Pay Day Loans... the blight of poor people?

#25
If people are in such dire straits that they need to take out one of these loans what happens if they can't pay it back.
CCJ at a quid a month as they are on benefits or do the bailiffs pay a visit.
 
#27
lets face it the amount you pay back is never a 'surprise' they tell you what your paying back and how much each week / month etc before you get your greedy paws on the cash if it sounds like too much then dont take the feckin loan simples
 
#28
If people are in such dire straits that they need to take out one of these loans what happens if they can't pay it back.
CCJ at a quid a month as they are on benefits or do the bailiffs pay a visit.
Letters, dear boy. Endless letters from 'recovery' firms threatening potential court action. Then more of the same. It could go on like that for years.
I've been getting them for months, related to some parking invoice (it's really not a fine or official ticket, despite the legalese) that I'm resolutely not paying on principle.

I should add that court action really depends on whether the creditors or debt recovery firms reckon it's financially worth dragging the debtor into court.
 
#30
If they just enable mongs to buy stuff they don’t need, leading to the inevitable missed payments, then why tolerate them?

I just don’t see how we’re better off as a society because of their existence.
 
#31
The whole problem can be condensed down to a lack of financial education, I remember asking about this when I was in school in 1970 ish. Still not happening.

I suspect it falls by the wayside so that the more financially savvy, such as the banks, can wend their predatory way thorough society.

The truly sad thing is that if these people had a planned financial strategy they would probably be able to buy more rather than adding to the debt mountain.
 
#32
If they just enable mongs to buy stuff they don’t need, leading to the inevitable missed payments, then why tolerate them?

I just don’t see how we’re better off as a society because of their existence.
are you talking about the mongs or the loans?
 
#33
#35
Most mortgage and credit card companies won't touch you if you had a pay day loan . If you get your finances back on track
1. That makes little sense.

2. The little that does, looks like a big fat lie.
 
#37
1. That makes little sense.

2. The little that does, looks like a big fat lie.
Payday loans are a negative indicator for credit. If you want to start a credit history it is better to have a loan of £500.00 over 6 months.
 
#39
I appreciate that but I see the education in this essential life skill needs to be started from a young age, teach them to swim rather than leaving them to read the instructions on the life jacket while they are drowning.

Back in the good old days, they had Grammar Schools and Sec Moderns, it wasn't perfect, by any means, but at least the less bright could be taught life skills instead of French and English Lit.
 

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