Pay Day Loans Repayment Vs Rent | Page 2 | Discuss

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Pay Day Loans Repayment Vs Rent
04/01/2012
1:52 pm
SamiiB
Somerset
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I've just read a comment on the telegraph article here, stating that the owner of Wonga.com is an advisor to David Cameron & donor to the Conservatives...!
If this is true then I am absolutely amazed but then if you have financial problems such as this government has inherited, it does stand to reason that you would enlist the help of the biggest legalised loansharking company in the country to help you!

What brilliant advice and an excellent example to be setting to our young society; that if you're in debt, to simply get out of it why not take it from a bloke that cons millions people out of loans at 4,000% - sounds perfectly logical to me...!

Proof that Adrian Beecroft, owner of Wonga.com, IS an advisor & donor to the CONservatives.

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06/01/2012
1:50 pm
curious.com
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if payday loans were to be banned, what's the alternative???????????????????????????????

06/01/2012
4:03 pm
Cedric
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My grandfather used to have a pawnbrokers shop many Years ago and maybe good old fashioned pawnbrokers are the way forward.  None of this fleecing customers and enticing them through their doors with instant cash through payday loans.  At least with those old fashioned pawn brokers you received your goods back providing you could afford to pay for them when you took your ticket back.......a long long time ago I know !!

 

I suppose another way is for the Government to force Banks to borrow money to the general public, or is that asking too much ?  I went to my local Building society today to pay some money in today and all they seemed to be interested in was reviewing my insurance policy.....aaaaaaahgh !!!!11

 

Building societies should take deposits in and lend money out

 

Banks should do the same and maybe our Great British industries would recover.

 

Rant over........is there possibly anyone who agrees or I am just another old Dinosaur from another age !!!!

06/01/2012
5:19 pm
JaneHowden
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Mel said:

Some of the payday loanEmbarassedEmbarassedEmbarassed company are not true.

Paul Routledge said:

It would be interesting to hear from shelter as to what makes a bad landlord in their eyes, unfortunately when a tenants back is against the wall for whatever reason (justified or unjustified) just the landlord trying to get the rent to pay his bills is seen in the tenants eyes as harrassment and therefore deemed as a bad landlord.

I wonder if they would be kind enough to comment on the boundaries as they see it. these boundaries can then be offered to define a bad or rogue landlord and we can then add these as a statement for landlords to agree to that they will work within those parameters before they join us.

So shelter here is a personal invitation to contact me on 01934 645237 and lets make a list together and use it as the set of protocols that both your tenants and our landlords that they should work within to not be tagged as BAD or ROGUE

 

I have also found another story today written by Sarah O'Grady @ express newspaper  and its nice to see that they are picking up on what will be a massive problem in a few months when the food runs out and the sharks start feeding.

Paul 

Paul, I have had a tenant actually say to me "well, quite frankly you are an interest free loan (if I don't pay my rent)which I may never pay back cos I know its too much hard work for you landlord guys" HOW do you respond to that - he is absolutely right unfortunately, I would rather have tenants using companies for loans, then its maybe not my problem (as long as they use the loan to pay the rent!)Yell

06/01/2012
5:30 pm
PaulBarrett
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What about LRS starting a credit union?

This would benefit both LL and tenants.

It would probably have to be an online credit union.

But LRS along with all it's clients I am sure would qualify for credit union status under the 'common interest'

Just a thought.

06/01/2012
6:23 pm
Paul Routledge
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PaulBarrett said:

What about LRS starting a credit union?

This would benefit both LL and tenants.

It would probably have to be an online credit union.

But LRS along with all it's clients I am sure would qualify for credit union status under the 'common interest'

Just a thought.

I would love to do something Paul. Can you send me any info on how to start it and set it up, we are so busy with the new insurance launch and business directory + dealing with members I could do with some help with it if you will volunteer to find out the

Paul Routledge CEO
Tenant Referencing UK.Com
06/01/2012
6:31 pm
Paul Routledge
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JaneHowden said:

Mel said:

Some of the payday loanEmbarassedEmbarassedEmbarassed company are not true.

Paul Routledge said:

It would be interesting to hear from shelter as to what makes a bad landlord in their eyes, unfortunately when a tenants back is against the wall for whatever reason (justified or unjustified) just the landlord trying to get the rent to pay his bills is seen in the tenants eyes as harrassment and therefore deemed as a bad landlord.

