Guest Posted October 3, 2014 Report Share Posted October 3, 2014 Link to comment Share on other sites More sharing options...
Nibor Posted October 3, 2014 Report Share Posted October 3, 2014 Said my piece on this company before but when you see that they've loaned to 330,000 people who cannot afford to repay and should (by FCA guidance) never have been loaned to it brings home what a bunch of scumbags they are. Those 330k people will likely now have damaged credit records, defaults and CCJs that will take a decade to repair even though the accounts are being written off. They'll be paying for this for a long time yet. For those who point out you have to be dumb to fall into this trap - yes you do, that's spot on. So what? There are plenty of poorly educated people, plenty of people who don't know what interest is let alone how to calculate it. Why should that excuse exploiting them for financial gain? This stuff has to be properly controlled because the scum that work in the industry have proved time and again they will do anything for profit. Link to comment Share on other sites More sharing options...
bristol south end Posted October 3, 2014 Report Share Posted October 3, 2014 Still think there should be a cap on what interest you can charge a person. When i see some of the APR i am not sure why they can charge that much. I borrow from my bank from time to time. Its never nothing higher than 9%. Most times around 4 to 6 % Link to comment Share on other sites More sharing options...
Mike Litoris Posted October 3, 2014 Report Share Posted October 3, 2014 Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2014 Report Share Posted October 3, 2014 Said my piece on this company before but when you see that they've loaned to 330,000 people who cannot afford to repay and should (by FCA guidance) never have been loaned to it brings home what a bunch of scumbags they are. Those 330k people will likely now have damaged credit records, defaults and CCJs that will take a decade to repair even though the accounts are being written off. They'll be paying for this for a long time yet. For those who point out you have to be dumb to fall into this trap - yes you do, that's spot on. So what? There are plenty of poorly educated people, plenty of people who don't know what interest is let alone how to calculate it. Why should that excuse exploiting them for financial gain? This stuff has to be properly controlled because the scum that work in the industry have proved time and again they will do anything for profit. The reason people have gone to these lenders, in many/most cases, is because they already have defaults ccjs etc and cannot access credit by conventional means. Those repeat credit offenders I'm sorry but I struggle to afford the 'ill informed' defence. Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2014 Report Share Posted October 3, 2014 Link to comment Share on other sites More sharing options...
Nibor Posted October 3, 2014 Report Share Posted October 3, 2014 The reason people have gone to these lenders, in many/most cases, is because they already have defaults ccjs etc and cannot access credit by conventional means. Those repeat credit offenders I'm sorry but I struggle to afford the 'ill informed' defence. I didn't use an "ill informed" defence and no, these people don't already have CCJs most of the time, usually they are teetering on the brink or just unable to get regular credit cards and loans due to being part time or casual workers. The business model is to then load them up with fees and interest aggressively, get a CCJ and get an attachment of earnings to benefits to pay over the long term. You won't often get a CCJ if they already have one, they'll end up with personal bankruptcy or a debt relief order most of the time, so the business model such as it is doesn't work. It's easy to blame the people who fall victim to this if you don't actually understand how the systems work. Link to comment Share on other sites More sharing options...
New2City Posted October 3, 2014 Report Share Posted October 3, 2014 If you are at a money lender, then it's because a bank won't give you a penny due to your credit risk. Banks lend money and charge interest based on risk... which is why collateralized loans (like houses and cars) have the best rates. If you default, the bank at least gets something back to protect their interest. Unsecured loans carry the highest interest rates, because the risk is that the bank may never get repaid.And if your credit is poor enough that the banks are just laughing at you, then yes, sometimes one of the only options left is to go to a money lender who will lend to you. Yes, they charge insane interest rates, but they are carrying all the risk, and a lot more risks than banks are willing to take on. It's like the housing crisis that we had here in the states several years ago. The banks were willing to lend up to 100% of appraised values on homes with no down payment and no proof of income if your credit score was high enough. People borrowed way more than they could afford to pay back, and when the housing market tanked, they had a huge mortgage, and a house worth 75% of that mortgage. Banks got bailed out, loan regulations got cinched down hard, and now a days, if you don't have stellar credit, you may as well not even bother looking to a bank for a loan. it's the truly desperate who turn to money lenders, and those companies certainly take advantage of the fact that they are the only ones willing to lend money to such people. Link to comment Share on other sites More sharing options...
Guest Posted October 3, 2014 Report Share Posted October 3, 2014 I didn't use an "ill informed" defence and no, these people don't already have CCJs most of the time, usually they are teetering on the brink or just unable to get regular credit cards and loans due to being part time or casual workers. The business model is to then load them up with fees and interest aggressively, get a CCJ and get an attachment of earnings to benefits to pay over the long term. You won't often get a CCJ if they already have one, they'll end up with personal bankruptcy or a debt relief order most of the time, so the business model such as it is doesn't work. It's easy to blame the people who fall victim to this if you don't actually understand how the systems work. I don't like the system or the game, but equally I don't and won't place blame squarely at wonga et al. Actions have consequences and responsibility must be taken. Link to comment Share on other sites More sharing options...
WTFiGO!?! Posted October 3, 2014 Report Share Posted October 3, 2014 Be interesting to know, of the million punters a year, how many are actually teetering on the brink and how we're actually defining that? The entire working class are not in debt, beyond standard mortgages, and not reliant on extortionate interest rates, Mike Litoris. The two case studies in that article indicated that one person were lying through their nose about their income and wholly blaming the system for that and the other ran up debt to go on bloody holiday! We are not all entitled to an annual holiday, unfortunately. Link to comment Share on other sites More sharing options...
Aizoon Posted October 3, 2014 Author Report Share Posted October 3, 2014 Wait until the new benefit rules are in place. Then Wonga and its clones will be the only game in town for those on the breadline. Link to comment Share on other sites More sharing options...
OneManMob Posted October 3, 2014 Report Share Posted October 3, 2014 One of these scumbags have an advert at our ground Link to comment Share on other sites More sharing options...
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