Botley grandfather Ian Jordan killed himself over spiralling pay day loan debts

Ian Jordan

Ian Jordan

First published in News
Last updated
Daily Echo: Photograph of the Author by , Senior Reporter

A GRANDFATHER killed himself after debts to pay-day loan firms spiralled out of control, an inquest heard.

Ian Jordan had racked up more than £20,000 worth of debt to more than a dozen firms over the course of a year before he killed himself, Southampton Coroner’s Court was told.

In one case he was being charged more than 5,000 per cent per year in interest for the cash he had borrowed.

The case comes as the financial regulator announced plans for a cap on the amount that pay-day lenders can charge their customers.

Today Mr Jordan’s family urged the authorities to do more to halt the number of cash-strapped people falling into the debt trap.

They heard how it was not known how much money 60-year-old Mr Jordan had initially asked to borrow from the firms.

His daughter Samantha Carr said: “He was borrowing money to pay off debts [which was] to pay off debts.”

She added: “The interest rate is one thing, the fact that you have already got this debt was another. It just spiralled out of control.”

Poor health The court heard that Ian had been unemployed for years due to poor health and suffered with a hiatus hernia.

He was then taken off jobseekers allowance but the loan firms still continued to take the cash.

She said: “They were just taking it out of his bank account. He had no money in the last few days of his life.”

The coroner’s court heard he was found dead in his home in Tickner Close, Botley, a week after he was last seen by anyone.

The alarm had been raised by his doctor when he had missed several appointments.

He had written a note on his laptop which officers found when they entered his home.

After hearing how Ian had overdosed on painkillers, senior coroner for Southampton and the New Forest, Grahame Short recorded a verdict of suicide.

Mr Short said: “The note makes it clear that he wanted to end his life. I wasn’t aware of the level of his debt until today.”

Paying tribute to her father, who was also well known as a DJ at amateur dance competitions across the south coast, Samantha described him as the “life and soul of the party”.

But she said that her father’s tragic case showed how vital it was to clampdown on pay-day firms.

Samantha added: “Why do they still lend money to people when you have got debt?

“My main concern is to make sure that this doesn’t happen to anybody else.”

To express their outrage, the family created a video called “Merry Christmas Daddy pay day loans”.

It calls on the Government to cut the high interest rates enforced by firms.

Comments (49)

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6:49am Mon 21 Jul 14

Kirsty666 says...

The problem with loan companies is they charge a minimum of 129% APR the same as most credit cards which is disgusting they shouldn't be aloud to do it as vulnerable people who need a quick cash fix get themselves into more debt.
Take Cashconverters for example they charge 33% on a buyback loan so borrow £100 you pay back £133 in 28 days. These companies shouldn't be aloud to exist or there should be a limit on what they can do.
The problem with loan companies is they charge a minimum of 129% APR the same as most credit cards which is disgusting they shouldn't be aloud to do it as vulnerable people who need a quick cash fix get themselves into more debt. Take Cashconverters for example they charge 33% on a buyback loan so borrow £100 you pay back £133 in 28 days. These companies shouldn't be aloud to exist or there should be a limit on what they can do. Kirsty666
  • Score: 39

7:13am Mon 21 Jul 14

skeptik says...

Usary : The practice of making unethical or immoral monetary loans intended to unfairly enrich the lender. A loan may be considered usurious because of excessive or abusive interest rates part of the Usary act 1545 - sadly this was struck out of the statutes.
Usary : The practice of making unethical or immoral monetary loans intended to unfairly enrich the lender. A loan may be considered usurious because of excessive or abusive interest rates part of the Usary act 1545 - sadly this was struck out of the statutes. skeptik
  • Score: 27

8:52am Mon 21 Jul 14

sparkster says...

poor man, my thoughts are with his family
poor man, my thoughts are with his family sparkster
  • Score: 27

8:52am Mon 21 Jul 14

Maine Lobster says...

Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome.
Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome. Maine Lobster
  • Score: 17

9:21am Mon 21 Jul 14

For pity sake says...

Kirsty666, FatsCornerBoy:
By quoting the spam posting you are just proliferating it.
They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan".
Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.
Kirsty666, FatsCornerBoy: By quoting the spam posting you are just proliferating it. They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan". Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it. For pity sake
  • Score: 13

9:28am Mon 21 Jul 14

Kirsty666 says...

For pity sake wrote:
Kirsty666, FatsCornerBoy:
By quoting the spam posting you are just proliferating it.
They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan".
Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.
Just curiously how do you explain it being on the post lightening strikes church then?
[quote][p][bold]For pity sake[/bold] wrote: Kirsty666, FatsCornerBoy: By quoting the spam posting you are just proliferating it. They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan". Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.[/p][/quote]Just curiously how do you explain it being on the post lightening strikes church then? Kirsty666
  • Score: 3

9:28am Mon 21 Jul 14

jackois says...

Pay day loan companies may take on higher risk debtors, but rarely carry out full checks that those applying to make sure that they haven't already taken a loan with another lender... in the past, the lack of checks allowed people to take out one credit card to pay off another to the point where people could rack up horrendous amounts of debt.

These companies are the same. It's a shame that profit is the motivator for most business these days, be it energy, supermarkets or banks...

