Seat Stealer
Active member
- Jun 23, 2012
- 318
Off to give my mum a loan at 27000%APR. She's happy. Night,
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Pay Day Loans...Rip offs or useful added income at a high price?
- Thread starter Neecha
- Start date
If I knew you in person I wouldn't care if you're 'credit worthy' if you needed a few quid to feed your kids. I tend not to lend money I can't afford to never see again.
Ernest
Stupid IDIOT
Get as much as you can before it goes tits up, wait 6 years and do it again and the only one you don't bump is the one that your pay goes into
Garage_Doors
Originally the Swankers
So are you saying you have no access to any form of loans, ie mortgage, car loan, Home improvement loan, furniture loan etc?
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c0lz
North East Stand.
Your leaning lol .
The Wookiee
Back From The Dead
It is so easy to do, all you need is to be clever and not too greedy
c0lz
North East Stand.
Many company's only black list you now which means you can not go back to that company, if and a big if a company gets a county court judgment against you, it will only last 6 years after that date your credit is good with every one.
Nonsense. Credit agencies keep very detailed records.
All these companies need is at least 50% of debtors paying back what they should and they are in profit. If you chase all the non-payers and get results it's all gravy on the profit. Thing is all the while the economic situation is at it's present state I would love to open a 'wongas'..........guarenteed loads a dosh! Just don't have the financial back up to start up a loan company! Wonder who 'wongas' owner's are?
c0lz
North East Stand.
El Presidente isn't right. Credit agencies are only allowed by law to enforce debts under 6 years old. If you have not acknowleded a debt in writing or on a recorded conversation for at least 6yrs. No letters no phone calls then, you are under the rules of the 'Statute of Limitations Act'........don't ask me what year, I aint no lawyer but, I know this. We owed over 18K and moved to Spain for years in fright, gutless I guess. We should have staid and fought to pay back our creditors. Well, we didn't. No conversations nor calls nor acknowledement for six years meant we could tell the debt collection agencies to F**k off!
Some may castigate me but, if your in the same position look up, 'The Statute of Limitations Act', get wise to these big corporations.
Some may castigate me but, if your in the same position look up, 'The Statute of Limitations Act', get wise to these big corporations.
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Worthingite
Sexy Pete... :D
Spot on. Is it any coincidence that they advertise mainly on daytime telly - the target audience of which are the jobless and the housebound??
I've never used them personally, but I've worked for a debt recovery firm that has a few of the "biggies" as clients, luckily I never worked on them, but I heard some proper horror stories, where £100 loan has turned into £1800 in less than a year. Sub Prime debt is frightening, and needs tighter regulation to protect vulnerable customers.
Worthingite
Sexy Pete... :D
Statute of limitations is, I believe 5 years, but in principle, your right. There is a MASSIVE difference, however, if you end up with a CCJ. That stays on your credit file for ever, even when it is discharged (paid off) there will still be a flag on your file. After (again, committed from memory) 3 years from the point of discharge, you would normally be able to get credit again, but it depends on the level of risk that company is prepared to take.
Fair enough I take your point that companies set their own risk. So can you explain how my wife and I both have credit accounts, with mine alone being over 10K on credit card limits alone? Go on, someone will say that this is what caused the crash, you'd be right!
Worthingite
Sexy Pete... :D
f*** knows!!! Most people start repairing their rating with a Capital One or Vanquis card, starting with a "credit helper" card, made regular payments, and they will keep adding to the credit limit so long as regular payments are made, and the card is being used often.
There are 3 different credit agencies - Experian, Equifax and CallCredit (although the last one is tiny in proportion to the other two), each of them have different ways of calculating credit score, and they don't talk to each other, so in theory (at least) you could f*** one credit agency over and just use another. Only thing is, you have to know what companies use what agency, and that's not something that's hugely advertised. But one way or another, 99% of companies use one of those 3.
Worthingite, How do I put this. Private companies and even government agencies do not have infallable sytems. I will give you a real example. I was a tearaway, perhaps still am, even though I am old. I was banned from driving would you believe at aged 15. When I was able to apply for my legal liscence I was sent a 'Full License' not a provisional! Yes, I have a pass certificate still, because I don't need to send it in because they F**ked up! Legally I have the two documets, just waiting for the day they try to 'do me'!
Spanish Seagulls
Well-known member
This appeared in The Guardian stating that Wonga had to write off 41% of revenues due to bad debt!
Wonga's bad debts start to rise along with its profits | Business | The Observer
Wonga's bad debts start to rise along with its profits | Business | The Observer
Personally I feel there are better ways of protecting the vulnerable than just putting the likes of Wonga out of business. Wonga provide a service, but there ought to be better avenues for the most desperate. And there are - they are called credit unions:
Credit Unions: Local community savings & loans...
They are non-profit organisations that encourage personal responsibilty and they help local communities too. Unfortunately they are criminally underpublicised, but I do think a responsible government should be encouraging the creation and use of these organisations.
In addition, we should be looking at reasons WHY such desperate people need to borrow all the time. Of course there is the sector of society that is simply poor and irresponsible, but there are also those who are simply caught in a poverty trap. The state of the energy sector annoys me. Predictably, privatisation of energy companies has done nothing for this country, IMO. There are so many tarifs now, and you still have to ASK to find the best tarif for your useage. Not to mention that those who use more end up paying less per unit, which again means in reality the rich are being subsidised by the poor. Perhaps the poor wouldn't need to go to loan sharks to feed their families if their energy bills were lower.
Credit Unions: Local community savings & loans...
They are non-profit organisations that encourage personal responsibilty and they help local communities too. Unfortunately they are criminally underpublicised, but I do think a responsible government should be encouraging the creation and use of these organisations.
In addition, we should be looking at reasons WHY such desperate people need to borrow all the time. Of course there is the sector of society that is simply poor and irresponsible, but there are also those who are simply caught in a poverty trap. The state of the energy sector annoys me. Predictably, privatisation of energy companies has done nothing for this country, IMO. There are so many tarifs now, and you still have to ASK to find the best tarif for your useage. Not to mention that those who use more end up paying less per unit, which again means in reality the rich are being subsidised by the poor. Perhaps the poor wouldn't need to go to loan sharks to feed their families if their energy bills were lower.
Ernest
Stupid IDIOT
Ever rising fuel bills, food prices, housing costs and wages at poverty levels with no increases insight so no wonder people are desperate and so use these sharks , just lucky we are all in this together
Yes it's the big society.
The thing that annoys me is that there are so many measures such as encouraging credit unions or re-evaluating these energy companies that could do so much to help the most vulnerable. I'd re-nationalise our monopoly utility companies (and rail companies) at a stroke. Privatising these firms have done nothing to help anyone, except those rich enough to hold shares in them. (And yes I realise that includes anyone with a pension, but there are plenty of other firms that pension companies could invest in on our behalf)