs" and our "wants" has completely blurred.
It's an easy distinction to learn, and once one forms the habit of discerning one from the other, it's an easy one to maintain. If one can be arsed to do so - many can't, it seems.
 
#5
I noted last time I got leave that daytime TV is filled with advertisements from these sharks. Also the injury claim jockeys and PPI parasites.
 
#6
Sod them, the biggest problem is 'self-certified' mortgages. Yes indeedee house prices are rising again and banks are eager to lend to suckers who promise to be good but don't have necessarily have the where-with-all to back it up. Fanny-Mae all over again... Institutionalised fuckwitary as opposed to private fuckwitery.
Which strangely is exactly what happened in the US and got us into this current mess, the "Sub Prime Mortgages" which were championed by none other than their current president!
 
#7
Working in a credit related industry, I don't have a lot of sympathy for people who use payday lenders. People who use these lenders are usually repeat defaulters who will most likely default on the payday loan as well.

The biggest problem is the line between our "needs" and our "wants" has completely blurred. We must get back to basics. We need food, water, clothing and shelter. We don't "need" a 50" LCD tv. We don't "need" a playstation video game.

People must get over the sense of entitlement that pervades society now.


Posted from the ARRSE Mobile app (iOS or Android)
Considering that my latest job's pay has been delayed by three weeks due to HR/Finance not knowing their arse from their elbow when setting up a new site, and having to handle 50 new staff - I've had to explain to a landlord why their rent is late, and luckily have a fairly understanding landlord. Many don't have the same leniency with a bank/letting agent, and resort to payday loans to be able to pay rent, or bills.

For example, I've got rent of 325, bills of 25-50 a month, then probably close to 100 in food bills per month. Job before last was barely pulling in enough to cover my rent and bills, which meant I was literally eating up my overdraft/credit card to be able to eat. So, I can see WHY people might use payday loans if they've got no option, then they end up getting fucked when they can't pay it.

That said, I do know idiots who use payday loans to go out on the piss, or for something shiny. Typically students, or fat chavs. Thats when I agree with your points.
 
#8
Or 5% if you prefer. Does not sound a lot but since there are currently around 22 million "households" in the UK that means there could be over 1 million households and more than 3 million unfortunates/suckers directly or indirectly in the grip of these usurers.
Which just goes to show how much of the UK population is utterly retarded. **** them, **** their shitty little council houses, **** their 55'' 3D HD TVs, **** their ugly kids and **** their turkey twizzlers.

If you can't manage on the money you have coming in then it's time to cut down on the money going out. People who end up with more 70 pay day loans should be shot in the streets for sheer retardedness. In fact, anyone who's ever used one more than once and failed to repay them within the month then whinges about the interest as if they just didn't realise that 4,000% is ******* massive deserves anything they get.
 
#9
It's an easy distinction to learn, and once one forms the habit of discerning one from the other, it's an easy one to maintain. If one can be arsed to do so - many can't, it seems.
Completely agree. A friend works in the local job centre and is full of stories of wasters, orange from so much fake tan, moaning about the latest phone bill on their iphone and how they cant afford their new tattoo now. This while moaning about how poor they are while on the dole but turning down paying jobs.... aye good one. But im sure we all know our own examples.

As Squiggers says, they are necessary some times. Though with so many companies operating yet all making a profit it is obviously a boom industry beyond the needs of rare problems like that.
 

Auld-Yin

ADC
Kit Reviewer
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#10
These blood sucking leeches of pay-day loan companies came into being as banks became more and more reluctant to give short term loans/ overdrafts. The pay-day companies charge horrendous rates of interest that the high street banks would never get away with!

Strange then that many of these pay-day loan companies are actually owned by some of the major banks!

Just yet another stitch up by the banking fraternity IMHO.
 

Wordsmith

LE
Book Reviewer
#11
For example, I've got rent of 325, bills of 25-50 a month, then probably close to 100 in food bills per month. Job before last was barely pulling in enough to cover my rent and bills, which meant I was literally eating up my overdraft/credit card to be able to eat. So, I can see WHY people might use payday loans if they've got no option, then they end up getting fucked when they can't pay it.
I presume you've claimed the appropriate benefits like working tax credit, housing allowance, etc? That to my mind is what the system should do - support people who are doing their damndest to keep in work and pay the bulk of their own bills.

As to the rest, I suspect if you checked the IQ of people who take out pay day loans, a fair few would come out below average or even sub-normal. Some people can't do simple maths and work out how horrendous the interest payments are.

Wordsmith
 
#12
The pay-day companies charge horrendous rates of interest that the high street banks would never get away with!
Because you're supposed to repay them within 30 days, not keep them for five years like a normal bank loan.

If they charged standard interest rates like the banks do they'd probably make huge losses.
 
#13
Well whatever one thinks about these companies, one can be confident that nothing will be done to curb their activities any time soon:

From Wiki:

Adrian Beecroft

Among Beecroft's known personal investments are Gnodal, a computer networking company, and Wonga.com, a high interest loan company.
Beecroft has donated more than £500,000 to the Conservative Party since 2006
 
#14
The biggest problem is the line between our "needs" and our "wants" has completely blurred. We must get back to basics. We need food, water, clothing and shelter. We don't "need" a 50" LCD tv. We don't "need" a playstation video game.
The other side of the coin is that there's another industry - marketing - grown up specifically to blur that line. It's more profitable for it to be blurred than not.
 