This is a tragedy for his family but sadly there'll be more before our government gets a grip on situations like this... bearing in mind, they are as greedy as anyone I know.
Pay day loan companies may take on higher risk debtors, but rarely carry out full checks that those applying to make sure that they haven't already taken a loan with another lender... in the past, the lack of checks allowed people to take out one credit card to pay off another to the point where people could rack up horrendous amounts of debt. These companies are the same. It's a shame that profit is the motivator for most business these days, be it energy, supermarkets or banks... This is a tragedy for his family but sadly there'll be more before our government gets a grip on situations like this... bearing in mind, they are as greedy as anyone I know. jackois
  • Score: 17

9:32am Mon 21 Jul 14

For pity sake says...

Kirsty666 wrote:
For pity sake wrote:
Kirsty666, FatsCornerBoy:
By quoting the spam posting you are just proliferating it.
They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan".
Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.
Just curiously how do you explain it being on the post lightening strikes church then?
Yes - noticed that after I had posted.
I obviously gave the spammer more credit than he was due.
He is obviously just using a scatter-gun approach.
The fact remains though - please don't quote him because then the Echo have to remove your post as well as the original.
[quote][p][bold]Kirsty666[/bold] wrote: [quote][p][bold]For pity sake[/bold] wrote: Kirsty666, FatsCornerBoy: By quoting the spam posting you are just proliferating it. They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan". Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.[/p][/quote]Just curiously how do you explain it being on the post lightening strikes church then?[/p][/quote]Yes - noticed that after I had posted. I obviously gave the spammer more credit than he was due. He is obviously just using a scatter-gun approach. The fact remains though - please don't quote him because then the Echo have to remove your post as well as the original. For pity sake
  • Score: 6

9:33am Mon 21 Jul 14

excusemoi says...

These horrid ads should be taken off tv, that one with the olde munters makes me feel sick.
These horrid ads should be taken off tv, that one with the olde munters makes me feel sick. excusemoi
  • Score: 15

9:48am Mon 21 Jul 14

Columbo's Glass Eye says...

Who does the debt get passed on to now he's not alive to pay back the £20k?? the family?
Who does the debt get passed on to now he's not alive to pay back the £20k?? the family? Columbo's Glass Eye
  • Score: -3

9:50am Mon 21 Jul 14

forest hump says...

It is crazy that companies can charge the equivalent of 1000's % APR for short term loans. I understand the risk factor in money lending but why prey on the vulnerable? Charge the most to those who can least afford it? Financial regulation is desperately required but I sense those who have the power to legislate might have some pecuniary involvement perhaps? Bit similar to that incident many years back when the Vatican was exposed to having stock options with a contraceptive manufacturer.
It is crazy that companies can charge the equivalent of 1000's % APR for short term loans. I understand the risk factor in money lending but why prey on the vulnerable? Charge the most to those who can least afford it? Financial regulation is desperately required but I sense those who have the power to legislate might have some pecuniary involvement perhaps? Bit similar to that incident many years back when the Vatican was exposed to having stock options with a contraceptive manufacturer. forest hump
  • Score: 7

9:51am Mon 21 Jul 14

Abkhazsoyuz says...

Kirsty666 wrote:
For pity sake wrote:
Kirsty666, FatsCornerBoy:
By quoting the spam posting you are just proliferating it.
They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan".
Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.
Just curiously how do you explain it being on the post lightening strikes church then?
Probably because The Rev. Philbrick said it would cost a *couple of thousand pounds* to repair the cross.
[quote][p][bold]Kirsty666[/bold] wrote: [quote][p][bold]For pity sake[/bold] wrote: Kirsty666, FatsCornerBoy: By quoting the spam posting you are just proliferating it. They are generated, as Fats says, by an algorithm presumably programmed to fire off spam by seeing the keyword "loan". Rather than re-quoting the post, please use the "Report this post" button which should trigger the Echo staff to remove it.[/p][/quote]Just curiously how do you explain it being on the post lightening strikes church then?[/p][/quote]Probably because The Rev. Philbrick said it would cost a *couple of thousand pounds* to repair the cross. Abkhazsoyuz
  • Score: 2

9:56am Mon 21 Jul 14

Kirsty666 says...

excusemoi wrote:
These horrid ads should be taken off tv, that one with the olde munters makes me feel sick.
Quick Quid APR 1999%
Full Pocket APR 2699%
Cannon Finance APR 1940.5%
Wonga APR 4214%
That is an average of how these companies rip people off somehow they seem to get away with it especially people who can't afford the repayments. I understand that people borrow money and these companies need to make a profit same as any company but they should be limited to the most of 20% APR not the way these are in the thousands!
[quote][p][bold]excusemoi[/bold] wrote: These horrid ads should be taken off tv, that one with the olde munters makes me feel sick.[/p][/quote]Quick Quid APR 1999% Full Pocket APR 2699% Cannon Finance APR 1940.5% Wonga APR 4214% That is an average of how these companies rip people off somehow they seem to get away with it especially people who can't afford the repayments. I understand that people borrow money and these companies need to make a profit same as any company but they should be limited to the most of 20% APR not the way these are in the thousands! Kirsty666
  • Score: 11

10:44am Mon 21 Jul 14

From the sidelines says...

The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks, From the sidelines
  • Score: 13

11:21am Mon 21 Jul 14

Jan28th1984 says...