I wonder if they would be kind enough to comment on the boundaries as they see it. these boundaries can then be offered to define a bad or rogue landlord and we can then add these as a statement for landlords to agree to that they will work within those parameters before they join us.

So shelter here is a personal invitation to contact me on 01934 645237 and lets make a list together and use it as the set of protocols that both your tenants and our landlords that they should work within to not be tagged as BAD or ROGUE

 

I have also found another story today written by Sarah O'Grady @ express newspaper  and its nice to see that they are picking up on what will be a massive problem in a few months when the food runs out and the sharks start feeding.

Paul 

Paul, I have had a tenant actually say to me "well, quite frankly you are an interest free loan (if I don't pay my rent)which I may never pay back cos I know its too much hard work for you landlord guys" HOW do you respond to that – he is absolutely right unfortunately, I would rather have tenants using companies for loans, then its maybe not my problem (as long as they use the loan to pay the rent!)Yell

Hi Jane,

Same as that and as you say what can you say, I just think its disgraceful that some tenant tell you they cant pay the rent because they have paid other bills "Like telephone" they say it like we are the kids that cant have our pocket money this week because mummy and daddy had to pay a more important bill first lol Laugh

 

Unfortunately until the law and attitude is changed whereby paying the rent is of paramount importance or they can be evicted on the day every other bill will always take priority and that day will never come.

 

Paul Routledge CEO
Tenant Referencing UK.Com
06/01/2012
7:59 pm
PaulBarrett
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I think that is the beauty of RGI.

I give the details of my RGI policies to my tenants so that they know exactly what will happen when they choose to pay another bill rather than the rent.

Essentially the landlord's hands are tied in that they have to make a claim or risk their policy being invalidated.

The tenants know this so they would rather starve than be evicted which is what would happen eventually.

So tenants have a simple choice pay rent before everything else or be evicted.

Simple really.

Also end up with a damaged credit profile and if the landlord uses a service like LRS not much chance of sourcing a decent tenancy.

As you stated on many occasions the more tenants know about LRS the less chance of the attitude 'my landlord is an interest free loan'.

I think it is tenant ignorance that causes these ignorant attitudes.

Information is the key for tenants and landlords.

To assist that, is there any way you could formulate a document with ALL pertinent information as far as tenants are concerned that could be attached to an AST.

The level of tenant ignorance would start reducing and I am sure they would talk amongst their tenant associates which would further disseminate your very important message.

Perhaps on the site itself you could have a special tenant section where all relevant info as far as they are concerned could be detailed.

With regards to your 'lifestyle profiling' it could be that a prospective tenant insists the landlord use your site to ensure they don't end up living to a wrongun tenant!?

Indeed I await the day when tenant requirements state that as part of their relevant due diligence the landord must use a social networking service for landlords before the tenant would be prepared to take on a tenancy with that landlord.

There's an aspiration eh!?

07/01/2012
7:27 am
JaneHowden
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Hello Paul 

Further to recent post - if the tenant paid "telephone bill" then (maybe not so bad) - but its usually fags, sky subscription, huge flat screen tv and a dog or two to feed. I am not against "personal lifestyle" but these tenants (and others) should realise I am not prepared to fund their extravagant lifestyle whilst I try to eke an honest living.

However the system is so set up that these folk think they have a "human right" to such "necessities" and until the benefit system is sorted so that it doesn't provide for pets, huge sky subs. fags, booze and the like then as far as I see it the landlord doesn't stand a chance!!

What is RGI you mention in your last post? thank you.EmbarassedConfused

07/01/2012
12:31 pm
Paul Routledge
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JaneHowden said:

Hello Paul 

Further to recent post – if the tenant paid "telephone bill" then (maybe not so bad) – but its usually fags, sky subscription, huge flat screen tv and a dog or two to feed. I am not against "personal lifestyle" but these tenants (and others) should realise I am not prepared to fund their extravagant lifestyle whilst I try to eke an honest living.

However the system is so set up that these folk think they have a "human right" to such "necessities" and until the benefit system is sorted so that it doesn't provide for pets, huge sky subs. fags, booze and the like then as far as I see it the landlord doesn't stand a chance!!

