End Legalised Loan Sharks.

[Tawnyowl]

Just catching up on all the news from the forum on legalloansharks having been away for nearly 6 months.

Catching up on all the latest moves from the predators,infecting communities with their targeted lending.

 

Lets see how they are doing financially.

Judging by their advertising which is everywhere you look things must be going quite well.

Seems they are having just found this article

http://www.thebureauinvestigates.com/2013/06/13/revealed-the-1billion-high-cost-lending-industry/

 

Just checking out the OFT report which was out a few months ago.http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/#.Ub3Tf5Eoq6U

Have they got teeth to take a chunk out of the sharks antics.Lets see.

 

 

Will see what the FCA may do in 2014

The Government has confirmed its intention to transfer regulatory responsibility for the payday lending sector to the new Financial Conduct Authority (FCA) from April 2014.

and also see how other countries are doing.Perhaps the FCPB in America has taught them a few lessons.

Will see how the good guys the Credit Unions are doing and see how their membership is growing.

Tawnyowl back for a summer offensive against the predators who are robbing people and their communities blind.

I hope i do not appear to biassed.

 

Just till i catch up surely this article is not true.Juicy gossip or something to get our teeth into.

http://www.independent.co.uk/news/uk/politics/tory-mp-sir-gerald-howarth-is-consultant-to-payday-lender-quickquid-8660328.html

Seems he was taken on for his views.

In an official declaration to Parliament released at the end of last week, the Aldershot MP described his job as “advising on the effects of legislative changes and other matters”. He expects to be paid between £15,000 and £20,000 for his work.

I am sure the answer is Fairness for consumers and a drop in profits if the FCA turns out to have teeth.

 

And a article from the Citizens Advice.

Payday lenders out of control, says Citizens Advice http://www.bbc.co.uk/news/business-22687230

Here is a short story that at first i thought was about a illegal loan shark only to turn out to be about legal loan sharks.

http://www.wigantoday.net/news/columnists/charles-graham-brave-mum-s-fight-against-loan-sharks-1-5503022

 

Labour MP Stella Creasy, who has campaigned to limit the interest that firms can charge, said: ’Recommendation after recommendation and review after review has uncovered a systematic failing in this industry, which continues to claim it can sort itself out. ‘Those struggling with the debts they are causing know otherwise – they desperately need the government to do the right thing and cap the total cost of credit that can be charged in the UK to give British consumers the protection that they deserve from these problems – and that others around the world enjoy.’

 

Fair enough shame we may have to wait till 2014 to possibly bring them into line.

Why not just get stuck in and sort these legalloansharks out.Why should British consumers be treated like this.

Cap the total cost of credit that can be charged in the UK.Is that to much to ask.

 

Research into the application of total cost caps in Japan has shown that the number of borrowers has not reduced – but the average amount of their debt borrowed from lenders has. For more information on total cost caps – contact Damon Gibbons at the Centre for Responsible Credit.

Interesting thoughts and suggestions about what to do about the illegal loan sharks on page 33

Is this country to soft on them.

Read this story and think about it for a while.

http://www.guardian.co.uk/money/2012/jun/26/loan-shark-hero-awarded-testimony

What do you think.

And if you know anyone in trouble with the loan sharks give them these details.Or perhaps give them the links below.

Address PO Box 12971

Birmingham

B33 8BD Email [email protected]

Website www.direct.gov.uk/stoploansharks

Twitter WWW.twitter.com/loansharknews

Facebook WWW.facebook.com/stoploansharksproject

Helpline 0300 555 2222 Opening Hours Helpine line open 24 hours a day 7 days a week Cost Free

 

Back to the legal loan sharks.Can this next story be true.Surely not.They can not be serious.

Legal loan shark Henry Angest charges hard-up families up to 200% interest while Tory Party are offered just 3.5%

http://www.mirror.co.uk/news/uk-news/legal-loan-shark-henry-angest-1949278

Edited June 17, 2013 by tawnyowl

[Tawnyowl]

-Lords call for action to cap payday loans

We are staggered by the government's seeming indifference to this issue, and by the reversal of its position – doing nothing is not an option. We call again for action to be taken now to cap payday loan interest rates, ban advertising and enforce even the limited powers which the Office of Fair Trading has at its disposal.

Lord Mitchell Shadow business minister

Baroness Grey-Thompson

Baroness Howe of Idlicote

House Of Lords

http://www.guardian.co.uk/money/2013/jun/17/lords-action-cap-payday-loans

 

A few things coming up and it will be interesting to see what the answers will be.

20th JUNE

Lord Kennedy of Southwark to ask Her Majesty’s Government what assessment they have made of the alternatives to the payday lending industry available to consumers.

 

Wednesday 26 June at 3.00pm

 

*Lord Kennedy of Southwark to ask Her Majesty’s Government what further action they plan to take to tackle the issue of payday lending.

 

New law to help credit unions compete with payday lenders 'does not go far enough', think tank claims

 

Read more:

http://www.thisismoney.co.uk/money/cardsloans/article-2341633/New-law-help-credit-unions-compete-payday-lenders-does-far-says-Civitas.html#ixzz2WZaITOwn

 

I still have not got over this character voting against capping last year.

Grant Shapps voted against the capping of payday loan interest rates last year – despite having written a report slamming extortionate APRs just three years ago.

http://politicalscrapbook.net/2012/05/grant-shapps-payday-loan-interest-rates-flip-flopping/

Here is the paper

http://m.conservatives.com/News/News_stories/2009/01/~/media/13C349540DF84BFFA8BECE0A02E1639B.ashx

 

Then we had the master himself.

Some of the £537,000 Adrian Beecroft has given to the Conservative Party in recent years came into his possession by lending out small sums of a few hundred pounds a time, at rates of interest as high as 4,000% a year.

With mass employment so good for business, no wonder Beecroft would like to make it easier to sack people. Among the proposals contained in the review of employment law he has recently completed for the Coalition is so called ‘no fault dismissal’.ETC,ETC,ETC.

 

So to Joe Public it kinds of gets you asking the question,with all these powerful people sat down round some table(visions of shark fin soup for starters- suitable recipes for them please here is mine

 

1. Rinse the legal loan shark and trim off any skin.
   
2. Mix together the soy sauce, Worcestershire sauce, onion powder, garlic salt, thyme, black pepper, and chili powder in a small bowl to form a paste. Spread a thin layer of the soy sauce mixture on both sides of each legal loan shark shark steak. Place on a plate and cover. Allow to marinate in the refrigerator at least 30 minutes.
   
3. Preheat oven to 325 degrees F (165 degrees C).
   
4. Arrange the legal loan shark on a baking sheet. Bake the legal loan shark in the preheated oven until cooked completely through, about 40 minutes, turning the legal loan shark steaks over once, about half-way through the cooking time.
   
5. I am sure by this time they and their friends would see things our way.Perhaps.
   
6. Please excuse this light hearted look at things-just a break from such a serious matter.
   
7. I will now resume normal service.I thank you for your understanding.
   

with their open cheque books or electronic transfers from their yachts in the Cayman Islands or elsewhere in their wonderful world what real chance does the OFT or FCA really have in dealing with the Legal Loan Sharks.

 

We will see.My personal view and maybe i am seeing it from my biassed view of Legal Loan Sharks and their seemingly powerful friends.As someone once said, "There seems to be something of the night about it all"

 

Just to show how important and powerful they think they are here is another article.

http://www.huffingtonpost.co.uk/2013/05/10/wonga-wants-to-work-with-the-government_n_3253367.html

The Legal Loan Sharks and their puppets are now clearly out of control and must now believe they are invincible.

Cut their strings,bring them down to earth and cap before they bleed the country, your community and local people dry.

No matter how hard they try to upgrade their image they are still legalised loan sharks.

 

But despite planning curbs on advertising the loans, ministers have so far ruled out putting a limit on interest rates, claiming it could drive borrowers into the hands of illegal lenders.

