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

[Anonymous]

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-loa...

[perksie]

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@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.

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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!

[sheepdog]

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

[perksie]

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.

[Anonymous]

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.

[Anonymous]

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.

[MI5]

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....

[Anonymous]

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.

[perksie]

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@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. 

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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.

[Bambino]

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.

[Anonymous]

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@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.

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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.