What is RGI you mention in your last post? thank you.EmbarassedConfused

Hi Jane,

Just had a tenant who has been with me for 5 years and now owes me a £1000 because he paid off the loan he took out before Christmas with his LHA cheque.  He has now come to me to pay the rent he owes in instalments, (Of which I of course have to agree) so his before Christmas pay day loan cost him 10% a day and now he has one for free from me which he can pay over 2 yearsYell.

Result!!

Paul Routledge CEO
Tenant Referencing UK.Com
07/01/2012
12:37 pm
Paul Routledge
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PaulBarrett said:

I think that is the beauty of RGI.

I give the details of my RGI policies to my tenants so that they know exactly what will happen when they choose to pay another bill rather than the rent.

Essentially the landlord's hands are tied in that they have to make a claim or risk their policy being invalidated.

The tenants know this so they would rather starve than be evicted which is what would happen eventually.

So tenants have a simple choice pay rent before everything else or be evicted.

Simple really.

Also end up with a damaged credit profile and if the landlord uses a service like LRS not much chance of sourcing a decent tenancy.

As you stated on many occasions the more tenants know about LRS the less chance of the attitude 'my landlord is an interest free loan'.

I think it is tenant ignorance that causes these ignorant attitudes.

Information is the key for tenants and landlords.

To assist that, is there any way you could formulate a document with ALL pertinent information as far as tenants are concerned that could be attached to an AST.

The level of tenant ignorance would start reducing and I am sure they would talk amongst their tenant associates which would further disseminate your very important message.

Perhaps on the site itself you could have a special tenant section where all relevant info as far as they are concerned could be detailed.

With regards to your 'lifestyle profiling' it could be that a prospective tenant insists the landlord use your site to ensure they don't end up living to a wrongun tenant!?

Indeed I await the day when tenant requirements state that as part of their relevant due diligence the landord must use a social networking service for landlords before the tenant would be prepared to take on a tenancy with that landlord.

There's an aspiration eh!?

Hi Paul,

We invite tenants to leave blogs on the forum with any questions but only a few ever do, I think that most tenants fully understand what to do and when but choose to not understand because it suits a mandate.

Lets face it with the internet and all the information available including local council housing officers and citizens advise bureau which are all free, all tenants understand what they are required to do within a tenancy they just choose not to and then try and blame the landlord.

What we do is give the landlord a voice to tell his side of the story to a new landlord and therefore they don't need to rely entirely on what a tenant tells them happened . The nice thing is that the new landlord can then make a informed decision on the entire story rather than just one side.

Paul Routledge CEO
Tenant Referencing UK.Com
07/01/2012
4:48 pm
P. FowlerFowler
N Somerset
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I help people in debt by arranging debt management schemes for them, I have seen the destruction of these payday loans where some people have to go to such extremes as sell their furniture etc to try and attempt to keep their heads above water.  Payday loans are so hard to contact and become part of a debt management agreement and will force people into Bankruptcy and to alot of people this is one of the most soul destroying things that could possibly happen to them, even to the point that some attempt to take their lives and at times have unfortunatley succeeded So, I will certainly support you Sami

07/01/2012
6:10 pm
JaneHowden
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Fowler Fowler - What can I say - WHY did these people get into debt in the first place?? Little Johnny HADtto have an I PAd cos his friends had one - A holiday abroad is a necessity and a human right. Booze and fags agian a human necessity and essential to life - sky and 40" flatscreen cos its bigger than the neighbours. 

And I am supposed to feel sorry for these folk. Get a grip - if they were taught (or facts of life explained) that you have to work for these goodies and they have to be paid for then so many would not get into debt - REMEMBER _ _  if you can't afford it you can't have it - surely there is an incentive to work to earn the money before you spend it ??

Same answer - the social system is totally corrupt and in favour of layabouts and con artists and scroungers. Sammi maybe you should also start a petition for hardworking honest people who are totally fed up of sob stories from social do gooders who feel sorry for "bankrupts" and the like,Yell

08/01/2012
6:07 am
PaulBarrett
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JaneHowden said: Yes sorry for using abbreviation; it is  annoying and lazy habit for me and obviously frustrating for those who are not fully up on use of such venacular

RGI= Rent Guarantee Inusurance

This is an insurance policy which a landlord takes out on a tenant/s or guarantor to protect against a tenant failing to pass rent on.

