Payday loan companies

[Benjamin_Nevis]

In fairness, must be around 6/7 years since I used them, and CAB were the guys who recommended them at the time. 
MoneySavingExpert have a Debt Forum which is also really handy if you need pointing in the right direction. 
 

Aye, if I mind right they have a lot of handy template letters as well. There are loads of free resources out there, but when folk google debt help, invariably the first few results are shady Trust Deed companies.

[Sir Kevin Of Kilsyth]

I bumped loads of these companies back in the day for hundreds each and spent all the money on drink. It's left my credit rating fucked beyond repair but what a fuckin laugh it was. Great bevvy. 

Would I do it all again - yes, probably. 

[LincolnHearts]

With QQ going pop, I feel sorry for the poor wee fucker who will now stink for eternity because his mum can't get the plumber out to fix the boiler.

[Mitch]

They should be illegal. The rates they charge are obscene and they pray on a section of society who are already hard up. The quicker they all go to the wall the better!

[ICTChris]

With QQ going pop, I feel sorry for the poor wee fucker who will now stink for eternity because his mum can't get the plumber out to fix the boiler.

Those adverts are very shady. I wonder how many customers of these firms were shiny families in lovely new build houses who just had a boiler break down. I doubt an advert featuring their typical customer would go down well. Although maybe DA Baracus could have appeared in one

“Stuck with no money to finance my winning idea of a sexualised adult pram, only ‘QuickLoan Quids In Phree Munnee PayDay Loan Company’ would hep me fund my dream. Sadly no-one wanted to buy my depraved invention so now I have to suck off sailors for food as I’ve given all my money in repayments. Thanks loan sharks!”

[GordonD]

1 hour ago, LincolnHearts said:

With QQ going pop, I feel sorry for the poor wee fucker who will now stink for eternity because his mum can't get the plumber out to fix the boiler.

I'm sure she could find another way to pay the plumber...

[GordonD]

34 minutes ago, ICTChris said:

Those adverts are very shady. I wonder how many customers of these firms were shiny families in lovely new build houses who just had a boiler break down. I doubt an advert featuring their typical customer would go down well. Although maybe DA Baracus could have appeared in one

I said that before about the life insurance ads. The guy they show making an enquiry describes himself as 32 and a non-smoker and gets a ridiculously low quote for a monthly payment. I'd like to see what they quoted a jakie aged 57 who smokes sixty a day.

[Melanius Mullarkey]

It’s not so much the payday loan companies that bother me (they’ll always be around on one form or another) it’s the growing obsession (and range of companies that seem desperate to tell you) with our credit score.  

When did all that start?

[Sergeant Wilson]

7 minutes ago, Melanius Mullarkey said:

It’s not so much the payday loan companies that bother me (they’ll always be around on one form or another) it’s the growing obsession (and range of companies that seem desperate to tell you) with our credit score.  

When did all that start?

Or claim compensation for accidents/flight delays/medical negligence etc. Usually advertised as a company name fronting for a huge market player who doesn't want its good name ruined by association with that end of the business.

[UsedToGoToCentralPark]

It’s not so much the payday loan companies that bother me (they’ll always be around on one form or another) it’s the growing obsession (and range of companies that seem desperate to tell you) with our credit score.  

When did all that start?

There's no way I would let these companies anywhere near by information as realistically its your data in another few databases, increasing your chance of getting your data stolen. These companies need to make money as well so I assume these free services are pushing ads at you or emailing you offers or if you agree selling your details.

I also avoid open banking for much the same reasons.

[coprolite]

On 25/10/2019 at 11:31, Gaz said:

There have been various companies set up in the past to do just what you describe - offer low-cost lending to people with poor credit histories.

Want to guess what happened to them? They went bust, because massive amounts of people with poor credit histories tend not to pay back money they've borrowed. Not all of them, but enough to make the business model unviable.

If you have a government-backed scheme, that pushes the cost onto all of us.

Insolvency is the alternative. 

Insolvency is a government backed scheme that pushes the cost onto all of us. 

[superbigal]

Quickquid has not gone bust.

This is a business decision by parent company to avoid the compo seekers.

Whatever moral view you take on this decision I'm pretty sure Big Dels leg breaking lenders have few compensation claims lining up against their type.

 

The parent company will actually continue to offer long term loans in the uk

 

[coprolite]

On 25/10/2019 at 11:39, Ross. said:

Starting with that last sentence, the current set up pushes far more of a cost onto the public purse than anything else does. Even ignoring the 2008 crash and bail outs, the debt cycle is hugely damaging to the UK's economy, reducing what people have available to spend never mind leaving them unable to save, meaning they are not only more likely to stay in debt, but more likely to see that debt increasing.

Any scheme along the lines of what I am suggesting would not be a simple "We will lend you money when no one else will". It would have to come with support to help people manage their money, with ongoing commitments to try and stop them from falling behind or making the same mistakes consistently. Habits would have to be changed and progress monitored, and not everyone would be in a position to get that help. No different to those who want help with health issues. You don't just give them some pills and send them on their way.

This is sensible.

There could be an effective and enforceable bar placed on any new credit. This would be easy to do through the credit agencies. 

A fixed period of say 3-5 years could be in place, by which time a credit rating could be improved enough to give access to reasonably priced commercial loans. 

The government doesn't even need to financially back the whole debt, they can just mandate that lenders reduce rates to people covered by the scheme to a statutory maximum. Lenders can price the risk in to their products. 

 

[pandarilla]

If the government set it up I would want it run in conjunction with the cab / step change organisations who have great experience with helping vulnerable people make good decisions. It's not just an endless stream of money.

And for those right wingers worried about the cost to us, what is your response to the bank bailout comparison? That was the same, but with millionaires and shiny suits. Those c***s should've been jailed.

And again the point about the cost is picked up eventually by us in terms of the NHS, police services, courts and jails etc.

These are the situations that lead to desperate people doing desperate things. They need support - not some shark b*****d who's trying to turn a profit.

[DA Baracus]

I never had to suck off sailors.

Had to w**k a few off though.

[Melanius Mullarkey]

3 minutes ago, DA Baracus said:

I never had to suck off sailors.

Yet.

[hearthammer]

3 minutes ago, DA Baracus said:

I never had to suck off sailors.

Had to w**k a few off though.

Who said the Dockyard was on a downward spiral, eh ??  Seems there's jobs and "jobs" to be found.  Fife enterprise at its best  

[DA Baracus]

Just now, Melanius Mullarkey said:

Yet.

I'm nearly shot of payday loans for good and my credit rating is so comically bad that none of them will lend to me anymore (thankfully).

So no sailor boab for me.

[ICTChris]

I'm nearly shot of payday loans for good and my credit rating is so comically bad that none of them will lend to me anymore (thankfully).
So no sailor boab for me.

I’m glad you are out from under their cloud.

I’m not sure how you can improve your credit rating, friends of ours had issues with credit and sorted it by getting a credit card and arranging to pay it off every month for a few months, that helps. They’ve got a mortgage now so are in a better position, maybe y u could do something like that?

[GordonD]

1 hour ago, DA Baracus said:

I never had to suck off sailors.

Had to w**k a few off though.

Doesn't explain why you kept doing it after the loan was paid off though.