Shakespeare's father was famously twice prosecuted for usury - for charging interest at 21% and 25%.
We don't seem to have learned much in the last 440 years.
Shakespeare's father was famously twice prosecuted for usury - for charging interest at 21% and 25%. We don't seem to have learned much in the last 440 years. Jan28th1984
  • Score: 13

11:36am Mon 21 Jul 14

sparkster says...

I have reported the spam post to the echo
I have reported the spam post to the echo sparkster
  • Score: 3

11:36am Mon 21 Jul 14

Torchie1 says...

From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.
[quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided. Torchie1
  • Score: 9

2:26pm Mon 21 Jul 14

Dai Rear says...

excusemoi wrote:
These horrid ads should be taken off tv, that one with the olde munters makes me feel sick.
Crude, but you've a point. Debt is an addiction. heroin is an addiction. You don't see ads for heroin; nor should debt-dealers be allowed to advertise.
The debt is a liability of his estate. His estate will be insolvent so Don Vito Corleone won't get back the two bob he lent the poor chap six months ago. But you certainly don't want these companies out of business. Remember all the violent "burglaries" there have been on low grade properties in the City the last 12 months? Well that's how dealers enforce debts. Better a letter from Sue Grabbit & Run methinks.
[quote][p][bold]excusemoi[/bold] wrote: These horrid ads should be taken off tv, that one with the olde munters makes me feel sick.[/p][/quote]Crude, but you've a point. Debt is an addiction. heroin is an addiction. You don't see ads for heroin; nor should debt-dealers be allowed to advertise. The debt is a liability of his estate. His estate will be insolvent so Don Vito Corleone won't get back the two bob he lent the poor chap six months ago. But you certainly don't want these companies out of business. Remember all the violent "burglaries" there have been on low grade properties in the City the last 12 months? Well that's how dealers enforce debts. Better a letter from Sue Grabbit & Run methinks. Dai Rear
  • Score: 1

2:43pm Mon 21 Jul 14

IronLady2010 says...

The Financial Industry needs another overhaul, it can be quite easy to get into debt.

In the UK we have up to 4 main Credit agencies who lenders use to carry out credit checks, now the lender can choose any one of these, some use more than one.

So, if rack up a debt with say Wonga as an example and they use experian, you can then go to another lender who uses call credit and they would have no idea of your previous debt.

It's high time these Credit Agencies worked together and linked the information to prevent people getting into a state in the first place.
The Financial Industry needs another overhaul, it can be quite easy to get into debt. In the UK we have up to 4 main Credit agencies who lenders use to carry out credit checks, now the lender can choose any one of these, some use more than one. So, if rack up a debt with say Wonga as an example and they use experian, you can then go to another lender who uses call credit and they would have no idea of your previous debt. It's high time these Credit Agencies worked together and linked the information to prevent people getting into a state in the first place. IronLady2010
  • Score: 0

7:46pm Mon 21 Jul 14

sass says...

Kirsty666 wrote:
The problem with loan companies is they charge a minimum of 129% APR the same as most credit cards which is disgusting they shouldn't be aloud to do it as vulnerable people who need a quick cash fix get themselves into more debt.
Take Cashconverters for example they charge 33% on a buyback loan so borrow £100 you pay back £133 in 28 days. These companies shouldn't be aloud to exist or there should be a limit on what they can do.
Allowed...dumba55
[quote][p][bold]Kirsty666[/bold] wrote: The problem with loan companies is they charge a minimum of 129% APR the same as most credit cards which is disgusting they shouldn't be aloud to do it as vulnerable people who need a quick cash fix get themselves into more debt. Take Cashconverters for example they charge 33% on a buyback loan so borrow £100 you pay back £133 in 28 days. These companies shouldn't be aloud to exist or there should be a limit on what they can do.[/p][/quote]Allowed...dumba55 sass
  • Score: -3

11:20pm Mon 21 Jul 14

andysaints007 says...

From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
[quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with andysaints007
  • Score: -1

12:43am Tue 22 Jul 14

POP'S SON says...

Columbo's Glass Eye wrote:
Who does the debt get passed on to now he's not alive to pay back the £20k?? the family?
Being his son, I can tell you not anyone. If pops had anything left after he died, then debts would be taken out of that. But he had nothing. My soul reminder of my Pops is a stainless steel ID bracelet he wore when we were kids.
[quote][p][bold]Columbo's Glass Eye[/bold] wrote: Who does the debt get passed on to now he's not alive to pay back the £20k?? the family?[/p][/quote]Being his son, I can tell you not anyone. If pops had anything left after he died, then debts would be taken out of that. But he had nothing. My soul reminder of my Pops is a stainless steel ID bracelet he wore when we were kids. POP'S SON
  • Score: 1

12:47am Tue 22 Jul 14

POP'S SON says...

