Topic: Payday Loan Companies

[adopted_scouser]

Didn't see a thread on this, so figured I'd start one.

These vultures sicken me.  Waiting for people to be at their wits end, and swooping in to offer them a loan that will cost them an arm and a leg to pay back.  Ignoring peoples credit history, because they don't really want someone that can pay it back in a day.  They want someone who will take years to pay it all back, so they can pile all the interest on.

Wonga are probably the biggest, they really make my blood boil.  Do you know that the man in charge has donated over £500k to The Conservative Party?  Don't expect the current regime to do anything about this.  They're all in it together.  Ed Milliband said today that if elected, he hopes to ban their adverts during childrens TV.  Which I agree is sickening enough, but surely more needs to be done?  Children will grow up thinking these are a perfectly happy, friendly company, what with their adverts with the puppets and all that.

[hide5seek]

the parasites should be banned.

[Alan_X]

the parasites should be banned.

It's not even worth discussing  - fucking parasites.

[BarryCrocker]

Now being normalised by being allowed to appear as a major sponsor on PL jerseys.

[lauz]

Now being normalised by being allowed to appear as a major sponsor on PL jerseys.

Is that how things are 'normalised' in this modern era? It's no worse then have a gambling or alcoholic beverage company on a PL shirt.

[Snail]

Disgraceful bastards, shouldn't be legal.

[Cochise]

Hate these c*nts.

Seen Kerry Katona doing advertising one of them on the telly (I think she was actually waving cash in her hand IIRC) a while back and a few weeks later she declared bankruptcy. I was happy to see that I must admit the horrible twat.

[adopted_scouser]

Hate these c*nts.

Seen Kerry Katona doing advertising one of them on the telly (I think she was actually waving cash in her hand IIRC) a while back and a few weeks later she declared bankruptcy. I was happy to see that I must admit the horrible twat.

Think she's been declared bankrupt afew times?

Their slogan was "fast cash for fast lives" which says it all.  Appealing to all the wannabe wags/gangsters who want the lavish lifestyle without having to work for it.

I try and avoid my finances slipping as much as possible, but even in the worst case scenario, I would never go to these c*nts.  There are alot of people who are seemingly left with no choice, but there is also alot of people out there who are completely financially illiterate.

[hide5seek]

Is that how things are 'normalised' in this modern era? It's no worse then have a gambling or alcoholic beverage company on a PL shirt.

Disagree. Drinking and gambling can destroy your life if you take it to far and become addicted. These pay day loans are in the main designed to trap people into a life of poverty and debt and  a lot of the people who use them are already in a desperate place and need help not parasitic companies trying to push them over the edge.

[Trada]

I must admit me and Tracy have used Quick quid a few times.

I'm unemployed and the job center stopped my money after 6 months so we just have Tracys wages and this makes money very tight.

You just need one unexpected bill and it makes it a lot worse. And suddenly you may not have the money to buy the petrol Tracy needs to get to work or some other important thing.

So we have taken out either a £50 or £100 loan just to get us to Tracys next wages knowing it will cost us an extra £10 or so. 

But then you have a problem when money is very tight you miss that £50 or £100 pounds from your next wages so you have to budget very tightly the next Month, things like thinking of the cheapest meals you can have etc, or it easy to fall into the trap of having to take out another one.

And thats with just me and Tracy God knows what it would be if like you have children to have to feed etc.

I think they do provide a service if you need a quick loan to get out of a tight spot and need the money right away.

But I think they should put a cap on the money you can borrow say no more than £100.

Can believe some people are borrowing 100's or even 1000's from them.

But like I said we have only used Quick quid and they were helpful to us at the time giving us an extra week to pay it at one time for no extra charge so I don't know what the others are like.

[paddysour]

These pay day loans are in the main designed to trap people into a life of poverty and debt

This is spot on. My mum took a small loan a while back when she was in a tight spot. I think it was around 200 quid. 18 months later she had been paying back 100 a month without ever paying back any of the original amount, she was paying interest only. She discovered in the end though that if you can prove you can't afford to pay them back then they freeze the interest and you only pay back what you actually borrowed. All she had to do was fill in a form with her incomings and outgoings. If only she had discovered a year sooner! 100 quid a month interest the bastards.

[Fat Scouser]

Didn't see a thread on this, so figured I'd start one.

It'd be nice if you could end one.

They should be shut down as racketeering. 2000% interest, there's no justifying it and it should be illegal.