Well as discussed one post back there is a dedicated team in Birmingham quite willing to take them on.

I understand the misery and fear they put into people,but like all bullies when confronted by a team who are quite willing to loosen hinges on doors if needed and confiscate property and jail sentences

they would be wise to change their business.

https://twitter.com/LoanSharkNews

 

Maybe i have had to much sun today after frying earlier in the day up a ladder to earn a crust.

Maybe i have it completely wrong.Noooo i am not doing self doubt today.

Who knows.Do you

Cap those rates

Some good news.

Glasgow plans account for every teenager to combat payday loans

http://www.guardian.co.uk/uk/2013/jun/13/glasgow-account-every-teenager-payday-loans

And a video about the legalloan sharks in a part of Britain.

 

I recently went into town and saw the loan shops,i suppose now every town is similar.

Places offering to lend money on phones,computers,all sorts of things.

There were so many of them.

I will not be going into town again unless i have to.

How many other people think the same.

What is the use of spending a good few pounds to get there when you find the best streets are full of legalloansharks.

Street one-Main Post office closed,a wonderful historic building with hundreds of people in and out all day,seems to have affected the near by market badly.

And the Betting shops,Loan shops and Pawn Shops.

Just changing times,many may say.Fair enough but i am sure i am not the only one that will not be in and out of town like i used to.

These shops must affect local business.

Pounds ripped out of peoples pockets by the legalloansharks are a pound less to be spent in local shops.

Reminds me,i should have worn a cap today,brains frying

Usury is all it is.

https://en.wikipedia.org/wiki/Usury

Maybe time to chill.

Siesta,see you later my friends i hope on the CAG

 

Edited June 19, 2013 by tawnyowl

[caro]

Thanks for the update tawny. Good to see you back.

 

It's really unbelievable that this hasn't been sorted yet, but lets hope the pdl companies days are numbered.

[Tawnyowl]

ISLE OF MAN OFFICE OF FAIR TRADING SEEKS INFORMATION FROM CONSUMERS ON payday loans - REMINDER

 

The Office would like to remind members of the public who wish to submit information that their surveys should be received no later than Friday 28 June 2013.

 

Anyone on the Isle Of Man who would like to complete this survey link below.

 

Many years ago i used to get the ferry from Fleetwood to Douglas for the day.Wonder if they still do it.£4.50 total cost.A cracking day out. Memories.

 

We used to behave ourselves. I believe they used to have a whip called the cat of nine tales for anyone stepping out of line.Not used nowadays i believe.

 

Anyway back to business,the survey has over a week left to fill in for anyone who may be interested.

Link below

 

https://www.surveymonkey.com/s/iomoftpaydayloansconsumers

 

Bit of news about a football player who may not wear the clubs sponsors logo

Mention of a four year 8 million deal

Certainly got my support if that is the way he feels.

Its Wronga.

http://www.bbc.co.uk/sport/0/football/22857014

 

Having worked in the North East in the late 70s i am surprised the fans stood for it.

You do not mess with the Geordies.

Having my local club sponsored by them is also very painful and feel the best way to go is similar to this idea.

If you feel strongly about this subject what else can you do.

http://www.marketingweek.co.uk/news/newcastle-fans-ask-for-wonga-logo-to-be-dropped/4004327.article

 

 

Glasgow to tackle payday loan problems

 

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-22882934

 

Ban payday loan adverts on campus, says NUS

 

http://www.bbc.co.uk/news/business-22840878

 

Is the end of payday lenders nigh?

 

http://www.bitterwallet.com/is-the-end-of-payday-lenders-nigh/65668

 

A bit of news from the CFPB in America.

CFPB Director Richard Cordray said that the agency’s research found that the industry’s longstanding argument that the loans help consumers who are occasionally strapped for cash is not necessarily true.

“Payday and deposit-advance loans, while designed for short-term emergency use, are leading many consumers into long- term, expensive burdens,” Cordray told reporters.

In its study, the bureau said it would consider “the effectiveness of limitations, such as cooling-off periods, in curbing sustained use and other harms.”

New restrictions on payday lending would fulfill a longstanding goal of consumer groups that fought for the creation of the CFPB in the Dodd-Frank law of 2010.

 

The new rules will require banks to measure a borrower’s ability to repay the loans, the person said. They will have to disclose an annual percentage rate for the loan, wait a full billing cycle between loans and ensure that a customer pays off any loan before getting a new one, according to the person.

Consumer groups have long charged that the loans prey on low-income people by concealing costs and ensnaring them in an expensive debt cycle. They say consumers often get additional loans to cover the first one, resulting in a snowballing of the debt.

 

For that reason, groups like the Durham, North Carolina- based Center for Responsible Lending and the Consumer Federation of American consider the loans usurious, and have argued for restricting or banning them.

I suppose that is enough for now i do not want to bore you.

Maybe one more thought.

It is estimated that twelve million Americans and two million people in Great Britain now use Payday Loans and rising.

It is going to take a powerful organisation to get to grips with any problems.

Will the OFT or FCA be the ones.

Edited June 20, 2013 by tawnyowl
formatting

[Tawnyowl]

OFT expected to refer payday lenders to Competition Commission

 

http://www.independent.co.uk/news/business/news/tough-probe-into-payday-loan-firms-8669740.html

 

Who are the competition commission.

http://www.competition-commission.org.uk/about-us

 

Wonga increases its typical APR by 1,600%

 

http://www.guardian.co.uk/money/2013/jun/21/wonga-increases-apr-1600

 

Meanwhile, Wonga today backed down from a fight with the Office of Fair Trading on measures to improve its debt collection practices.

The payday lender was told to change the way it recovers debts by the OFT last year but it decided to appeal the decision.

 

It was told to make changes in 2012 after the regulator found it had written to struggling borrowers suggesting they may be guilty of fraud, and that Wonga would consider contacting the police if the customer did not act as it requested.

 

The Archbishop of Canterbury attacks payday loan industry

 

http://www.thebureauinvestigates.com/2013/06/20/the-archbishop-of-canterbury-attacks-payday-loan-industry/

 

 

 

Could payday lenders cause another credit crunch?

 

A ban from the advertising watchdog lifts the lid on the murky world of payday lending.

http://www.telegraph.co.uk/finance/personalfinance/comment/10130259/Could-payday-lenders-cause-another-credit-crunch.html

A petition about payday loan advertising to perhaps sign if you feel so inclined.Does their advertising bug you. It is everywhere.

http://epetitions.direct.gov.uk/petitions/42019

 

 

Example of targeting Londoners by the predators looking to expand their empires.

The four Americans came in search of a new frontier. They flew from Kansas and Arizona and checked into a shabby hotel in London last May. Every day for a week, they rode buses and tubes to parts of the city most visitors would only end up in by mistake, places like Barking, Ilford, Kilburn and Wood Green. “We just did a lot of walking,”

 

How much are these targeted predatory bloodsuckers ripping off from every Town and City in this green and pleasant land.

MAYBE A CLEVER JOURNALIST COULD FIND OUT.Any takers.

1-How much total interest in towns and cities is being diverted from local economies.

2-How many jobs are being lost due to the economic drain of legal loan sharks

3-How many bankruptcies

4- How much is the economic impact of loan payments that divert money that otherwise could be spent locally

And many more questions that a Journalist could think of..

 

A interesting article to read for sure.

And how are they getting away with it.

Time the powerful ones acted.

 

A few thoughts some of us may have been thinking about.From America

The legal loan sharks are sucking millions from poor people. And the ripple effect of payments is depleting hundreds of millions from local economies, undermining job creation and pushing people into bankrupcty.

How these “debt traps” affect the lives of borrowers and local economies, including job creation. Its study had four surprising findings showing how payday loans perpetuate the cycle of hardship and poverty.

A new study tracks how interest payments hurt communities.Gets you thinking how much the legalloansharks are draining from each town and city.And getting away with it.