Columbo's Glass Eye wrote:
Who does the debt get passed on to now he's not alive to pay back the £20k?? the family?
As Ian's son, I can tell you that when you die, if you have anything of value, then your debts are paid out of this. Pops had nothing. My only reminder is a stainless steel ID bracelet he used to wear when I was a lad.
[quote][p][bold]Columbo's Glass Eye[/bold] wrote: Who does the debt get passed on to now he's not alive to pay back the £20k?? the family?[/p][/quote]As Ian's son, I can tell you that when you die, if you have anything of value, then your debts are paid out of this. Pops had nothing. My only reminder is a stainless steel ID bracelet he used to wear when I was a lad. POP'S SON
  • Score: 0

1:08am Tue 22 Jul 14

POP'S SON says...

andysaints007 wrote:
From the sidelines wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Absolutely correct. They should legalise drugs as well for those of us that are ok with them and wont get addicted. Sod the weak eh. Financialy illiterate ? A 60 year old sick man was what he was. A 60 year old, desperate man. I hope you have people more open minded than you around if you ever get into trouble.
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Absolutely correct. They should legalise drugs as well for those of us that are ok with them and wont get addicted. Sod the weak eh. Financialy illiterate ? A 60 year old sick man was what he was. A 60 year old, desperate man. I hope you have people more open minded than you around if you ever get into trouble. POP'S SON
  • Score: 1

1:17am Tue 22 Jul 14

POP'S SON says...

Maine Lobster wrote:
Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome.
Pops was in no way trying to live beyond his means. He was just trying to live. Until he decided not to. Money, no matter how much is never worth a life. Hopefully, all of this will help at least one person to talk, or ask for help. Thats all we can hope for.
[quote][p][bold]Maine Lobster[/bold] wrote: Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome.[/p][/quote]Pops was in no way trying to live beyond his means. He was just trying to live. Until he decided not to. Money, no matter how much is never worth a life. Hopefully, all of this will help at least one person to talk, or ask for help. Thats all we can hope for. POP'S SON
  • Score: 3

1:32am Tue 22 Jul 14

POP'S SON says...

Torchie1 wrote:
From the sidelines wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.
Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum.
[quote][p][bold]Torchie1[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.[/p][/quote]Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum. POP'S SON
  • Score: 3

8:40am Tue 22 Jul 14

From the sidelines says...

POP'S SON wrote:
andysaints007 wrote:
From the sidelines wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Absolutely correct. They should legalise drugs as well for those of us that are ok with them and wont get addicted. Sod the weak eh. Financialy illiterate ? A 60 year old sick man was what he was. A 60 year old, desperate man. I hope you have people more open minded than you around if you ever get into trouble.
I agree - legalise drugs. I have posted as much on many previous occasions.

Your whining for protection for the feeble and those who don't take responsibility for themselves encourages yet more limitations on my freedoms.
[quote][p][bold]POP'S SON[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Absolutely correct. They should legalise drugs as well for those of us that are ok with them and wont get addicted. Sod the weak eh. Financialy illiterate ? A 60 year old sick man was what he was. A 60 year old, desperate man. I hope you have people more open minded than you around if you ever get into trouble.[/p][/quote]I agree - legalise drugs. I have posted as much on many previous occasions. Your whining for protection for the feeble and those who don't take responsibility for themselves encourages yet more limitations on my freedoms. From the sidelines
  • Score: -2

8:43am Tue 22 Jul 14

From the sidelines says...

andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility? From the sidelines
  • Score: 1

8:47am Tue 22 Jul 14

From the sidelines says...

POP'S SON wrote:
Maine Lobster wrote:
Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome.
Pops was in no way trying to live beyond his means. He was just trying to live. Until he decided not to. Money, no matter how much is never worth a life. Hopefully, all of this will help at least one person to talk, or ask for help. Thats all we can hope for.
By definition, he was living beyond his means. Otherwise, he would not have had unmanageable debts.
[quote][p][bold]POP'S SON[/bold] wrote: [quote][p][bold]Maine Lobster[/bold] wrote: Pay day loan companies take on higher risk debtors who cannot get finance at more reasonable rates so they charge higher rates of interest. Having said that, they do charge ridiculous rates and in my view ought to be tied to rates no higher than 10% above bank rate. That would make them less dangerous. They also ought to be forbidden to lend to anyone on benefits, who get suckered in by these companies and can least afford it. I feel sorry for this man's family but it makes me wonder whether the pressure to live a live above his means contributed to this tragic outcome.[/p][/quote]Pops was in no way trying to live beyond his means. He was just trying to live. Until he decided not to. Money, no matter how much is never worth a life. Hopefully, all of this will help at least one person to talk, or ask for help. Thats all we can hope for.[/p][/quote]By definition, he was living beyond his means. Otherwise, he would not have had unmanageable debts. From the sidelines
  • Score: 0

8:51am Tue 22 Jul 14

Dai Rear says...

From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.
From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest. Dai Rear
  • Score: 3

9:23am Tue 22 Jul 14

andysaints007 says...

From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms !
''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' !
[quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility?[/p][/quote]Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms ! ''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' ! andysaints007
  • Score: 2

10:11am Tue 22 Jul 14

From the sidelines says...

Dai Rear wrote:
From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.
I'll pass thanks. There's more money in working for a living than standing as a politician.

My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision.

Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow.

Sometimes, satire is trumped by reality.
[quote][p][bold]Dai Rear[/bold] wrote: From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.[/p][/quote]I'll pass thanks. There's more money in working for a living than standing as a politician. My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision. Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow. Sometimes, satire is trumped by reality. From the sidelines
  • Score: 1

10:17am Tue 22 Jul 14

From the sidelines says...

andysaints007 wrote:
From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms !
''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' !
"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms"

-Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable.

