End Legalised Loan Sharks.

[Guest]

'Summing up: Don’t waste sympathy on payday lenders...Yet while the CFA’s latest assertion that the payday lending restrictions have led to more people using illegal loan sharks was widely reported, the trade body provide no evidence to support it. In fact, while the argument may sound logical, there’s no real evidence of a rise in illegal loans since the payday lending crackdown began...'

http://www.scotsman.com/business/summing-up-don-t-waste-sympathy-on-payday-lenders-1-3841020

[Guest]

'A payday loan company is to hand over £10m to 92,000 customers who were pressured with automatic rollover loans, unfair fees and a sister debt collection firm that piled more charges onto the debts.

 

Cash Genie, owned by the US pawn chain Ezcorp, will pay £10m in redress and write off £10.3m in fees and interest. The firm is withdrawing from the UK payday loans market this year, having spent more than a year in talks with the Financial Conduct Authority about its lending practices...'

 

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11764969/Payday-loans-customers-win-back-10m-as-lender-caves-in-over-unfair-fees.html

[sillygirl1]

I have a feeling Cash Genie may owe me some money for continually rolling over a loan when I wanted to pay it back....was a nightmare trying to get hold of them and they blocked my online access - might even have the odd screenshot lurking on an old laptop.

[Guest]

the fca news info re cash genie

http://www.fca.org.uk/news/cash-genie-redress-unfair-practices

[sillygirl1]

I've emailed the CEO of Cash Genie, giving them my old details and my new details - as the loan was eventually paid off the day after paying a rollover (they actually phoned me and I paid it - WITH ANOTHER rollover fee added) so hopefully they can contact me about this properly.

 

I have found some old bank statements where I had four payday loans being rolled over several months before I found CAG and got myself out of the cycle. I originally took a loan to pay an old council tax debt.

[Guest]

'Payday lender The Money Shop has been fined £180,000 after losing computer servers with thousands of customers' financial details. One server was stolen from a branch in Lurgan, County Armagh, in April 2014 and another was lost a month later by a courier firm in Swindon, Wiltshire. Encryption systems were not good enough to ensure data could not be accessed, the Information Commissioner said. The company apologised and said it had since reviewed its IT security.

The Information Commissioner's office said the servers, which are still missing, "held large numbers of local and national customer records and employee details"...'

http://www.bbc.co.uk/news/uk-england-wiltshire-33815922

[Guest]

'Payday lenders face a new probe into their bonuses and staff reward schemes, as the Financial Conduct Authority fears consumer credit firms could be creating incentives for staff to behave badly.'

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11799098/Watchdog-cracks-down-on-bonuses-at-payday-lenders.html

 

'The CMA has published its final order on the payday lending market to increase price competition between payday lenders and help borrowers.'

https://www.gov.uk/government/news/cma-publishes-payday-lending-final-order

[sillygirl1]

Nice couple of articles, Ford. Hopefully that may help clean up this murky market.

 

On a bright note got my claim into the FOS for Cash Genie yesterday, along with another claim for Paratus AMC and kick started the PPI claim on a company I hadn't realised I had PPI with - probably will come back with a refusal but then I will follow it through with the FOS.

[WilmaMcClelland]

I am praying for the same. R.I.P legal loan sharks.

[Guest]

Nice couple of articles, Ford. Hopefully that may help clean up this murky market.

 

On a bright note got my claim into the FOS for Cash Genie yesterday, along with another claim for Paratus AMC and kick started the PPI claim on a company I hadn't realised I had PPI with - probably will come back with a refusal but then I will follow it through with the FOS.

 

cheers.

 

good luck with yours. did you check out the fca link info i posted re genie and their practices.

[sillygirl1]

Yes, thanks Ford. Cash Genie refused my request because it was outside the period they are being examined for - pretty feeble excuse as clearly they rolled over the loan without my permission.

[johnmorrison]

It actually makes me sick to think about how much APR they add! Its insane.

[Guest]

'A fraudster who devised a [problem] to swindle payday loan firm Wonga out of money has today been jailed after he was caught discussing the [problem] on video.

Teesside Crown Court heard Lee Morris, 36, used the Facebook page of counterfeit goods trader Chantelle Beech, 46, to advertise the scheme to desperate borrowers.

The [problem] advertised the chance for people to take loans from Wonga without paying back a penny.

It read: 'For people who have bad credit who know they can't get a Wonga loan, phone me if you want £200 in your bank in 10 minutes.'

It gave a phone number, saying: 'This is not a [problem]. You must have £1.10 in your bank account.

'You don't pay nothing back. You cancel your card.'

They then advised customers to cancel their cards, meaning Wonga was unable to take repayments.

The pair defrauded Wonga of £3,400, with Morris - who had jeered and bared his backside to photographers outside court - taking a 50 per cent cut from small loans of up to £400.

