Pay Day Loans Repayment Vs Rent | Page 8 | Discuss

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Pay Day Loans Repayment Vs Rent
29/03/2014
1:37 am
zipster31
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I have suffered a few times now because of tenants using these payday loans. They are just too easy to obtain, not just one loan, but several at the same time, it is just crazy. Anyway, as my rental income started to suffer, I had to become a “debt advisor” to some of my tenants. They can get some sound advice from CCCS – which is now http://www.stepchange.org/Payd…..loans.aspx . I have found that some Payday loan companies are able to withdraw varying amounts from their customers bank accounts as soon as wages are paid in, often emptying their clients bank account. Anyway, my solution was to tell the tenants to either open a new bank account and have their wages paid into it and then pay me or to find a new home and still have to pay me all their arrears. They chose the first option, are now back on track with their rent as well as clearing their arrears, and as for the Payday loan companies – they now get £1 a month and there’s not much they can do about it:-)

29/03/2014
3:08 am
PaulBarrett
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What about recommending

CU’s as they don’t charge fees and would help tenants to eventually obtain cheaper loans

Doing it that way you could have a SO from the CU to pay you and avoid any ‘clawback’ issues!

 

29/03/2014
4:41 am
zipster31
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Not quite sure what you mean by “clawback” issues? As for cheaper loans, they’ve never really needed loans in the first place. Rather than be a little short after christmas and hanging it out until the end of the month, they have succumbed to the temptation of getting a payday loan. And then another and another as they have less and less money because they have to pay back so much. I’ve told them straight – the roof over their head is their number one priority, simple as that.

05/01/2015
4:05 pm
Mary Latham
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I guess it’s the time of year when we are all facing this issue AGAIN.

Mary Latham Landlord

Follow me on Twitter @landlordtweets

06/01/2015
12:43 pm
MM
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The bit I never understand is why Christmas means having to spend a shedload on items that you don’t need.

If you can’t afford it, then you can’t have it, imho

That should be the same for housing as much as people claim it to be a right – it costs money and someone has to pay for it

The sooner rent is classed within the Theft Act (intent to permanently deprive LL of their property anyone?) then the sooner Ts will realise that rent is a priority debt and not waste their cash selfishly on stuff they want rather than need

I appreciate people lose their jobs and bad things happen but I’ve always saved for a rainy day and always pay my way as otherwise how could i have any self-respect?

There is a hard sell with these pay-day loans but how stupid do you have to be to not realise that 2000+% is going to bankrupt you?

If kids were taught budgetting and responsibility at school it would be a start, as would a bit of self-reliance rather than an expectation that the govt of the day will support your ‘rights’ for free

And yes, a credit union run by LLs would be a brilliant thing and show Shelter et al that we are nothing like the Rachmen of their fevered imaginations

18/05/2016
1:43 pm
Iwish
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Sorry but it’s just not as simple as saying DON’T GET A PAY DAY LOAN.

I’ve just been told I’m going to be made homeless in two weeks so I don’t really have a choice in the matter. I’ve been saving for somewhere to rent but still don’t have enough money behind me to afford the fees, deposit, etc and because I don’t have any credit I don’t even have the option of an overdraft or credit card as an alternative.

Until we build more homes renters like me with bad or no credit are going to be pushed into using pay day loan companies, as the alternative doesn’t really bear thinking about…Yell…just saying!

19/05/2016
5:09 am
PaulBarrett
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Some employers will ad

Iwish said
Sorry but it’s just not as simple as saying DON’T GET A PAY DAY LOAN.

I’ve just been told I’m going to be made homeless in two weeks so I don’t really have a choice in the matter. I’ve been saving for somewhere to rent but still don’t have enough money behind me to afford the fees, deposit, etc and because I don’t have any credit I don’t even have the option of an overdraft or credit card as an alternative.

Until we build more homes renters like me with bad or no credit are going to be pushed into using pay day loan companies, as the alternative doesn’t really bear thinking about…Yell…just saying!

Some employers will advance your monthly wages

Worth asking!

Paypal are offering credit at cheaper rates than pay day loans

As a LL I have a paypal account so I could be paid by paypal credit

I reckon they will will treat paying a LL as a purchase transaction!

Could you not pawn something or even obtain a log book loan on a car you may have

What about asking a LL to use LRS as it is cheaper for the LL

Of course you couldn’t tell the existing LA!!

Just get the LL to stick a quick gumtree ad on and that is how you sourced the LL!!

Why not see if the LL will take 2 months rent as deposit and the 1st months rent to be paid over the following 5 months in addition to the normal monthly rent

That is what I have done for some tenants of mine.

Any spending luxuries stop having them and start saving so that you end up with 2 months rent as deposit and 1 months rent in advance

Obtain the LRS tenant referencing passport and you are away!!

Try just renting a room for a time until you have saved up enough to rent a place on your own or consider buddying up

Try the spareroom website

Look at advert cards at supermarkets and newsagents, not forgetting the freebie newspapers

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