And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts.
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility?[/p][/quote]Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms ! ''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' ![/p][/quote]"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms" -Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable. And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts. From the sidelines
  • Score: 2

10:27am Tue 22 Jul 14

Torchie1 says...

andysaints007 wrote:
From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms !
''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' !
A quick look at the 'Wonga' site will show that these 'sharks' hide nothing and point out that they are there for short term loans with emphasis on the word 'short'. Use them for short term 'Payday' loans to tide you over to the next payday and it will work but the clearly advertised charges for failing to repay are there for the borrower to see. There are always going to be people who desire things that they can't afford and the weak link is the acceptance that the borrower claims the loan can be repaid when they know it can't be. Who is the greater sinner, the borrower who gets the money without any notion of how the loan is going to be repaid, or the lender who takes the borrowers assurances at face value but knows that the borrower wouldn't get past the front door of any High Street bank? In this particular instance it seems that the unemployed borrower was in debt without a chance of repayment and then refinanced the loans to cover the previous debts and even got a friend to stand as guarantor to obtain further credit to add to the debt mountain.
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility?[/p][/quote]Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms ! ''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' ![/p][/quote]A quick look at the 'Wonga' site will show that these 'sharks' hide nothing and point out that they are there for short term loans with emphasis on the word 'short'. Use them for short term 'Payday' loans to tide you over to the next payday and it will work but the clearly advertised charges for failing to repay are there for the borrower to see. There are always going to be people who desire things that they can't afford and the weak link is the acceptance that the borrower claims the loan can be repaid when they know it can't be. Who is the greater sinner, the borrower who gets the money without any notion of how the loan is going to be repaid, or the lender who takes the borrowers assurances at face value but knows that the borrower wouldn't get past the front door of any High Street bank? In this particular instance it seems that the unemployed borrower was in debt without a chance of repayment and then refinanced the loans to cover the previous debts and even got a friend to stand as guarantor to obtain further credit to add to the debt mountain. Torchie1
  • Score: 2

12:24pm Tue 22 Jul 14

Dai Rear says...

From the sidelines wrote:
Dai Rear wrote:
From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.
I'll pass thanks. There's more money in working for a living than standing as a politician.

My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision.

Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow.

Sometimes, satire is trumped by reality.
Since taking heroin is entirely incompatible with child rearing- junkies sleep a lot and don't have good personal hygiene as you may have noticed-I'm interested in how you think the State would justify selling "gear" to that segment of the market. Ditto coke and driving a motor vehicle. Looks like the only acceptable market would be the over 80's.....
[quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]Dai Rear[/bold] wrote: From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.[/p][/quote]I'll pass thanks. There's more money in working for a living than standing as a politician. My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision. Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow. Sometimes, satire is trumped by reality.[/p][/quote]Since taking heroin is entirely incompatible with child rearing- junkies sleep a lot and don't have good personal hygiene as you may have noticed-I'm interested in how you think the State would justify selling "gear" to that segment of the market. Ditto coke and driving a motor vehicle. Looks like the only acceptable market would be the over 80's..... Dai Rear
  • Score: 3

1:26pm Tue 22 Jul 14

sammytsang says...

imagine a world where everyone born from 2015 onwards never borrowed money. This would be a good thing.
imagine a world where everyone born from 2015 onwards never borrowed money. This would be a good thing. sammytsang
  • Score: 2

1:52pm Tue 22 Jul 14

From the sidelines says...

Dai Rear wrote:
From the sidelines wrote:
Dai Rear wrote:
From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.
I'll pass thanks. There's more money in working for a living than standing as a politician.

My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision.

Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow.

Sometimes, satire is trumped by reality.
Since taking heroin is entirely incompatible with child rearing- junkies sleep a lot and don't have good personal hygiene as you may have noticed-I'm interested in how you think the State would justify selling "gear" to that segment of the market. Ditto coke and driving a motor vehicle. Looks like the only acceptable market would be the over 80's.....
Fortunately, my life experiences comprise more than reading Irvine Welsh novels (or watching the derivative films), so my view is a touch more balanced than yours.

However, the logic behind your equating payday loans with hard drugs, and now with driving, challenges the most persistent reader.
[quote][p][bold]Dai Rear[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]Dai Rear[/bold] wrote: From the sidelines-OK stand next May on a "legalize junk" ticket. The result may help you to understand how delusional you are. Alternatively press your MP for a pledge to ban addictive payday loan adverts. Be constructive instead of horribly destructive as your above posts suggest.[/p][/quote]I'll pass thanks. There's more money in working for a living than standing as a politician. My delusions regarding drugs are starting to catch on in some American states - legalising cannabis. Small steps, but that's the way it's going. I'm sure 1920s prohibition had its defendants too, but we now look back with derision. Payday loan companies understand their markets. One even advertises with the TWICE BANKRUPTED Kerry Katona (heading for a third bankruptcy), it mocks the stupidity and avarice its clients, yet still they borrow. Sometimes, satire is trumped by reality.[/p][/quote]Since taking heroin is entirely incompatible with child rearing- junkies sleep a lot and don't have good personal hygiene as you may have noticed-I'm interested in how you think the State would justify selling "gear" to that segment of the market. Ditto coke and driving a motor vehicle. Looks like the only acceptable market would be the over 80's.....[/p][/quote]Fortunately, my life experiences comprise more than reading Irvine Welsh novels (or watching the derivative films), so my view is a touch more balanced than yours. However, the logic behind your equating payday loans with hard drugs, and now with driving, challenges the most persistent reader. From the sidelines
  • Score: 0

1:59pm Tue 22 Jul 14

From the sidelines says...

