End Legalised Loan Sharks.

[Tawnyowl]

Wonga V The Church: Comparing Interest Rates Of Payday Loans And Credit Unions

 

Justin Welby, the Archbishop of Canterbury, thinks credit unions are the solution. Welby said on Thursday he wanted the unions to drive payday loans firms out of business.

 

It looks like the former oil executive means business - and Wonga and co could be left praying for their futures.

http://www.huffingtonpost.co.uk/2013/07/25/wonga-credit-unions_n_3650842.html?1374747980&utm_hp_ref=uk

 

 

 

 

I strongly welcome the Archbishop of Canterbury's comments on tackling payday lenders

 

By Paul Blomfield-A MP in Sheffield.

http://www.paulblomfield.co.uk/home.html

 

 

 

Credit unions offer alternative to payday lenders

http://www.bbc.co.uk/news/business-23448990

 

First of all,maybe older news but has winded me up since i first heard of it.

The government keep blocking every attempt made to act now.

There is no need to wait another 18 months to two years for any possibility of action.

 

Why,well for a start let us take a look when Grant Shapps went flip flopping when Stella Creasy tried to get caps set.

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/

 

 

Stella Creasy is asking a few questions about this.No one seems to want to answer Link

http://money-news.money.aol.co.uk/article/2013/07/25/mp_hits_at_wonga_tv_show_finance

 

The broadcaster chose not to respond to criticism from MP Stella Creasy and instead stuck with its view that it was "fantastic" to be working with the firm - which has come under fire for charging high interest rates

 

Channel five think it is fantastic to be working with a legal loan shark

The predators that target our communities up and down the country.

ARE THEY SERIOUS.

The TV is now outside the window.I wish i had opened it first.

This is going to be expensive.

 

 

I will not be going to the legal loan sharks

Besides they wont get me because soon i will be part of the Union-The Credit union.

Q-Make your own words up.

Now I'm a union man

Amazed at what I am

I say what I think

That the legal loan sharks stink

Yes I'm a union man.

 

When we meet in the local church hall

I'll be voting with them all

With a hell of a shout

It's out sharks out

And the rise of the legal loan sharks fall.

 

Oh you don't get me I'm part of the union

You don't get me I'm part of the union

You don't get me I'm part of the union

Till the day I die, till the day I die.

 

As a union man I'm wise

To the lies of legal loan shark company spies

And I don't get fooled

By the sharks rules

'Cause I always read between the lines.

 

 

Want to join me

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

You know it makes sense.

 

 

Kirk joins forces with CofE to take on payday loan firms

 

http://www.heraldscotland.com/news/home-news/kirk-joins-forces-with-cofe-to-take-on-payday-loan-firms.21693371

 

 

 

Why has the Archbishop of Canterbury taken on payday lenders?

 

 

 

 

 

 

 

http://www.youtube.com/watch?v=YJADKoNDKvg

 

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 26, 2013 by tawnyowl

[Tawnyowl]

I am only a ordinary bloke with a couple of CSE S.And that was only in Art and English.

I work outdoors when work is there.I just want you to know that.I try to be fair,i dare say some may not agree with anything i say.Fair enough have your say,put your thoughts and ideas here.As i try to.Agree or disagree,there are many more knowledgeable(had to look that up) than me on these forums.Just trying that is all.Back to it.

 

Just been thinking about the Archbishop taking on the legal loan sharks.

I read so much stuff internationally about the legal loan sharks many thoughts go through your head.

So i put them down here and think of me what you may.I am concerned and trying to make sense of it all.

There seems to be so much trickery.Seems like a game of chess at times.

You sometimes think yes finally things are moving if you are a supporter of caps on the total cost of credit,

banning of adverts,and the rest of the ideas out there.

Then as i see it,the block comes in.The govt block all these things,it seems that way.

 

Anyway back to the Archbishop taking on the legal loan sharks.

Church halls,wherever.Good idea.It will create many new members for the credit unions and hopefully more footfall through the churches.

I believe the investments of the church are over 5 billion.Slightly less after realising the slight mistake they made with

a 75,000 pound investment.I bet that is back in the coffers tonight though.

How long will this take to set up..How long before it is running.Can you,anyone answer this question.

Many people live within a mile or so of the church.So it will work.

 

Many people 90% live within one mile of the post office.

I thought a link up with the post office was going to take place with the credit unions a year or two ago.

Every post office a hive of activity and a agent for the local credit union.Can you imagine that.

I never did get to the bottom of the reason why it has not happened.

Was it the cost of linking up,the IT platform i read somewhere.

If so would the Church invest in this platform,help get it running.If i am off the mark ,tell me.

Can you think of it.A double whammy for the legal loan sharks the Church and the Post Office.

But would take time.Can you tell me why the link up has not happened.Anyone.

Maybe the Church,The Credit Unions and The Post Office could,link up

A triple whammy for the sharks.

 

 

Then you get the OFT and the Competition Commission who merge in April to become the CMA

Investigating.

How long will this take.12,18,24 months can anyone tell me.

 

Some say Rollovers generate 50% of the sharks profits.

I have read somewhere,one company has or is going to stop rollovers.Because of the bad press.

But then just close the old loan down and whack you with new charges interest, and a new loan.

Then with their massive Hoovers would suck the money out of your account for ever and a day.

Its Wrong do you agree.

The trap would be set with new bait,that is all.

 

 

 

 

The FCA get the power in April to tackle the legal loan sharks,will they.Time will tell.

My brain cells are now disintegrating,been up since 4 am,i maybe will have to continue tom.

All will become clear ,i hope.

So many things to put down.So many thoughts.

But think of this this evening,many came from America,they have been playing this game for years.

I will get to the part about Eric Veith soon,bear with me.

But i will have to continue tom,get it out of my head

I will tidy this up ,the bottom bit tomorrow.

See u tom Tawnyowl.

.

 

 

Take a look at this guy in America.

He seems to have come across similar problems we are having years ago.

Am i getting confused.Are we years behind in regulation,caps.

Some seem to think because of the trickery and nature of the legal loan sharks they should be banned.They find their way around everything.

Donations sneaky ways round regulation,many things.They already know perhaps what may come.And already planned their moves.

Are they laughing at us.

Anyway i will put some links on tom And tidy up this post.

But the guys name is.

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.

 

More tom Tawnyowl.

Edited July 26, 2013 by tawnyowl

[Guest]

yet despite their comments they (CoE) 'invested indirectly' in wronga! http://www.bbc.co.uk/news/business-23459932

[Tawnyowl]

Payday loans industry by numbers

 

Some findings about the payday loans industry in numbers:

 

http://www.telegraph.co.uk/finance/10203843/Payday-loans-industry-by-numbers.html

 

I have not forgotten Eric Vieth who is a consumer attorney .He has prosecuted cases as class actions against predatory lenders and other unscrupulous businesses.

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

And seems to be miles ahead in his thoughts and actions against legal loan sharks.

And even sings a tune about them.

I will put it in to save you going back a page

Called the Payday Loan Song .What else.

 

 

A Consumer Attorney who dislikes predatory lenders.Fights them in courts.And sings about them.It does not get much better than that.

Old Tawny is off over the Atlantic to check on his thoughts,writings and actions.

I will return.

Edited July 27, 2013 by tawnyowl

[Tawnyowl]

My goodness,it has been so busy on the payday loan forums i have neglected this thread.

Anyone looking in from the outside please have a look at this thread.

Do you know payday loans will,not may affect your credit file.

Some people have had mortgages,and all kinds of credit turned down .