They each received one-year prison sentences - suspended for Beech - after they filmed themselves discussing how to carry out the con. ..'

 

http://www.dailymail.co.uk/news/article-3204692/Fraudster-jailed-conning-payday-loan-firm-Wonga-3-400-caught-discussing-[problem]-video.html

 

Also:

 

'For the first time ever viewers will get to see the inner workings of the controversial payday loan industry as cameras film the team in the collections department of lenders Uncle Buck...'

 

http://www.itv.com/presscentre/ep1week36/cash-hand-payday-loans

 

Edited August 26, 2015 by citizenB
link restored

[Guest]

[Guest]

Also:

 

'For the first time ever viewers will get to see the inner workings of the controversial payday loan industry as cameras film the team in the collections department of lenders Uncle Buck...'

 

http://www.itv.com/presscentre/ep1week36/cash-hand-payday-loans

 

 

tonight 9pm

http://www.consumeractiongroup.co.uk/forum/showthread.php?451357-ITV-9pm-1st-September-2015-Cash-in-Hand-Pay-Day-Loans

[Tawnyowl]

tonight 9pm

 

 

'For the first time ever viewers will get to see the inner workings of the controversial payday loan industry as cameras film the team in the collections department of lenders Uncle Buck...'

http://www.consumeractiongroup.co.uk/forum/showthread.php?451357-ITV-9pm-1st-September-2015-Cash-in-Hand-Pay-Day-Loans

 

 

 

I will look forward to watching the program Ford-nice find.

Noticed citizenB mentioning the program in the TV lounge.

Think I will join citizenB I will put the kettle on make some sandwiches and maybe have a chat before it starts.

Here is the thread.

http://www.consumeractiongroup.co.uk/forum/showthread.php?451357-ITV-9pm-1st-September-2015-Cash-in-Hand-Pay-Day-Loans&p=4785152#post4785152

 

 

 

I feel for such a moment maybe we should have a song to warm things up.

Sorry I could not find a British one.

Now this guy Eric Vieth is no fan of the Lepers of Lending and is a Consumer Lawyer who takes them on. Came across him a few years ago.

And plays guitar and sings a little in his spare time.

Check him out I found him interesting.

Here we go I present to you direct from St. Louis Missouri in the good old United States Of America

 

The Payday Loan Song.

 

 

[citizenB]

I thought the USA was far stricter where these companies were concerned, TO.. apparently not.

[Tawnyowl]

Hi citizenB

So much going on in America. Hard to put everything down. Online lenders, tribes in on the act. The money men throwing money around in different States.

Think you know what I mean. Money for influence that kind of thing.

Some lenders being fined millions.

Think as usual it comes down to this.

A huge potential customer base. Almost 10 million American households have no bank account. A further 25 million households (almost 1 in 5) have a bank account but also use non-bank financial products like payday loans.

So such a massive target market there and so much potential money to be made that the lenders wriggle round like Ferrets in a sack to get round things.

Also looking at Australia, Canada and South Africa to see what is going on there.

However I will not go on to much just mention what the CFPB similar to our FCA is trying to do.

Hope it interests someone.

 

 

CFPB Considers Proposal to End Payday Debt Traps

http://www.consumerfinance.gov/newsroom/cfpb-considers-proposal-to-end-payday-debt-traps/

 

 

Going to mention something else in a minute or two just trying to remember what it was.

A break for a moment a cup of coffee and a puff on a e cig will bring it back

 

 

Back now it was the program last night . Not what I was expecting. Put me to sleep twice.

Something about people in a shed collecting payments that had been missed.

Earning perhaps 400 pound a week and if they hit their target 270,000 pound a month or was that a week a bonus of 1000 pound each would be awarded and a small shiny cup for the person who collected the most.

How many people worked there perhaps 10 do you think.

Well they missed their target once in 3 years, oh dear.

So 10 x 400= 4000 per week.

Plus 10x 250 bonus 2500 per week though paid monthly. Or was it weekly. Must have been

Then the big bosses wages must be double.

800 Pound a week plus surely 500 bonus per week.

So roughly 4000 plus 2500 plus bosses wage 1300 plus costs of running shed and heating from portable heaters and telephones another couple of grand.

Total cost very roughly 10000 a week to collect 270000 pound.

If monthly well 40000 to collect 270000

ZZZZZZ ZZZZZZZ ZZZZZZ I Apologise for boring you to death as the program bored me. And I am totally confused now.

 

 

Think I was expecting someone with a hidden camera who had got a job there.

 

One more thing, oh no do I hear you say.

Just spotted this post on page from Sillygirl1 way back in 2013.

Quote.--One cannot feel sorry for the predators, however one cannot help thinking they will come up with another 'get rich quick at the expense of others' scheme - I forsee a huge rise in 'guarantor' loans....End Quote

 

 

I think you can see into the future for sure Sillygirl1 could you forsee the numbers for this weekends lottery.

