Pay Day Loans Repayment Vs Rent | Page 6 | Discuss

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Pay Day Loans Repayment Vs Rent
28/06/2012
9:41 am
Cedric
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Another day and another report - This time from Trade Union Unite who have made some damming statements about the odious Pay Day Loan Industry.  Nothing we haven't heard before of course but another major player who is bringing this subject to everyone's attention.

They say in this report that Two fifths of people using these loans are using this method to pay their rent or mortgage (again no great surprise there to me).  Where I was surprised was that the report states that Londoners used them mostly for housing while our friends North of the Border in Scotland use payday loans mostly for food.  That statement is truly frightening.

It's no wonder that no one has any money nowadays as Unite's report also claims that it takes 3 working days salary each month to pay off the previous months loan and no I do not believe for one moment that once you take out a loan you will not take out another loan next month.  It's just plain stupid to think that will be the case.

Then work out how many days salary goes to pay your Tax and Insurance contributions and you can soon see why this country is going to the dogs.

28/06/2012
2:09 pm
hughie boy
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Its all very well moaning but Payday loan companies are supplying an essential social service

29/06/2012
2:48 pm
Paul Routledge
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So was Rachman he gave people a home!! Laugh Oh and lets not forget old Idi Amin he did a lot of good unless you were an Asian shop keeper.

Wink

 

Paul Routledge CEO
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01/07/2012
1:22 am
PaulBarrett
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hughie boy said

Its all very well moaning but Payday loan companies are supplying an essential social service

 

 

If you have a tenant using pay day loans then they cannot afford your tenancy.

Get rid of them because at some near stage in the future the interest will be unsustainable and they will default.

Who will they pay!?

A tenant they can stop paying rent to knowing it will take at least 9 months to evict them.

That enables them to recover their financial position at your cost.

They won't care about defaulting on the rent.

What would you realistically do about it.

LL are stuffed unless they have RGI.

LL must be prepared to become a victim of payday companies if their tenants are using them.

05/07/2012
3:01 pm
hughie boy
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hughie boy said
Its all very well moaning but Payday loan companies are supplying an essential social service

Payday loan companies are respectable as even that nice man from Just a Minute is now doing voice overs for Wonga.com

05/07/2012
8:02 pm
Pat Ball
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Landlords will need to ask tenants " how will you pay the rent if you lose your job" in future as state benefits are no longer sufficient to cover rent for some people and its not going to get better when the Universal Credit is launched.

 

Responsible tenants will maybe have savings to fall back on or they can arrange rent insurance for themselves to cover the rent for 12 months which will allow them time to find work, the same applies to tenants who are sick.

 

Its not the same as RGI and easier to arrange and it costs the Landlord nothing... go on have a look , google Rentplan

then tell your tenants too.

06/07/2012
12:10 pm
Cedric
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Pat Ball said
Landlords will need to ask tenants " how will you pay the rent if you lose your job" in future as state benefits are no longer sufficient to cover rent for some people and its not going to get better when the Universal Credit is launched.

 

Responsible tenants will maybe have savings to fall back on or they can arrange rent insurance for themselves to cover the rent for 12 months which will allow them time to find work, the same applies to tenants who are sick.

 

Its not the same as RGI and easier to arrange and it costs the Landlord nothing... go on have a look , google Rentplan

then tell your tenants too.

Well I for one would rather see my tenants talking to your Company about rent insurance than talking to wonga.com or the other trashy companies around !!!

10/07/2012
2:04 pm
Cedric
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I don't believe it !!!

A very slick commercial on LBC this morning just before the 8am news.

Why or why are Clegg and his cronies bothering with the House of Lords Nonsense while turning a huge blind eye to these Companies infiltrating Britain.  I say forget the House of Lords and look at something that really affects vulnerable people Mr Clegg !!!

12/09/2012
3:49 pm
!ALARMED!
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Manchester City Council have recently claimed that the move to the single monthly Universal Credit payment could increase levels of debt and force the poor to use payday loans.

