topic Re: News : Unemployed mother-of-two & 8 payday loans. in Off-Topic

News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 07:29:37 GMT

Meet the unemployed mother-of-two who borrowed £1,700 from EIGHT payday loan companies to buy 'hundreds' of Christmas presents... and now she says she can't pay any of them back

The mind really does boggle !!

Source : DailyMail.

http://www.dailymail.co.uk/news/article-2529393/Unemployed-mother-two-borrows-1-700-EIGHT-payday-loan-companies-buy-hundreds-Christmas-presents-children-says-pay-back.html

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 09:38:08 GMT

Oh dear

Re: News : Unemployed mother-of-two & 8 payday loans.

MI5 — Sat, 28 Dec 2013 09:47:36 GMT

I can't be bothered to even read the link as we all know who will end up paying!!!

Re: News : Unemployed mother-of-two & 8 payday loans.

Bambino — Sat, 28 Dec 2013 10:11:59 GMT

I'm sure she's probably one of thousands who have done the same thing. And someone in another thread a few days ago was extolling the virtues of payday loan companies.

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 11:04:09 GMT

This is the issue with today's society. We want everything and we want it now and stuff the consequence.

Next this woman will be complaining that she is being hounded by the pay day loan companies (aka scum) when she doesn't pay it back.

If you can't afford it, go without. Teach the kids the value of money. Hard line? Yes. But this woman must take responsibility for her actions. She said when she started taking the loans she was in a secure relationship and they both worked. Now she is single and on benefits. But it was clear from the story that she took most of the loans after her partner left.

I have no sympathy for pay day loans. I think the companies are pure scum and government should legislate them out.

If you need to borrow short term and the banks won't help then use your local credit union. Much cheaper. Ethical. Moral. Protected by FSA. (But still don't borrow if you can't afford to pay it back)

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 12:43:41 GMT

SMH, I knew as soon as I read this story there'd be a link to the Daily Fail.

Will they ever stop their persecution of people on benefits? Probably not, it winds their readers up and gets them hits on their website.

As for this woman, she is unemployed, as are a LOT of people whether the Daily Mail likes it or not, would you want 2 screaming kids with no presents this past Wednesday? And the loan companies are Sharks IMO, they knew the woman was unemployed with possibly no way of paying back loans but they gave her money anyway.

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 12:42:06 GMT

It's been on the national news this morning Richard.

The link was just handy.

You really need to let go of the Daily Mail hangup my friend.

Re: News : Unemployed mother-of-two & 8 payday loans.

MI5 — Sat, 28 Dec 2013 12:50:03 GMT

It really is quite simple - If you can't afford it don't buy it.....
No sympathy for people like this, if they got a job like the rest of us they wouldn't be in financial strife !!

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 13:21:56 GMT

So you've never bought anything on the "Never Never"?!

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 14:03:58 GMT

Personally, no.

I've saved for an item or for example sold my previous iPhone to part fund the purchase ,and I work extra hours to pay for the shortfall.

In November I worked an extra 56 hours to fund Christmas and used my extra bonus to pay for the iPhone 5s.

Re: News : Unemployed mother-of-two & 8 payday loans.

perksie — Sat, 28 Dec 2013 14:26:04 GMT

@Anonymous wrote:
SMH, I knew as soon as I read this story there'd be a link to the Daily Fail.

Will they ever stop their persecution of people on benefits? Probably not, it winds their readers up and gets them hits on their website.

Why is it impossible to mention the Daily Mail on this forum without it being attacked by you?

Like it or not this is a British daily newspaper and what is being reported here is a factual story, so change the record!

Re: News : Unemployed mother-of-two & 8 payday loans.

sheepdog — Sat, 28 Dec 2013 15:46:18 GMT

The Daily Mail is currently waging a war on the payday loans companies so the article is less of an attack on benefits and more of propoganda exercise in their ultimate aim of being the crusader against them. Note they specifically mentioned Wonga and none of the others so you can guess who their primary target is. This is probably why: Daily Mail Fraud case and this follow up link

Re: News : Unemployed mother-of-two & 8 payday loans.

perksie — Sat, 28 Dec 2013 16:49:40 GMT

Richard it seems cannot let his hatred for this newspaper get in the way of any good it might do.