Who is backing them financially.They whoever they are will not lend to you but must be bankrolling them.

 

1. Millions not spent locally. The study noted that in 2011, the total interest payments made by borrowers in 33 states was $3.3 billion, with California, Texas, Mississippi, Illinois and Alabama paying the most interest. But then it looked at how much of the interest payments were being diverted from local economies and concluded that “the payday lending industry had a negative impact of $774 million in 2011.”

 

It would be interesting to do a comparison here.But similar findings i would think.A think piece for sure.

2-. Kills local job creation. The study found that payday lending drains $2.5 million from local economies daily. “In addition, we estimate that more than 38 people lose their jobs each day due to the economic drain of payday lending. Far from creating economic opportunity, payday lending creates impoverished households and endangers local economies.” All told, the study said that the loans have led to the “loss of more than 14,000 jobs” in 33 states.

 

3-3. Pushes people into bankruptcy. The study found that “payday lending caused an estimated 56,250 Chapter 13 bankruptcies in 2011,” adding that “with an average cost of $3,000 per bankruptcy [in legal fees], these bankruptcies cost the economy an additional $169 million.”

 

4. Total local losses about $1 billion. The economic impact of loan payments that divert money that otherwise could be spent locally ($774 million), and bankruptcy fees tied to payday loans ($169 million) “brought the total loss to nearly $1 billion,” the study said. These costs do not reflect the emotional pressures and trauma that come from living under a worsening cloud of debt.

 

A good start to the week.

If i was a legalloanshark or their backers or friends in high places i may be thinking about heading for the hills.

The good guys maybe are forming a Posse.

They are beginning to wake sleeping giants.

Any comments from legal loan sharks or their chums welcome.I dare you.

Plenty of interest here,high interest, the right kind of course.

No rolling over on here.

A warm welcome awaits you.

Membership of the CAG is free.

Forever the optimist-Tawnyowl.

 

 

.

Edited June 24, 2013 by tawnyowl

[Tawnyowl]

Here is the expected press release from the OFT

OFT refers payday lending market to Competition Commission

 

27 June 2013

 

http://www.oft.gov.uk/news-and-updates/press/2013/45-13#.UcvwVZH15QI

 

 

And the latest updates on

Payday lending compliance review

 

http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/#.UcvxpJH15QI

 

And the first newspaper article on the referral i can find

http://www.guardian.co.uk/money/2013/jun/27/payday-loans-competition-inquiry-oft

 

 

This referral doesn't mean the OFT can now stand down, it needs to stay tough with lenders and continue to take early enforcement action against any company found to be lending irresponsibly."On Monday the government will hold a summit on the industry between lenders, consumer groups and industry watchdogs to explore whether further regulator of the sector is necessary. A growing number of organisations have taken a stand against the industry, blocking adverts and even access to lenders' websites.

 

Media report tv.

Payday Loans Firms Face Competition Inquiry

 

 

http://news.sky.com/story/1108667/payday-loans-firms-face-competition-inquiry

 

And a link to a video is also there from the OFT -The chief executive of the Office of Fair Trading, Clive Maxwell, tells Sky News the payday market isn't working on many levels.

 

I bet the Consumer Finance Association(chief friends PR and supporters of all legalloansharks) are busy this morning.

Wonder what their next comment will be.

 

Stop advertising payday lenders

From The NUS

The national voice of students.

This is not the first time that pay-day loan companies have been subject to criticism from the NUS. In 2012, Wonga was heavily criticised for targeting its pages at students and suggesting that its products had advantages over conventional university loans.

Pete Mercer, the NUS national vice-president of welfare said: “It is clear that at least some pay-day lenders are targeting vulnerable students and the government has so far failed to act, so it is important we do everything we can to limit their ability to reach our campuses."

 

http://www.nus.org.uk/en/get-involved/welfare-and-student-rights/stop-advertising-from-payday-lenders/

 

 

OFT chief: Payday lenders are causing people distress

Clive Maxwell, Chief Executive of the Office of Fair Trading, told the Today programme: "We think there are fundamental problems in this market.

First broadcast on BBC Radio 4's Today programme on Thursday 27 June 2013.

 

http://www.bbc.co.uk/news/business-23077385

Edited June 27, 2013 by tawnyowl

[caro]

This is not before time!!

[renegadeimp]

THey really need to stop going on about competition and address the serious problem of the way they operate, evade guidance and regulation and their borderline criminal acts of harassment

[Tawnyowl]

Slightly worried about this news.

BIS has announced that the Competition Commission will be merged with the Office of Fair Trading (OFT) on 1 April 2014 to form the Competition and Markets Authority (CMA)

Squeezing them together may mean replacing a Rolls-Royce service with a Mondeo."

 

Some say it usually takes 18 months to do one of these investigations, it is very doubtful the CC will be around to do anything about their own findings.But of course they will then be the CMA -phew.

 

Is there time to do all that investigating.Of course there is the OFT and CC become the CMA-no problem.

 

So the OFT refers the legalloansharks to the Competition Commission who then will become the Competition and Markets Authority. in April..Interesting.

 

I hope the FCA becomes all powerful.And get to grips with it all.

Maybe merge them all.

Will take a look at the CMA.

BFN-Bye for Now.

Going to lie in a darkened room for a hour or two.

It has been a strange but interesting day.

 

I have many thoughts about the legalloansharks and am just a bloke who goes up ladders and makes a few bob when demand is there. Seems to be getting harder to make much these days.Lucky to pay the bills on a good week.People are suffering.

I root about on the internet looking for news about them.Mix it up a bit and hope some find it interesting.

They are powerful organisations with friends in high places.

And wonder if the meetings next week will get anywhere.Hope will not go,but the way they have got round regulation in America gets you wondering.Very slippery characters with top lawyers and unlimited advertising pots that credit unions could only dream about who lobby MPs themselves.

Most of them came here and targeted the areas where they could bleed people and communities dry.

One lot flew from America and targeted parts of London by walking the streets,taking tubes to destinations they thought were suitable and launched their product.

What were they thinking as they walked.What were they saying as they decided on their targets.

Profit at any cost.Targeted predatory lending.

That is why the lobbying of MPs and anyone else must carry on and somehow the legalloansharks will hopefully brought to task.

I read your posts and threads about them and the trouble they cause.And the pain.

I feel it having been in serious trouble myself back in the subprime days and watched the horror unfold America and here.

Here is my favourate song from back then.

I know it is Detroit but change the words and you could fit it anywhere.

There is something about it that sums my and i suppose many peoples thoughts and experiences up.

Haunting.

That is enough from old Tawnyowl. I will carry on reading your posts and threads about the legalloansharks and hope change will come.And of course no matter how my posts may bore you-the fight goes on.

And i do appreciate any replies on here,and wish to thank Caro and Renegadeimp for posting today,because sometimes i feel like i am talking to myself. I know, do not say you are most of the time. At least i do not lose any arguments that way.Ha.

 

One bit of news unrelated to the legalloansharks has really bugged me today.

Anyone in London area who may read this help catch this character.

Pass this info on to your friends.

Maybe through Twitter or Facebook

Traveling From Walthamstow Central to Highams park a lady had a terrible time.

http://www.guardian-series.co.uk/news/wfnews/10513611.Mother_of_toddler_who_suffered_broken_collarbone_in_racist_attack_was__absolutely_terrified_/

Do update if and when he is caught.

 

Last bit of news today.

As Competition Commission Inquiry Announced, MP calls for Moratorium on Payday Loan Promotion

 

 

http://www.workingforwalthamstow.org.uk/as-competition-commission-inquiry-announced-mp-calls-for-moratorium-on-payday-loan-promotion/

Bye for now.Keep up the fight for change.

Edited June 27, 2013 by tawnyowl

[Tawnyowl]

Time to get thinking about the Credit Unions today.

It is a while since i looked at them.

