Saturday 8 October 2011

I HATE PAYDAY LOANS. Just heard on the radio that the number of people getting into serious debt through these loans is at record levels. I've never been tempted but a friend of mine was chased relentlessly by one of these companies. They kept calling her at work and generally making her life a misery. The interest on these loans should be illegal, it starts out as 400% or more and then escalates every time a loan repayment can't be made ..............THESE ARE TRULY EVIL PEOPLE.

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12 comments:

  1. Mitchy LR8 October 2011 at 02:16

    'Payday Loans' is not a phrase I'm familiar with. How do they work and are they any different to the 'loans' given out by loan sharks?

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  2. nemo 4sun8 October 2011 at 02:34

    it is legal loan sharking

    they put restrictions on them here a while ago

    :(

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  3. Brenda B8 October 2011 at 02:43

    More parasites that need eliminating!

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  4. bernard v8 October 2011 at 05:10

    Ja Mitchy, loan shark, same thing.

    I've heard of people being asked to hand over their child benefit book as security and then if they don't make the repayment they don't get the book back.

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  5. bennett ~8 October 2011 at 05:39

    Payday loans, Mitch, are companies that loan you money that you pay back on payday. It's Wednesday, you're out of money, so you go to one of these outfits and they give you an amount of money that you are to get on your Friday payday. Plus, has been noted, interest. In some cases you sign your paycheck over to them so you can get the money.

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  6. howard collings8 October 2011 at 06:36

    Yeah, here is one that gets advertised on UK TV,

    http://www.quickquid.co.uk/fee-schedule.html

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  7. Tisme Kay8 October 2011 at 07:02

    I got caught up with these guys last year. Last winter I was facing the whole winter with no heating. I am again this year but thats another story. Knowing that the winter was going to be so harsh, unable to afford oil and with no heating source except the single fire in my lounge, I knew I had to buy some oil. So I went to Provident. I got a £300 loan. I paid it back over 5 months. It cost me £550 and only because I managed to pay it off six weeks early. Despite paying every month regular as clockwork, when my "collector" went on holiday in February to Florida (that says a lot about how much money these sharks make eh?), and as I am so rural, the "replacement" decided it was too much hassle to come out and collect from me. The collector was gone 3 weeks, and naturally, I got behind. I paid the money to them as soon as they got back, but my "delay" must have triggered a red flag somewhere and the threatening letters I got! I tell you it was really scary. Baliffs the lot right from the first letter. Then the phone calls started. It was freaking J out big time, so I managed to scrape together the remainder and paid the bloody loan off early.

    Despite taking all this money and all the distress they erroneously caused, they refuse to give me a receipt. I have NOTHING to prove I paid this money.

    That probably means there is no tax they have to pay on it either.

    So would I recommend them? Definitely not. I thought I had chosen one of the better ones though - certainly the lower interest rate.

    They aren't even legal criminals. They are just criminals.

    Now Im back in the same position, I don't know what we are going to do. I might be forced to go with another company again if this winter turns out the same as the last two, which its looking like it might. -20C they are predicting. :o(

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  8. Frank S8 October 2011 at 07:08

    Such loans are the same as borrowing from a loan shark or the mob. There are many law makers in the US who are trying to make them illegal. Yet the bottom line is 'if one signs an agreement to pay that kind of interest compounded daily' it is a legal contract. All that can be done is to regulate interest rates, which the conservative politicians are against because 'it hampers free trade and a business has a right to charge what the market will bear.'

    Clear and simple, it is a very foolish thing to do.

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  9. bennett ~8 October 2011 at 08:38

    There are some restrictions on them in the US but it varies from state to state. Usury is illegal in 48 states, but the definition can be vague and trying to take these people to court very difficult. They are indeed evil.

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  10. Aaran Aardvark9 October 2011 at 05:40

    Evil people or paragons of the free market, there is nothing about gangster capitalism that is good, our government, the IMF who employs them, Goldman Sachs, loan sharks, confidence tricksters that take all the savings of old people - they are all basically the same, just on different rungs on the ladder of corruption that reaches from the gutter to the stars....that's capitalism for you.

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  11. Acoustic Eagle9 October 2011 at 12:07

    These evil parasites are relying on the fact that people can be influenced by persistence. I think it is a good exercise for people to learn how to practice the use of the word "NO" more often and flexibility of the wrist in hanging up the phone, suddenly. The more practise at it, the more one can trust one's reflexes.

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  12. Pat E9 October 2011 at 15:20

    Vultures and usury everywhere disguised as help is a shame of our times

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