News : Unemployed mother-of-two & 8 payday loans. - Page 3

Anonymous · ‎28-12-2013

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...

Anonymous · ‎31-12-2013

I've seen the variety in the past that allow a loan via a text message !

You then take a photo of your ID and MMS it to them.

Ludicrous.

Anonymous · ‎31-12-2013

@Bambino wrote:
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.

No-one can use a loan responsibly from one of these companies? I have used them in the past and I am no longer in debt...proof enough?

If payday loan companies have no place, what alternative would you suggest to someone who needs to borrow money at short notice, who can't ask friends or family, and who's credit rating/amount they need to borrow stops them from approaching a bank?

Anonymous · ‎31-12-2013

The term 'Supply & Demand' applies !

Bambino · ‎31-12-2013

@Anonymous wrote:
@Bambino wrote:
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.
No-one can use a loan responsibly from one of these companies? I have used them in the past and I am no longer in debt...proof enough?

If payday loan companies have no place, what alternative would you suggest to someone who needs to borrow money at short notice, who can't ask friends or family, and who's credit rating/amount they need to borrow stops them from approaching a bank?

You are very much the exception rather than the rule. This thread started because of an article about an irresponsible person taking out eight different loans with these loan sharks. Neither she, nor the companies who lent her the money should have even be allowed to do it. There needs to be more regulation of these companies. I don't know how, but paying 2000% in interest is not the way for most people to be able to get out of debt. It only creates a vicious circle that drives them further into it.

I DO NOT WORK FOR O2

perksie · ‎31-12-2013

@Anonymous wrote:
No-one can use a loan responsibly from one of these companies? I have used them in the past and I am no longer in debt...proof enough?

If payday loan companies have no place, what alternative would you suggest to someone who needs to borrow money at short notice, who can't ask friends or family, and who's credit rating/amount they need to borrow stops them from approaching a bank?

The fact that you were able to use one and escape without owing them money for the rest of your life doesn't really prove anything other than you were lucky.

There are companies around that have been here for years that will lend money on a short term basis for a fraction of the type of costs made by those like you suggest who charge fees like this, for example:

They might sound like a good deal but the interest rates are horrendous, for example:

Amount of credit: £150 for 18 days. Interest: £27.99. Interest rate: 365%pa (fixed).
Transmission fee: £5.50. One total repayment of: £183.49. Representative 5853% APR.

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Anonymous · ‎31-12-2013

So, I was lucky and an exception to the rule? So what you're both saying is that EVERYONE except me ends up struggling to pay back these loans and owes them money forever?

Remember that for every person who has used and struggles to repay one of these loans, there is a significant number of people who have used them and haven't had any problems. You see it on here, we only see the people who have a complaint to make about O2 but never really hear from the people who have no problem with their phone or signal.

perksie · ‎31-12-2013

Just in case you weren't aware there are long established loan companies in the UK that will lend money unsecured for short periods, without going anywhere near the rates charged by the pay day companies?

Around 250-400% compared to 5000+% charged by some, which is a huge difference especially if you can't repay on time.

Sadly most people today are would not know how to work out the amounts due if they miss or are late with a payment and are rarely advised what extra charges are involved.

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gemz4the1 · ‎01-01-2014

This is one reason why society is like it is today - because people do what this young lady did and tried to live beyond their means.

We'd all like to splash out on family and friends at christmas and maybe some people would take out ONE loan to buy something extravagent for their home (furniture, tv) but those are generally people who have jobs and can afford the repayments.

It is beyond silly and ridiculous for someone who does not have a job to take out not ONE but EIGHT loans. Now she is telling her story to everyone why? What does she want - some rich kind soul to feel sorry for her and pay her debts off? Sorry to sound harsh but it is her own fault. I'm pretty surer her children would of been just as happy to have one present than a lot. At the end of the day, if its a choice of no presents but in a nice home to having loads of presents and risking losing their home, i'm sure the children would rather have no presents at all.

Anonymous · ‎01-01-2014

Agree totally with Gem

This woman has been a greedy selfish idiot and could put herself and her family into serious debt because of this. I have seen people lose their homes over these loans.

If you don't have the money go without. What is she teaching her kids? I don't buy the "I was in a stable relationship" bit cos she took most of the loans out after her fella left.

She knew exactly what she was doing. I suspect she got paid for the story and as such may use that money to pay some of it back.

Or was this a cynical ploy by the papers who are campaigning against pay day loan companies at the moment. Have they persuaded her to take these loans with the intention to pay them off for her so as to get a good story?

Who knows?

MI5 · ‎01-01-2014

Now you're getting as cynical as the rest of us

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