Pay Day Loans Repayment Vs Rent | Page 3 | Discuss

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Pay Day Loans Repayment Vs Rent
13/01/2012
12:52 pm
agencyexpress
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Wonga withdraw student loans page http://www.guardian.co.uk/mone.....Fantastic news!!

16/01/2012
4:31 pm
SamiiB
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Social Media & Content Manager at TenantReferencingUK.com.

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17/01/2012
5:00 am
PaulBarrett
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Paul I know you asked me and I haven't responded.

But there has been a major shakeup in with Credit Unions

Such that the 'common bond' could easily include LRS tenants and landlords.

These unions even offer mortgages etc.

So you could via the medium of a LRS credit union create a LRS financial arm assisting both tenants and landlords to manage their finances.

You have large database of prospective clients and I would personally like to be in the position to offer to my tenants a credit union facility.

They are a better proposition than banks at present and as an example they pay 3% on accounts presently compared to the derisory amount the major banks pay.

There was a piece on the BBC Radio 4 programme 'You and Yours' on 16.1.12 about the latest legislative changes for credit unions.

You can listen to this on bbc iplayer

I appreciate you have a massive workload but I do believe that your database is something for which a credit union facility woul be most appreciated by both tenants and landlords.

It would clearly manage ongoing organic growth ot LRS as a holistic service offering access to services that are of interest to LL and tenants and would potentially contribute towards the ongoing viability of LRS services; the core of which MUST remain FREE.

23/01/2012
7:29 am
Gwyneth Smith
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Payday loans have long been a debatable matter. Many want the loans forbidden in numerous nations. Though the matter is contentious in the U.S., payday cash advances are flourishing in the UK. Article resource: Payday loans thriving in UK despite mixed reviews in US.

23/01/2012
6:42 pm
Paul Routledge
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Hi  Gwyneth,

Where there is a need to feed there will be a need for these loans. When you are hungry, thirsty and or need to feed a habit or provide for your family people will always deal with a need now and worry about it later. That is exactly why we are in the S##t on both sides of the Atlantic "living the captains life on a corporals wages" unfortunately some will never learn and just keep borrowing to maintain that lifestyle.

I truly believe these company's will have to go bankrupt if they keep lending because the only people that will take them don't and cant care and paying them back is not gonna happen!!.Surprised

 

Paul Routledge CEO
Tenant Referencing UK.Com
24/01/2012
11:44 am
Laura
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I can sympathise with you all on this topic as I was a victim myself, as Paul said; to provide for my family.
And as Dean highlighted at the beginning, the main problem you have with these pay day loans is what will you do the following month if you were short before?

I found myself in a (seemingly) infinite downward spiral month after month, having to rely on these loans and being charged more and more. I was then repossessed as I fell 4 months into arrears on my mortgage and am now living in rented accomodation.
I did try to sell my home but because of the current market I just couldn’t do it in time – and then this all happened. L

I would advise everyone that if you can avoid these loans at all costs then do so and seek an alternative way of making it through this very tough market. 

Has this happened to anyone else or is it just a case of me not being smart enough? !

24/01/2012
12:52 pm
Štěpán T.
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in my eyes the only remedy for these pay day loans is if people are encouraged to live within their means.

how would you ever be able to ban something that obviously isn't short of customers & in turn would never reduce their extortionate prices because of the high demand?
PLUS the conservatives are blatantly in cahoots with the owner of Wonga.com & god knows what other companies!

http://www.credittoday.co.uk/a.....yday-loans - i think this would definitely be a start.

and no Laura, no offence but I've never been stupid enough to take out one of these ludicrous loans as I'm fully aware of the high interest rates they charge ~ can I ask: did you read the small print before taking out the loan?
As I think this is what catches the majority out.

24/01/2012
1:59 pm
Laura
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Hi Stepan

No offence taken and thanks for the response. Unfortunately like many others I just took it out, as it was my only option at the time and had no where else to turn. But I can certainly see why people should, that is for sure after being caught myself.