Because of having a payday loan.Does not matter whether you have paid it off early or on time.Or just used it for a emergency.

The credit agencies and banks now look at them as a sign of desperation.Hold them separately on your credit file.

Since 2012 i believe.

Do you know anyone who has been turned down for a mortgage or loan based on their credit file.

Based on having had a payday loan in the past.

Let them know about it on this thread.Link below.

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating

 

 

The church must be an activist: fight for the poor and expose the corrupt

 

Justin Welby is taking on payday lenders. This should be just the start of a movement for the common good

 

http://www.guardian.co.uk/commentisfree/2013/jul/27/church-duty-payday-loan-firms

 

I'm still wondering what on earth is going on over there in the Square Mile.

 

PAYDAY lenders face a full-scale Competition Commission investigation amid growing evidence of “deep-rooted” problems.

Deep rooted problems.

 

Lambeth council holds a summit to discuss payday loans

 

This week Lambeth meets with colleagues from Southwark and Newham to discuss ways to drive out high interest lenders

http://www.guardian.co.uk/local-government-network/2013/jul/29/lambeth-council-fight-payday-lenders

 

This will build on intensive work the council has been doing to improve the finances of our residents, one in six of whom, have lost benefits because of government cuts, despite many of them being in work.

Southwark blocked the application for a payday loan shop on the grounds it would create "unsustainable development"

There they go the sharks,targeting.

Edited July 29, 2013 by tawnyowl

[Tawnyowl]

Just taking a look at how America is coping with the payday loan problem.

Well i have been looking at it for a good while.

I feel i have now found what i hoped to.

The truth.

It does not make good reading.Banks making money out of the problem.

Lenders finding there way round regulation.

Donations.

And they have faced this a lot longer than us.

Gets you wondering.In fact some say-BAN THEM.

1ST ARTICLE.

http://www.nytimes.com/2013/02/24/business/major-banks-aid-in-payday-loans-banned-by-states.html?emc=eta1&_r=1&

 

1-Big banks are providing the funds for online payday lenders

 

2- Although banks do not make the loans, they are a critical link for the lenders, enabling the lenders to withdraw payments automatically from borrowers’ bank accounts, even in states where the loans are banned entirely. In some cases, the banks allow lenders to tap checking accounts even after the customers have BEGGED them to stop the withdrawals.

 

3-“Without the assistance of the banks in processing and sending electronic funds, these lenders simply couldn’t operate,” said Josh Zinner, co-director of the Neighborhood Economic Development Advocacy Project, which works with community groups in New York.

 

4-Some state and federal authorities say the banks’ role in enabling the lenders has frustrated government efforts to shield people from predatory loans — an issue that gained urgency after reckless mortgage lending helped precipitate the 2008 financial crisis.

 

5-For the banks, it can be a lucrative partnership. At first blush, processing automatic withdrawals hardly seems like a source of profit. But many customers are already on shaky financial footing. The withdrawals often set off a cascade of fees from problems like overdrafts. Roughly 27 percent of payday loan borrowers say that the loans caused them to overdraw their accounts, according to a report released this month by the Pew Charitable Trusts. THAT FEE INCOME IS COVETED , given that financial regulations limiting fees on debit and credit cards have cost banks billions of dollars.

 

I bet a few of you are now reading my thoughts-i am sending them to you by telepathy.I hope you are telepathic.What goes on in that square mile.In London. Is it really the city of corruption.

 

A spokeswoman for Bank of America said the bank always honored requests to stop automatic withdrawals. Wells Fargo declined to comment. Kristin Lemkau, a spokeswoman for Chase, said: “We are working with the customers to resolve these cases.” Online lenders say they work to abide by state laws.

If you say so.

 

The next statement some may agree on.I bet it gets you thinking a few things.

 

6- If only legislators would base their decisions on what is just rather than the flow of money to their re-election campaigns. Why ban them rather than regulate them? Because it’s been attempted for a long time, unsuccessfully. These business are great at evading the spirit of regulation.

 

I am only just warming up here we go,what do you think.

 

7-The businesses continue not only to exploit the urban poor but also to socio-economically subjugate them by trapping many into a virtually ceaseless debt cycle. In the end, a blanket proscription of these businesses might be the only way to drive them from the center-city and prevent them from perpetuating poverty.

 

I must give credit for the above statement to-

David Ray Papke

Professor Of Law

Marquette University - Law School

Milwaukee,

United States

 

A big statement.A break for a minute or two while i get that thought in my head.

It has stopped me dead in my tracks.

 

Here is the Link.

Read it all if you like,or pick the parts that suit .

Perpetuating Poverty: Exploitative Businesses, the Urban Poor, and the Failure of Liberal Reform

 

David Ray Papke

 

Marquette University - Law School

June 24, 2013

 

Marquette Law School Legal Studies Paper No. 13-15

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2284170

 

Back to it.

8-Rollovers are the key to profit- making in payday lendings business model

The average payday loan indebtedness in America jumped from 325$ to793$ because of the rollovers.

 

What is it here,who knows.

So they will not give that up without a tussle.

Unless they find a way round it.

Some rumers as mentioned before suggest this has been thought about,here anyway.Because of the bad press.

 

Talk of the debt collection practises,the aggressive ways of collecting,the hounding ,talking to neighbours,phoning work.It is all there.

In America as here.Read it through.

Planned,mission complete.It has all been done before.

Our country and america has been targeted by predatory targeted lending.

As other countries are.

They are all the worst kind of predators.

My new name for them is LEPERS OF LENDING.

Avoid at all cost.

 

 

 

A Consumer Attorney who dislikes predatory lenders.Fights them in courts.And sings about them.It does not get much better than that.

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.

His view of things.

 

Some practices so fundamentally affront our shared values that they should quite simply be prohibited. It is one thing to exploit the urban poor, but it is another thing to systematically worsen their socio-economic condition and to thereby subject them to greater control and subservience. Exploitation, in other words, might be tolerable in our market economy, but subjugation should not be. You can take people’s money and the value of their labor, but you not should be able to yoke them permanently or even semi-permanently to subordination. By actively making the urban poor even poorer, the rent-to-own, payday lending, and title pawn businesses do just that and should be banned.

 

 

New direction needed to lead us out of Wongaland

 

http://www.guardian.co.uk/business/economics-blog/2013/jul/28/new-direction-wongaland-british-economy

 

 

Wonga poached Wellcome Trust manager after £73m investment

 

Senior charity employee joined payday lender just months after playing key role in securing deal

 

Wonga, the leader of the group of payday lenders that the Archbishop of Canterbury claims have "destroyed" the lives of some of his staff, poached an investment manager from the Wellcome Trust just months after she secured for Wonga a multi-million pound investment from the health research charity.

 

WHAT-Time for tawnyowl to retreat for the night.

My TV is smashed due to Channel five taking money from Wonga for a new program

I got rather excited.

I do not want my computer going the same way

.

We are proud of it they say.We are proud to take money from a legal loan shark

.

At Friday's rates, Wonga would require the borrower to pay back £358.15 after 30 days on a £270 loan – nearly 33% more than the original sum.

They are now going for global expansion.

No surprise there

 

A big statement from a Professor Of Law In America

 

The businesses continue not only to exploit the urban poor but also to socio-economically subjugate them by trapping many into a virtually ceaseless debt cycle. In the end, a blanket proscription of these businesses might be the only way to drive them from the center-city and prevent them from perpetuating poverty.

 

.