POP'S SON wrote:
Torchie1 wrote:
From the sidelines wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.
Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum.
It appears that your financially illiterate father had an equally financially illiterate friend.

I wonder, what part of 'acting as guarantor to a man with unmanageable debts' did he not understand.

... and they let these people vote.
[quote][p][bold]POP'S SON[/bold] wrote: [quote][p][bold]Torchie1[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.[/p][/quote]Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum.[/p][/quote]It appears that your financially illiterate father had an equally financially illiterate friend. I wonder, what part of 'acting as guarantor to a man with unmanageable debts' did he not understand. ... and they let these people vote. From the sidelines
  • Score: 1

5:44pm Tue 22 Jul 14

Dai Rear says...

"the logic behind your equating payday loans with hard drugs" is that debt is an addiction and operates on precisely the same neurological basis as drug addiction. You said earlier that you thought legalisation of drugs is a good move. I don't and have to admit I've never heard of Irvine Welsh and no, I don't wish "elucidation" from you.
"the logic behind your equating payday loans with hard drugs" is that debt is an addiction and operates on precisely the same neurological basis as drug addiction. You said earlier that you thought legalisation of drugs is a good move. I don't and have to admit I've never heard of Irvine Welsh and no, I don't wish "elucidation" from you. Dai Rear
  • Score: 0

7:07pm Tue 22 Jul 14

From the sidelines says...

Dai Rear wrote:
"the logic behind your equating payday loans with hard drugs" is that debt is an addiction and operates on precisely the same neurological basis as drug addiction. You said earlier that you thought legalisation of drugs is a good move. I don't and have to admit I've never heard of Irvine Welsh and no, I don't wish "elucidation" from you.
No, debt is not an addiction.

Some drugs are addictive due to their effects on chemical receptors and producers within the brain.

Feel free to continue in your ignorance.
[quote][p][bold]Dai Rear[/bold] wrote: "the logic behind your equating payday loans with hard drugs" is that debt is an addiction and operates on precisely the same neurological basis as drug addiction. You said earlier that you thought legalisation of drugs is a good move. I don't and have to admit I've never heard of Irvine Welsh and no, I don't wish "elucidation" from you.[/p][/quote]No, debt is not an addiction. Some drugs are addictive due to their effects on chemical receptors and producers within the brain. Feel free to continue in your ignorance. From the sidelines
  • Score: 0

7:36pm Tue 22 Jul 14

Dai Rear says...

I forget so frequently that being offensive is what passes for wisdom at your level.
I forget so frequently that being offensive is what passes for wisdom at your level. Dai Rear
  • Score: -2

9:54pm Tue 22 Jul 14

andysaints007 says...

From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms !
''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' !
"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms"

-Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable.

And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts.
And i would suggest you stop talking out of your ar*e you thicko!
[quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility?[/p][/quote]Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms ! ''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' ![/p][/quote]"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms" -Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable. And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts.[/p][/quote]And i would suggest you stop talking out of your ar*e you thicko! andysaints007
  • Score: -2

12:37am Wed 23 Jul 14

Poppy22 says...

Governments encourage people into debt from the moment they go to university or take out a mortgage. Debt is ok when you have the income for it to be manageable but, these days, it's all too common to be made redundant several times during a working life, and to find yourself unemployable due to illness or discrimination from middle age (so you could be out of work, or on very low pay, for half your life). The so-called reputable financial organisations then move the goalposts by very quickly taking away credit facilities, charging much higher interest etc etc. Sell your home to pay off debts and try to move into rented accommodation and you can find yourself unable to rent because you have no job and no guarantor. Few decent, formerly hard-working people in short-to-medium term difficulties qualify for benefits these days so it's very easy to get into financial difficulties quickly, at a time when they are at their most vulnerable and can't see a way out. Many people have also been used to managing their finances successfully for many years, without any assistance from parents or anyone else, then find they can no longer do that, and it's a major shock. Luckily there is good debt counselling but, sadly, some people don't know that, or can't get access to it quickly enough, to stop them taking desperate measures. Anyone reading this article should be compassionate and think themselves lucky that it's not themselves in such a situation. The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control.
Governments encourage people into debt from the moment they go to university or take out a mortgage. Debt is ok when you have the income for it to be manageable but, these days, it's all too common to be made redundant several times during a working life, and to find yourself unemployable due to illness or discrimination from middle age (so you could be out of work, or on very low pay, for half your life). The so-called reputable financial organisations then move the goalposts by very quickly taking away credit facilities, charging much higher interest etc etc. Sell your home to pay off debts and try to move into rented accommodation and you can find yourself unable to rent because you have no job and no guarantor. Few decent, formerly hard-working people in short-to-medium term difficulties qualify for benefits these days so it's very easy to get into financial difficulties quickly, at a time when they are at their most vulnerable and can't see a way out. Many people have also been used to managing their finances successfully for many years, without any assistance from parents or anyone else, then find they can no longer do that, and it's a major shock. Luckily there is good debt counselling but, sadly, some people don't know that, or can't get access to it quickly enough, to stop them taking desperate measures. Anyone reading this article should be compassionate and think themselves lucky that it's not themselves in such a situation. The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control. Poppy22
  • Score: 2

4:40am Wed 23 Jul 14

Dai Rear says...