It can cost as little as £99.00 including credit check by RGI company  for the 1st year and £89 for the following years providing there is no change to the tenancy circumstances.

LRS do such a policy in association with various parties.

It is an essential..

So that in the event of a tenant saying they are not going to pay you;  you say fine I am just now going to ccommence a RGI claim against  you; the tenant.

The tenant cannot recover the situation once the RGI company has been notified of a claim.

The policy cover per claim £50000.00 plus legal expenses.

So lets say you rent for a £1000.00 pcm and the tenant refuses to go and it takes 4 years for the tenant to be evicted; what do you care you will still be receiving £1000.00 pcm from the insurance company!

Can you see an RGI company allowing things to drag on for so long?

So tenants be warned;  if an RGI policy is in place on you make sure you pay your rent on time or you WILL be evicted by the RGI company and you will end up with a damaged profile on LRS,  etc.

These circumstances will beyond the landlord's control as if a claim is NOT submitted in time the claim will be invalidated.

So wrongun tenants need to think very, very carefully about how their actions WILL impact on their capability of obtaining a further tenancy.

Hello Paul 

Further to recent post – if the tenant paid "telephone bill" then (maybe not so bad) – but its usually fags, sky subscription, huge flat screen tv and a dog or two to feed. I am not against "personal lifestyle" but these tenants (and others) should realise I am not prepared to fund their extravagant lifestyle whilst I try to eke an honest living.

However the system is so set up that these folk think they have a "human right" to such "necessities" and until the benefit system is sorted so that it doesn't provide for pets, huge sky subs. fags, booze and the like then as far as I see it the landlord doesn't stand a chance!!

What is RGI you mention in your last post? thank you.EmbarassedConfused

08/01/2012
1:52 pm
Cedric
Golders Green
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These horrible Payday loan Companies seem to looking to looking to put a respectable front to their business.  I was invited to watch a football match between Birmingham and Wolverhampton yesterday on a friends Espn package and could not believe that the tv channels coverage was sponsored by Wonga dot com !

It seems if you don't pay your rent and waste your money now on Sky/Espn packages then you could be a targetted for a possible payday loan.  Aagh !!!

08/01/2012
3:21 pm
P. FowlerFowler
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Oops sorry but my clients are working and have quite often had hours cut or been made redundant and are desperate to find work.I think it is unfair to tar everyone with the same brush, as the saying goes there but for the grace of god go I .

I have never had a tennant on benefits always working people and I have had properties trashed and others looked after as if it was there own.  I have had so called professionals who have spent money on holidaye, clothes cars etc and not there rent. Which is why I truly believe that you can not tar everyone with the same brush.  I can not see the point in starting a petition against bankrupts who will we be targetting next? surley we are here to learn from each other and the more ways that we can offer our tennants ways to sort out their finances the more likely we are to be receiving our rent

09/01/2012
12:48 am
PaulBarrett
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I think the principal risk is that landlords could face losing everything.That is why RGI is so important.

Tenants, even good ones may have difficulties which result in rent not being paid.

Your mortgage company will have no sympathy whatsoever.

Whilst I would have every sympathy with a tenant's payment difficulties.

Unfortunately my mortgage company would not care at all.

The only way you could preserve your properties is to obtain RGI on ALL your tenants.

Advise if they don't pay you will have to evict them;  as if you didn't you would invalidate the policy.

You can do this even if you have tenants now

You are not a charity and I would suggest you protect yourself against good and bad tenants.

09/01/2012
9:03 am
Paul Routledge
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Hi Paul,

As I have always said its very important to have RGI Rent Guarantee Insurance and we are putting together a package to offer a better package to our members with a no claims bonus schemes etc: however I think that what we need to do is address the problem head on and as Jane has said we need to start telling our society that if you don't earn enough to buy the lavish goods then you cant have them. Unfortunately the last Government sent out a message that we are all equal and It gave those who those that were less equal in financial strength a feeling of invincibility and fell for the line and borrowed to become equal "Big mistake" 

Paul Routledge CEO
Tenant Referencing UK.Com
10/01/2012
9:29 am
agencyexpress
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12/01/2012
10:44 am
gpreston
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further calls for regulation of this sector...
http://www.guardian.co.uk/mone.....CMP=twt_gu

how do these people sleep at night?!?!?!?!?!?!?!??!?!?!?!?!?!?!?!?!? Yell

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