Pay Day Loans...Rip offs or useful added income at a high price?

[Ernest]

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)

Very much so but we can wait till eternity until something is done

 

[Rookie]

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.

From the Citizens Advice Website (a decent site for basic help and information)
Citizens Advice - How to dispute a debt

 

[Meade's Ball]

From the Citizens Advice Website (a decent site for basic help and information)
Citizens Advice - How to dispute a debt

I wonder how this stands with Student Loans that have not been paid back in 14 years or so.
*cough* ahem.

 

[BBassic]

They're ridiculous.

I strongly believe that in times of recession and economic strife companies like the pay loan ones and all those sodding online casinos should be restricted from advertising on TV.

 

[seagullsovergrimsby]

I wonder how this stands with Student Loans that have not been paid back in 14 years or so.
*cough* ahem.

I thought student loans had to be paid back before you retire

 

[TWOCHOICEStom]

The fact is that for about 80%+ of the people who use this service, they're very good, inexpensive way of getting cash before pay day.

But that 20% prop up the entire business by paying horrendous amounts in interest

 

[KZNSeagull]

Can I suggest that the thread title be changed from "useful added income". Any loan should not be regarded as income. If you need loans to supplement your income, you need to take a long, hard look at your expenditure.

 

[Triggaaar]

If you're stuck and need £100 to get you by for a few days before getting paid, then i don't see any problem.

used them if I need too...paid back quickly not too bad

If they are used properly there is no issue whatsoever.

WTF? The problem is, they're a massive ripoff. They are bad, there is an issue.

Can you please explain what you might need £100 for, a few days before getting paid?