Last thing i was hoping for was that they would link up with the Post Office network but that was i think a year or two ago.

I will check.

8000,YES 8000 post offices.

Can you imagine how many new members for the credit unions.

If each post office had 5 new members,just five,40000 new members.A week.

It would as you can imagine be many more.

Increased use of post offices,more money.Footfall. The old post master would be over the moon.

Just imagine walking into any post office and being able to join your local Credit Union.

Even small loans on the spot,perhaps.

At Credit Union rates.

Supporting your local community.

I can see it now.

Legal Loan Sharks queing up at airports and harbours and getting back on their jets and yachts heading for the exit doors.Back home to their tropical havens finally beaten by the Credit Unions and the good old Post Office.

Maybe they would still be here,but tamed.Wearing their new caps on the total cost of credit.

Extra staff. would be taken on ,more takings as more people walk through the doors of the old favourite, the Post Office.

I must be dreaming or a hell of a optimist.

Could it happen,will it.

90% of the population live within one mile of a post office.Wow

 

BIS - Building a Mutual Post Office

http://www.abcul.coop/media-and-research/consultations/post-office-mutualisation

 

The Post Office,so convenient.

Advertising that the Legalloansharks have so much money for.

Well the Post Office could leaflet every house in the land,no problem.

Lets take a look why this has not happened yet.

Any Credit Union experts on here,have your say.

Will save me looking.

Only joking,updates as the day goes on.

Will it be a money issue.Most things are.Let us. check.

In the meantime why not check your local Credit Union out.

I am sure you would receive a warm welcome.Link below.

http://www.findyourcreditunion.co.uk/home

 

 

Well i am looking for the latest info and will update as i find the latest news on a possible link up

But here is one paper.From 2012 Page three is interesting.

http://www.nfsp.org.uk/uploads/pdfs/Credit%20Unions.pdf

 

Seems to be a problem with a IT platform.Is that expensive.Someone will have to explain.Myself and technology left each other before computers came along.

 

So far everything i am reading points to a link up to being such a good thing,it makes you wonder why it has not happened already.

The sheer scale of the post office network. It is larger than the bank or any of the big retailers. Like the credit unions, it commands trust. It has a highly competitive, if somewhat old-fashioned, range of saving products that actually complement the lending products and credit risk systems of the credit unions.

 

It must be the IT platform,mmm anyone got a second hand one.

I will check out ebay,and the recycling sites.

If my posts seem confusing please excuse,today is a learning curve.

But i am sure everything will become clear,perhaps.

 

Interesting,but you feel you still have not got to the bottom of it.Credit union £38 million expansion deal signed

https://www.gov.uk/government/news/credit-union-38-million-expansion-deal-signed

 

If the Credit Unions linked up with the post office surely this would have a impact on the banks.OOPS,

Banks,remember them the ones who will lend to legalloansharks but not you.

The ones who perhaps whipped your child benefit or anything they could get their hands on.

Calling them fair charges.

Because they could

The ones who got the BAIL OUT and gave themselves a nice bonus afterwards.

Q FOR THE BAIL OUT SONG.

Break over back to business.

Who get the golden handshakes and fat pensions.

Because they can.

While you shivered and went hungry.

Even eating 50 quid pork pies and champagne,toasting your generosity.

Can you guess which one.

From you,the great british taxpayer

Dare you ask the banks for anything.

They have turned their backs on you.

If the link up goes ahead do the same.

Who knows how many new members nationwide.Maybe millions.If the link up happens soon.

Who gives the most money to the banks in charges etc.

Maybe the very people who would join.

Good bring it on.

I am sold and raring to queue up to join.

And you can be sure the Post Office and credit unions would soon have everything financially you need under one roof.There is even talk of the post master being able to authorise quick loans up to 400 pounds instantly.

That reminds me i must buy the old boy a drink next time i see him.And say good morning as well.

 

Treat this as a think piece,i am.Trying to think about what is a massive impact it would possibly have.

Now who knows why a IT platform cost so much.Better still what is it.

It seems to be holding things up.

Where is the A team when you need them.

There is a job that needs to be done.Urgently.

A IT platform is needed

If a hammer and nails are needed i am available.

A link up with the Credit Unions and the Post Office.Bring it on.

When it happens let us have a bank transfer day http://www.cutimes.com/2013/04/03/bank-transfer-day-inspires-think-prize-finalists when many switch to the credit unions

Interestingly, I've seen comments from some banking executives who are dismissive of the Bank Transfer Day phenomenon, saying they don't really care because these small dollar accounts that have moved aren't profitable.

That is being short sighted. Even a low-dollar checking account can be a first step to a deeper relationship with a financial institution. But credit unions, as not-for-profits, are also not as concerned as banks about making money on every account.

 

A day i would look forward to.

Edited June 29, 2013 by tawnyowl

[Tawnyowl]

Looking forward to this week.I could not be more excited.Do you believe me.

My ears will be focussed,or should that be my eyes focussed.I will work that out later.And my punctuation and spelling mistakes.Much later.

Can you believe,yes can you actually believe a meeting is taking place for the first time.

Electrifying or a damp squid,you decide.As the week goes on it will become clear.I hope.

Are you ready for this momentous meeting.Here it is.I know,will you just get on with it.Here goes.

 

Consumer Minister Jo Swinson summons payday lenders to a showdown

 

Payday lenders have been summoned to a showdown with Consumer Minister Jo Swinson next week to tackle problems in the £2bn industry.

 

Charities, regulators and Government ministers will also attend the summit on Monday in the first ever meeting of all groups at the same time.

Just think for a moment,all the legalloansharks with their golden sharpened teeth and their reps,the CFA.Parking their golden chariots around the back.Can you picture such a thing.

I am surprised the way things are going streets are not being renamed for the day,like Wonga Way or Quick Quid corner,maybe the tables will be.

 

I know get serious will you.I will but it has taken so long to get this far.

Sometimes you have to take a lighthearted look at things.

To help you get through it all.The devastation this market has caused.

I know how serious a matter it is.I have read thousands of articles from many different countries.

I have read the heartbreak this market has caused for so many people.

 

Why has it taken so long.Why has Stella Creasy not been invited.Oh,its full or are they scared of mentioning,dare i say it.Shall i.

Oh go on then i will,the benefit to the consumer of a cap on the total cost of credit.I said it,will i be flogged for mentioning such a thing.

You decide.I feel any legalloansharks that may drift this way think i should be, making you read such a thing.Much more to put on,i am editing and adding as we speak.I have such a dodgy connection today i keep losing what i have written.You do not think i am being got at do you.Back soon.

 

Here is a article published today by Stella Creasy MP for Walthamstow.

http://www.independent.co.uk/voices/comment/stella-creasy-a-cap-on-the-cost-of-credit-will-curb-the-loan-sharks-8680019.html

 

As you read it you realise this MP certainly knows her stuff.And is thinking of people,the ordinary people of this battered land.Her constituents and everyone who is being fleeced...Battling for consumers.Tirelessly.And does not want them being ripped off.

She will not rollover.

A few things jump out and hit hard.Especially if you are a supporter.

 

1--That's why we must deal with the root cause of the problem by capping the total cost of credit and so limiting the amount any person can owe on a loan. But this investigation could take up to two years – time that British consumers cannot afford.

 

The investigation could take up to two years.

Two years more at least.

Before anything may be done.

Time that British consumers can not afford.True.

Can you believe that,two more years at least of British consumers being ripped off. The misery it will cause for millions.

The money ripped away from local communities,shops,business.Gone for good.

Think about it for a minute or two.Not to long or your brain will explode.Angry,Mr angry,to true.

Where to.Well like some say.

Take their profits and jet off out of town.

It must be stopped.

 

2---The Financial Conduct Authority has the power but not the data to introduce such a cap – if ministers want to show they are finally getting to grips with legal loan-sharking in Britain they should demand the industry share its data with the FCA now, so that they can set and introduce such a cap without delay.

