End Legalised Loan Sharks.

[caro]

Glad you've got some work tawny.

 

We need all advertising stopped but its excellent so many places are banning it.

[Tawnyowl]

Want to know why the Govt will not act on payday loans

Donations,and they get mates rates.

Do not look to hard,i have and it makes you feel sick.

It goes on,and on and on.

 

 

A story from Scotland.

That only with the powers of an independent country will Scotland be able to act on payday lending and stop Scottish consumers getting ripped off.

 

I am not going to put the story on.

Because even if it was to happen.

It would probably be three years down the line.

To late for many.

Many need action before then.

 

I am still looking at America and the lenders there.

They wriggle round like ferrets in a sack getting round regulation.

And succeeding.Some feel.

 

The actions we are just beginning to talk about here.

Have been tried.

Regulation some feel just is not working.

And calling for more drastic action.

We may need bigger nets.

To get rid or tame the sharks.

 

But it is fun trying.Maybe the wrong word..

We have to get the right bait.That is all.

Stalk them like they stalk the communities and people here.

Target them like the predators they are.

Find their weaknesses and plan the battles

Little and often.Till we win the war.

To make the sharks swim away.

One day.

Sooner rather than later.

Or put them in shark farms,like salmon farms.

So we control them.

A strange way of putting things perhaps.

But i like the idea of traps.

And caps.

And it is getting late in the day.

Back tomorrow which some of you may think,are tales of the unexpected

From the old owl.

Who is certainly not going to throw in the towel.

Any day soon.

 

 

UK Debt Statistics from Credit Action August 2013

 

UK Personal Debt

 

 

http://www.creditaction.org.uk/helpful-resources/debt-statistics.html?utm_source=Credit+Action&utm_campaign=eb5db30569-Stats_May013&utm_medium=email&utm_term=0_e205630ad6-eb5db30569-294409525

Edited August 14, 2013 by tawnyowl

[Tawnyowl]

Archbishop Welby.

 

The result of the recent intense interest in how the church plans to support credit unions is that there is now – quite rightly – pressure to deliver. To turn words into reality. And it feels quite scary. Putting together the partnerships and logistics to have a good product, piloting it and learning from the results, and then turning it into something effective: this needs major skills and much time – at least a decade, in fact. - See more at: http://www.archbishopofcanterbury.org/blog.php/17/if#sthash.hI46iZ11.dpuf

 

Logistics.

Partnerships

Products.

 

Linking up with Credit Unions-The Church And The Post Office Network must be the way.

The church has 16,000 branches in 9,000 communities," which he wants to open up to credit unions so that they can issue short-term loans to the needy at far more moderate interest

The post office has 8000,YES 8000 post offices.

This would not take a decade.

Maybe throw Bank Of Dave in Burnley into the Equation as well.

Have the courage to follow your dream.

No need to feel the issue is scary.

Tawnyowl feeling deflated at this news.

 

Saw your post BeloW citizenb-

I do not say much about the work problems i seem to be having.

The news says things are getting better.

I am finding this hard to believe.

I personally have never known things so hard in over 40 years.

I believe i am what is called a underemployed.

How many like me do not make the statistics.There must be many.

But i am happy.

 

I feel the Archbishop Welby comment will be all over the news soon.

And will be sweet music to the payday lenders.

I feel a tune coming on.

But will refrain.

You would not like it.The mood this has put me in

The news tonight.

Has given me a fright.

I may take flight

Till mornings first light.

We know what is right.

When money is tight.

Doing nothing is not a option.

 

CASE STUDIES

A payday loan company issued a 44year old man with a claim for £1,830 in penalty

charges incurred for default on a loan of £120. The claim detailed two overdue penalty

charges totalling £80, a debt recovery fee of £100 and a total of £1,650 in charges for

330 unsuccessful attempts to recover payment (at £5 a go). The lender also charged

£178 in interest, or 1 percent on the original loan principal every day

 

Some good news.Some may feel.

Others may feel,more food for the rest that are left.

ALMOST half of the payday lenders ordered by the trading watchdog to prove their practices are up to scratch have decided to exit the market.

 

Does this mean investigations.If they were not up to scratch have they been fair to consumers.

Perhaps even misselling.

Is there possibilities of consumers taking them to task.The owners or whoever.

Do we know who they are.

If not i suppose it is tap away till website says -

No longer here.

The Big Three now have approx 70% of the market.

About 1.2 billion.One thousand 200 million pounds.

Get that figure in your head.

No wonder they can advertise so much.

 

19 firms probed by OFT give up payday lending

 

 

http://www.heraldscotland.com/news/home-news/19-firms-probed-by-oft-give-up-payday-lending.21873056

 

 

Maybe as usual one last thing.

 

In Broken Britain 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.

Edited August 15, 2013 by tawnyowl

[citizenB]

Nice to hear you have work TO.. thanks for the interesting articles as well

[Tawnyowl]

Payday loan firms must be 'banned in poverty-hit areas'

 

http://www.eveningtimes.co.uk/news/payday-loan-firms-must-be-banned-in-poverty-hit-areas-133394n.21872456

 

Councillor Macmillan has asked the UK Government's Secretary of State for Business, Innovation and Skills Vince Cable, to give councils powers as part of their licensing remit, so that payday loan companies would have to apply to local authorities to set up in the area.

