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[Kevin Wood]

These scum survive only because there are people who know no better and because they advertise....maybe they should be banned from advertising if thier calculated APR is above 50% or x times the BoE base rate......

Indeed. There must be some level where it ceases to be just a very poor product that relies on heavy advertising and daft customers, and becomes a scam.

[TheBoy]

The issue I have is that these pay day loans are a right royal rip off.

Given the interest rate above of 1737%, that equates to around 4.76% per day!.

So if you borrow 100 quid for one week you pay back 132.18!.....so 32+ quid interest in a WEEK!.

If you consider the same with a credit card you would pay 38p (based on an APR of 35%).

For me, a credit union application would be more sensible as they are often around the 25% PA interest rates.

These scum survive only because there are people who know no better and because they advertise....maybe they should be banned from advertising if thier calculated APR is above 50% or x times the BoE base rate......

I hear you, but some people - the ones these are targeted at on daytime telly - may have no options for credit cards, and credit unions don't exist everywhere.  Besides, both credit cards and credit unions only (now) do responsible (ish) lending.  If someone has no income, they ain't gonna pay off the loan.

With such a ridiculous interest rate, as long as a small proportion pay back the loans, thats a viable business model.


Banning them would only work in the favour ot loan sharks.

[Marks DTM Calib]

RTFP 

No mention of baning them, simply a case of banning the advertising, thus hence making the op have to seek the loan rather than having it rammed down thier throat and thus potentialy they may consider more options....

[paul.lovejoy]

These scum survive only because there are people who know no better and because they advertise....maybe they should be banned from advertising if thier calculated APR is above 50% or x times the BoE base rate......

Indeed. There must be some level where it ceases to be just a very poor product that relies on heavy advertising and daft customers, and becomes a scam.

quite agree but i dont always think its becuase people know no better more desperation

i pay my van insurance by direct debit think the apr is something like 40% i could pay it in a lump but the way work is at the moment in the building trade i have to take it on the chin the only consolation is it is tax deductable thank you very much.

but totally agree there should be some sort of caped rate

[paul.lovejoy]

mind you though you have all got it easy

in my day we worked t 26 hour day down t pit used to go home farther used to beat us kill us and t stamp on our graves...luxury    who was that man

[TheBoy]

RTFP 

No mention of baning them, simply a case of banning the advertising, thus hence making the op have to seek the loan rather than having it rammed down thier throat and thus potentialy they may consider more options....

I did, and would forward the suggestion that banning advertising to a large portion of the target customer is effectively banning the product 


Not wishing to be stereotypical in any way, but I have been in an awful lot of houses in a previous job, and reckon I have a reasonable handle on most parts of society

[TheBoy]

RTFP

Oh, and treat me gentle, not entirely sure all the neural pathways have re-established after my bang on the bonce

[Marks DTM Calib]

RTFP

Oh, and treat me gentle, not entirely sure all the neural pathways have re-established after my bang on the bonce

I think thats more down to the '40+' tag 

[TheBoy]

RTFP

Oh, and treat me gentle, not entirely sure all the neural pathways have re-established after my bang on the bonce

I think thats more down to the '40+' tag 

Grrrrrr 

Now I look just like your avatar

[Kevin Wood]

RTFP

Oh, and treat me gentle, not entirely sure all the neural pathways have re-established after my bang on the bonce

I think thats more down to the '40+' tag 

Hasn't been speeding again has he?

Oh, hang on...

[Vamps]

RTFP 

No mention of baning them, simply a case of banning the advertising, thus hence making the op have to seek the loan rather than having it rammed down thier throat and thus potentialy they may consider more options....

I did, and would forward the suggestion that banning advertising to a large portion of the target customer is effectively banning the product 


Not wishing to be stereotypical in any way, but I have been in an awful lot of houses in a previous job, and reckon I have a reasonable handle on most parts of society

And if you were to visit the homes that do not have credit cards they will still have biggest of TV's Laptops, surround sound mostly funded by equally worrying high interest, high advertising, weekly payment stores............oh and they will have at least one dog,  the signs of which will be clearly visible............the kids may not have been fed mind

[Rods2]

RTFP 

No mention of baning them, simply a case of banning the advertising, thus hence making the op have to seek the loan rather than having it rammed down thier throat and thus potentialy they may consider more options....

I did, and would forward the suggestion that banning advertising to a large portion of the target customer is effectively banning the product 


Not wishing to be stereotypical in any way, but I have been in an awful lot of houses in a previous job, and reckon I have a reasonable handle on most parts of society

And if you were to visit the homes that do not have credit cards they will still have biggest of TV's Laptops, surround sound mostly funded by equally worrying high interest, high advertising, weekly payment stores............oh and they will have at least one dog,  the signs of which will be clearly visible............the kids may not have been fed mind

You mean the one with the greasy, unwashed, uncut scruffy hair, that is fat from eating too much with a big fat hairy ass, that's enough about his wife, what about his canine friend. 

[TheBoy]

RTFP 

No mention of baning them, simply a case of banning the advertising, thus hence making the op have to seek the loan rather than having it rammed down thier throat and thus potentialy they may consider more options....

I did, and would forward the suggestion that banning advertising to a large portion of the target customer is effectively banning the product 


Not wishing to be stereotypical in any way, but I have been in an awful lot of houses in a previous job, and reckon I have a reasonable handle on most parts of society

And if you were to visit the homes that do not have credit cards they will still have biggest of TV's Laptops, surround sound mostly funded by equally worrying high interest, high advertising, weekly payment stores............oh and they will have at least one dog,  the signs of which will be clearly visible............the kids may not have been fed mind

Indeed, but as the 50" Plasma is only £5 a week for 1040 weeks, its is a deal not to be missed, as they need something to watch Sky HD on.

[tunnie]

Got to keep our subscription numbers up! 

[TheBoy]

I remember, back in early nineties, fitting an extension for a lady who had just moved in to a brand new estate, and wanted a phone in the 3rd bedroom (box room, think she was using as an office). Lovely lady, really pleasant, curteous, friendly, the type you'd love to have as a neighbour. She was one of the first to move in down her road. I remember telling her that, from my dealings with people who had already moved in that I had been to, it seemed a nice area.

Anyways, about 3 weeks later, I had to go to her neighbour, as their phone wasn't working.  Walked in, what a rather mess. Some of the internal doors were missing panels, the dog had scratched a lot of the paintwork on the skirting, and damaged the plasterboard walls, and there was a man shaped hole between the kitchen and living room where somebody had gone through it. The woman in there, right slag, was effing and blinding at the screaming kid, chain smoking, and trying to tear me off a strip about the phone not working because they'd ripped the socket off the wall trying to move it. Stung her with a bill, but doubt she ever paid.

The nice neighbour came out when I was in the van filling out the charge sheets, told me they were Housing Association tenents (apparently, to get planning permission, the developers had to 'give' housing association 1 in 10 houses ), and had moved in 2 days earlier.  2 days to wreck a brand new house.

Disgraceful.