 

Living in Manchester myself, I have many friends that are social housing tenants who are in rent arrears and have had to take pay day loans already - so direct payments of LHA will almost certainly lead to increased levels of debt - as well as a sharp increase in related issues, e.g. depression, domestic violence, criminal activity...

 

Considering the owner of Wonga . com is a Conservative donor, this all definitely stinks to me...

 

WHAT CAN WE DO TO STOP THESE PAY DAY LOAN COMPANIES DECEIVING THE POOR AND SUPPORTING THE RICH?????????????????????????????????????????

12/09/2012
5:34 pm
PaulBarrett
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Perhaps these associates of yours will have to cut back on ciggies and booze

These are the payment priorities

RENT

COUNCIL TAX

Prescriptions

GAS

ELE£CTRICITY

WATER

FOOD

CLOTHING

TRANSPORT COSTS

There should be nothing left over for nights out, betting shops, drugs, holidays, sky tv, large screen TV, mobile phones,running cars etc

If they have surplus money then this country is paying them too much benefit.

I bet your associates do all of the above and so they have more than enough money coming in to pay the priority bills.

Whether they do or not is a matter of choice.

They will use payday loans if they spend above their means, they have only themselves to blame.

12/09/2012
8:02 pm
Silverfox 4
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Arrrrrggggghhhh!

Trying to HELP folk in an unfavourable position I gave a local lass a job cleaning new build and tenanted properties of mine.

Dyou know what!! she spent the money on "charms" for her bracelet  - - - - cos "she deserved it".

i am at a loss - only two weeks ago she was complaining there was "no way" she and her husband would EVER be in the position to either move upwards to buy or to a better rental property.

Any comments??!!!!!!!Yell

12/09/2012
10:00 pm
PaulBarrett
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I wouldn't trust anyone who said they didn't have any money.

Most of these supposed hard up people just make the wrong spending choices.

If I was to help I would want to see a statement of their affairs.

They won't ever do this, so I would suggest don't bother helping.

Most of these people would regard you with contempt.

Charms for her bracelet; tells you everything you ned to know about these ne're do wells.

You would be better off going to a nursery at dropping off time to see if any mums want a bit of cash in hand.

Even go down the Job Centre and ask a suitable person you like the look of.

13/09/2012
7:34 am
Sharon Carmichael
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Silverfox 4 said
Manchester City Council have recently claimed that the move to the single monthly Universal Credit payment could increase levels of debt and force the poor to use payday loans.

 

Living in Manchester myself, I have many friends that are social housing tenants who are in rent arrears and have had to take pay day loans already - so direct payments of LHA will almost certainly lead to increased levels of debt - as well as a sharp increase in related issues, e.g. depression, domestic violence, criminal activity...

 

Considering the owner of Wonga . com is a Conservative donor, this all definitely stinks to me...

 

WHAT CAN WE DO TO STOP THESE PAY DAY LOAN COMPANIES DECEIVING THE POOR AND SUPPORTING THE RICH?????????????????????????????????????????

 

The other replies appear to have diversified from your very important and necessary question.  I am totally in agreement with you – how do we stop these Pay Day Loan Companies and why the hell does the Government allow them to trade?  Particularly in view of the clampdown on lending criteria but providing you are really hard up with no assets then you can borrow at unimaginable escalated high interest rates.

What the people who take out these Pay Day loans spend their money on is irrelevant, they feel up against the wall hard enough to turn to taking out loans with such high interest rates.  These companies are nothing more than the thug money lender on the street who terrorises the borrower to return the money.

The Government needs to take a long hard look at these rip off merchants who are preying on the desperate.  

 

13/09/2012
12:44 pm
Cedric
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An interesting Report has been issued by Santander.

They reckon One Million people each month take our a Payday Loan totalling up to £3.6 Million with an average of £269 per applicant.

I was going to quickly calculate what sort of money these Companies are making with their 4000 pc interest, or whatever they charge, but I simply don't think I have the financial knowledge to calculate this !!!