 

Four more payday lenders quit the market

 

Another four payday lenders have left the market amid a crackdown on the industry that is forcing firms to prove their practices are up to scratch.

 

http://www.telegraph.co.uk/finance/personalfinance/borrowing/10243103/Four-more-payday-lenders-quit-the-market.html

The main concerns raised centre around the fact that lenders fail to carry out appropriate affordability checks, meaning that those who cannot afford to pay back their loans on time, end up facing escalating debt which they struggle to pay back.

WHY ARE THE FIRMS NOT NAMED.

Is there a possibility of misselling based on the grounds of affordability checks.

Targeting vulnerable consumers etc.

They are disappearing-there must be a reason.

I remember the subprimers vanishing.

And causing a slight headache.For many.

Edited August 15, 2013 by tawnyowl

[Desperate Daniella]

You are doing a tremendous job in keeping us up to date, tawnyowl.

 

Thank you.

 

I know you have had a very tough time so hope the work is going well.

[Tawnyowl]

Thankyou Desperate Daniella for your very kind comment.

It is nice to know people read this thread.

And perhaps even follow it.

 

I look around my town and see the houses that need my kind of work doing to them,perhaps 80% of them.

But no matter how you try,it seems many just cannot afford to have work done.

No matter how low your prices are.You can only go so low.

I find it hard to believe when the govt say things are improving.

I think it is all artificial,but only time will tell.

I have now been through,i think 3 or four recessions,i have lost count.

Something about these times that to me beats them all.

But i am lucky-i have many outside interests that cost nothing.

And have made me a pound or two at times -propogating and growing plants- vedge that kind of thing.

Shell,driftwood on the shoreline-got another idea soon.

But maybe as usual-what i think about is vast-but what actually gets done you could write perhaps on the back of a postage stamp.

I hardly need any material assets at all.

Food,rice-fruit- chicken-fish-wholemeal bread- drink water,smoking finished with.

You begin to get a picture.Perhaps boring to many.

But you get used to it.

 

Do you remember when the headlines screamed-From Archbishop Welby

We will compete the lenders out of business,TV covered it ,newspapers,radio- everywhere.

Now it seems it may take ten years.

I am just getting that news in my nut

Just in case anyone missed it,here it is again

 

Archbishop Welby.

 

The result of the recent intense interest in how the church plans to support credit unions is that there is now – quite rightly – pressure to deliver. To turn words into reality. And it feels quite scary. Putting together the partnerships and logistics to have a good product, piloting it and learning from the results, and then turning it into something effective: this needs major skills and much time – at least a decade, in fact. - See more at: http://www.archbishopofcanterbury.or....hI46iZ11.dpuf

 

I feel it is a joke.

And all of a sudden he is going to appear on a TV show and announce a sudden product that will,as he said-

compete the legal loan sharks.out of business.

The Credit Unions,Archbishop Welby-the Post Office And Bank Of Dave in Burnley all going for it.

You can dream,i suppose.

If enough will and peoples efforts went into it i am convinced it could be up and out there in months.

I have seen no coverage of his remarks yet on TV.

And as usual more comments and articles to come soon.

Edited August 15, 2013 by tawnyowl

[Desperate Daniella]

I think this recession is much worse too.

 

I was also expecting to hear some great announcement from Archbishop Welby.

 

I don't think he will get much TV coverage now. The independent channels take advertising from the payday loan companies and that needs to be banned sooner rather than later. The BBC lost the plot years ago.

 

However, as you have shown us, some local authorities are taking action by banning advertising and we can only hope others will follow.

[Desperate Daniella]

I don't know what you do obviously, but could offices and other commercial buildings benefit from your work?

 

Also, if you haven't done this already, you could maybe go to a more affluent area nearby and ask the estate agents if they could recommend you, or if anyone selling a house needs work doing to make it more saleable.

 

Sorry if this is obvious and you have tried it already - just trying to help.

[Tawnyowl]

Thankyou again Desperate Daniella

I have now done over 37 years in the construction industry.

I have travelled From Cumbria to Essex..And many places in between.

I have worked from Market Gardens to Tanneries,all suffered over the years-due mostly to cheap imports.And closed.Pulled down.

I have seen whole communities wrecked by imports.No heating costs etc

Whole generations of working men and women whose working time was when it came light till when it went dark.Then bed.For years.Did not need watches.

 

I have had a heart attack,have blocked arteries and what is called coronery heart disease.A couple of years ago now.

But i was lucky to have built up some collateral arteries that perhaps have saved me.A kind of natural bypass.

But the will to work will not leave me.

I can still go up ladders and walk for miles.

And the work i do,my customers are always happy.

In fact the one i am on at the moment i did their next door neighbours ten years ago.A recomendation.

But i feel sometimes what will be will be,and is meant to be.

 

Maybe it is a message to slow down a touch and see other things in the world apart from a wall.

I had better now check my spelling-i am only used to having a trowel in my hand.Or spade.

Thankyou so much for thinking about the old owl-Desperate Daniella

And to me anyway -i am as fit as a butchers dog and have years left in me.

Doing what,well we will see.

What will be will be.

For me.

And there is a world to see apart from work,i suppose.

Maybe really it is time to semi retire or retire.

Spend more time with family,that kind of thing.

Edited August 15, 2013 by tawnyowl

[Desperate Daniella]

You sound like an absolute smasher.