Edited July 30, 2013 by tawnyowl

[Tawnyowl]

July, 2013 Following today’s update from the Office of Fair Trading concerning its investigation into the payday lending sector, StepChange Debt Charity’s head of policy Peter Tutton said:

http://www.stepchange.org/Mediacentre/Pressreleases/Paydayloansfurtheractionneeded.aspx

 

 

The OFT report-

Update on progress 30 July 2013

 

http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/#.Uffit5F0Ziw

 

Fourteen lenders have informed the OFT that they are leaving the payday market. Three of these have surrendered their licences and are not required to provide an audit report. The remaining 11 continue to trade in other areas of business that require a credit licence and have been required to provide an audit report to the OFT.

 

More business for the others,but must be very welcome to many.

Moving in the right direction.

 

 

In addition to the 50 leading lenders, and since the OFT published the final payday review report in March:

 

• three firms engaged in payday lending have had their licences revoked after their appeals against OFT determinations were either dropped or struck out by the First Tier Tribunal
  
• another two payday lenders, in addition to the 50 leading lenders, have also surrendered its licence.
  

 

 

How about someone with experience of their credit file being affected by these toxic loans from the Lepers of Lending letting the OFT know about it.Some people have had mortgages turned down because they had payday loans on their credit file.Despite paying them off early or on time.The CRAs hold them at one side of their credit file.And the banks lenders,once seen say no.Warnings should be given when they are taken out.No mays,but will trash your credit file.

 

Consumer complaint form

 

The OFT gathers information from consumers regarding their experiences with payday lenders. If you would like to provide us with details of your experiences, please complete and return the complaint form below.

 

• Download the Consumer complaint form (pdf 577kb)
  

If anyone feels that way inclined.Tell them.Or any other problems,experiences.

 

 

 

 

• Consumers asked to rate payday loans industry
  

 

Consumers asked to rate payday loans industry

 

 

Government survey to check lenders are meeting standards

 

 

by Jafar Hassan on 17 Jul 2013

 

 

The survey asks consumers about their experiences with payday lenders

 

Following an investigation by the Office of Fair Trading (OFT) and a summit with the payday loans industry, the government is now calling on consumers to assess lenders.

The government is keen to show that strong action will be taken in light of recent negative publicity but many households affected by payday lenders’ high interest rates will want more than a chance to fill out an online survey.

The survey, which aims to check on the industry’s progress in meeting government standards, includes questions such as: “Did the lender let you make the decision to extend the loan without pressurising you?”

Let them know about the paydaylenders.Negative publicity.Coming their way i feel.

I bet some of you can tell them how it is.

http://www.surveymonkey.com/s/PayDayCustomers

 

Fill their boots.

 

Consumers who have taken out a loan with a payday loan provider can take the survey online until 14 August 2013.

 

 

Huge rise in payday loan borrowers seeking help, says StepChange

 

Debt charity says it has seen 30,762 cases in the first six months of 2013, one of which saw a debt of £150 rise to £15,000

 

 

http://www.theguardian.com/money/2013/jul/11/rise-payday-loan-borrowers-help-stepchange

 

 

I will now leave you to read the OFT report in peace.

 

 

The businesses continue not only to exploit the urban poor but also to socio-economically subjugate them by trapping many into a virtually ceaseless debt cycle. In the end, a blanket proscription of these businesses might be the only way to drive them from the center-city and prevent them from perpetuating poverty.

 

If you can not ban them, cap them,do something.

Edited July 31, 2013 by tawnyowl

[Tawnyowl]

MP urges comedians to make legal loansharks No Laughing Matter as Birmingham research shows 1 in 5 have no rainy day cash

 

“When one in five Brits would have to borrow if they needed £200 for an emergency like a broken washing machine or car, it is no surprise so many are also considering taking out a payday loan in the next year. That’s why we’re redoubling our efforts to call on the Government, and the new Financial Conduct Authority to use their powers and cap the cost of credit and protect our consumers from the damage this toxic type of lending can do.

 

http://www.workingforwalthamstow.org.uk/mp-urges-comedians-to-make-legal-loansharks-no-laughing-matter-as-birmingham-research-shows-1-in-5-have-no-rainy-day-cash/

 

 

The call for action from comedians comes in the same week that several local councils have taken action to remove the promotion of these companies from public spaces. This includes Plymouth Council which has removed payday lending advertising from billboards and car parks as well as Edinburgh, Waltham Forest and Haringey Councils in London who have blocked payday loan websites from the council’s computers in libraries and public buildings.

Edited July 31, 2013 by tawnyowl

[caro]

Sandwell Council ban payday loan websites from library computers.

 

http://www.halesowennews.co.uk/news/local/10580367.Sandwell_Council_ban_payday_loan_websites_from_library_computers/

[Tawnyowl]

Hi Caro

Thanks for that.Seems the councils look on this matter is hardening.

Good.

My goodness,you must be busy.I tried to send you a message a few days ago

But your inbox was full

I cannot remember what about now.But bound to have been about the payday loan problems many are going through.

I also sent you a friendship request..

Old tawny likes a few mates.

But of course it could have been a fault with my computer.

Or my slowly increasing knowledge of them.

 

Anyway back to it.Let battle commence once more.Latest.

 

 

London Citizens, the archbishop and payday loan companies

 

http://www.theguardian.com/money/2013/jul/31/london-citizens-justin-welby-payday-loan

 

The Newcastle footballer who initially refusal to wear the Wonga-*sponsored Newcastle shirt is a reminder that Islam has a noble tradition in opposing usury.

 

This position,has changed some say.

But he made his point.

I do not know why he is possibly wearing the sponsors shirt now.

Thy must have found a way round things.

I do not have the latest news.

 

Just putting this on because this lender has just invaded my town.

And as usual i will have to have my say about them soon

I went to investigate in town but could not bear to go in.I wanted to look around.

My garlic i had,to ward of their gatekeepers.

But even this was not enough.

I think i was scared of being eaten by them,devoured or worse.

Maybe they have cauldrons to boil you in.

Maybe hoovered up by their giant hoovers.The ones that empty your bank accounts.

My excuse anyway.

Time to go now,i am scaring myself.

Here is the article.

 

Cheque Centre: One of Britain’s biggest payday loan firms targets cash-strapped families who become trapped in debt cycle

 

21 Jul 2013 00:01 The high street chain keeps desperate borrowers on its books by offering them new loans with sky-high interest rates

http://www.mirror.co.uk/news/uk-news/cheque-centre-one-britains-biggest-2070924

Edited August 1, 2013 by tawnyowl

[caro]

Apologies that my inbox was full. I've not had much time to get online the last few days and only on my phone which has limited capabilities on CAG. Will get on the lappy later and sort myself out.

[Tawnyowl]

Seems a interesting chap.

 

Dave Fishwick To Take On Payday Loan Companies.

 

http://www.channel4.com/info/press/news/dave-fishwick-to-take-on-payday-loan-companies

 

I hope i have not missed it.

 

More detail about him.

http://en.wikipedia.org/wiki/Burnley_Savings_and_Loans

 

A touch more.

 

The Bank of Dave: How one man, struck by the plight of firms unable to get loans in his home town, came up with a unique solution

 

http://www.dailymail.co.uk/femail/article-2163604/Dave-Fishwick-How-self-millionaire-helped-firms-unable-loans-home-town.html

 

I had heard about him.But the radar hit when Payday Loans were mentioned.

 

Some big statements for you to think about.

Not to much or you will not sleep tonight.

Old Tawnyowl is off to roost now.

I have been patrolling the shoreline today

You meet such interesting people down there.So many interesting things to see.