[Gerry Attrick]

Ed Miliband's proposals don't go far enough, what is the point in banning their adverts during childrens programmes if kids just see them on football shirts at the match or on MOTD? These companies are scum and the sooner they get banned the better.

[SP]

If you need a pay day loan a Credit Union is the better place to go.  It is a co-operative, so you are not making someone richer. For Merseyside, http://www.partnerscreditunion.co.uk/ .

Sorry for the Darn Sarf link, but it illustrates what the terms should be:

A credit union says that more than 6,000 customers have now successfully applied online for its payday-style loans.

London Mutual offers people the chance to borrow between £100 and £1,000 at an interest rate of 2% per month.

Borrowers do not have to save with the credit union to apply but they must live or work within one of four inner-London boroughs.

Other UK credit unions are expected to adopt a similar model next year.

The loans are available on the London Mutual Credit Union's CUOK website.

Credit unions are currently limited to charging no more than 2% interest per month, so to borrow £400 over a month would cost just £8 in interest.

Customers who want the payment on the same day as they apply have to pay an £11 fee.

Borrowers must live or work within four London boroughs - Westminster, Camden, Southwark or Lambeth. They also have to undertake a short psychometric test as part of the application process. The five questions ask borrowers if they tend to obey rules and worry about what other people think of them.

Lakshman Chandrasekera, London Mutual Credit Union's chief executive, said the test helped them make lending decisions: "We are trying to find out if you are the type of person who will borrow and not care about not paying. It is useful. There's a correlation between what they say and what their payment patterns are."

The whole application process can be finished in under 10 minutes. Mr Chandrasekera said that applicants were given a fast service: "Our online payday loan facility is exactly the same as any other payday loan service. People can apply for the loan, get the decision there and then, and then get the money within a couple of hours."

However, the cost of borrowing is significantly lower than commercial payday lenders. Many would charge more than £100 to borrow £400 for a month. Mr Chandrasekera said his credit union also makes careful checks to ensure customers will not struggle to repay the loan: "We are doing thorough checks on affordability, so we will make sure this person can afford to pay the loan."

Emma took out a loan for £100 with CUOK last month in order to buy her children school uniforms which she has agreed to pay back over a three month period, costing her just £4.04 in interest: "I'd overspent on holiday with the children. We went through what I had coming in and they worked out what I could afford to pay back. I think within 24 hours I had the money. It was very easy, very straightforward."

London Mutual admitted that only one in five applicants like Emma can be approved solely on the basis of the online application process.

The other four out of five applicants normally then have to speak to someone over the phone to give additional information.

But they would still hope to process the application within 24 hours.

Michael regularly used payday loan firms until he discovered he could borrow £400 from CUOK: "Payday loan companies are so aggressive. They also charge about 10 times as much as a credit union. I didn't have to stress."

Some industry commentators believe there are strict limits to the extent that credit unions could ever compete with payday lenders.

Julian Knight, money editor of the Independent newspaper, says payday lending has grown too big: "They just don't have the scale. The payday lending industry is worth £3bn to £4bn. It would just be a scratch on the surface."

http://www.bbc.co.uk/news/business-24581395

[SP]

And despite the corny ads, talk to MA before taking a payday loan:

https://www.moneyadviceservice.org.uk/en

[Trada]

If you need a pay day loan a Credit Union is the better place to go.  It is a co-operative, so you are not making someone richer. For Merseyside, http://www.partnerscreditunion.co.uk/ .

Sorry for the Darn Sarf link, but it illustrates what the terms should be:
http://www.bbc.co.uk/news/business-24581395

We have been thinking of joining the Mendip one a lot cheaper way to borrow money if you need it and save some money at the same time.

[KiNki]

if your in receipt of benefit for 6 months you can apply for a loan from the social fund.  There used to be different ones, crisis loan, community care grant(you didnt have to pay that one back it was a grant) i think its gone back to the old budgeting loan system where you do have to cough up for repayments.  Anyway the loans are interest free and repaid over a period of time from your benefits.

[hide5seek]

It'd be nice if you could end one.

They should be shut down as racketeering. 2000% interest, there's no justifying it and it should be illegal.

Actually FS in some cases its more like 5000% interest.

[hide5seek]

Ed Miliband's proposals don't go far enough, what is the point in banning their adverts during childrens programmes if kids just see them on football shirts at the match or on MOTD? These companies are scum and the sooner they get banned the better.

Totally agree, ban the filth.

[hide5seek]

Sorry to hear you had to use pdl Trada hopefully things will look up for you in the future,

[Graeme]

Sorry to bump such an old thread, but hopefully this information may be of some use.