 

Enough to say there are some very rich shareholders creaming it off the public.

 

Absolute scandal this Government and previous Governments have allowed this problem to escalate.

13/09/2012
11:00 pm
PaulBarrett
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There should be a maximum amount of interest that may ever be charged on any credit product.

35% seems a reasonable maximum amount.

Any amount over this should be banned.

14/09/2012
5:41 am
Sharon Carmichael
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Hear hear Paul but all the time someone in the Government has an interest in loan shark companies, then it will never happen. Yell

17/09/2012
4:33 pm
Cedric
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Well, Well, Well.

Wonga.com are in the News again today and all of this makes interesting news, but fills me with unease.

In the last Financial Year Revenue increased 225pc to £185 Million, with the resulting profits rising from 12.4 Million to £45.8 Million Pounds.  What a sorry state affairs it is that our MP's have allowed this to escalate ???

 

My advice to you if you if you are a Tenant is to steer well clear of people like this.

Over the last few Months Landlord Referencing and other posters have been singing the praises of Credit Unions.

 

PLEASE PLEASE PLEASE consider a Credit Union before you embark on the slippery slope of Payday Lenders.

17/09/2012
6:24 pm
Silverfox 4
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Hmm! Let me think - since the banks tightened up on loans, and of course, credit cards, then people will resort to payday loans to feed their insatiable GREED for such as huge TV's, all the modern day gizmo's that most other folk work hard to earn the money to pay for!

It wouldn't be so bad if they were using the money to pay for Essentials like rent, gas, elec, etcetc.  But then, if i remember correctly, the state will help (genuine) folk pay for such essentials?

Its about time means testing and serious investigation was introduced to sort out this problem. I do appreciate there are families with genuine concerns out there, but I do resent MY TAXES going toward upkeep of dogs, flat screen tv's mobiles, Ipads and the like when I insist my kids pay for these with hard earned pocket money (or go without)

Actually drove thro Peckham today - how scary was that - every other "shop" was a payday loan place, there was a q a mile long outside the CAB - I wasn't sure whether to feel sorry for folk in that position or drive away as fast as I could!

Life can be depressing at times.

Oh, of course it opens yet another can of worms - so many of these "deprived" families have so many babies - naturally the state will provide for them, so "carry on breeding" is the motto. Its their human right. Err??? Another scenario the government should look at - Maybe the Chinese have got it right??!!Confused

17/09/2012
6:34 pm
PaulBarrett
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The benefit cap should stop this situation occurring as you will no longer be able to exceed this cap no matter how many kids you have.

So these feckless claimants will have to reduce costs elsewhere; like moving to a cheaper property.

Of course they won't do this, so the unfortunate children will suffer for their parents' fecklessness; as it ever was!!

The China solution should be imposed on all benefit claimants.

You want more than 1 child then you will have to pay for it, not the state.

Actually I think 2 is the max that should be paid for by the state.

But single mothers should not be given social housing for life and all paid for.

I would prefer that DNA is taken for all babies and then the state will be able to  ascertain who the fathers are of all the children that will be born in council areas in about 15 years time.

17/09/2012
7:48 pm
Silverfox 4
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Hard words! but then the situation generally has become so bad harsh responses must happen.

I think DNA is taking things a bit far - bottom line - if you have a third (or more) babies (by whomever) then the state WILL (SHOULD) NOT provide!

Why should they??

Lets face it - EDUCATED people are not having children because they fear for their future - YET - we NEED these children with half a brain, because they are the ones who will eventually have to run the country and attempt to sort out the mess that is now being created.  i.e have a job, pay taxes, etc etc.

Correct assumption - the dregs of society are reproducing at an unprecedented rate and these offspring will be brought up in an environment that says -" don't worry, the state will pay you to live, feed, buy tv's, designer clothing,etc - don't worry about the rent cos the state is on your side and you will never get kicked out - just carry on!!!"   Ouch!!

I defy anyone to respond with an answer that declares me wrong.Yell

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