That is where you want to go,to get away from it all

I suppose many have their own. places to go and think about things

To get your head round problems,as i try to.As many do.

Just a thought.

 

Maybe after reading the thoughts below you may feel the need to chill.

I hope this may help.Might relax you.

Help you sleep

Take the stress away..

If it does not tell me.

 

3 posts coming up.

Enjoy,i hope.

Then maybe you may feel like listening to the video.

 

 

1-- The businesses continue not only to exploit the urban poor but also to socio-economically subjugate them by trapping many into a virtually ceaseless debt cycle. In the end, a blanket proscription of these businesses might be the only way to drive them from the center-city and prevent them from perpetuating poverty.

 

2--Some practices so fundamentally affront our shared values that they should quite simply be prohibited. It is one thing to exploit the urban poor, but it is another thing to systematically worsen their socio-economic condition and to thereby subject them to greater control and subservience. Exploitation, in other words, might be tolerable in our market economy, but subjugation should not be. You can take people’s money and the value of their labor, but you not should be able to yoke them permanently or even semi-permanently to subordination. By actively making the urban poor even poorer, the rent-to-own, payday lending, and title pawn businesses do just that and should be banned.

Edited August 3, 2013 by tawnyowl

[Tawnyowl]

Well as you may notice by the time of this post the video did not work for me

I have just written a piece but lost it.

And finally tiredness has crept up on me.

So will do it later.

And remember

“To defend what you’ve written is a sign that you are alive.”

And i will.

 

It involves credit unions, the church , the post office,loan sharks,real ones. Legal loan sharks Mps, banks the Govt America Many things.

A summary,conclusion the lot.

Nothing slanderous but may interest you.

Then i will rest my case for now anyway.

 

OOPS-I think i have found out why i could not sleep.

I am fighting a addiction.

I know some of you may feel i knew that.Thought that old owl was on something

Did i not tell you the other day,the owl has lost the plot.

It is cigarette addiction.

And i left the nicotine patch on,forgot about it.

This i believe or the getting used to them can cause sleep problems.

 

Back later.

Edited August 3, 2013 by tawnyowl

[Tawnyowl]

Well i am back.

And my final thoughts for now that may stun you.Make you think perhaps,a different way.

Then for now anyway. i will revert to posting news i can find about them.

Not promising but will try.

 

Right here we go.

1-- Some MPs and others suggest or try to scare many into believing that regulating capping,whatever will drive people into the hands of loan sharks.

Those with the gold teeth and bully boy tactics.I have read many things about them.The horror stories and the brave men and women who have stood up to them.Some tremendous stories of courage to hard to put into words.

The links further down will lead you to some.

But will it.Drive people to them.

Have you ever seen or been asked by a survey, in this country ,would banning payday loans make you go to a loan shark.

Have you ever seen a pdf anywhere here with this research.

There may be but i have not seen it.

The estate i used to live on had them and even in my most desperate times i would not use them.And there were many times.

I have had to go to America to find one and maybe you would like to see it.

Here it is.

 

http://law.wlu.edu/deptimages/lewis%...ssionDraft.pdf

 

 

And let us not forget the organisations who now fight them here.

Maybe you would like to take a look.Or follow them on twitter.

https://twitter.com/LoanSharkNews

 

And the team in Birmingham who fight them.

Contact

We can be contacted 24 hours a day, seven days a week on :- Telephone - 0300 555 2222

e-mail:[email protected]

or by text to: loan(space)shark(space) + your message to 60003

You can also find out more about our work at : www.facebook.com/stoploansharksproject

 

Our team is National so although we are based in Birmingham we cover and investigate illegal money lenders across the whole of England.

 

Illegal Money Lending Team

 

 

 

http://www.birmingham.gov.uk/cs/Satellite?c=Page&childpagename=Trading-Standards%2FPageLayout&cid=1223092622738&pagename=BCC%2FCommon%2FWrapper%2FWrapper

 

And a yutube video.

There are many videos

Choose one that suits

Stop loan sharks channel on youtube has many.And stories.

For anyone.

Who may know someone in trouble.

How to check the lender is licensed.

http://blog.vincentbond.com/2013/02/13/how-do-i-know-my-lender-is-authorised/

 

2- Credit Unions

These magnificent organisations that seem to be underused by many.

These Credit Unions should be having to control the people trying to get through the doors to join them

Or computers,getting red hot with the sheer scale of applications.

I believe membership is growing fast.

Even helping some with payday loan problems.

Some i read about a year ago giving online payday loans.

At mates rates.

Even one newspaper starting to give them free advertising.Not a one off.ongoing.

Well now the Church is getting involved by letting the Credit Unions use their premises.

To help the credit unions compete against them.As Archbishop Welby said compete them out of business.

 

It would be nice for the Church the Credit Unions and the Post Office to link up and really take them on.

I have put that thought on before.

Every home could be leafleted with details and how to join and the benefits of joining.

Probably then there would be 95% of the people of Great Britain within one mile of links with the credit union

The rest by mobile units.

Helping your local communities fight back.

 

The payday lenders are taking money from your community causing job losses, less business for local businesses,debt traps,and even bankruptcies.And they get away with it.I would have thought people would have told their MPs and others.Get them out of our towns and cities now.

Put pressure on them .Write to the councils MPs your papers.

Remember voting time when it comes around.Let them know.Doing nothing is not a option.

Do you want your children and others to grow up and possibly be their next victims.

There is talk of one,becoming a bank.Would you,could you join such a bank.Knowing what they have done.

In fact one person told me they borrowed,after getting seriously in debt with a payday lender, after already having debt with others..They borrowed the money from them and went bankrupt.

 

.

First a local credit union with a new website.With many links.

http://www.yourcu.co.uk/content.asp?section=224&bgc=&sf=70

To show you how cool they are.

 

If you know anyone,a family member anyone who may want to join the credit union.link here

Antwhere in Great Britain.

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

 

3- Banks

Well i really never thought of this.A American Profesor of law did.But gets you thinking.

 

Although banks do not make the loans, they are a critical link for the lenders, enabling the lenders to withdraw payments automatically from borrowers’ bank accounts. In some cases, the banks allow lenders to tap checking accounts even after the customers have BEGGED them to stop the withdrawals.

 

Sounds similar.

The CPA the problems some have had here.

Q song time for a break.

To the Banks and payday lenders everywhere my song to you.

 

 

And one day i look forward to a Bank Transfer Day.

A time that many will transfer to the Credit Union.Here not in America.

And smack the payday lenders by banning them.And send a message to the banks.

A powerful force may have to do that.The government seem sick at the idea.

Because they get mates rates and donations off them.

A force that somewhere,may be there.

That will take no more.

The power of people and communities.Councillors,MPs.Support for some action,cross party but not enough dare to

say or go against policy.May get whipped into submission.

Another chance on Friday the 13th of Sept Peter Blomfield Bill MP for Sheffield Central.

 

After all it was said by a New Yorker.

“Without the assistance of the banks in processing and sending electronic funds, these lenders simply couldn’t operate,” said Josh Zinner, co-director of the Neighborhood Economic Development Advocacy Project, which works with community groups in New York

 

And those statements again before Tawnyowl reverts to normal service.

From Americans who have seen the problems.

And seen regulation not work.

Gets you thinking.

 

1-- The businesses continue not only to exploit the urban poor but also to socio-economically subjugate them by trapping many into a virtually ceaseless debt cycle. In the end, a blanket proscription of these businesses might be the only way to drive them from the center-city and prevent them from perpetuating poverty.