 

How about contacting your other old clients and telling them you are available and would really appreciate their recommendations?

[Desperate Daniella]

I am always recommending my builder. He got about six months' work the last time I recommended him.

[Tawnyowl]

It is people like you who keep the local builders going.

At the moment a recommendation is a lifeline to us.

The small builders perhaps anyway.

And to have the confidence to recommend someone says a lot.

I moan a bit.

Maybe to much at times.

Take no notice.

Let us get to grips with the legal loan sharks.

Thanks again for sending your kind messages.

 

Keep the local recession away

Employ your local builder today.

 

Do not move, improve.

 

Money is not much use in the bank.

These days.

I feel a tune coming on.

Prepare yourselves.

 

I remember many years ago when my house got repossessed i sang this to it when i left.

One cool night with my Cockatiel in a cage and my dog at midnight.

Sometimes i suppose in every thread there has to be a light look at things,helps you get through it all.

I feel this has been the time.I smile at the tune now.

And did then.As i walked out the door.Because by the time it happens,you have accepted it.You can do no more,but close the door.

I will now get back to the payday lenders.

I thank you for your kind words and thoughts.

And putting up with me in what it seems,a strange old evening on the CAG

I have spotted your post below Desperate Daniella

Quote

He's also brilliant at diagnosing boiler problems over the phone so I can fix them myself and it costs nothing.

Be careful with that one.Corgi registered only.

I have done all those things.Including estate agents,here and down south.

Thanks

 

"Don't ever promise more than you can deliver, but always deliver more than you promise

Edited August 16, 2013 by tawnyowl

[Desperate Daniella]

I like

 

Keep the local recession away

Employ your local builder today

 

Do not move, improve!

 

I think you should print off some leaflets and shove them through a few doors. You never know .....

 

My builder drives me mad at times, BUT he has worked for me on many occasions over the last 18 years or so, and if I ever have a crisis he's there within the hour. He's also brilliant at diagnosing boiler problems over the phone so I can fix them myself and it costs nothing.

 

I recommend him because he is absolutely honest, will muck in, and even babysit if you have to go out when he's on site. He's incredibly reasonable in his charges and his work is good. He was originally recommended to me by an estate agent which is why I suggested you should drop in on a few.

[Tawnyowl]

More payday lenders leave market after OFT action 15 August 2013

 

http://www.credittoday.co.uk/article/15780/online-news/more-payday-lenders-leave-market-after-oft-action#.UgzfXB7thI4.

 

Some named

 

 

Taking on the payday lenders

 

18th October 2013

 

The Studio, Manchester

http://www.cesi.org.uk/takingonlenders

 

 

Investigation to look “more deeply” into payday market 15 August 2013

 

http://www.credittoday.co.uk/article/15782/online-news/investigation-to-look-more-deeply-into-payday-market

 

 

 

Britain has 'Alice in Wongaland' economy

 

Britain has an "Alice in Wongaland" economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

 

http://www.telegraph.co.uk/finance/economics/10244129/Britain-has-Alice-in-Wongaland-economy.html

 

 

One Payday loan firm employs more than 100 staff just to develop its technology and make sure the site works.

properly.

What-can you believe it.

Maybe as i have said-we will need bigger nets.

And products and ideas.

Not in ten years.

But soon.

 

I am keeping my eye on one such site at the moment that is promising to do just this.

We will see.

Before Christmas i should know.

But if it promises what it says,well,could catch on.Who knows.

In final development phase.Soon to launch.

 

A report over a month old now.

 

Payday loan popularity dips – but demand amongst young adults ‘worryingly high’

 

 

http://www.r3.org.uk/index.cfm?page=1114&element=18969

 

 

"I'm sick of following my dreams. I'm just going to ask them where they're going and hook up with them later:-D

Edited August 16, 2013 by tawnyowl

[Tawnyowl]

I have been in touch with a company who is soon to launch a loan service similar to Bank of Daves in Burnley.

All net profits going to charity

They are going to offer 12% loans to businesses and give savers 5% AER- which to many must seem like their dreams coming true.AER is short for Annual Equivalent Rate.The Annual Equivalent Rate is designed to make savings accounts easier to compare.

Their first phase is going to deal with businesses in their area

 

There was a second phase that i was interested in which they say

Quote-We will also implement Phase 2 of our launch and offer short term (typically 28 days or less) loans. These will be at fraction of the cost of those offered by headline grabbing, football team sponsoring "pay-day" loan companies. Of course they will be riskier and that will be reflected in a higher rate of interest, but they will be transparent and fair.

 

But this was going to be some time later.

 

I asked them if they could bring phase two forward as there is a need for such a product.

Perhaps pilot it locally,a trial.

After a while they replied after a slight misunderstanding between us.Nothing serious just a slight one.

I had told them about the Archbishop saying it could take a decade which is to late in my view for many.

 

I got in touch and we had communication for a while.

This is their reply after our slight misunderstanding.

 

Sorry, my mistake You are abs. right, we will launch in xxxxx & if successful will roll out across the country

 

I will keep my eye on the company.

I will not name them yet but will in a while.

Entrepreneurs who have once again seen a gap.We will see.

More news soon.

 

Are these the kind of companies that may spread nationwide.

And take the lenders on.And even take some of the banks business away.

The banks better wise up and launch some products.To save the common man.And women.

Or may wish one day they had.