I will admit to falling into these bastard's traps on more than one occasion over the years. Fucking parasites.

Something I only recently discovered however was that many of these loans should never have been issued because they were unaffordable. For a loan to be unaffordable it needs to meet one or more of the following criteria...

1. you often rolled loans or borrowed again soon after repaying a loan;
2. your loans from a lender were increasing in size;
3. some repayments were late; or
4. the loan was a significant part of your income

If a loan is deemed unaffordable then you can complain to the lender and request a refund of all interest paid on the loan, plus a statutory 8% on top. Now most of the lenders don't just hold their hands up and pay out. You have to lodge an official complaint and in most cases refer your complaint to the Financial Ombusdman, but it appears this type of complaint has a higher success rate than any other from the FO. All the details of how to complain including templates are here...

https://debtcamel.co.uk/payday-loan-refunds/

Hope this helps someone

[Jake]

That should be it's own thread Grahame. Absolutely amazing idea and anyone who gets cash from it I praise. The next ppi? Maybe not but if its a valid claim then happy days!

[fowlermagic]

I see some of them have over 1000% interest on a loan. How can that be legal? I was shocked to see some of the rates they offer as most probably run anywhere from 200% to that silly outrageous 1000%. I got rid of my last credit card 10 years ago as the rates were about 25% and kept causing issues for myself. Some days I be tempted to reopen a line of credit as certain businesses esp in the states would not even accept a debit card.

[Zeb]

If anyone is struggling with these arseholes, having a chat with the National Debt Helpline may be an idea. You can do it anonymously if you want, and they're really excellent. (I did some voluntary stuff with them as they were checking how best to help people with chronic mental illnesses). Just reading of people getting ripped off because they don't know they can get help or have things reduced or written off is just shocking.

[Jshooters]

If anyone is struggling with these arseholes, having a chat with the National Debt Helpline may be an idea. You can do it anonymously if you want, and they're really excellent. (I did some voluntary stuff with them as they were checking how best to help people with chronic mental illnesses). Just reading of people getting ripped off because they don't know they can get help or have things reduced or written off is just shocking.

On this, I used these guys to reduce my monthly payments massively.  It's really worth getting in touch

https://www.stepchange.org/

Edit: this isn't just for payday loan people it's for all debts

[Graeme]

Just a quick update on this. Back around 2012/2013 I used one of these companies 5 times over a few months. Total amount was about £700 across the 5 loans.

Towards the end of last year I complained to the lender that I felt the loans were not affordable. They disagreed so I referred my complaint to the Financial Ombusdman. It takes them a few months to investigate but they've now concluded their investigation and ruled the lender must refund all interest and charges from loans 2, 3, 4 and 5. That amounts to £808 and the lender also has to apply 8% interest dating back to when the loans were paid off nearly 5 years ago.

Definitely worth doing if you've ever used these parasites more than once.

[LovelyCushionedHeader]

Just a quick update on this. Back around 2012/2013 I used one of these companies 5 times over a few months. Total amount was about £700 across the 5 loans.

Towards the end of last year I complained to the lender that I felt the loans were not affordable. They disagreed so I referred my complaint to the Financial Ombusdman. It takes them a few months to investigate but they've now concluded their investigation and ruled the lender must refund all interest and charges from loans 2, 3, 4 and 5. That amounts to £808 and the lender also has to apply 8% interest dating back to when the loans were paid off nearly 5 years ago.

Definitely worth doing if you've ever used these parasites more than once.

Pretty much following the same timescale as you, I got the verdict last week. I've worked out I'll be given around £2,000!

I wish I'd taken out more loans now

[Zeb]

That's really cool you've both been able to get a bit back from them. Shocking how much they stung you for.

[BlackandWhitePaul]

Wonga are probably the biggest, they really make my blood boil.  Do you know that the man in charge has donated over £500k to The Conservative Party? 

Fat Mike got into bed with Wonga and had them sponsoring our team for 4 years.

I was ashamed, and embarrassed about it.

https://www.mirror.co.uk/sport/football/news/newcastle-scrap-wonga-shirt-sponsorship-8449782

[Jake]

Just a quick update on this. Back around 2012/2013 I used one of these companies 5 times over a few months. Total amount was about £700 across the 5 loans.

Towards the end of last year I complained to the lender that I felt the loans were not affordable. They disagreed so I referred my complaint to the Financial Ombusdman. It takes them a few months to investigate but they've now concluded their investigation and ruled the lender must refund all interest and charges from loans 2, 3, 4 and 5. That amounts to £808 and the lender also has to apply 8% interest dating back to when the loans were paid off nearly 5 years ago.