 

Given the debt and misery involved for those affected by this unfair market, it is time to put the needs of British consumers first.

 

I had better stop writing now,if i carry on much longer it will fill a whole page up.Just a few more comments i have found on the net.Then i will go and pull a few weeds out of the garden.If only it was that simple with the legalloan sharks.Their roots are getting longer by the day..Or maybe chill with a double somewhere quiet.Maybe as my last entrepreneurial venture(which did not last long)by a quiet river in the wonderful county of Essex.Memories.

 

Comment 1- "Having a summit on payday lending without talking about a cap is same as holding summit on arson and not mentioning matches"

Comment 2-The legal loan sharks are sucking millions from poor people. And the ripple effect of payments is depleting millions from local economies, undermining job creation and pushing people into bankrupcty.

 

I hope this meeting goes well and will keep a sharp eye on things as they progress.

I hope the ministers just do not rollover and say sorry for this terrible inconvenience old boy.Carry on regardless.

We will see.

 

There is so much news around, here is some that may interest many in Scotland.

Payday Loans – Scots urged to report their experiences in CAS survey

 

http://www.cas.org.uk/news/payday-loans-%E2%80%93-scots-urged-report-their-experiences-cas-survey

 

 

Special report: The dark side of credit - a million new payday loans every month

 

http://www.independent.co.uk/money/loans-credit/special-report-the-dark-side-of-credit--a-million-new-payday-loans-every-month-8680018.html

 

 

 

Archbishop backs payday loans alternatives

 

http://www.guardian.co.uk/money/2013/jul/01/payday-loans-archbishop-justin-welby

 

 

The specter of the loan shark is often conjured by advocates of price deregulation in the market for payday loans. If binding price caps are imposed, the argument goes, loan sharks will be spawned. This is the loan-shark thesis. This Article tests that thesis against the historical record of payday lending in the United States since the origins of the quick-cash business around the Civil War.

 

http://scholarlycommons.law.wlu.edu/wlulr/vol69/iss2/10/

 

Just press the download-right hand side after pressing the link and up comes the article.

May take a while to read,but interesting.

 

And maybe to finish off some good news,summer is arriving.What has that pesky jet stream finally shifted.

Britain set for two-week heatwave

 

 

http://www.dailymail.co.uk/news/article-62786/Britain-set-week-heatwave.html

 

Edited July 1, 2013 by tawnyowl

[caro]

Good to see which? taking an active interest.

 

http://www.bbc.co.uk/news/business-23116538

[Tawnyowl]

Getting some news about the summit held this morning.

 

Payday lending advertising faces ban under hard-hitting new rules

http://www.independent.co.uk/news/business/news/payday-lending-advertising-faces-ban-under-hardhitting-new-rules-8681747.html

 

It seems Martin Lewis was brave enough as no one had mentioned it to push for caps.

As no one had said it, I pushed hard for a total cost cap on payday loans in the summit. Jo Swinson agreed FCA can and should look at this.

 

Martin Wheatley, head of the Financial Conduct Authority, didn't rule out a blanket ban on lenders, similar to ones already in place on tobacco and gambling.

"That's a power which will be available to us," he said after the summit.

 

Which? executive director, Richard Lloyd, who attended the summit, said: "Positive noises about tough new rules have come out of the summit but these must now be backed up with more concrete actions than we've seen today.

 

Payday lenders quizzed at government summit

http://www.which.co.uk/news/2013/07/payday-lenders-quizzed-at-government-summit-324734/

 

Payday lenders could face advertising ban

http://www.bbc.co.uk/news/business-23127141

 

 

Payday loan cap out: Watchdogs branded "too soft" on sharks

http://www.mirror.co.uk/news/uk-news/watchdogs-branded-too-soft-payday-2017363

 

 

MORE than 100 Scots a week are lodging complaints about payday loan companies.

http://www.heraldscotland.com/news/home-news/clampdown-on-payday-loan-firms-as-complaints-rocket.21495994

 

 

 

 

Other options that the FCA will consider include:

 

• a limit on the number of loans any individual can take out
  
• a limit on the number of loans that can be "rolled over"
  
• better affordability assessments
  
• a new central data collection facility to improve credit ratings
  
• a time lag between loan approval and payment
  
• a cap on the total cost of credit.
  

Payday lenders.-The newest form of loansharks.

The product forms a trap,clever because it does not ensnare every consumer and because the result is achieved without fraud or violence.If we judge matters by the public outcry payday lending is the shrewdest form of loan sharking yet devised.

Edited July 2, 2013 by tawnyowl

[Tawnyowl]

I have just been looking at the problems in America with Payday loans.Not for the first time.

Many things to say and so many similarities.

I watched the CFPB In America formed and thought yes,finally things are going to happen.

Then i saw talk of the FCA and thought yes finally sparks are going to fly.

Yet to see,as no power till 2014.

I thought the same of the CFPB.

I really hope i am going to eat my words.

Both the CFPB and FCA are saying similar things.And talking of similar actions.

Maybe they should meet up and discuss things.

But will anything happen.

Soon.

 

Then you get,as here the thoughts many have.

They needn't worry. They have friends in high places. Money power runs America. Whatever it wants it gets. Predatory lending harms vulnerable borrowers. Low income households suffer most.

The friends in high places,mmm

Money power i feel runs many things and places.

As here donations pour in.

Like here they have their trade organisation

The Community Financial Services Association of America, a trade group that represents payday lenders,

who use the same old excuses.

Here it is the CFA.

 

Then you get the ways they get round regulation,how about this one for instance.

Even i must say,i can not see this here,for obvious reasons.

Payday Lenders and Indians Evading Laws Draw Scrutiny

 

 

http://www.bloomberg.com/news/2012-06-04/payday-lenders-and-indian-tribes-evading-laws-draw-scrutiny-1-.html

 

Charles Moncooyea, vice chairman of the Otoe-Missouria Tribe, called the interest of the Consumer Financial Protection Bureau “a declaration of war”

Wow.

 

Then you get the -

On top of that, the large banks involved have denied some requests for borrowers to stop the withdrawals from their accounts, even though federal law protects that request.

http://gawker.com/5986531/big-banks-going-offshore-to-rip-people-off

 

 

The money pouring into a boom for consumer loans

http://www.thebureauinvestigates.com/2013/06/13/the-money-pouring-into-a-boom-for-consumer-loans/

 

 

 

And a Australian look at things.

Micro finance,interesting.

http://www.brisbanetimes.com.au/money/investing/loans-rescue-minnows-from-sharks-20130402-2h42z.html

 

The legalloansharks are everywhere

And talk of lenders moving away from rollovers.What moving away from rollovers.Because of the bad press

Yes they just technically shut the old loan down,pay it off and give a new bigger loan.

More fees ,interest etc etc etc

A never ending cycle.

One big report.

http://www.nab.com.au/wps/wcm/connect/e1d14c004c4512c4a2a0bbcfb89ce21f/Caught-Short-Aug2012.pdf?MOD=AJPERES&CACHEID=e1d14c004c4512c4a2a0bbcfb89ce21f

 

Australia-- From the Consumers Federation Of Australia.

http://consumersfederation.org.au/new-payday-lending-protections-welcome-but/

New payday lending protections welcome, but…

 

… lenders get a back door to charge more fees

 

The legalloansharks getting stronger by the day.

As does the anger by the communities who are suffering from their targeted predatory lending.

Rolling over and taking the spin from the sharks and their friends is no longer a option.

A recipe for action.

Sooner rather than later.

Living in hope-Tawnyowl.

Edited July 4, 2013 by tawnyowl

[Tawnyowl]

Today i am just mentioning a touchy subject for some.

I feel i have made my mind up and am trying not to be biassed.

It is just these massive donations to political parties,do they buy influence.

Powerful men giving millions,yes millions to a political party whether here or in America makes some wonder.