Town by town city by city once they get going,who knows what may happen.

 

Some news that may interest some.

Next weekend is Bank holiday weekend.

And wait for it-

There is a high probability that the Jetstream is once again slipping north

And from Wednesday onwards we could be warming up again.

Could be a sizzling bank holiday

Could be.

 

Back to the real world of payday loans

Merseyside councils fail to block payday loan websites

 

http://www.bbc.co.uk/news/uk-england-merseyside-23723970

 

But have now managed to.2 weeks later.

Liverpool City Council wanted to block the sites after finding its residents' annual debt to the companies had risen by 36%.

Council research found the average payday loan debt in the city was £1,748 in 2012, up £463 on the previous year.

 

I said sometime ago that i would write about the problems with regulation,caps in America

I have still not got round to it.

But i will mix it a bit with a article every now and again and you will soon realise what i am on about.

And it is easier.

Some say regulation is not working -ban them.

And perhaps make you think about how hard it will be perhaps to sort the problem out here.

How Payday Lenders Bounce Back When States Crack Down

 

In state after state that has tried to ban payday and similar loans, the industry has found ways to continue to peddle them.

http://www.psmag.com/business-economics/how-payday-lenders-bounce-back-when-states-crack-down-64535/

 

When the CFPB studied a sample of payday loans earlier this year, it found that three-quarters of loan fees came from borrowers who had more than 10 payday loans in a 12-month period.

 

The old rollover problem

But because that type of loan has come under intense scrutiny, many lenders have developed what payday lender EZCorp chief executive Paul Rothamel calls “second generation” products.

 

Could it happen here a second generation product because of the bad press, possible regulation.

Something like this that has happened.

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 this has had me wondering for a few days.

Why throw your licenses to print money away.

Why why why-unless-

 

The rate of withdrawal from the market is raising concerns at the kind of malpractice that is assumed to have taken place over recent years, with just over half the number of leading lenders willing to abide by the expected legal conditions.

 

Get at them before they head for the hills.

Form a posse-Quick

 

http://www.which4u.co.uk/loans/news/16281-nineteen-lenders-exit-payday-loans-market

Edited August 16, 2013 by tawnyowl

[Tawnyowl]

Sunderland families’ face debt peril as pay-day loans increase

 

http://www.sunderlandecho.com/news/local/all-news/sunderland-families-face-debt-peril-as-pay-day-loans-increase-1-5952029

 

 

Payday loan history threatens mortgage applications

 

http://www.mortgagestrategy.co.uk/latest-news/payday-loan-history-threatens-mortgage-applications/1054360.article

 

 

The secret life of your mortgage application

 

http://realestate.msn.com/the-secret-life-of-your-mortgage-application

 

 

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

 

Read more: http://www.dailymail.co.uk/money/cardsloans/article-2384761/Millions-payday-loan-customers-entitled-refunds-compensation--heres-check-make-complaint.html#ixzz2cD046XeE

 

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

YOU SHOULD COMPLAIN IF...

 

1. A payday lender has taken money from your account without warning you in advance.

Many payday lenders take repayments from customers through a series of deductions from their credit or debit card.

 

This method of payment is called continuous payment authority (CPA). If a lender is going to take money from you in this way, they should clearly explain how it will work and your right to cancel it. Read more on cancelling CPAs here.

They must also tell you in advance when they planning to take money from your account using the CPA.

If there are not sufficient funds on this day, lenders will sometimes make repeated attempts to retrieve the funds. The Ombudsman believes this is inappropriate use of CPA. 'If the money is not there in your account in the morning it is not likely to be there in the afternoon and lenders should not repeatedly attempt to debit your account,' a spokesperson says.

 

More than a third of the cases reported to Citizens Advice involved CPA.

 

Have you had payments taken from your account unexpectedly? Payday lenders must clearly explain if they are going to take a payment from your account through continuous payment authority

 

2. A payday lender chases you for a loan you have never taken out.

One in five of the 665 payday loan cases reported to Citizens Advice this year were possible cases of fraud, where someone was being chased for a loan they hadn’t taken out.

 

This is because some firms have failed to carry out proper checks on loan applicants with the result they have handed huge sums to criminals who have stolen the identities of innocent targets. This is Money has passed on dozens of cases of fraudulent loans to the Office of Fair Trading.

If you are pursued by a lender for a debt you do not owe – do not ignore it. Write to the lender and, where appropriate, the debt collection agency, making it clear why payment is being refused.

 

If you do not receive a satisfactory response, complain to the Ombudsman and report instances of fraud to Action Fraud.

3. A payday lender has pestered you for payment with phone calls and texts.

 

The definition of ‘pestering’ or ‘harassment’ is not clear cut and is considered on a case-by-case basis. A couple of phone calls a day to an 85-year-old lady living alone could be significantly more distressing than to another borrower, a spokesperson from the Financial Services Ombudsman explains.

 

As a general rule, businesses should not contact customers after 8pm, and the Ombudsman takes a ‘dim view’ of lenders contacting borrowers at work – although the practice is not illegal.

 

If you feel you have been harassed, get in touch with the Ombudsman.

4. A lender did not make it clear how much it would cost you in total to repay the loan.

 

When you took out the loan you should have been given an example of the price for each £100 borrowed, including fees and charges.

 

You should also be given full and accurate information about how and when to pay back the loan.