24/01/2012
7:24 pm
JaneHowden
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Laura, sorry you had such an experience - i am sure you have learnt your lesson the hard way - but - - - Its people like you we need,  to show by experience that these loans NEVER work. Bottom line - if you can't afford it you can't have it. That is the truth of this world - we started married life borrowing from both parents to fund essential repairs to our first house -  we had bu--- all.  I built our bathroom and kitchen (whilst pregnant!!) - we now own over ten properties, our children have been brought up the same way and now have each three properties to their names - IT CAN BE DONE - hard work living without flash holidays, flash cars, clothes,, booze and tv's and we know we are secure for time to come. have faith!KissSmile 

14/02/2012
11:01 am
SamiiB
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Happy Valentines Day to you all. Smile

Look at this LOVELY article I've just found, if you're a bit strapped for cash this Valentines Day;

'Make this Valentine's Day one to remember'

...you now owe us 1,737 per cent interest. One to remember INDEED! Yell

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02/03/2012
4:17 pm
Cedric
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Have been following your posts about these odious Companies and your initial post/

This article appeared in today's Guardian and perhaps finally some action will finally take place.

What concerns me and should concern all of us in this profession is Payday loan Companies are finally driven out of business where tenants with appalling credit scores and the inability to obtain credit are likely to obtain it from ?

Certainly not from the High Street Banks who won't even lend to British Industry.  Loan sharks ?  I shudder to think.

Check this article out

 

http://www.guardian.co.uk/mone.....igated-oft

07/03/2012
9:22 am
Emma George
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Another report on the awful legal loan sharking - I wish they'd stop reporting and do something about it......

 

http://www.guardian.co.uk/mone.....ay-lenders

07/03/2012
10:09 am
SamiiB
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Will anything ACTUALLY be done though? As long as David Cameron is best friends with Adrian Beecroft I think not... Frown

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08/03/2012
2:04 pm
Emma George
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Finally some positive action against the legal loan sharks Laugh

 

http://www.guardian.co.uk/mone.....it-licence

 

Hoping this is the start of something......................................

08/03/2012
2:19 pm
Paul Routledge
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I dont think they should shut them down.  I think the Goveremnt should just pass a law that any lending should be capped at 10% or lower across the board, that way all the credit card companies and loan companies that rip off everyone wont want to lend and that way those who cannot live within their means will have to earn more or go without.Wink

Do it David and its Job done!!Laugh

 

Paul Routledge CEO
Tenant Referencing UK.Com
08/03/2012
2:29 pm
Cedric
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Really positive news about this legal loan shark..............yessssssss !!!

08/03/2012
2:46 pm
SamiiB
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is this another Paul prediction? Wink

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09/03/2012
2:01 pm
mary latham
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Stop bigging him up Samii there will be no living with him.  Don't tell him but I usually agree with everything he says, we have a similar view of the PRS and, as two "working class kids done good" we also have a very realstic understanding of people who often struggle to make ends meet. 

I remember the "Provi Man"  I once asked my mum why we didn't have cheques to spend on nice things like some of my friends.  She told me we have what we can afford and we don't have to worry when the "Provi Man" calls on a Friday.  I didn't understand then but I do now.

 

Most of us have had times when we can't sleep for worrying about lack of money and, as Paul Barrett has said, Credit Unions are a solution and I am working with all the Credit Unions in my area to get the message to tenants and landlords that Credit Unions welcome people with poor credit history and they are greast at helping to deal with their financial commitments without getting further into debt. I 100% support the work of Credit Unions and the staff who work for them are kind, understanding and treat all their customers with respect - just as they should.

09/03/2012
2:41 pm
Paul Routledge
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I don't know about Mary but I am very poshLaugh like what my mum was.

Every day we see another problem issue raise its head in this Country which is Bourne from years of neglect in our education system and caring in our communities. We hear every day of more Crime in our society and there seems no resolve which we can all agree on some say bring back hanging and others say don't hang them put them in a prison cell for years and they will get better but most agree, we cant turn the clocks back…. except me actually I think if the time is wrong then it is time to turn the clock back to the right time and deal with our problem issues in this Country.

If the sentence for drug trafficking was to shot the dealer in the head outside the court would it stop them drug dealing, well if it didn't before it certainly would afterwards. I am not suggesting that that is what we should doConfused but as the laws and boundaries are stretched further and further every day when do we draw the line in the sand. In 100 years from now will we be giving our murders community service because we cannot keep them in prison for 20 years?

Whatever we do I suggest its a bit more than we have been doing for the past 15years. 

 

Paul Routledge CEO
Tenant Referencing UK.Com
20/03/2012
1:56 pm
LyndonBaker
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2,339% APR Dean? I have seen some with APRs of nearly 6,000%. I thought Loan Sharks were illegal.

Have Shelter taken up your challenge, Paul?

Why is it that there are never petitions against rogue tenants from Shelter or do they have a mantra "All landlords bad, all tenants good"?

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