End Legalised Loan Sharks.

[citizenB]

 

Payday loans: Anger as financial watchdog chief says legal loan sharks 'just like using a credit card'

 

Sue Lewis claimed there's no difference between using a credit card and taking out a loan at 5,000% interest

 

http://www.mirror.co.uk/news/uk-news...tchdog-2648343

 

 

For sure this was a bizarre statement ?

[citizenB]

Then there is this one ..

 

 

Organised crime gangs are targeting Britain's payday lenders, according to fraud experts

 

 

Organised crime gangs are targeting Britain’s payday lenders, according to fraud experts, who have reported a massive increase in offences against the controversial easy-loan firms.

 

 

Figures from fraud prevention service CIFAS show that cases of identity fraud against loans rose more than 90 per cent in the first eight months of this year to 13,633 attempts, compared with 7,104 for the whole of 2012.

 

 

A CIFAS spokesman said: ‘In the past 24 months payday lenders have gone from being virtually invisible to everyone knowing about them and demand for this form of finance is rising.

 

 

While the level of loan fraud is still far lower than attempted credit card fraud, it is rising an at unprecedented rate. It is also the second year in a row that the number of recorded cases has almost doubled.

 

 

Russell Hamblin-Boone, chief executive of the Consumer Finance Association, which represents several payday lenders, said: ‘Our members take fraud very seriously and employ many different checks to ensure they lend responsibly and minimise any occurrences of fraud. As a result, members experience very low levels of fraudulent activity.’

 

 

 

 

Read more: http://www.thisismoney.co.uk/money/markets/article-2477614/Crime-gangs-payday-lenders-using-fake-IDs.html

[citizenB]

http://uk.news.yahoo.com/pay-day-lenders-run-riot-communities-111919798.html#fnX8XK3

 

I see Ed Milliband has jumped on the bandwagon !

[Tawnyowl]

Hi citizenB and anyone else who is around .

Yes a interesting day.That needs thinking about.

As Martin Lewis said.

"Grooming is the right term. We're talking about a market that didn't exist five years ago, and you've had people in arguing that this is how people like to use it. They've created the demand, they've created the operational structure, and now they're saying it's what people want. It's deliberately contrived and controlled."

 

As we all know Wonga are the kings of legal loan sharking.

I will make one hell of a effort this weekend to finish my reply to their documentary.I mean their advert.

Remind everyone what they are and have been for years now-predators that target people up and down Great Britain and elsewhere.

There is no doubt of this.And so clever how they do it and get away with it.

Just as Groomers do.

TV sponsorship,adverts,football sponsorship,spending millions and millions,people walking round with the name plastered all over them.In the towns they sponsor.Radio,free transport.And free advertising if you think about it.

They must be delighted how this is working for them.I have been once,i weakened to watch their sponsorship in action.Half time came a shootout between opposing fans 300 to the winners.15 minutes more of people staring at the sponsors name.Targeting for the future.

And in the towns that can least afford these toxic products.

Trying to gain a air of respectability.

And where does all this wealth come from to do this.From their victims.The poorest communities

.Enough for today.I was going to go on about how American companies find their way round rollover limits every kind of regulation going.It will wait.They have had many more years than us trying to get to grips with them.

I only hope the CFPB in America and the FCA here are going to be strong enough.

Edited November 6, 2013 by tawnyowl

[citizenB]

It was indeed very worrying to hear that so many youngsters have fallen into the clutches of the PDLs. Even more worrying was the point made by ML that children of 10 years old have the PDL jingles and know that they can be used to buy goodies for them !!

 

Very interesting to hear that quite a few of these loans are used for gambling ? Presumably it will be those who win at roulette who are paying Wonga back before the due date !! The losers will be rolling over.

[Tawnyowl]

America-Reporter asks for a payday loan what happens next.

 

http://www.npr.org/blogs/money/2013/11/06/242351534/i-applied-for-an-online-payday-loan-heres-what-happened-next

 

 

Payday loan companies defend their record to MPs

 

http://www.bbc.co.uk/news/business-24826849

 

 

14% of parents of under 10s (3000 parents polled) say when they turn kids down for toy etc they've replied "get a payday loan" to pay for it

 

 

Payday loan rollover plan is challenged by lenders

 

http://www.bbc.co.uk/news/business-24817215

 

 

Payday lenders accused of 'grooming' children with catchy adverts

 

http://www.independent.co.uk/news/uk/politics/payday-lenders-accused-of-grooming-children-with-catchy-adverts-8922004.html

 

 

Who is this character hoping to attract.Make your own minds up.

 

 

 

America--

What Happened To Those TV Ads For Payday Loans?

Regulators are cracking down on online payday lenders.

 

 

Christians Against Poverty found four out of five, 78 per cent, of service users who took part in the survey took out payday loans to afford food.

Fifty-two per cent took out a loan for electricity/gas bills, 36 per cent took out a loan for rent /mortgage and 27 per cent took out a loan for the cost of Christmas.

It also found one in five people weren’t asked if they had a job.

Matt Barlow, chief executive of the charity, said: ‘This evidence shows that people taking out payday loans are not, typically, doing cosy house repairs as most payday lenders would have us believe.