This information should be stated clearly and not merely buried in the small print.

 

5. The lender did not check your finances or personal circumstances to see if you were in a position to pay back the

There may be things that a lender should have taken into account before granting you a loan – such as your age, mental health, employment status, income, expenditure, proof of identity or financial history.

 

6. A lender did not tell you that a payday loan should not be used for long-term borrowing or if you are in financial difficulty or if a lender did not tell you what to do if you have a complaint.

Again this should be stated clearly.

 

Read more: http://www.dailymail.co.uk/money/cardsloans/article-2384761/Millions-payday-loan-customers-entitled-refunds-compensation--heres-check-make-complaint.html#ixzz2cD0Wz2gV

 

AS THE PREMIER LEAGUE KICKS OFF THE LENDING PROGRAM -DISCUSSION-RADIO-4

As Wonga moves into the mainstream with its sponsorship of Newcastle United, is the so-called payday lender responding to, or shaping, changing attitudes on money and morality? Chris Bowlby goes back to his teenage home on the Tyne to look at the rise of Wonga through the lives of the Toon Army.

4 days left to listen.

 

http://www.bbc.co.uk/programmes/b0383zh5

 

Childrens kits-and baby kits-What-targeting early.You could not write this stuff.

 

Spokesman says-ticked all the boxes-targeting the community and its people.OK,if you say so.

 

The advertising pots these companies have is stunning.

Wonder where it comes from.

 

Wait till people see what damage these loans do to their credit files even if paid back early or on time.

They only find out when applying for a mortgage or other high finance.In the future.

Some suggest they improve them.Wait till they discover the truth.

Edited August 17, 2013 by tawnyowl

[Tawnyowl]

Today is my last post this week

Tomorrow walking the shoreline looking for driftwood,that sort of thing.

 

Stealth loans,football clubs and credit unions. And Archbishop Welbys comment this week on competing the lenders out of business.

 

Right .

When reading many posts and threads in here.And articles about payday loans in America,here,other countries radio,TV and elsewhere many thoughts churn through your mind.

Some leave within a minutes forgotten,maybe age i do not know.Some seem to stick.

So maybe it is best to put them in here.

Criticise,agree,disagree,i do not mind.It is a free country.Have your say..

 

1- Stealth loans

I do not know how this name came to me it just popped up.

My new name for some of the products to arrive soon.Some may already be here.

Along with my other name for the lenders.The Lepers Of Lending.

 

Reasoning.

How many people have gone into a payday loan shop or online saying i have a problem

I can not afford to pay this loan back.

The assistant nearly falls over but recovers enough to offer debt advice.

Or do they.Do they go to some sort of programmed response.

Do they instead knowing the position you are in,offer you a rollover,or better still offer to buy the loan back

trapping you on the cycle of debt.

Kind of-do not worry we will buy your loan back -deduct what you owe and issue you with a new loan.

Which puts you straight back on the debt cycle.

Which is not going to puncture any day soon

It goes on and on,and on,or will by the time they have finished with you.

Or other ways perhaps you may know about.

The reason i have called them Stealth Loans is because they suddenly appear offering solutions when you are at your most vulnerable

And were the last thing on your mind when you went for help.

Targeting you at your most weakest,unable to defend yourself.

You were confused and in that instant it seemed the only solution.

The debt advice by this time had slipped under the radar

Not to be talked about.

Anyone got any experience of this kind of thing.

This kind of thing-Link below.

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...iggest-2070924

 

Remember rollovers give them 50% of their profits.And there is bad press about rollovers.

So it is clear that they will try to slip alternatives under the radar.

To avoid possible regulation that may restrict them.

 

2

Archbishop Welby and his latest statement

 

Archbishop Welby.

 

The result of the recent intense interest in how the church plans to support credit unions is that there is now – quite rightly – pressure to deliver. To turn words into reality. And it feels quite scary. Putting together the partnerships and logistics to have a good product, piloting it and learning from the results, and then turning it into something effective: this needs major skills and much time – at least a decade, in fact. - See more at: http://www.archbishopofcanterbury.or....hI46iZ11.dpuf

 

Change your thinking, it will change many lives comes to mind.

 

I am still getting over the shock at this announcement.

I feel it is some sort of joke.

A ruse to lull the sharks into a sense of security then a launch of a product that takes them by surprise.

A church credit union.Something.

They have over 5 billion of investments.

They could do it.

I am watching companies about to set up that say they will knock the payday lenders into touch

Locally at first ,then hopefully nationally.

Taking months not years

 

One of them looks at this thread,now and again.

If you are,get on to the church investment team.

They may invest in you.

Better to try and fail than not to try at all..

Could these be the companies that will spread across the UK.

Town by Town City by City..

The banks better take heed and bring products out to save the common man and women.

And businesses.

 

2A-BANKS

In America

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.

Think of that one- Subprimers and legal loan sharks,could be brothers,probably were invented by the subprimers

when they headed for the hills when carnage broke out with their contaminated products.Around the world.

 

I will not say much more about the banks just put a few articles on..Hit the links.Within the articles.

Some may surprise you

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/

 

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.

 

 

3- Football Clubs And Credit unions.

The payday lenders are now sponsoring some football clubs

Here is a radio four broadcast about Newcastle

3 days left.