 

2--Some practices so fundamentally affront our shared values that they should quite simply be prohibited. It is one thing to exploit the urban poor, but it is another thing to systematically worsen their socio-economic condition and to thereby subject them to greater control and subservience. Exploitation, in other words, might be tolerable in our market economy, but subjugation should not be. You can take people’s money and the value of their labor, but you not should be able to yoke them permanently or even semi-permanently to subordination. By actively making the urban poor even poorer, the rent-to-own, payday lending, and title pawn businesses do just that and should be banned.

 

Maybe you would like to go back in this thread.

See all the battles that have taken place already.

Like a game of chess.

Or maybe just lie down and listen to the relaxing music on post 332.

Not take the risk of raising your blood pressure.

One last thought.Just who is going to lead us out of this targeted predatory lending.

People and communities targeted by the predators from the depths and they get away with it.

You could not write this stuff.

It is a nightmare for many.

And increasing.

Thanks for looking.

Tawnyowl

Edited August 3, 2013 by tawnyowl

[Tawnyowl]

Liverpool City Council blocks access to payday loan websites

 

http://www.bbc.co.uk/news/uk-england-merseyside-23538853

 

Islington invests in payday loan firms it banned

 

http://www.standard.co.uk/news/london/islington-invests-in-payday-loan-firms-it-banned-8743583.html

 

How many others have investments in the legal loan sharks.

 

15 payday loan firms quit in rip-off probe

http://www.thesun.co.uk/sol/homepage/news/5042724/15-payday-loan-firms-quit-in-rip-off-probe.html

 

Credit union chief calls payday loans 'financial cancer'http://www.bbc.co.uk/news/uk-scotland-23464963

Mr Mackin explained: "I recently took a call from a member whose son had taken out payday loans with one of his friends. The friend got into so much debt with multiple loans he couldn't pay back the money - more than £2000 - and he hanged himself.

"We had to step in and help the because the other lad was terrified he too would take his own life because of his levels of debt."

 

How disabled people are turning to payday loans to cope with benefit cuts

 

http://www.newstatesman.com/frances-ryan/2013/07/how-disabled-people-are-turning-payday-loans-cope-benefit-cuts

 

A new report out claims more than 20 milion people in the UK are worried about their level of debt.

The survey by R3, the insolvency trade body, revealed 42 per cent of adults say they struggle to make it to pay day.

 

Where is it all going to end.For many.Sharks circling.So much bad news

I can only hope that caps are set.At the least.

Many now in America as a few here are saying ban them

Because regulation just aint working.It has been tried.

I just hope the church the credit unions and others can power up quick enough.

 

Let us mix it a bit.

A story from America.

See how hard it may prove to tame them here

 

High-Cost Payday Lenders Are Fighting Back

http://www.theatlanticwire.com/national/2013/08/high-cost-payday-lenders-are-fighting-back/67919/

 

As the Rev. Susan McCann stood outside a public library in Springfield, Mo., last year, she did her best to persuade passers-by to sign an initiative to ban high-cost payday loans. But it was difficult to keep her composure, she remembers. A man was shouting in her face.

He and several others had been paid to try to prevent people from signing. "Every time I tried to speak to somebody," she recalls, "they would scream, ‘Liar! Liar! Liar! Don't listen to her!'"

Such confrontations, repeated across the state, exposed something that rarely comes into view so vividly: the high-cost lending industry's ferocious effort to stay legal and stay in business.

 

As here the donation questions need to be addressed

The industry's tactics, which included lobbying state legislators and contributing lavishly to their campaigns

 

Sounds familiar,donations to many here.Snap comes to mind.

 

A comment from someone over there.Think for a moment what she is saying.

Comment.

 

In Missouri, we have a noble group of clergy doing the Lord's work, trying to protect people from modern-day money changers. Yet the political party that supposedly espouses Christian values is not on the side of the righteous, but on the side of greedy payday lenders. Christianity and the exploitation of the poor are irreconcilable concepts. You can't claim to be the former and also allow the latter to happen.

 

Just took this bit out.

 

Yet the political party that supposedly espouses Christian values is not on the side of the righteous, but on the side of greedy payday lenders.

 

Interesting comment.Sounds familiar somehow.

Edited August 4, 2013 by tawnyowl

[Tawnyowl]

Please email your MP and get them to back Paul Blomfield’s bill to curb legal loan sharkshttp://www.unitetheunion.org/campaigning/endlegalloansharking/

 

 

Back the bill to curb legal loan sharks

It’s time to regulate the payday loan industry

 

It’s time to stop the excess profits on the backs of ordinary working people and it’s time to cap the interest payday lenders can charge.

 

That’s why Unite is backing Paul Blomfield’s bill to curb legal loan sharks. The good news is the bill has already had its first reading, but now the hard work starts. On Friday 12 July the bill started its second reading in the House of Commons. The debate was then adjourned and returns on Friday 6 September 2013.

 

 

It’s time to regulate the payday loan industry

 

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

And Britain’s payday industry is among the least regulated in the world. Payday lenders can charge as much as they want – recently Wonga hiked its interest rate to a savage 5,600 per cent, an astronomical figure in contrast to other countries. In many states in the US, the amount of interest that a payday lender can charge you is capped at 36 per cent. In the majority of states in Australia it is 48 per cent and in Canada it is 60 per cent, but the UK, being the exception, has no limit to how much a lender can charge.

And what this means for ordinary people is a fast track to debt. And people who struggle to repay loans on time can be hit with extortionate charges and interest rates. One recent example highlights how a £150 loan from a payday lender soared to £15,500 in two years. That’s an increase of 10,000 per cent. The Office of Fair Trading published a damning report last March that slammed “widespread irresponsible lending” with examples of payday loan form lending at sky-high rates to under-18s, the mentally ill, and people who are drunk. It’s time for a cap on credit - end bad practices by payday lenders.

Please email your MP and get them to back Paul Blomfield’s bill to curb legal loan sharks

The current situation.

http://www.unitetheunion.org/uploaded/documents/5955_PayDayLoans_QA_711-12303.pdf

 

 

89% of the British public say payday lenders ‘take advantage of the vulnerable’, and nine in ten say limits should be introduced on the amounts they can charge

 

Payday lenders exploit the needy, say Brits http://yougov.co.uk/news/2013/08/01/times-up-payday-lenders/ …

 

Now tomorrow i will say something about a consumer attorney in

St. Louis Missouri.

 

 

A Consumer Attorney who dislikes predatory lenders.Fights them in courts.And sings about them.It does not get much better than that.

 

And is really going to go for it in 2014.Trying to get caps set in his state.

And has sure seem some obstacles put in his path.Doing similar things to what people are trying to do here.

That is his emblem.You can see he is a shark biter.One of us.

 

Here is his tune.

 

Edited August 4, 2013 by tawnyowl

[Tawnyowl]

Millions of payday loan customers could be entitled to refunds or compensation... here's how to check if you are you one of them

 

 

• Millions of payday loan customers may be entitled to refunds and compensation amid allegations of high pressure selling and harassment
  

 

Read more: http://www.thisismoney.co.uk/money/cardsloans/article-2384761/Millions-payday-loan-customers-entitled-refunds-compensation--heres-check-make-complaint.html#ixzz2b7xehba1

 

 

I remember Mike Dailly saying something similar in 2012.

Just found it in a corner of the CAG,dusted it down and here it is.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?337952-Govan-law-centre-and-missold-payday-loans

 

 

Ah well,another busy day on the forums for many.

Time to chill.