This paper has a very good track record of exposing companies like the one mentioned and I hope they continue in the same way.

Disagreeing with their political views is a whole different argument and Richard needs to learn some self control as this is not a political forum whatever he might think.

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 18:23:00 GMT

Although I read the Mail Online I don't like it and view it as more of a comic than a news source. However, I do know they have run some very worthwhile campaigns, the Stephen Lawrence case being one.

It's possible to disagree with something and still understand that it does some good.

Back to the original thread, I can't believe that someone could be so stupid! The children will soon be bored of the presents and no doubt she'll do the same next year.

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Sat, 28 Dec 2013 18:58:06 GMT

Sorry but no sympathy for this woman and I agree with the Daily Mail actions here, focusing on the damage that pay day loan companies do.

Re: News : Unemployed mother-of-two & 8 payday loans.

MI5 — Sat, 28 Dec 2013 19:12:01 GMT

Unfortunately this will just be one of many thousands of stupid people who have got themselves in this mess just because they are irresponsible enough to look after themselves, let alone be allowed to have children....

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Tue, 31 Dec 2013 13:09:19 GMT

No-one was extolling the virtues of payday loan companies, far from it, especially when this woman has knowingly borrowed far more than she can afford.

What I said was that if they are used responsibly then they can be a life saver. I would never suggest anyone take out a payday loan for the 30 days that you are allowed to. But to get your hands on a "small" amount of money quickly to be repayed in a week then I have no problem with them.

To borrow more than you know you can afford to repay (baring in mind companies like Wonga allow you to see exactly how much you have to pay back and when before you accept the loan), is irresponsible. Yes, these companies make it easier for people already in debt to make their situation worse, but at the same time they also help alot of people who need to get their hands on money quickly for a short amount of time.

I sincerely hope those of you who have allegedly never used credit or had to take out a loan manage to stay in the financial position that you are in. However not everyone has that luxury. To say "get a job" is laughable! An uncomfortably large percentage of the UK live from pay slip to pay slip fro whatever reason. I've worked my entire adult life with an above average salary but for reasons outwith my control I have ended up in debt in the past.

The mention of credit unions is a very good one, however having looked into them in the past, they are only suitable if you have already signed up to one. If your car breaks down the week before pay day, you only have enough money in your account to cover food and travel till then and you can't borrow money to get it fixed from friends or family, a credit union can't really help.

I am not condoning what this woman has knowingly done, far from it, but I am sticking by what I said in the other thread; If pay day loans are used responsibly and as intended then they do have their place.

Re: News : Unemployed mother-of-two & 8 payday loans.

perksie — Tue, 31 Dec 2013 13:56:13 GMT

@Anonymous wrote:
What I said was that if they are used responsibly then they can be a life saver. I would never suggest anyone take out a payday loan for the 30 days that you are allowed to. But to get your hands on a "small" amount of money quickly to be repayed in a week then I have no problem with them.

Even a very short loan like that could turn into an awful situation if you couldn't manage to pay for any unexpected reason at the end of that week.

Once you have an association with a pay day company there will always be a temptation to use them.

Re: News : Unemployed mother-of-two & 8 payday loans.

Bambino — Tue, 31 Dec 2013 13:23:39 GMT

I understand what you're saying, but no one can use a loan responsibly from a company that charges more than 2,000% interest. Whether it's for a day, for a week, or for a month. My opinion stays the same. These companies are no more than legalised loan sharks. There are other alternatives. Payday loan companies have no place. They prey on the weakest and most vulnerable in our society, and it's criminal.

Re: News : Unemployed mother-of-two & 8 payday loans.

Anonymous — Tue, 31 Dec 2013 13:23:42 GMT

@perksie wrote:

Even a very short loan like that could turn into an awful situation if you couldn't manage to pay for any unexpected reason at the end of that week.
Once you have an association with a pay day company there will always be a temptation to use them.

I completely agree, but the same could be said about any loan, credit card or other form of borrowing.

I also agree about the temptation, but that is why I said they should be used responsibly and probably only ever as an absolute last resort if you are 100% certain you can repay the amount on the specified date.