As Wonga moves into the mainstream with its sponsorship of Newcastle United, is the so-called payday lender responding to, or shaping, changing attitudes on money and morality? Chris Bowlby goes back to his teenage home on the Tyne to look at the rise of Wonga through the lives of the Toon Army.

 

http://www.bbc.co.uk/programmes/b0383zh5

Wonga kits for babies and kids.

Spokesman says they ticked the right boxes.What targeting your community and people.OK whatever you say.

 

4-Credit Unions and football clubs.

Many must find the price of season tickets hard to afford. Look at what this football club came up with.

Then maybe suggest something similar to yours.

If they do not have such a thing in place.

 

WCCU Information Pac

 

Several fans took advantage of the WCCU plan last season which enabled them to secure their Season Ticket for the Championship winning season just gone, and the plan enabled them to also have an amount set aside to go towards a 2013/14 season ticket.

 

Let us compare the rates

 

The top payday lender.For 30 days

 

(Repayment date: Mon Sep 16 2013) Borrowing £299 + Interest & fees £96.85 = Total to repay £395.85:jaw:

 

I feel some of you after reading the comparison. may want to join your local credit union

Link here

 

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

 

 

Before i put the comparison on.Some may notice a few alterations to this post.If read earlier.

This is because i deleted it all earlier by mistake and had to write it all over again grrr

 

From the West Cheshire Credit Union.

Comparison

For further information, please see the examples listed below, and also the full documents. For further information, please contact the West Cheshire Credit Union on 01244 399006 or visit their website via www.wccu.co.uk

 

 

 

 

From the top Payday Lender for 30 days

(Repayment date: Mon Sep 16 2013) Borrowing £299 + Interest & fees £96.85 = Total to repay £395.85

Credit union for 252 Days.

What is that small chap saying to the payday lender

 

Bit of a difference

 

 

 

 

 

 

 

 

Let us not forget this.

“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

 

One more thing-I wrote this back in the subprime days.

Why i do not know.

I hope it makes sense to some out there.

Quote.

 

Right think of a man and woman struggling in a desert,half a mile away is a oasis.A stranger offers them a drink.Gratefully they accept it not knowing that the water was contaminated and would make them ill.Many of us were like that couple struggling but probably would have reached that oasis without that strangers contaminated product.They targeted us at our weakest and offered us contamination.I look around the world and see many people who were in that desert.Struggling but may have reached that oasis unaided.But the stranger has vanished now we want to return the favour

 

Some of them are vanishing.The payday lenders.

Why

Is there a possibility of misselling based on the grounds of affordability checks.

Targeting vulnerable consumers etc.

They are disappearing-there must be a reason.

I remember the subprimers vanishing.

And causing a slight headache.For many.

Get at them,make them pay.

Usury must be finished today.

Well nothing wrong with having a dream.

 

I wish you all a happy weekend.What is left of it.

Prepare for summer returning this week and through next weekend-The Bank Holiday.

Tawnyowl

 

Back to normal service now.I am glad i put the post on..Lightened the weight in my head.

 

Parents borrowing money to pay for school uniforms

 

 

http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_office-newpage-2.htm

Edited August 18, 2013 by tawnyowl

[Guest]

.........1. A payday lender has taken money from your account without warning you in advance.

Many payday lenders take repayments from customers through a series of deductions from their credit or debit card.

 

This method of payment is called continuous payment authority (CPA). If a lender is going to take money from you in this way, they should clearly explain how it will work and your right to cancel it. Read more on cancelling CPAs here.

They must also tell you in advance when they planning to take money from your account using the CPA.

If there are not sufficient funds on this day, lenders will sometimes make repeated attempts to retrieve the funds. The Ombudsman believes this is inappropriate use of CPA. 'If the money is not there in your account in the morning it is not likely to be there in the afternoon and lenders should not repeatedly attempt to debit your account,' a spokesperson says.

 

More than a third of the cases reported to Citizens Advice involved CPA. ........

and, the oft debt guide was revised recently ish to include misuse of CPA

 

'the OFT updated its debt collection guidance in October 2011, and a revised version was published in November 2012 setting out the OFT's revised position on the misuse of continuous payment authority (CPA). The CPA section is at paragraph 3.9(m)'

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/debt-collection

 

nb 'Under the Payment Services Regulations, the debtor can cancel a CPA at any time up to close of business on the day prior to collection, and can do so either with the creditor or with the payment service provider. If monies are taken without informed consent, or otherwise in breach of the agreed authority, the transaction will be unauthorised and the payment service provider must refund the payment and any ancillary charges' oft guide

Edited August 17, 2013 by Ford

[Tawnyowl]

Oh dear what can the matter be.

Last night i did not win the lot-te-ry

So am back.

 

As you can imagine i could really go to town on this

But will refrain.

 

“The Queen is effectively Wonga’s landlord. And her role as head of the Church of England means yet another link between the Church and Wonga. This is likely to prove another embarrassing *revelation for the Archbishop.”

 

Wonga shock: The Queen owns loan firm's multi-million pound headquarters

 

The head of the Church Of England owns Wongas headquarters. Archbishop Welby will not be happy about this

 

Her Majesty takes thousands of pounds a year in rent from company that charges up to 5,853% interest on loans

 

 

http://www.mirror.co.uk/news/uk-news/wonga-shock-queen-owns-loan-2180608

 

“Usury is that swelling monster contrary to nature, order and all good reason.”