Memories of sitting by the three small sycamore trees at Blackpool Pleasure Beach

One cold calm clear night in November.After the season had finished.

The trees had small lights that entangled round the branches, that twinkled in the evenings.

So quiet and calm.The kind of night that is cold but enjoyable.Still,not a breath of wind.

To hear the Eagles music filling the air, drifting through the park, and Robbie Williams and friends having

the time of their lives.No one else around.I believe he has now married the girl he was with.

 

Back Wednesday to catch up with all the news,off to the shoreline tomorrow.

If the weather is kind.

Enjoy the tune.

Tawnyowl.

Edited 1 08am Tuesday.

For the site team, the helpers, all the ones who have helped me in the past and everyone else who may venture this way,enjoy.

 

 

 

I will cover the American story on Wednesday.

The one i said i would two posts ago.

Bye for now.

 

And maybe think about the misselling angle.

This was written by Mike Dailly one and a half years ago.

Maybe he saw things coming.

 

How many of you have felt perhaps you have been mis-sold a paydayloan.

EXAMPLE-from the article.

Now let's take a second example. Judy has a full-time job but can't access affordable credit.

She takes out a payday loan for car repairs. She does this online and it's approved in 15 minutes.

The lending criteria was some form of employment. She borrows £100 for one month at a cost of £42.96. She is again short of cash and is offered a 'roll-over' to the next month with an extra charge.

She keeps rolling over the loan and is liable to pay £400 back in total.

What could Judy argue?

 

• There was no proper affordability check as the online payday lending took place instantly.
  
• No fair assessment was given of the suitability of the loan and the consequences of not settling within the contractual term.
  
• Instantly selling a very high APR payday loan, without a cooling-off period, took advantage of a vulnerable consumer.
  

 

 

May be think about this also.Is this the new way.To avoid the rollovers phrase being used because of the bad press.

The Check Centre.Just hit my town.Blackpool.

 

Its website states: “Payday loans are a short-term product... It can be an

expensive form of credit which is unsuitable for supporting sustained borrowing over longer periods”.

 

 

But Melanie said the approach is far from short-term, with the company offering to “buy back” customers’ debts in quick-fix deals that lock them into yet more debt.

For example, a customer with £40 outstanding on a £100 loan plus interest will be given a new loan of £100 less the £40 debt from the previous one. The *customers get cash in their pocket but will be tied into a second loan – saddling them with yet more interest payments. Melanie of Portsmouth, who worked at four Cheque Centre stores in Hampshire over 18 months, said: “I’d try and get customers on a *payment plan but the firm just wanted the debt cleared, and one way was to buy it back and reissue a loan.”

 

 

Avoiding the rollover but perhaps even worse.The new kind of rollover perhaps.

Trapping people on the debt cycle.

 

And of course must raise the issue of misselling.

To how many i dare not guess.

Thousands,Millions perhaps.Who knows.

But has happened.

 

 

Edited August 6, 2013 by tawnyowl

[Tawnyowl]

Half of customers 'happy' with payday loans

 

MPs have called them "legal loan sharks" but nearly half of customers say their experience of payday loans was "positive"

 

http://www.telegraph.co.uk/finance/personalfinance/borrowing/10225529/Half-of-customers-happy-with-payday-loans.html

 

I am finding this article rather weak and am going to have a good pick at it.

I feel old boy this is a bit one sided.

A touch to much for me to take while considering breakfast.

A huge boost for the lenders you say.

Personally i know where they,i feel should be boosted to.

49% say they they found the experience enlightening.Ok then positive.

The only lightening i see,is lightening of peoples pockets.

Let us consider the other 51%

 

Must have missed this part out,perhaps

 

According to the research, 53% believe that the industry should be better regulated while 45% are calling for an outright ban.

Further to this, 40% said the marketing of payday loans is misleading and 21% said they can damage your credit rating.

29% say they regret taking out these loans.

And 18% say they made their financial problems worse.

 

The main lender,Wonga who says it has one million customers.

WHAT, one million customers.

Let me get that in my head.

Is this the one that says having these loans may have a positive effect on your credit rating.

So290,000 customers regret taking out these loans.

-- 180,000 say they made things worse.

---320,000 say they should be banned, i gave that a slight discount Should be 490,000

---210,000 say they harm your credit file

 

Some boost.And many do not know the truth yet.How these loans really affect your future credit rating

Wait till they find out when trying for mortgages,and other finance in the future,even if paid early,on time,or used for a emergency.Some unexpected surprises there i feel..Wait till they find out.

 

As someone said-

Force for good? It reminds me of Goldman Sachs who said "We're doing God's work"

 

How many does that leave,perhaps me.

And i will not be going in that direction anytime soon.

Because as i have said before you will not get me because i will soon be part of the union

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

 

We can all juggle about with facts and percentages,make them fit to our thinking.

I had some pleasure,having a go.

Who really knows the truth of what may be on the horizon.

But maybe the old mills of the industrial ages should power up.

Ready for the making hopefully of many caps that the legal loan sharks may have to

wear before long.Or worse.

Hoping the church and credit unions will power up and compete them out of business.

 

Even Bank Of Dave ,having a go at them soon.

On Channel 4.

I will keep my eye on Dave Fishwick.

Could be one to watch for the future.

 

 

Now what shall i have for my breakfast.

Perhaps a crust of bread,a glass of ale, some meat and a lump of cheese perhaps.

After all i am from South Shore.

 

 

Only taking a light look at things.

Maybe some feel there are some hidden truths here.

If so,things change in time.

A Metamorphosing society perhaps.

 

Here is a old friend of mine,gone now but i will never forget him.

Once met you could never forget,one of the greatest drummers ever.

I worked for him for a short time in Blackpool.

In fact when his daughter Kindah was very young i copied his hair style.

Why,well that is another story.

From this town that has many hidden depths.

The man who had a diamond in his tooth,and to me was,and always will be a true diamond.

The Magnificent Eric Delaney,google that if you want to know more.

http://www.theguardian.com/music/2011/aug/14/eric-delaney-obituary

 

 

I may be one of the lost underemployed ,struggling in a seaside town.

But where else can i have the sea,the sand so many things to do that cost nothing.

I could fill another lifetime with things to do here.

It could be worse.

Just a little miffed at the invasion of legal loan sharks targeting this community as elsewhere.

I sent them a welcome by Twitter

Welcome to the Check Centre in Blackpool

Who trap people on a cycle of debt.

Nice bosses, you have staff.

Good luck.

mirror.co.uk/news/uk-news/cheque-centre-one-britains-biggest-2070924 …

 

Let us get to grips with them.

Maybe start here.

http://www.consumeractiongroup.co.uk/forum/showthread.php?398965-Stop-The-Sharks-Back-The-Bill-On-6th-Sept-Ask-your-mp-to-turn-up.

Edited August 8, 2013 by tawnyowl

[Tawnyowl]

 

Our case-study officer previously looked at some payday loan clients from one week, worth a re-read now

http://blogs.citizensadvice.org.uk/blog/payday-loan-stories/

 

C.A.B.

Client took out a payday loan to pay months rent, now having 73% of wage taken out of bank account every month.

 

C.A.B.

 

Client asked to pay deposit and fees totalling £500 for loans she never received. Co said she was 'too high risk.'

 

C.A.B.