 

I will now go back to the Guarantor Loans be very careful thread.

And leave you all in peace.

Bye for now.

Tawnyowl.

[Guest]

an interesting newsbite re facebook and poss credit worthiness

 

''Facebook's new patent could mean you are denied a loan because of your friends...

 

....A patent like this could have a serious impact on Facebook user's lives by affecting their credit-worthiness and blocking access to money - all without them even knowing it's happening. If Facebook used the patent in this way, users might be denied loans from traditional lenders, which could force them to turn to payday lenders and other riskier means...Facebook declined to comment on how such a patent would be used. But its existence marks a departure from the traditional ways of determining credit-worthiness by looking at a person's credit history and how much debt they owe.'

http://www.independent.co.uk/news/business/news/facebooks-new-patent-could-mean-you-are-denied-a-loan-because-of-your-friends-10482622.html

[citizenB]

Thank goodness I don't do Face Book - although equally, I don't do borrowing either

[citizenB]

TO, I didn't watch the programme, whilst it might be the first time that cameras have been inside a PDL company - they have been inside a DCA office - I think 1st Credit, some years ago. I think from what others have said about the programme and what I recall of the DCA airing, there is no difference. All target and commission based and of course you have the one who is at the top of the tree raking in £100's if not £1,000's in commission.

 

In the DCA programme, I think they weren't aware of the cameras so you got a truer picture of what was going on. I think the TV producer was very naïve if he thought he was getting an accurate account of what goes on behind the doors of a PDL when they were well aware they were being filmed !

[Guest]

Thank goodness I don't do Face Book - although equally, I don't do borrowing either

 

ditto

 

i saw bits of that programme, but as you say TO, it wasnt much. seemed just another one of those work reality type dramas with the robots acting up for the cameras, no expose. is that a fair assessment?

[caro]

ditto

 

i saw bits of that programme, but as you say TO, it wasnt much. seemed just another one of those work reality type dramas with robots acting up for the cameras, no expose. is that a fair assessment?

 

Yep.

[Tawnyowl]

ditto

 

i saw bits of that programme, but as you say TO, it wasnt much. seemed just another one of those work reality type dramas with robots acting up for the cameras, no expose. is that a fair assessment?

 

 

I would say that is a very fair assessment.

Bring in the secret cameras I would say. See how the industry really works. From top to bottom.

And one camera please installed in Brokers office as well.

Get someone working there looking at the companies for weeks. Then we will have a programme I would enjoy.

Must have cost a couple of hundred to make. Surprised the cameraman or men, doubt it was men with that budget did not perhaps just leave the camera or cameras rolling in a corner go down to the pub for a few beers. Then come back quick edit and repeat next day. Perhaps they or he did.

 

 

Seen Caros post and Yep again.

 

 

Bye for now and interesting post about Facebook and public forums Ford. Seems you never know who is looking over your shoulder these days. Nosey Parkers.

Deleting posts on Facebook and Twitter as I speak. You never know .Thinking about possible friendly chat with Credit Union perhaps one day.

Now they would never stoop so low. Of that I am sure. But just in case. Only joking.

If they looked at what I get up to it would put them to sleep.

Thoughts going through mind of altering all posts on Faceybook etc . Will look like angel tomorrow.

 

 

But just going to paste a little for those that may have not read the link.

Please do not worry to much or you will not sleep tonight. Here you are.

 

 

Facebook bought a bundle of patents from Friendster for $40 million in 2010. The patent in question is intended to prevent spam, however it also contains the following paragraph:

"In a fourth embodiment of the invention, the service provider is a lender. When an individual applies for a loan, the lender examines the credit ratings of members of the individual's social network who are connected to the individual through authorized nodes. If the average credit rating of these members is at least a minimum credit score, the lender continues to process the loan application. Otherwise, the loan application is rejected."

Another way: users could be denied a loan because their Facebook friends have defaulted on theirs.

 

 

 

Going to learn how to post in fewer words. One word from the site team seems to say in few words what takes me ages to write. And means the same.

Well I am of now to cool fingertips in cool water. Flaming glowing I tell you. Roasting ,keyboard melting.

 

 

Last thought for today do they do computers that if you talk to them they write what you are saying.

Save a lot of blunt fingers and scorched skin.

Business idea if they do not. Patent Pending.

Better go getting carried away.

Not for the first time. White coats approaching from the South. What do they want I wonder.

Bye for now enjoy the weekend.

Just seen your post below Ford. Can you believe that. Such a thing exists. I will look into that and hopefully understand things. One day soon. Fascinating.

Tawnyowl over and out.

[Guest]

Last thought for today do they do computers that if you talk to them they write what you are saying.

yes. afaik, windows speech recognition itself (free), or other software available. can dictate text into an open document.

 

ps windows one http://windows.microsoft.com/en-us/windows/dictate-text-speech-recognition#1TC=windows-7