Well a small donation here back in 2010 to a political party has started a few ripples forming this morning.

Part of a much bigger package.

Nothing wrong with that some may feel.

But when you take a closer look at the firm that gave it Flowidea Ltd and who is behind it some may wonder a few things.

Lets look closer.

http://searchthemoney.com/associate/1202

Check on the left hand side.Info

You guessed it it is our friend. Controlled by multi-millionaire Henry Angest.

Article.

http://news-europa.eu/portal/index.php/environment-consumers-health/item/66911-legal-loan-shark-henry-angest-charges-hard-up-families-up-to-200-interest-while-tory-party-are-offered-just-3-5

 

It gets many wondering what is going on.

If i gave 10 pound to somebody i may want something back in the future.Just a thought.That is all.

Families and communities are being stung by these legalloansharks while they sit round the table with our leaders.

And despite having plenty of time to act it seems to many they are hitting a brick wall when asking for change.

A fair deal for consumers.That is all.

We would like mates rates as well.

It should not take years for change.

 

It seems to be a International cause for concern.I will not go to deep into the American contributions but here is a taster.

Richard Cordray, the new director of the Consumer Financial Protection Bureau, said in January that the agency would step up its oversight of the industry.

"These payday lenders are the real vulture capitalists in communities around the country, and now they're investing in a candidate they believe will get rid of the Consumer Financial Protection Bureau," said David Donnelly, executive director of the Public Campaign Action Fund, a nonpartisan campaign finance reform advocacy group.

 

I wish i could tell things like http://www.youtube.com/user/chunkymark does.Check him out.

If you are interested in things that are happening,hit the link

He tells things like they are.

Not for the faint hearted.

But what a chap.

He is a London Taxi Driver.

He is having treatment for cancer.

What a man.

 

Tawnyowl trying to be diplomatic,mmm

A diplomat,someone who tells someone to go to hell in such a way that they look forward to the journey.

Legalloansharks,enjoy the journey.

 

I rest my case.

For now.

Edited July 5, 2013 by tawnyowl

[Tawnyowl]

A news article about some payday lenders giving up their practices of targeted predatory lending.

Let us hope they do not come back whoever they are in another name.Back soon with another blast at them.Just building up to it.

 

Eleven payday lenders to stop offering short-term loans

http://www.guardian.co.uk/money/2013/jul/10/payday-lenders-stop-loans-regulator

 

 

Third of payday lenders responding to OFT probe have thrown the towel in after officials asked them to clean up practices

http://www.thisismoney.co.uk/money/cardsloans/article-2359345/Third-payday-lenders-responding-OFT-probe-thrown-towel-officials-asked-clean-practices.html

 

Amazing how quiet things go in the media after a meeting.And the sharks just get back to business as normal.Not on here though.Link.

Swansea mum's unite to fight pay day loans

http://www.thisissouthwales.co.uk/Swansea-mum-s-unite-fight-pay-day-loans/story-19499258-detail/story.html#axzz2Yiees0BJ

 

My goodness i was late spotting this UPDATE in a mo.

 

Back the bill to curb legal loan sharks

 

It’s time to regulate the payday loan industry

 

 

 

http://www.unitetheunion.org/campaigning/endlegalloansharking/

 

 

Latest news--

 

Pop up loan shark shop comes to parliament

 

http://www.unitetheunion.org/news/popuploansharkshopcomestoparliament/

 

Stop advertising payday lenders

 

National Union Of Students

http://www.nus.org.uk/en/get-involved/welfare-and-student-rights/stop-advertising-from-payday-lenders/

 

 

University bans 'rip-off money lenders' from its campus

 

 

http://www.sheffield.ac.uk/news/nr/payday-loans-money-paul-blomfield-sheffield-university-1.292577

 

 

 

It is hot today.I am melting.

A nice cool drink is needed.

Be careful out there.

It is roasting.

Edited July 11, 2013 by tawnyowl

[Tawnyowl]

Writing for Central Lobby, Shadow Crime Prevention Minister Stella Creasy calls for the Government to take real action to halt the "relentless march" of payday loan companies.

 

http://centrallobby.politicshome.com/latestnews/article-detail/newsarticle/stella-creasy-mp-fighting-the-nightmare-spiral-of-payday-lending/

 

Britain Heeding Legal Loan Shark Warnings: New Sharkstoppers Campaign Pack Launched Today

 

 

Today we are launching a new Sharkstoppers anti legal loan sharking campaign pack. This comes as new research reveals Britons are heeding warnings about the toxic nature of this industry.

New figures released by R3, the Association of Business Recovery professionals, shows half of all Britons are worried about their debts. Yet whilst one in ten of those struggling are concerned about their payday loan debts, this data also shows a decline in those intending to use these loans to make ends meet in future.

With more believing their financial position will worsen than improve in the remainder of 2013 we can’t afford to be complacent. With 80% of payday loans used to buy food, pay bills or cover housing costs, British consumers deserve action now.

 

This pack shows how thousands of you across the country are making a difference - and gives ideas on new campaigns and actions you can take to help. As the Competition Commission inquiry into this industry gets underway we are asking for companies and individuals to halt the promotion of these loans until the inquiry concludes. Here are just some ways you can help make Britain a legal loan shark free zone:

 

• Shopping centres that may have these companies as storeholders or adverts for their loans handed out on their properties can be asked to suspend this until the inquiry concludes
  
• Transport hubs including bus or train stations or companies that run local bus and rail services who may take their adverts can be asked to suspend this until the inquiry concludes
  
• Public houses- some legal loan shark companies have started to provide beer mats advertising their products so ask your landlord not to use these
  
• Student campuses- why not contact the NUS to ask them for help in promoting this campaign in your student union.
  
• Join us in asking public figures who may be approached by these companies to take part in advertising to ask them to pledge not to participate until the Competition Commission inquiry is completed. You can do this via Twitter- just remember to use the #sharkstoppers tag and let us know if you get a positive response!
  

 

 

 

Whether asking celebrities to commit to not to promoting these firms, shopping centres or transport hubs to removing their all too often misleading adverts from their premises or running debt advice workshops we can all help press the case for change. You can download the pack now here:

 

Sharkstoppers 2013 Campaign Pack

Please also share this pack with your friends and family across the country to spread the word on how we can all keep up the fight against legal loan sharking- together we can and will win this fight!

 

 

Stella Creasy

Labour and Co-operative MP for Walthamstow on behalf of #sharkstoppers

p.s.please share this email to a friend to encourage them to help our campaign and do follow

 

 

 

Finally - a bill that could actually do something to regulate the payday lending industry

 

http://www.newstatesman.com/economics/2013/07/finally-bill-could-actually-do-something-regulate-payday-lending-industry

 

 

There is a solution to these problems if Government is prepared to act rather than agonise about adverts. Ultimately it’s the price of credit which is the root of these problems, not the marketing of it. The new Financial Conduct Authority could set a cap on the cost of credit but needs the data from these companies to be able to do so- if the industry is serious about their claims to responsibility they should provide this material without censorship to the regulator. If 2013 is not to be the year Britain is truly broke not broken, consumers here need the protection others around the world enjoy. With typical household debt increasing by 38% since May 2012 and now at £12,834, this challenge isn’t going to go away and without action will see millions more pushed into debt and poverty to the detriment of our economy and society. The temperatures may continue to soar, but it’s time we put a dampener on rates of interest and finally cooled off Britain’s cost of living crisis.

 

 

Edited July 12, 2013 by tawnyowl

[Tawnyowl]

The debate on my High Cost Credit Bill starts soon. You can watch it live at http://www.parliamentlive.tv/Main/Player.aspx?meetingId=13473 …

 

Watch From Start

 

13.27 for the history lesson.

Henry the 8th is even mentioned,along with Jesus,temples etc.

 

MP--Jacob Rees Mogg

Thought this kind of character was extinct, along with plus fours and the passenger pigeon.

Gave us a history lesson going back to the beginning of time..