 

We had a client with 17 payday loans with 15 different lender. Very vulnerable, with severe mental health issues

 

 

3 in 4 payday loans could have cause for complaint to the Ombudsman

 

Citizens Advice Chief Executive Gillian Guy said:

“The level of debt and hardship caused by some payday loans is absolutely scandalous and people often feel completely powerless to do anything about it. But consumers can fight back. If you are struggling to pay back the loan Citizens Advice can help you sort out a reasonable repayment plan and if you make a successful complaint to the Financial Ombudsman service you could find you get a refund for an unauthorised payment or compensation for unfair treatment.

 

“By making your voice heard you will expose the bad behaviour of lenders and put pressure on them to clean up their act which could help stop similar problems happening to other people.”http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_office-20130805.htm

 

 

Citizens Advice’s in depth analysis of 665 payday loan cases, reported to its consumer service between 1 January and 30 June 2013, finds that at least 76% could have grounds for an official complaint to the Financial Ombudsman including:

 

 

• 1 in 5 were possible cases of fraud – where a person was chased for a loan they hadn’t taken out.
  
• More than a third involved issues with continuous payment authorities including money that was not authorised to be taken.
  
• 12% involved harassment whereby lenders pester people with phone calls and text messages rather than accept affordable repayment offers.
  
• 1 in 10 were about lenders’ unfair treatment of people in financial difficulties.
  

Action How to complain about a payday loan company

Hit by payday loan debt? Fight back if you've been mistreated by a lender

 

http://www.which.co.uk/consumer-rights/action/how-to-complain-about-a-payday-loan-company/

 

Our bureaux help 60 a day with payday loan problems, so why low numbers of official complaints? Our view http://blogs.citizensadvice.org.uk/blog/payday-lo

 

My friend Neil was being called night and day by a payday lender Find out how he got help http://bit.ly/ZDRffY

 

Thanks for that info Caro,i have read your post below.

550.00 pound ,interesting.I will look that up.

To much to hope for perhaps,but 100,000 people complaining costing,to late for me to work out.

I feel a thread should be started with this fact alone,urging people to complain.

Their turn now.

Maybe Caro you may think it is worth a shot.

Your thread on this subject.

There is nothing wrong with that.The CAB are about to do the same,i believe.

I already have started avoiding my daily swim in the sea.

just in case the sharks are about.

I feel i am not their favourite friend,unlike,seemingly the govt and their chums.

That is the second time this week my ears have pricked up.A interesting fact.

Thanks again Caro.

 

Still have not got round to the post about the American payday loan problem in Missouri.

It will have to wait.But many problems.

Just so much going on here.At the moment...

 

Maybe one last thing.

This thought from a lady in Missouri.A brave lady,who took on the lenders.

A story for another day.

 

Quote--

Yet the political party that supposedly espouses Christian values is not on the side of the righteous, but on the side of greedy payday lenders. Christianity and the exploitation of the poor are irreconcilable concepts. You can't claim to be the former and also allow the latter to happen. End.

 

I get it.Do you.

 

Here is a idea.

A British You Tube Payday Loan Song.

I have not seen a British one yet.

Featuring many of our legal loan shark friends.

Should be fun.

Featuring Pinocchio the puppet.Who sings

And has strings

A rival for theirs.

And a nose that grows and grows.

With every tale they tell or have told.

I used to have one,pretty expensive.

Now what did i do with him.

I perhaps sold him when times got tough.

Just got to catch the singer.

Before he goes to Germany,and France

For 6 months.

A very close friend.

He may say no way,

You have lost your way old owl.

Throw in the towel

As for the script.I have been thinking about things like this for months.

More walks along the coastline.To think.

Sounds easy,but how long to do,is the question .

What tune.

Could take some time.

A quick thought at night,may not seem so bright

In tomorrows first light.

We will see.

 

Edited August 8, 2013 by tawnyowl

[caro]

An additional benefit of complaining to the ombudsman is that it'll cost the PDL something like £550 for each complaint that has to be investigated.

[Tawnyowl]

Anyone who feels they have not been fairly treated by their payday lender.Many of you must feel that way but do not know how to complain.

 

Check this out.

 

The message to anyone out there or perhaps in here is if you Feel that you've been treated unfairly by your Payday loan lender? COMPLAIN TO THE FOS! PRESS HERE

 

To make a complaint to the FOS, you can download a complaint form from their website at: www.financial-ombudsman.org.uk

 

Got a complaint? here's what to do ... [

]

 

And see what you may have to gain.

There is nothing to lose by complaining.

The Citizens Advice are saying the same.

 

 

3 in 4 payday loans could have cause for complaint to the Ombudsman

 

Citizens Advice Chief Executive Gillian Guy said:

“The level of debt and hardship caused by some payday loans is absolutely scandalous and people often feel completely powerless to do anything about it. But consumers can fight back. If you are struggling to pay back the loan Citizens Advice can help you sort out a reasonable

repayment plan

and if you make a successful complaint to the Financial Ombudsman service you could find you get a refund for an unauthorised payment or compensation for unfair treatment.

 

“By making your voice heard you will expose the bad behaviour of lenders and put pressure on them to clean up their act which could help stop similar problems happening to other people.”http://www.citizensadvice.org.uk/ind...e-20130805.htm

Edited August 9, 2013 by tawnyowl

[Tawnyowl]

Letter to complain about a payday loan

 

 

• 1 - Introduction
  
• 2 - Write
  
• 3 - Preview
  
• 4 - Download
  

For more information about when you should use this letter, see Payday loans - making a complaint.

 

 

 

 

If you have a problem with your payday loan you can use this letter to complain.

http://www.adviceguide.org.uk/england/debt_e/debt_borrowing_money_e/debt_types_of_borrowing_e/debt_loans_e/debt_payday_loans_e/letter_to_complain_about_a_payday_loan.htm

 

 

 

Why wait,get your complaints in.

 

 

 

Payday lenders probe findings due next spring.

http://www.standard.co.uk/news/uk/payday-lenders-probe-findings-due-8750715.html

 

 

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/

 

The Government “talks tough but is doing nothing”.

 

Got a complaint? here's what to do ... [

]

 

 

Reminds me,i must keep my eye open for this guy,Dave Fishwick.

 

BURNLEY’S own payday loan crusader Dave Fishwick has approached the Archbishop of Canterbury with an offer to help him crackdown on the companies.

Mr Fishwick, who runs the Burnley Savings and Loans community bank in Keirby Walk, said he hoped the Most Reverend Justin Welby would agree to take part in an upcoming episode of his television show, Bank of Dave.

 

When the show starts i do not know.But maybe it will send sparks flying.

TV at the moment is all about the payday lenders advertising.Unlimited advertising pots.

They all seem to say,look how good we are.

I kid you not.I am now on my third TV set.I get so angry.My wife has started calling me,Mr Angry.

But understands where i am coming from.

Perhaps i need anger management.

I want to wrestle those puppets right out of the TV.

 

My last one cost 15.00.I feel it will not last long.Becoming expensive.

The payday lenders.We are a force for good.

 

Force for good? It reminds me of Goldman Sachs who said "We're doing God's work"

Edited August 10, 2013 by tawnyowl

[Tawnyowl]

Payday loans: Firms could pay levy to credit unions under Labour proposals

 

10 Aug 2013 00:00 It wants to help the Archbishop of Canterbury put legal loan sharks firms out of business by promoting low-cost lenders

 

 

http://www.mirror.co.uk/money/city-news/payday-loans-firms-could-pay-2146495

 

 

Payday loans causing debt spirals, Kingston Citizens Advice Bureau warns

 

http://www.yourlocalguardian.co.uk/news/10601586.Payday_loans_causing_debt_spirals__CAB_warns/

 

 

Bradford's £30,000 payday loan debt revealed

 

http://www.thetelegraphandargus.co.uk/news/local/localbrad/10601359.Bradford_s___30_000_payday_loan_debt_revealed/

 

 

 

Help For The Armed Forces With Debt Problems.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?373939-Help-For-The-Armed-Forces-With-Debt-Problems

 

The reason i am back to the Armed Forces thread is because of this news item.