Definitely worth doing if you've ever used these parasites more than once.

Great work mate. Let the world know.

[LovelyCushionedHeader]

So after the Obudsman came to the decision that QuickQuid owed me around £1,800, they disagreed and came back with more evidence whilst making a counter offer of £1,100 ish. I rejected that and the Obudsman again rules in my favour...

Now the wait continues...

[nick_8589]

So after the Obudsman came to the decision that QuickQuid owed me around £1,800, they disagreed and came back with more evidence whilst making a counter offer of £1,100 ish. I rejected that and the Obudsman again rules in my favour...

Now the wait continues...

It’s pretty rich of them to be complaining at the high amount of a repayment, keep at it mate, more people should be doing what you’ve done, it’s the only way this sham of an “industry” will learn.

[Euskadi]

So after the Obudsman came to the decision that QuickQuid owed me around £1,800, they disagreed and came back with more evidence whilst making a counter offer of £1,100 ish. I rejected that and the Obudsman again rules in my favour...

Now the wait continues...

Well done, many would have just taken the cash to avoid further hassle. Would be great if the ombudsman would be able to give them a dose of their own medicine and impose an exorbitant interest fee for making a counter offer on a decision. Fuck them, keep fighting.

[Trim0582]

So after the Obudsman came to the decision that QuickQuid owed me around £1,800, they disagreed and came back with more evidence whilst making a counter offer of £1,100 ish. I rejected that and the Obudsman again rules in my favour...

Now the wait continues...

How can they disagree with the Ombudsman and try to counter offer, doesn't that completely undermine an official regulatory body? It hugely undermines and diminishes the power of the FO

I loathe these companies, they profit from ruining lives.

[gamble]

So after the Obudsman came to the decision that QuickQuid owed me around £1,800, they disagreed and came back with more evidence whilst making a counter offer of £1,100 ish. I rejected that and the Obudsman again rules in my favour...

Now the wait continues...

Could QuickQuid be playing for time (either they are going under or being bought out)? Had a compensation case against Pipex Telecommunications around 12 -10 years ago, was owed money and they kept delaying and delaying payment. Turns out they were waiting for the buyout to go through. Amazes me how these (big) companies will contest even relatively insignificant amounts, but they do.

[Bullan]

Not sure if many have followed this case in the States.

https://www.reuters.com/article/us-usa-paydaylending-crime/race-car-driver-tucker-gets-more-than-16-years-for-lending-scheme-idUSKBN1EU20L

Is there a similar governing entity that could take on the companies in the UK?

[Lush is the best medicine...]

Not sure if many have followed this case in the States.

https://www.reuters.com/article/us-usa-paydaylending-crime/race-car-driver-tucker-gets-more-than-16-years-for-lending-scheme-idUSKBN1EU20L

Is there a similar governing entity that could take on the companies in the UK?

theres an episode about him In Netflix’s dirty money series, twats are generous descriptions of him and his family.

[deFacto please, you bastards]

Had one of those for a year, got so deep in it, it took that long to get out, 200 to 300 percent in interest.

[Trendisnotdestiny]

There is show on Netflix --- called Dirty Money.

Here in Kansas City (about 5 miles from our home), lived a guy named Scott Tucker --- his story is one of six detailed as he built an empire here in the Midwest USA --- on payday loans (usury).   Crazy as he became a race driver with the proceeds. 

Such a sick culture -- and the origins go back to 1990's and Clinton.

Anyhow, if you want to raise your blood pressure a bit -- check it out

<a href="https://www.youtube.com/v/CsplLiZHbj0" target="_blank" rel="noopener noreferrer" class="bbc_link bbc_flash_disabled new_win">https://www.youtube.com/v/CsplLiZHbj0</a>

[Lush is the best medicine...]

There is show on Netflix --- called Dirty Money.

Here in Kansas City (about 5 miles from our home), lived a guy named Scott Tucker --- his story is one of six detailed as he built an empire here in the Midwest USA --- on payday loans (usury).   Crazy as he became a race driver with the proceeds. 

Such a sick culture -- and the origins go back to 1990's and Clinton.

Anyhow, if you want to raise your blood pressure a bit -- check it out

<a href="https://www.youtube.com/v/CsplLiZHbj0" target="_blank" rel="noopener noreferrer" class="bbc_link bbc_flash_disabled new_win">https://www.youtube.com/v/CsplLiZHbj0</a>

yeah this is a brilliant documentary, his family are something else though