#15
Working in a credit related industry, I don't have a lot of sympathy for people who use payday lenders. People who use these lenders are usually repeat defaulters who will most likely default on the payday loan as well.

The biggest problem is the line between our "needs" and our "wants" has completely blurred. We must get back to basics. We need food, water, clothing and shelter. We don't "need" a 50" LCD tv. We don't "need" a playstation video game.

People must get over the sense of entitlement that pervades society now.


Posted from the ARRSE Mobile app (iOS or Android)
This hits the nail on the head. Needs v Wants. If we didn't have the money we didn't have it. Today too many people stick it on plastic, then when the crunch comes and loans need repaying they can not afford the Needs. Very sad but very true.
 
S

syledis

Guest
#16
You only have to look at what programmes are on when the adverts are shown, and the times of day they are aired to realise who their target Demographic is
 
#17
In the same vein .

Just watching Sky news and they have a clip about people both poor and not so poor using the UK food Bank and the fact that the % of people doing so is much higher than last year.

Again not knowing how these work in the UK , I am guessing that the UK food bank is a charity and they go around supermarkets asking for donations of foodstuffs .

The thing I found strange was the types of food the Sky team was filming.

In Greece, Potrugal , Italy when you see food being passed out from food banks its water, pasta, rice, tomatoes , sugar ,flour. The basics for a meal.

The UK Foodbank film showed cans of Patel curry sauce, fray bentos pies in a tin, PG tips T bags, chocky biscuits and other non essential foods that are clearly being passed out to folks who have no cash for food?

Is it just the fact that the poorer in the UK cannot cook, I know there is a whole post about this on ARRSE but found it in my mind a link to how fucked up the UK is.

On the dole, need cash , payday loan, no food , pop to the local food bank for a curry and a choc biccy with my cup of tea.
 
#18
Is it just the fact that the poorer in the UK cannot cook, I know there is a whole post about this on ARRSE but found it in my mind a link to how fucked up the UK is.
The only way to 'fix' the UK (or to fix the underclass of benefits lifers or terminal minimum wage earners) is to fix UK education. We spend twelve years or more trying to pack French, Physics, Biology, English Literature and fairly advanced Mathematics into the heads of people who literally cannot look after themselves outside of heating tins of food and claiming benefits.

We (as a nation) need to start accepting that every single child in school is never going to be Stephen Hawking. We need to take education back to the basics and make sure all of our kids understand English Language, basic Maths, Home Economics etc before we start trying to teach them Calculus or Boyle's Law. We need to stop trying to force kids who either have no interest or no ability for academic studies to sit in a classroom being taught Romeo and Juliet or how an ox-bow lake forms and start teaching them practical skills that will enable them to find jobs. Teach them to fix cars or install boilers or build ships or how to be a spark or anything that's going to let them at least have a fighting chance of a getting a job.

Teach them how to cook basic meals, how to budget a household and give them skills that they can earn honest money with you'll do far more for the lowest in society than six years of Of Mice and Men and the Battle of Hastings ever could because it will give us young adults who understand why trying to buy a 50'' TV when you've only got a 32'' income is a bad idea.
 
#19
In the same vein ................................................The UK Foodbank film showed cans of Patel curry sauce, fray bentos pies in a tin, PG tips T bags, chocky biscuits and other non essential foods that are clearly being passed out to folks who have no cash for food?..........

While I agree with what you say, may I add a caveat?
Most foodbank collections that I know of ask for non perishable items. Fresh veg won't be very fresh after a couple of days moving within the system.
At least tinned stuff gives some nourishment to those that need it (presumably) there and then. Education can come later.

When I give the odd donation, I try to include a "luxury" item (choccy biscuits, desserts etc) on the principle that it's a treat for someone having a shit time. As has been noted on this site many times, "There but for the grace of God....."

My prime concern is that some users of foodbanks go there instead of shopping(?)
 
#20
Between being bombared with adverts on TV, the Internet, the Media, newspapers, magazines etc from 'Wonga Shop' Pay Day Loan companies, stinking accident ambulance chasing farking law firms, Double glazing sales persons, On-line gambling websites, TV adverts etc, Jeremy Kyle Shows that shows the twats off the Estate, Big Brother 'bread & circuses' shite, - all these should be banned by law, and anyone breaking them should be flogged in public.....

But then, I'm just an auld fart, a Victor Meldrew who thinks that the UK society has gone down the pan, aided and abetted by stinking, slime bound Politicians, Banksters, Lawyers, Tax accountants, Twats & Vicky Pollards of the Estate, the Bone Idle, the Work Shy, the professional Social Security Bludgers, the Tw*ts who set themseolves up as 'experts in everything'......

Hmm, time to take my morning Meds and get Nurse Olga to pour me another mug of coffee before I go out for the day ...titling at things real or imagined.....
 

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