 

Gareth Thomas, chair of Labour’s co-op wing, said they should go further in stopping people ending up in the clutches of rip-off lenders.

Ideas also include a new credit union for troops and their families modelled on the US’s Navy Federal which serves four million members of the American military.

Mr Thomas said: “We need to support our soldiers, sailors and their families hit by payday loan problems.”

 

This is the US Navy Federal credit union.

A similar one may be coming here soon.

https://www.navyfederal.org/about/about.php

 

 

Maybe someone will be interested on what the C.F.P.B is doing about things in America.

It has not been going that long.

But has released two bulletins about the problem.

And some template letters.May interest someone

http://www.consumerfinance.gov/blog/debtcollection/

 

.

Edited August 10, 2013 by tawnyowl

[Tawnyowl]

Shortly i am going to write about- cyber entity

And about regulation,caps,ways round it.

Banning or regulating rollovers,the ways they find their round this problem-already happening in America and spotted here,in Britain.

Just in case the payday lenders try it here.Well they will.

They will wriggle round like ferrets in a sack

To get away with things.

I feel they already know what may be arriving soon.

And are having a good laugh at us.

Maybe this statement is changing now the complaints are hopefully rolling in.

I will put my thoughts down and see what you think.

Do not let them get away with what may be coming.

Sick of them targeting people and communities.

I feel a thread should be started by a wise one(the site team)asking for whistleblowers from the companies.

To tell us their ways.

The pressure staff maybe under.

Maybe increasing.

Especially interested in rollovers.

Are things getting to them,with the complaints hopefully rolling in.

Do they all advertise help for people in trouble.

Or are they hard to find.

I am interested in how much the banks are making on the back of this problem.

In charges,overdrafts etc..

 

Enough for now there is a free airshow outside.

Red Arrows,Vulcan Bomber,Spitfires,Lancaster Bomber and many more.

I was worried for a moment.Thought i was being targeted.

I cannot concentrate so i may as well enjoy the show.

 

Back when the noise abates.

Or in a day or two.

Tawnyowl.

 

Back for a moment.

Chunkymark the London taxi driver who is a artist,taxi driver,and activist,protester and suffers from cancer that he is being treated for is rather angry tonight.

He is angry that Ian Duncan Smith has claimed for his underpants on expenses.

But as usual the part that caught my attention was about payday loans.

Some of us know about this.

I believe i put it on some time ago.

But it is the way he puts it over that is interesting.

Slugs slimeballs,leeches are mentioned.

I will put it on.

But be warned Mark does use colorful language at times.

But is becoming very popular.

He has interviewed many people in his Taxi.

It would be nice to interview those puppets of Wonga. in there.

 

 

The payday loan bit starts at 2 mins 54 seconds.And finishes at 4 mins 58 seconds.

Be warned.He tells it in his own style.

I present to you direct from London -The Artist Taxi Driver.

 

 

Edited August 12, 2013 by tawnyowl

[Tawnyowl]

Payday loan adverts banned in Plymouth city centre

 

BBC News Report

 

http://www.bbc.co.uk/news/uk-23663590

 

 

Payday lenders face advertising ban in Newcastle

 

http://www.bbc.co.uk/news/uk-england-tyne-23603880

 

Payday loan firm Quick Quid demands cash from Ancoats bank expert who had never borrowed any

 

12 Aug 2013 07:15 Financial solicitor and banking law expert Kalvin Chapman was furious to be threatened with debt collectors by Quick Quid – despite never having taken out a loan – and has now branded the firm ‘****my’

:jaw:Picked on the wrong one there Quick Quid:lol:

 

Even offered him a rollover.

I can see a fight developing between them and the banking expert,solicitor

Commentary from the fight live below.

Round One

Quickquid ---------- Solicitor,Banking expert.

 

Result-Knockout,the new champion is announced.The banking expert.

However i think i will advise him to make a complaint.

The more they get them.The more it will cost them.

What is quick quid asking,i feel i know

 

 

Link below.

 

 

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/payday-loan-company-quick-quid-5698944

 

Payday Loan Sites Blocked By Council

 

http://www.wearebarnsley.com/news/article/3308/payday-loan-sites-blocked-by-council

 

Just in case anyone is wondering what about post 344,the one above this one,i will get round to it.

Pretty busy this week.For once.At last.I could sing,i have a weeks work.

I may well break out in song.Why not.

But first i will switch the computer off..I do not want you to hear me.

 

My other main thing on my mind is a old lifeboat.Called the Samuel Fletcher of Manchester

It is somewhere round these parts Somewhere.

It rescued crew from Nelsons former Flagship-HMS Foudroyant which hit North Pier Blackpool in 1896

The local entrepreneurs had the wood away and 80 cannons etc and made furniture and souvenirs out of it.

I have scoured the town looking for it.Can i find it,but i will.

You never know who reads these posts,stranger things have happened.Someone may know.

People have said it is here, it is there,but i cannot find it anywhere.

 

Anyway back to the payday loan problems.

Monday 12 August 2013 21.08 BST

 

Pawnbroker stops payday loans and describes Wonga's rates as 'ludicrous'

 

H&T pawnbrokers can no longer afford to make loans at 13% rate since cheque guarantee cards withdrawn

http://www.theguardian.com/money/2013/aug/12/pawnbroker-payday-loans-wonga-rates

 

 

From a site i have just looked at.

What,,WHAT,- you could not write this stuff.

A nightmare.

Surely the fastest route to the debt cycle.

How can you possibly afford to pay these back if unemployed.

Do you,or have you taken one out while unemployed.

Do you know anyone who did

Just wondering how you,or they went on.

Did you, or they manage to get through the system,the checks.

 

Quote.

Payday loans for unemployed.

Some of our lenders may require you to have a part time job, others will look only at the money you have coming in, including your benefits, to see how much they can lend to you.

 

Example,only.

Unemployed 18-year-old applies for £300 payday loan and is offered £500 - is this responsible lending?

http://www.thisismoney.co.uk/money/cardsloans/article-2356819/TARA-EVANS-Unemployed-18-year-old-applies-300-payday-loan-offered-500--responsible-lending.html

 

Just watching the news,77 Million for cycle routes.

MMM,preparing for people not being able to afford cars perhaps.

 

Sometimes i look at America for ideas.

I know the military were targeted by the lenders and capped.

I believe the lenders then moved off shore to try to get around the problem.

Just seen this site

https://www.militaryfinancial.com/Faq.aspx

One of the questions.On the F.A.Q.

Is it illegal to charge more than 36% on a loan to the US Military?

 

Read More It is illegal to charge more than 36% for a closed end loan consumer loan that is less than 90 days for repayment. A Rapid Line of Credit is not a closed end loan. It is a revolving line of credit that allows you to access the available funds in your account at any time.

 

I believe the C.F.P.B over there is looking into many things.

May interest someone.

 

One more thing,i always seem to find one more thing to say.

A interesting thread has developed here on the CAG

Pay Day Loans - damage to your future credit rating

 

Take a look.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating%285-Viewing%29-nbsp

 

Enough for tonight.

I can take no more.

I need to preen myself.

My feathers are falling out.

Tawnyowl.

Edited August 13, 2013 by tawnyowl