On Usury.

I thought i had gone far enough back to Roman times.

Wears shoes so highly polished that if you squint you can just about make out the Charge of the Light Brigade reflected in their sheen.

Eton .

Interesting to some,no doubt.And i suppose a likable character.

44 years old,belongs i feel in a different time.

Opposes the bill.

So, Tardis needed to send him to a suitable time.

Switch sides and back you will come.

Promise.

 

Lyn Brown MP telling it like it is.

Go for it.

 

Barbara Keeley MP

50% of profits come from rollovers.

50%,can you believe it.

Can you get that in your head.

The trap.

Talking about emails sent by the sharp toothed Quick Quid.

Grrrrrr.

Should be made to pay big time.

Predators from the depths.

 

 

In Dudley a hour or two ago.

Campaigning in Dudley against people getting ripped off by payday lenders

https://twitter.com/IanAustinMP/status/355644931173396480/photo/1

 

 

Families are forced to 'rely' on payday loans

Fast action needed to stop more people falling victim to the rogue lenders

http://www.independent.co.uk/money/loans-credit/families-are-forced-to-rely-on-payday-loans-8706556.html

 

National Debtline is dealing with 100 new payday loan related debt issues every day. It's now time for less talk and more action.

 

A bill to regulate the payday loans industry failed to pass its second reading after running out of parliamentary debating time, on 12 July 2013.

 

During the debate Ms Swinson and Conservative MPs Philip Davies and Christopher Chope were accused of trying to talk the bill out to leave more parliamentary debating time for the European Union (Referendum) Bill that was passed on 5 July.

 

The bill eventually ran out of parliamentary debating time and its second reading will be resumed on Friday 13 September, a move that will reduce its chances of becoming law.

FRIDAY THE 13TH,the omens do not seem good.

 

http://www.bbc.co.uk/democracylive/house-of-commons-23287798

 

The campaign to regulate rip-off payday lenders will continue, despite Govt opposition today. Full statement at http://www.paulblomfield.co.uk

 

 

 

 

Boom-for-payday-lenders-in-broke-britain

http://www.reuters.com/video/2013/07/02/boom-for-payday-lenders-in-broke-britain?videoId=243732096

 

 

 

Payday lending the shrewdest form of loan sharking yet devised.

Edited July 13, 2013 by tawnyowl

[Tawnyowl]

If you are outside looking in with any problems with paydayloans or debt join the CAG.

Plenty of people will help you on here.

I was helped myself when i came on here.

Lost everything,house business possessions.Ended up with a couple of binbags.

Homeless twice it is not very nice.

A few bad decisions,illness,loss of job,any number of reasons and the slide into hell could begin.For anyone.

The whole story even made a national paper.

But i still had my most valuable possession.My family.

Home is where the family is.

Ell-enn and others helped me out.

So thanks again.I have now recovered from the nightmare.

Or if you just want your say,join the CAG today,it is free. Looking forward to hearing from you.

I hope i will not need my chain of garlic.Only used when legal loan sharks are about.

I have taken to wearing it when walking the high street.

Just in case the gatekeepers of the legalloansharks shops drag me in.

Maybe they would eat me,devour me.

I am not their mates because they do not do mates rates.

They just spring the trap.I will not rollover.

Be careful out there wherever you may be.

They are everywhere.

You are not on your own in the CAG

Tawnyowl,back to normal.Whatever that is.

 

 

 

Back to business.

Sunday, 14 July 2013

 

How to tackle payday lenders: GLC's new Payday Loan Survival Guide

 

With 90% of the payday lending market failing to comply with consumer protection laws to the severe detriment of vulnerable consumers, Govan Law Centre (GLC) believes there is now an urgent need to help people in the UK to fight back against payday lenders.

 

The payday lending market was recently referred to the Competition Commission, and in 2011/12 there were 8.2m new payday loans made in the UK alone. There is every expectation that this number will continue to rise, and with it the financial exploitation of consumers across Great Britain and Northern Ireland.

 

GLC has therefore decided to publish a free 'Payday Loan Survival Guide' for consumers across the UK. Our new guide explains how consumers can take back control of their finances, challenge unfair interest and charges, stop payday lenders from emptiying their bank accounts, and pay back debts legally due on a reasonable and affordable basis. The guide has been written by GLC's Principal Solicitor, Mike Dailly.

 

Govan Law Centre's new Payday Loan Survival Guide is designed for all consumers across the UK in difficulty with payday loans, and can be downloaded here (as a PDF) for free.

 

Our guide is free. It has been produced without funding, and we will be posting a link where charitable donations to GLC can be made by those who would feel able to help our work in this field.

Edited July 14, 2013 by tawnyowl

[Desperate Daniella]

savvysaver has just posted this link to a petition banning payday loan advertising and I thought some of you might like to sign it.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?397000-gov-petition-link-to-ban-advertising-of-payday-loans-on-television

[Tawnyowl]

Thanks for that info.I have signed it.

Just been trawling America for info on their payday lending problems.

And connections to ours.

Thoughts they have,similarities, donations, organisations.

Peoples ideas,tv reports etc..

Peoples ways of fighting back.

I was writing once about tent cities in Detroit and got involved with them.

This kind of thing was happening in parts of America.

http://www.google.co.uk/search?q=tent+cities+in+detroit&client=firefox-a&hs=DHZ&rls=org.mozilla:en-US:official&tbm=isch&tbo=u&source=univ&sa=X&ei=d4nkUdiiOa3e7AbVpYCwCw&ved=0CEAQsAQ&biw=1248&bih=612

 

And this report.

Even emailed Oprah.And the White House.

I got a reply from a representative from the United States.

Better show you.

1- Dear Friend,

 

Thank you for your message. On behalf of President Obama, we appreciate hearing from you. The President has promised the most transparent administration in history, and we're committed to listening to and responding to you.

Thank you for using the web form and helping us improve communications with you.

 

Sincerely,

 

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At least i had a go.

 

Not from Oprah though.I think she had already covered it.

Had some lively debates at times.

In their newspaper.

Back when Americans,whole families,whole streets being thrown out of their homes,foreclosed and living in tents.In fields

I was so sad.I got to like Detroit.And the people.

It will come through the difficult time it is having at the moment.

In fact a chap called Don Jones a street photographer in Detroit joined the CAG and sent me some pictures of a protest.

And pictures of the old houses of Detroit..Kind of him to do that.

One of the reasons i put the Detroit song further up in this thread.

Some can relate to it.And make their own words up.

 

Where are the British Usury laws.

Have we got any.

Got a bit down a few months ago when everything seemed to be going south.

It hurts a touch when people keep hitting brick walls.

When no one listens or wants to act.

But Caro said something and back up i came.

Sometimes i think we should link up and fight them internationally.

Have our own Bilderburg meeting.

I sometimes maybe to some go a bit deep,but my passion for fighting the predators is strong, as many on here feel the same.

Make no mistake this is targeted predatory lending.

A trap.

The shrewdest form of loan sharking yet devised.

Just chilling and building up to my next blast at the legal loan sharks and their practices.

And reading your threads.

It is building,it wont be long before my next blast.

You can not hide your anger .Best to let it out.

There is something of the night about it all.

Not quite worked it out yet,but am disturbed how the government will not act.

There is no need to wait another couple of years.

All that misery.

Just preening my feathers before the next blast.

 

Here is a payday loan song from America

Called

What else-

The Payday Loan Song

Erich Vieth

For my day job, I am a consumer attorney .I have prosecuted cases as class actions against predatory lenders and other unscrupulous businesses.

I formerly served (1986-1990) as an Assistant Attorney General for the State of Missouri.

And sings a fine tune if you ask me..

 

Bye for now.

Tawnyowl.

Edited July 16, 2013 by tawnyowl

[Tawnyowl]

To hot to write much so i have taken to the beach for a day or two,sea breezes and all that..