"The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control"
The variety of debt suffered by this poor gentleman was an addiction and advertisements encouraging his variety of addiction should not appear. As you say the majority don't make multiple loan applications knowing there is no chance of repayment. That is the difference, isn't it?
"The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control" The variety of debt suffered by this poor gentleman was an addiction and advertisements encouraging his variety of addiction should not appear. As you say the majority don't make multiple loan applications knowing there is no chance of repayment. That is the difference, isn't it? Dai Rear
  • Score: 2

1:15pm Wed 23 Jul 14

From the sidelines says...

andysaints007 wrote:
From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
andysaints007 wrote:
From the sidelines wrote:
The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts.

Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default.

Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives.

If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
What a load of old sh*te you have just come out with
Please explain my errors.

Or, do you just have a problem with taking personal responsibility?
Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms !
''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' !
"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms"

-Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable.

And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts.
And i would suggest you stop talking out of your ar*e you thicko!
Your insults still don't make you right.
[quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]andysaints007[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]What a load of old sh*te you have just come out with[/p][/quote]Please explain my errors. Or, do you just have a problem with taking personal responsibility?[/p][/quote]Not really you idiot - there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms ! ''Then, the financially illiterate will be left to the unregulated loan sharks'' - what do you think these comanies are then? They are sharks with the power to advertise - they are more of a problem than your 'local shark' ![/p][/quote]"there is no way you can compare an unauthorised overdraft at a bank with companies like Wonga's basic terms" -Yes, there is. Both involve taking a loan outside of the normal credit checking processes. Both have a consequential cost. They are directly comparable. And despite your opinion of Wonga, et al., they are regulated and operate within the law, otherwise they would be unable to enforce their debts. And whilst they may be ruthless in extracting their money from defaulters, I have yet to read of them 'sending the boys round'. Indeed, I would suggest that your comparison of Wonga with loan sharks is somewhat more specious than my comparison with overdrafts.[/p][/quote]And i would suggest you stop talking out of your ar*e you thicko![/p][/quote]Your insults still don't make you right. From the sidelines
  • Score: 1

1:18pm Wed 23 Jul 14

From the sidelines says...

Dai Rear wrote:
I forget so frequently that being offensive is what passes for wisdom at your level.
You advertised your ignorance of an author. My response to your determined ignorance is not an insult.

.
[quote][p][bold]Dai Rear[/bold] wrote: I forget so frequently that being offensive is what passes for wisdom at your level.[/p][/quote]You advertised your ignorance of an author. My response to your determined ignorance is not an insult. . From the sidelines
  • Score: 0

2:05pm Wed 23 Jul 14

Dai Rear says...

From the sidelines wrote:
Dai Rear wrote:
I forget so frequently that being offensive is what passes for wisdom at your level.
You advertised your ignorance of an author. My response to your determined ignorance is not an insult.

.
Don't be silly. I have maybe heard of what, say .0005% of the authors in the Library of Congress. And you'll be about the same, as will everyone else.
Would that the poor deceased gentleman had heard of Dickens and Micawber.
[quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]Dai Rear[/bold] wrote: I forget so frequently that being offensive is what passes for wisdom at your level.[/p][/quote]You advertised your ignorance of an author. My response to your determined ignorance is not an insult. .[/p][/quote]Don't be silly. I have maybe heard of what, say .0005% of the authors in the Library of Congress. And you'll be about the same, as will everyone else. Would that the poor deceased gentleman had heard of Dickens and Micawber. Dai Rear
  • Score: 1

11:40am Thu 24 Jul 14

POP'S SON says...

From the sidelines wrote:
POP'S SON wrote:
Torchie1 wrote:
From the sidelines wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,
Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.
Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum.
It appears that your financially illiterate father had an equally financially illiterate friend.

I wonder, what part of 'acting as guarantor to a man with unmanageable debts' did he not understand.