(Aristophanes)

“Usury overthrows trade, decays merchandise, undoes tillage,

destroys craftsmen, defaces chivalries, beats down nobility,

brings dearth and famine, and causes destruction and confusion.”

(Thomas Wilson 1569)

“The cancer of usury is an old venomous sore and

the chiefest head and cause of Rebellions in countries.”

(Tacitus

 

I could not agree more.

The Puppets,the resemblance,no i am imagining things.Time to lay down.

 

Great to see Newcastle city council supporting thePayday Loan Campaign

https://www.newcastle.gov.uk/news-story/payday-lending-campaign

Edited August 18, 2013 by tawnyowl

[Tawnyowl]

This is a first.I have not spotted this idea before.

Residents on low incomes who may be tempted by payday loan companies can apply for safe and affordable loans thanks to new Derbyshire County Council funding.

 

Payday loans: help for people in Derbyshire

 

http://www.matlockmercury.co.uk/news/local-news/payday-loans-help-for-people-in-derbyshire-1-5959638

 

The system has already been successfully piloted in Chesterfield and North East Derbyshire with Credit Unions offering people access to instant loans of up to £500 with repayments secured by direct deduction from benefit payments to ensure a low default rate.

 

 

 

Are you a optimist or a pessimist.

A video that will get you thinking many things.

A suitable start to the week.

 

WARNING: What you're about to see is controversial, and may be alarming to some audiences. Viewer discretion is advised.

http://pro.moneyweek.com/myk-eob-tpr-cut/PMYKP803/?utm_source=taboola&h=true

 

Nearly put me off my breakfast.

Nearly

 

 

 

Payday loan sites blocked by Blackburn with Darwen Council

 

http://www.bbc.co.uk/news/uk-england-lancashire-23755814

 

"But much more needs to be done at local level - and done now - to stop communities falling victim to these companies that fail to check if customers can afford the repayments, and then hound them with aggressive tactics when they can't pay back the loan.

"It's scandalous that at the moment these companies can simply move into areas where there are vulnerable people already struggling financially, with no questions asked."

 

Secondly, continuous payment authorities should be banned. Lenders should establish that customers can afford the repayments before giving them a loan – and then direct debits or standing orders will be perfectly suitable.

CPAs are too easily exploited by big firms and must be done away with.

 

Help and advice on payday loans from National Debtline.

Fact sheet.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=41_payday_loans

 

Good heavens,is this for real.You could not write this stuff.

What will turn up next.

 

Far-right leader's payday loans firm

 

A WHITE supremacist suspected of carrying out a bombing campaign in Africa has been found by the Daily Star Sunday - running a payday loans firm in Cambridgeshire

 

In 1997 he came to the UK where he has lived ever since, despite international arrest warrants being issued against him. His company Onesys Financial Limited is now offering payday loans with a whopping interest rate of 2,330%.

 

 

http://www.dailystar.co.uk/news/latest-news/333151/Far-right-leader-s-payday-loans-firm

 

The site does seem to be live.just checked.

 

Also seems to run a DCA ,convenient.

 

 

Why I Love Payday Loan Companies

 

http://www.huffingtonpost.co.uk/pete-cashmore/payday-loans_b_3598019.html

Edited August 19, 2013 by tawnyowl

[Tawnyowl]

Payday loan brand positions as transparent antidote to rivals

 

A payday loan brand, Sunny, that promises to be a transparent antidote to rivals which prioritise “speed and convenience” over customer experience has become the latest entrant in the controversial sector.

 

Seem to remember posting about Think Finance their owners before.

Something about best to head for the hills if thinking about getting involved.

 

Only 1971% if left for a year.I think i am getting the picture now.

The Texans are back with a new product,clip clop,clip clop.

 

Payday Loans don’t make their profits by you paying on time. When you default is when they smile.

 

Some of these products are delivered directly to consumers by Think Finance, and some are owned or issued by financial partners such as banks or non-bank lenders who use our technology to create and deliver leading products.

 

I expect many new products to come out due to the bad press,associated with the legal loan sharks.

Stealth Loans i call them.

 

Collecting the profits and jetting out of town.

Emptying your pockets,purses-taking money from your community.

Usury is all it is.

How they get away with it is beyond belief.

 

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. Payday lending is the shrewdest form of loan sharking yet devised.

 

1971% 1971% 1971%-So nice i wrote it thrice.

Now let me remember -how much is a credit union loan at the moment,let me see

 

Borrowing from a credit union

 

Credit union loans can be a flexible alternative to mainstream banks and lenders

 

How much does it cost to borrow from a credit union?

 

Loans from credit unions are generally cheaper than loans from most other providers for smaller amounts and do not incur set up fees, administration costs or early redemption fees.

Many credit unions loans, for example, will cost 1% a month on the reducing balance of a loan (an APR of 12.7%). This means that if you borrowed £1,000 repaid over one year, you would repay £1,067 in total.

Some credit unions may charge more than this, although by law the amount of interest charged by a credit union can be no more than 2% a month on the reducing balance of a loan (an APR of 26.8%).

 

This was the main lender a few days ago

 

From the top Payday Lender for 30 days

(Repayment date: Mon Sep 16 2013) Borrowing £299 + Interest & fees £96.85 = Total to repay £395.85

Credit union for 252 Days. Borrowing £299 + Interest £21.16= Total to repay £320.16 for 252 days.