Just a short break from the legaloansharks

This is what i found on the beach.

Had a good root round it, i can tell you.

A ship wreck.Might interest someone.

http://www.google.co.uk/imgres?imgurl=http://news.bbc.co.uk/media/images/47115000/jpg/_47115621_the-wreck-of-the-abana.jpg&imgrefurl=http://news.bbc.co.uk/local/lancashire/hi/people_and_places/history/newsid_8460000/8460773.stm&h=511&w=766&sz=77&tbnid=vq7JRGMzesxvFM:&tbnh=94&tbnw=141&prev=/search%3Fq%3Dpicture%2Bof%2Bthe%2Babana%2Bshipwreck%26tbm%3Disch%26tbo%3Du&zoom=1&q=picture+of+the+abana+shipwreck&usg=__FmyPrQzKQAIpcz6tikIlhwubSxM=&docid=i2EKS4zajSWB1M&sa=X&ei=FHLpUfT-BKuA7Qb8pICIBQ&ved=0CDoQ9QEwAw&dur=10422#imgdii=vq7JRGMzesxvFM%3A%3BKm2X9yZ1adrzNM%3Bvq7JRGMzesxvFM%3A

 

And the story of the brave lifeboat crew who went out to to save them

http://www.booths44.freeserve.co.uk/shipwrec.htm

 

Back to the business of the payday lenders.

From Paul Lewis

Money Box http://www.bbc.co.uk/programmes/b006qjnv Saturday noon -- Payday Loan survival guide - people in difficulty should cancel payment, challenge charges, get advice.

 

Listen live at twelve-link here - http://www.bbc.co.uk/radio/player/bbc_radio_fourfm or i will put the podcast on as soon as possible.

Bye for now.

Take it easy out there in CAG land.

Enjoy the weekend.

Edited July 20, 2013 by tawnyowl

[caro]

Good to see footballers with a conscience. Lets hope more join him. http://www.bbc.co.uk/sport/0/football/23347131

 

Apparently he's been fined £500 but it'll go up to £440,000 if not paid by the weekend! (Took me a minute to realise that was meant to be a joke. Maybe not funny but then neither are Wonga's Interest rates).

 

Enjoy your break Tawny. Hope you can chill!

[Tawnyowl]

Newcastle campaigners unite to fight menace of payday lenders

 

 

 

Meeting Sunday-12-30

 

http://blogs.independent.co.uk/2013/07/19/newcastle-campaigners-unite-to-fight-menace-of-payday-lenders/

 

Here is Saturdays podcast. BBC radio 4Moneybox.

Paul Lewis talking to Mike Dailly and a lady who nearly lost her house and managed with Mike Dailly to write

off 3 loans due to misselling.

Challenged the legality of the loans and won.

Hear the COUGH from the CFA rep when it was revealed that one or more of the loans were from his members.

Talking of CPA payments.About hoovering money from peoples accounts

Yes hoovering money by the legal loan sharks

Misselling of loans.Challenged and won.

 

Says,

How Safe Are Charity Fundrasing Websites

 

The payday loan part starts at

10.33

 

 

http://www.bbc.co.uk/podcasts/series/moneybox

 

They hoovered the money out of this ladies account.Hounded her.

It gets you asking the question what kind of DCA wants to collect this kind of debt.

Funnily enough there was one who did. stop collecting debt from people in debt to the legal loan sharks

But then it was taken over.

Collecting for the shrewdest form of loansharking yet devised

Name them and shame them.

And talk of lenders moving away from rollovers.What moving away from rollovers.Because of the bad press

Yes they just technically shut the old loan down,pay it off and give a new bigger loan.

More interest,fees,etc

Getting visions of the sharks getting bigger hoovers to suck the money out of peoples accounts.

A new saying i have not heard before,i think i will use that myself.-Hoovering money from accounts.

Who will be first legal loan shark in this country to go this route.

Rollovers,part of the trap.

 

And if you know anyone in trouble with the payday loan companies show them this guide.

PAYDAY LOAN SURVIVAL GUIDE. Link below.

http://govanlc.blogspot.co.uk/2013/07/how-to-tackle-payday-lenders-glcs-new.html

 

Stella Creasy MP for Walthamstow says,

Govt slipping out survey on payday loans in august - lets make sure people see it & respond folks http://tinyurl.com/kclj8vy

 

A survey that many on here might like to fill in. might like to let the govt know how you feel.

 

Oh my goodness they are taking over.

So close to my roost.

A protest i feel is coming on.

They are invading tawnyowl territory.

Blackpool fights to hold back the rising tide of insolvencies and payday loans

http://www.guardian.co.uk/uk-news/2013/jul/21/blackpool-insolvencies-payday-loans

 

That is enough for now.

Tawnyowl

Back to my roost by the beach before the storms strike

Be careful.

Out there in CAG land.

Edited July 22, 2013 by tawnyowl

[Tawnyowl]

After taking in the shock of my hometown Blackpool being in the top ten for deprivation the guardian article

link here- http://www.guardian.co.uk/uk-news/2013/jul/21/blackpool-insolvencies-payday-loans

I can not describe how i feel.

I knew things were bad.

Been in the construction trade about 35 years now working in the town,apart from a 3 month spell in Essex 2 years ago.Nice place.

I spend most of the time,i do not like admitting it leafleting,looking for leads anything.

If you manage to find one,even if it only lasts a day or two you ,for a short time you feel ,i do not know how to describe it,like you have won,beaten the odds.

If you see someone working in your trade you think lucky beggar how did you find that.

 

Then you get the predators,the legal loan sharks moving in,targeting communities, the poorest in society.

Targeting the young,why else sponsor a football team.

I will admit going once to see this sponsor in action.I said i would not.

Half time came,opposing fans having a shoot out.Whoever got the most goals 300 pound.

All eyes focussed on the nets plastered with the sponsors name.

I shuddered.Targeting.

A once great football team reduced to being sponsored by a legal loan shark.

The once great Abingdon Street,the high street with a legal loan shark,what can i say.

Plenty of people here to be targeted as all over Great Britain i suppose.

Many of you,in your communities must feel the same.

YES,it is true i have now taken to walking the beach,to stop myself going nuts.And trying to reduce the stress.

I may make it sound fun as in previous posts, but for a few hours you can walk away and remember when things were not so bad.

With the sound of the sea in the background.

There could be worst things to do.And there are many miles to go at.

The Foudroyant was shipwrecked here in 1897. Nelsons former flagship and the local entrepreneurs had the wood away and made furniture and souvenirs out of it.A great spirit lurks here and i hope one day the legalloansharks are told to move out of town.There is no welcome for predators that target our community.Or any community.

How do you get your message across.Well one way is this.

http://www.workingforwalthamstow.org.uk/download-sharkstoppers-2013-local-campaign-pack/

I intend to email my local credit union tomortow to get some leaflets and a few local mps and a few friends and get my message through.The Blackpool protest may build. .How many will join me i do not know.But it is better to try and fail than not to try at all.

Who is going to try in their town.A national protest day would be nice.Or a few at least.

I will update as things hopefully progress.

 

 

News i am seeing from Plymouth is that the council have banned payday loan adverts from billboards and bus shelters.

And all libraries,community centres.

A few councils have gone this way.Link below

http://www.itv.com/news/update/2013-07-22/plymouth-council-bans-payday-loan-advertising/

 

Payday loan debt problems. 5 worst affected cities.

 

http://www.stepchange.org/Infographics/PaydayloansdebtUkcities.aspx

 

Debt in mind. The impact of debt on mental health.

 

http://www.stepchange.org/Infographics/Impactofdebtonmentalhealth.aspx

 

 

Payday lenders.-The newest form of loansharks.

The product forms a trap,clever because it does not ensnare every consumer and because the result is achieved without fraud or violence.If we judge matters by the public outcry payday lending is the shrewdest form of loan sharking yet devised.

Edited July 24, 2013 by tawnyowl