... and they let these people vote.
Would someone who borrows money be financially illiterate ? No ones job or health (in my dads case) is secure. Therefore no one has 100% certainty of paying back loans. If you don't know 100 % that you can pay something back (which no one ever does they just think they can if nothing bad happens) then you should not get a loan right ? My dad became too ill to work. He buried his mum who was his best friend, and was obviously depressed. A very high percentage of people in this country are elderly, addicted, or some other way at risk from being taken advantage of. These are the people that my families campaign is trying to protect in the future. You may be clever enough to vote, it is just a shame that your humanity is missing from the deal. It goes a long way to creating a decent human being. Sat there behind your screen calling my dad, an ill old man names may seem clever to you, but it does just infact point out that my dead father was twice the person you will ever be, even with his problems. get some compassion for the rest of the world and stop putting things into the context of your very self centered life. As for dads friend, he saw a friend in need and helped. Have you got any of them ?
[quote][p][bold]From the sidelines[/bold] wrote: [quote][p][bold]POP'S SON[/bold] wrote: [quote][p][bold]Torchie1[/bold] wrote: [quote][p][bold]From the sidelines[/bold] wrote: The high APR is a consequence of the fees charged over a short period of time. If you apply the same calculations to the charges associated with an unarranged overdraft with a high street bank, you'll find high APRs there too. If they are used as a short term loan (as they are designed to be) and paid back on time, they can be cheaper than credit card defaults or overdrafts. Now, it's not like these companies hide their charges, nor hide how much you pay back for your loan, nor hide the charges if you default. Whilst the death of this man is unfortunate, his uncontrolled borrowing is hardly anyone else's fault. Crying for 'the authorities' to close these loan companies is just removing a facility that those of us who are responsible may use, for the sake of those unable to manage their lives. If you are successful in your campaign, the companies will not find the business profitable, and will close. Then, the financially illiterate will be left to the unregulated loan sharks,[/p][/quote]Used correctly the Payday Loans even have the backing of Money Saving Expert Martin Lewis so they can't be all bad. The banks won't lend to what is a risky applicant aged sixty who had been unemployed for years, which was the responsible course of action. The story isn't complete and doesn't contain any narrative about the loan applications so while company's can charge whatever rate they like, they can't get blood out of a stone so must have been reasonably assured that the applicant could repay the loans. Funding any lifestyle using a debt mountain is a personal choice and hopefully this sad outcome will be a lesson about why it should be avoided.[/p][/quote]Amigo loans require a garuantor. (cant even spell that). So all you need to do is get a mate that trusts that you wont kill yourself before you pay it back. So Pops tried to get himself out of a fix by getting a friend to help. When it all went wrong he could not face his friend. His friend was left with the debt. We were left without a dad. The Amigo company got their money back. From my dads friends mum.[/p][/quote]It appears that your financially illiterate father had an equally financially illiterate friend. I wonder, what part of 'acting as guarantor to a man with unmanageable debts' did he not understand. ... and they let these people vote.[/p][/quote]Would someone who borrows money be financially illiterate ? No ones job or health (in my dads case) is secure. Therefore no one has 100% certainty of paying back loans. If you don't know 100 % that you can pay something back (which no one ever does they just think they can if nothing bad happens) then you should not get a loan right ? My dad became too ill to work. He buried his mum who was his best friend, and was obviously depressed. A very high percentage of people in this country are elderly, addicted, or some other way at risk from being taken advantage of. These are the people that my families campaign is trying to protect in the future. You may be clever enough to vote, it is just a shame that your humanity is missing from the deal. It goes a long way to creating a decent human being. Sat there behind your screen calling my dad, an ill old man names may seem clever to you, but it does just infact point out that my dead father was twice the person you will ever be, even with his problems. get some compassion for the rest of the world and stop putting things into the context of your very self centered life. As for dads friend, he saw a friend in need and helped. Have you got any of them ? POP'S SON
  • Score: 0

1:04pm Thu 24 Jul 14

POP'S SON says...

Poppy22 wrote:
Governments encourage people into debt from the moment they go to university or take out a mortgage. Debt is ok when you have the income for it to be manageable but, these days, it's all too common to be made redundant several times during a working life, and to find yourself unemployable due to illness or discrimination from middle age (so you could be out of work, or on very low pay, for half your life). The so-called reputable financial organisations then move the goalposts by very quickly taking away credit facilities, charging much higher interest etc etc. Sell your home to pay off debts and try to move into rented accommodation and you can find yourself unable to rent because you have no job and no guarantor. Few decent, formerly hard-working people in short-to-medium term difficulties qualify for benefits these days so it's very easy to get into financial difficulties quickly, at a time when they are at their most vulnerable and can't see a way out. Many people have also been used to managing their finances successfully for many years, without any assistance from parents or anyone else, then find they can no longer do that, and it's a major shock. Luckily there is good debt counselling but, sadly, some people don't know that, or can't get access to it quickly enough, to stop them taking desperate measures. Anyone reading this article should be compassionate and think themselves lucky that it's not themselves in such a situation. The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control.
Thank you Poppy. X
[quote][p][bold]Poppy22[/bold] wrote: Governments encourage people into debt from the moment they go to university or take out a mortgage. Debt is ok when you have the income for it to be manageable but, these days, it's all too common to be made redundant several times during a working life, and to find yourself unemployable due to illness or discrimination from middle age (so you could be out of work, or on very low pay, for half your life). The so-called reputable financial organisations then move the goalposts by very quickly taking away credit facilities, charging much higher interest etc etc. Sell your home to pay off debts and try to move into rented accommodation and you can find yourself unable to rent because you have no job and no guarantor. Few decent, formerly hard-working people in short-to-medium term difficulties qualify for benefits these days so it's very easy to get into financial difficulties quickly, at a time when they are at their most vulnerable and can't see a way out. Many people have also been used to managing their finances successfully for many years, without any assistance from parents or anyone else, then find they can no longer do that, and it's a major shock. Luckily there is good debt counselling but, sadly, some people don't know that, or can't get access to it quickly enough, to stop them taking desperate measures. Anyone reading this article should be compassionate and think themselves lucky that it's not themselves in such a situation. The majority of middle aged and retired people don't find themselves in uncontrollable debt because it's an "addiction"; the majority find themselves in debt due to circumstances over which they have little or no control.[/p][/quote]Thank you Poppy. X POP'S SON
  • Score: 1

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