Payday Loans / Doorstep Lenders

[SpringerSpaniel]

Today's Guardian + on TV tomorrow (Wed) pm:

http://www.guardian.co.uk/commentisf...or?INTCMP=SRCH

[Angry Cat]

Re: Payday Loans / Doorstep Lenders

http://www.bbc.co.uk/news/uk-19598492

[TUTTSI]

Re: Payday Loans / Doorstep Lenders

Wonga have just made a wapping £46m profit
http://www.dailymail.co.uk/news/arti...DHarry%2BGlass

[Guest]

Re: Payday Loans / Doorstep Lenders

Gangsters, when there is so much easy money to be made morality goes out the window, reminiscent of prohibition in the states, i fear it will get worse before it gets better.
To many people in high places with their hands in the till, they worm their way into "respectable" society, they sponsor our favorite tv shows and all the time we allow them to feed off the most vulnerable.

Scumbags

[Magrew]

Re: Payday Loans / Doorstep Lenders

Gangsters, when there is so much easy money to be made morality goes out the window, reminiscent of prohibition in the states, i fear it will get worse before it gets better.
To many people in high places with their hands in the till, they worm their way into "respectable" society, they sponsor our favorite tv shows and all the time we allow them to feed off the most vulnerable.

Scumbags

Now there's an interesting idea. I wonder if a campaign of boycotting TV channels if you see a PAYDAY Loan advertisement would influence their willingness to accept the marketing fees of these people. If their advertising was squeezed off the telly then maybe they would have less success sucking people in.

[labman]

Re: Payday Loans / Doorstep Lenders

Sadly I fear the desperate will find them anyway. I am 100% for the idea of banning them advertising on anything though. I don't know who actually owns these companies - does anyone else know? What I do know is that the 'sub prime' credit card industry is still owned mostly, possibly entirely, by the main banks. If that is the case here, then the fight takes on a new dimension altogether.

[Guest]

Re: Payday Loans / Doorstep Lenders

Most are run by Canadian or North American banks/Investment groups. They started plying their trade over their about seven years ago and made a fortune, The government sharply introduced regulation which severely clipped their wings.
Most states have a cap on charge for credit and roll overs, with a central data base which records all transaction to ensure people cannot go to multiple suppliers. Some states ban them altogether. If you google canada payday loans, you will find that they were having all the conversations we are haveing now 7 years ago.
Why is our government taking so long to react you may ask.
They found a "soft" unregulated market over here and are making hey whilst the sun shines, there are action groups and MPs , Stella Creasy being the main one who are trying to get legislation introduced, but PDL's are crafty, they have learned from their experiences in the states, and know they must worm their way into the public consciousness and gain credibility in order to effectively argue against regulation, hence the sponsorship deals and the high profile adds.

D

[labman]

Re: Payday Loans / Doorstep Lenders

I thought there'd be some corporations like these behind them. I'll have a read Davyb and return more informed. Thank you! They can worm and squirmall they like, but legislation is essential. Onething that frustrates me about this country is the time it takes to get this type of legislation through parliament.

[Guest]

Re: Payday Loans / Doorstep Lenders

Last night, we went to Wembley to ask the Football Association to be better neighbours to residents in Brent and join the campaign to end legal loan sharking in the UK. This email tells you how you can use twitter to help ask them to act. With 30% of residents in Brent on the brink of poverty, legal loan sharks are targeting the area selling high cost payday loans and doorstep credit to families struggling in our current economic climate. Last night Leaders of Brent and Camden Council pledged their influence to lobby for Britain to follow the lead of other countries and cap the costs of credit to protect consumers from the debts these loans can cause. They are also joining calls for the Football Association to extend their current ban on alcohol and gambling adverts on merchandise for under 18's to include high cost credit companies until this industry is better regulated. This would help to send a strong signal to the Government that they cannot ignore the problems these types of credit cause- please tweet the following messages to The FA, and to Blackpool Football Club who are sponsored by Wonga and sell children's replica kits which promote these legal loan sharks. @bfc1887 end legal loansharking in footie. Show Wonga the red card! #sharkstoppers pls RT @FA end legal loansharking in footie: Ban them advertising on kids' strips #sharkstoppers pls RT We want as many people as possible tweeting the above to send a message to the FA about the public support for this action, and to Blackpool Football Club that their promotion of Wonga is harmful to the country. Please also feel free to use the #sharkstoppers hashtag too to show your support not just for an end to legal loan sharking in football, but an end to legal loan sharking in Britain! Stella Creasy Labour and Co-operative MP for Walthamstow

[Ladidi]

Re: Payday Loans / Doorstep Lenders

TBH it is IMO that they wll not do this as no matter what way you look at it, the Governments wont act as they getting kicks backs in the way of TAX collected on the monies these companies make and the companies that help promote them get kick backs in the way of advertisement fees...its all about money at the end of the day..you either dont have enough of it tough luck and if you do have lots they are coming for it!!!

[Guest]

Re: Payday Loans / Doorstep Lenders

TBH it is IMO that they wll not do this as no matter what way you look at it, the Governments wont act as they getting kicks backs in the way of TAX collected on the monies these companies make and the companies that help promote them get kick backs in the way of advertisement fees...its all about money at the end of the day..you either dont have enough of it tough luck and if you do have lots they are coming for it!!!

I think that eventually something will be done, there seems to be a slowly increasing groundswell of opinion, anything that can be done to accelerate the process and limit the damage in the interim is worthwhile.

D

[karpi]

Re: Payday Loans / Doorstep Lenders

In theory, the proposed regulations are designed to prevent the recipients of payday loans from overborrowing (these new restrictions would also extend to car title loans, a popular option in states that have limited payday lending). But they really strike at the heart of the industry's whole business model.

[amelia33]

Re: Payday Loans / Doorstep Lenders

sadly have used doorstep lenders and payday loans of various kinds -
fos sorted out the worst offenders and they even owed me money - unfair charging and practices-
however my file is still recording a debt to a lender of approx 300 - i have approached fos who have written to them- their reply to me merely states all the loans and the month and year they were borrowed back in 2006 up to 2010 (comprising 6 loans) i have no paperwork and neither has any been provided from the company-
I was harassed on the doorstep while very ill and vulnerable and i would like evidence that i owe anything -
i am thinking a SAR or CCA request - I might have done a CCA request years ago but never got any response


what next?

[Debt Camel]

Re: Payday Loans / Doorstep Lenders

who is the lender?

are you being asked to repay this debt?

what is the default date on your credit record?

what was your complaint to the FOS about this lender? what was the FOS decision?

[Cosmo88]

Re: Payday Loans / Doorstep Lenders

We've now had couple of reports about these 'training courses' but I think it's such a new company that we haven't heard any outcomes yet.