What is that small chap saying to the payday lender

 

Maybe best to join one.You never know when you may need one.

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

 

Oh,i am sorry i forgot to put on their new wonder product:lol:

 

Representative 1,971.00% APR (variable) based on an assumed credit limit of £350.00.✝ Representative example: £350.00 borrowed for 12 months. Interest 345.00% p.a. variable. Total amount repayable £1,267.80 in 12 payments of £105.65 per month. Total cost for credit £917.80 comprising interest of £917.80.

 

 

You soon realise why they can afford to advertise on TV and Radio.

When you see the new add appear on TV or radio or wherever think back to this comparison.

And run for the hills.

Or of course through the nearest credit unions doors.

 

 

No, this is not the road to recovery. It's the road to Wongaland

 

http://www.theguardian.com/commentisfree/2013/aug/16/not-road-to-recovery-but-wongaland?CMP=twt_gu

 

Founder of payday loan firm Wonga splits 'amicably' from wife of 15 years

 

http://www.dailymail.co.uk/news/article-2397839/Founder-Wonga-com-Errol-Damelin-splits-amicably-wife-15-years.html

 

 

America. and Australia.

2 articles from America.Followed by two from Australia.

The Payday Playbook: How High Cost Lenders Fight to Stay Legal

 

Last year, activists in Missouri tried to limit what high-cost lenders can charge. The ensuing fight exposed something that rarely comes into view so vividly: the high-cost lending industry’s ferocious efforts to stay legal and stay in business.

http://www.psmag.com/business-economics/the-payday-playbook-how-high-cost-lenders-fight-to-stay-legal-63928/

 

Maryland goes after payday lenders' banks to stop illegal loans

 

Read more: http://www.baltimoresun.com/business/money/bs-bz-payday-maryland-20130818,0,4584170.story#ixzz2ca8hOSeT

http://www.baltimoresun.com/business/money/bs-bz-payday-maryland-20130818,0,4584170.story

 

I like to mix it a bit with articles every now and again from other countries.

Here are a couple of articles from Australia.

1-Bill has payday lenders by the Shorten curlies

Australia

http://www.dailytelegraph.com.au/news/nsw/bill-has-payday-lenders-by-the-shorten-curlies/story-fni0cx12-1226659159511

 

Australia

2-New payday loan laws

http://www.yourlifechoices.com.au/news/new-payday-loan-laws

Edited August 21, 2013 by tawnyowl

[sillygirl1]

Think Finance were the ones who deal with getting you an account where they take the money for bills etc at the time it comes in and gives you the difference over four weeks, supposed to have been a 'revolutionary' product but fell into problems due to their charge of £35 for the monthly fee.... plus additional 'hidden fees' of a 'per transaction' charge.

 

I think they also dabbled in the sub-prime mortgage market but got out quickly - maybe somebody else can confirm that.

 

I don't think the new product is any different to what some companies already do, just that it is unsecured rather than secured (although I suspect they may 'hide' the fact they will use a reference person as a 'secondary guarantor').

[Tawnyowl]

More people worried about payday loans as Plymouth City Council ban's adverts

But the study also found 92 per cent of people in the South West are unlikely to take out a payday loan in the next six months, up from 90 per cent in February.

 

http://www.thisisplymouth.co.uk/people-worried-payday-loans-Plymouth-City-Council/story-19685950-detail/story.html#axzz2cfL7wrE

 

 

How to balance the family budget and cut spending in hard times

 

With 50% of British adults struggling to pay bills and make ends meet, we asked one family for their top tips to cut spending

 

http://www.mirror.co.uk/money/personal-finance/balance-your-family-budget-cut-2131726

 

 

 

First UK investment vehicle launched for payday loans 21 August 2013

While the business has not guaranteed any particular rate of return, its website quotes typical net returns of 40% to investors, based on an investment entry level of £100,000. Tony Slome, investment director and founder of Fast Moving Money, added: “Not only will we be able to provide excellent rates of return for our investors but our headline APR rates for borrowers will continue to be well below the mainstream payday lenders.“

 

40% NET.Wow.Hoovers of the biggest kind.

Hoovering money from your local community and people.

Where else will it come from.

http://www.credittoday.co.uk/article/15808/online-news/first-uk-investment-vehicle-launched-for-payday-loans

 

A payday lender rolled over a customer’s loan 36 times before it considered the individual for a hardship plan.

 

http://www.credittoday.co.uk/article/14924/online-news/payday-loan-rolled-over-36-times

 

In a separate case, the OFT was told by staff at two high-street payday lenders that encouraging rollovers was a deliberate commercial strategy and regarded as a key “profit driver” for the firms.

 

Interesting how this London Credit Union goes about things.

London Mutual

Credit Union http://www.cuok.co.uk/

 

Edited August 22, 2013 by tawnyowl

[sillygirl1]

Hopefully more and more councils will start banning PDL adverts now the ball is rolling against these predatory lenders.

 

Has anyone seen the continaul Wonga ads on the True Entertainment channel, I am going to be contacting the channel today to complain about their 'sponsor' and send them a link here so they can see 'the darker side of Wonga'.

 

I am also considering a complaint to the ASA as the ads don't directly state that Wonga is a PDL company, it seems to plug the name into peoples conciousness.

Edited August 22, 2013 by sillygirl1