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"Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012
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Re: Pay Day Loans in the News
Thanks Celestine,
For anyone caught up in the trap of Payday Loans, the main problem you have is that you will have authorised a recurring payment from your bank when you took it out.
Due to the nature of this payment, if you cancel the card, or even cancel the account and open another with the same branch, the bank is still likely to authorise payments from the new card or account. Rest assured these sharks will bleed you dry and take your last penny if they can.
The only sure way to stop these sharks taking your money is to open a new account with an unrelated bank. Once you have done this, write to the loan company and tell them what you are going to pay. Repay what you borrowed, then stop paying. They are very unlikely to pursue you for anything further, though this obviously cannot be guaranteed. Then report them to everyone you can - OFT, Trading Standards, etc...
I'm sure many would say don't pay, but at the end of the day the loan is currently legal, so at least the capital borrowed should be repaid. -
Re: Pay Day Loans in the News
Nice to see the media are getting with the programme and catching on. Showing these adverts while programmes like Glee are being shown - great duty of care government.Comment
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Re: Pay Day Loans in the News
By contrast there are far tighter regulations in other countries. In the U.S., five states have outlawed payday lending altogether and others have introduced caps on interest.
Some Australian states have capped interest at 48 per cent, while interest is also capped in Canada.
No such regulation exists in the UK, which may explain why it is being targeted by so many lenders.
Miss Creasy is calling on the Government to tighten up the rules around these firms. She also wants the Government to promote other cheaper forms of borrowing, such as Credit Unions, for those who cannot get cash from their banks.
She says: ‘Lax regulation means Britain is currently the destination of choice for payday loan companies, who are making many millions from the financially vulnerable. Just how many more young women need to be pushed into debt before the Government takes action?’
Once again no, or very little regulation protecting our consumers.
These shops are popping up in prime spots on shopping precincts, very handy if you spot something you 'must have'.
Shame on the government who state in every other word about our massive debt and how it must be repaid above all else.
They can not though manage to lift a finger to help the man in the street prevent him/herself with the very same problem.
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Re: Pay Day Loans in the News
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Re: Pay Day Loans in the News
We are the country who had lax gambling laws so that we'd get that business. Interest rates should have been capped years ago but it appears in our desperation, we do anything to get any type of lowlife business that erodes our society.
Used to be proud but now I'm ashamed of this country.Comment
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Re: Pay Day Loans in the News
I think we should get behind LB MP Stella Creasey's campaign.
Boris and Moral Judgements: Of Loopholes, Leadership and Legal Loan Sharks | Working for Walthamstow
stella@workingforwalthamstow.org.uk
There are the current e-petitions at 10 downing street on the subject.
Pathetic! I think the best has 46 signatures?
Can we do better??"Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012)
I am proud to have co-founded LegalBeagles in 2007
If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. comComment
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Re: Pay Day Loans in the News
Thanks for the info Celestine. These latest batch of predators would have learnt from the subprime mistakes of the past decade which makes them even more worrying. I feel we may be fighting not only our own banks but also large US organisations who have moved where the regulations are non-existent to make their money and finance the likes of Wonga.
These may possibly be cash cows for the banks and that means we are really fighting Goliath.Comment
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Re: Pay Day Loans in the News
Payday lenders face tighter regulations
Jan Harris | January 27, 2012 | 0 Comments
The government’s Financial Services Bill, which was presented to Parliament today, could see Payday loan companies facing much tighter regulation.
Payday loans are designed to provide emergency funds for a short period of time.
Amounts of between £50 and £1,000 are offered on weekly or monthly terms for a charge of around £30 for every £100 borrowed.
If the loan is paid back at the end of the term there isn’t a problem, but they are extremely expensive if the loan is rolled over for another month, as the cost equates to interest rates as high as 2,000% APR.
Consumer groups have been calling for payday lenders to be more heavily regulated for some time, over concern that many people end up in a spiral of debt after using their services.
Housing charity Shelter recently warned that one in seven Britons have used payday loans or unauthorised overdrafts in order to pay their rent or mortgage in the last year.
Payday lenders are expected to come under the scrutiny of a new watchdog, the Financial Conduct Authority (FCA), which will have to power to impose unlimited fines on lenders that break the rules.
When the FCA starts operating in 2013 lenders have to undergo more rigorous checks before they can commence trading and will have to present a business plan and explain how they will treat customers.
The FCA will have stronger powers than current watchdog, the Financial Services Authority, to investigate firms believed to be flouting regulations and will be able to ban specific products that harm consumers’ interests.
The Financial Services Bill will also see the launch of the Financial Policy Committee and the Prudential Regulation Authority, which will take on some of the outgoing Financial Services Authority’s role.
Together the three new agencies will be expected to develop a regulatory culture of judgment, expertise and proactive supervision, rather than ‘tick-box compliance
Payday lenders face tighter regulations : Finance MarketsComment
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Re: Pay Day Loans in the News
Thanks Enaid, that's a ray of hope at least.
Made me think....yes, falling into unauthorised overdraft and bounced payments with an average bank would probably work out MORE expensive than a payday loan??!
When the hell are we going to get some decent caps on all kinds of irresponsible lending and the interest rates it attracts?"Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012)
I am proud to have co-founded LegalBeagles in 2007
If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. comComment
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