‘People who take out this expensive sort of credit are hungry, worried about keeping warm and becoming homeless.’

 

CFPB IN AMERICA.-Similar to the FCA here.

 

What military families should know about payday loans

 

 

http://www.consumerfinance.gov/blog/what-military-families-should-know-about-payday-loans/?utm_source=social&utm_medium=tw&utm_campaign=paydayMLA

 

And as always there are 22 pages before this one,even before the CFPB was formed.Take a peek see what has happened over the last few years,America and elsewhere.

 

And of course i still have not seen it all yet but will over the weekend.

Check out the DBIS committee meeting on payday loans live now at http://www.parliamentlive.tv/Main/Player.aspx?meetingId=141 15 …

 

Watch Live Watch From Start

 

Some good questions been asked.Really good.Legal Loan sharks on the hook.I am enjoying this.

 

 

 

Committee Room 8

Meeting started at 9.18am

payday loan Companies

Witnesses

 

• Consumer Finance Association, Wonga, Consumer Credit Trade Association, Mr Lender, and QuickQuid
  
• Citizens Advice, Martin Lewis, moneysavingexpert.com, Which?, and StepChange
  
• Financial Conduct Authority, Office of Fair Trading, and Jo Swinson MP, Minister for Employment, Relations and Consumer Affairs, Department for Business, Innovation and Skills
  

Edited November 8, 2013 by tawnyowl

[Tawnyowl]

Miliband calls for payday loan TV ads to children to be banned

 

http://www.bbc.co.uk/news/uk-politics-24886804

 

 

Outrage as payday loan firm opens next door to job centre

 

11 Nov 2013 18:32 City leaders blasted move as "cynical and totally inappropriate"

 

http://www.liverpoolecho.co.uk/news/liverpool-news/liverpool-city-centre-payday-loan-6294457

 

 

 

CAB teams up with football club to help people beat payday loan misery

 

http://www.cas.org.uk/news/cab-teams-football-club-help-people-beat-payday-loan-misery

 

 

Struggling to pay a payday loan back? Here's some advice: http://goo.gl/ACxCW5

 

 

4finance Limited moving Thornaby office to London

 

http://www.thenorthernecho.co.uk/business/news/10788718.North-East_jobs_under_threat_at_payday_lender/?ref=twtrec

 

What do you do when you can't afford to repay a payday loan ? http://bit.ly/1aKIN5p Our article gives you 5 steps to follow.

 

12 MILLION AMERICANS Take out payday loans at a cost of 7.2 BILLION.

 

 

Govan Law Centre payday loan briefing - 300113

 

www.govanlc.com/GLCPDLbrief.pdf‎

2. How much does a payday loan cost? 3. GLC case studies. 4. Why has the payday loan market grown in Scotland and the UK? 5. What do people use payday ...

 

 

Most payday loan customers 'have negative experience'

 

Almost six in 10 are landed with significant debt problems as a result of the controversial loans, poll claims.

http://money.uk.msn.com/features/most-payday-loan-customers-have-negative-experience

 

 

Payday loans 'to fund Christmas'

 

More than one million people plan to take out a payday loan to cover the cost of Christmas, research by a Government-backed body has found.

http://money.uk.msn.com/news/payday-loans-to-fund-christmas-1

 

 

Almost 40pc of payday loans used to buy food

 

Consumer rights group Which? has called for a clampdown on "irresponsible lending" as it emerged that almost 40pc of payday loans are taken out to buy basics such as food.

 

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9663656/Almost-40pc-of-payday-loans-used-to-buy-food.html

 

 

Edited November 12, 2013 by tawnyowl

[Tawnyowl]

COO of Wonga Niall Wass talks to Kirsty Wark about Wong's new film 'Wonga the move'. Just how reflective the film is the film to the reality of borrowing money from payday lenders? And are mortgate companies put off lending to people who have taken out a payday loan?

 

 

 

Wonga .Legal Loan Shark Loan.For 30 days.

Borrowing £400 + Interest & fees £127.15 = Total to repay £527.15

 

CREDIT UNION LOAN

CUOK is a short term loan facility from London Mutual Credit Union designed to see you through until your next payday. It is exclusively for people who live or work in Southwark, Lambeth, Westminster or Camden.

By being a member of the credit union and using our CUOK loan service you will be able to make considerable savings on interest payments compared to using other payday lenders. CUOK also gives you the opportunity to pay back your loan over 3 months. It’s a flexible product that gives you control over how much you borrow and how much you want to pay back each month.

 

https://www.cuonline.org.uk/PDL/Default.aspx?CU=LMCU

Loan of £400 over 1 month(s) £400.00 Total interest at 26.8% APR £8.00 Same day payment facility: £11.00

 

I believe also in Birmingham and spreading nationwide shortly.

 

 

Advisors report payday problems worse than last year - lenders failing to reform themselves

 

 

 

Payday loan warning issued after Brent resident ends up owing £20k

 

http://www.kilburntimes.co.uk/news/payday_loan_warning_issued_after_brent_resident_ends_up_owing_20k_1_2982569

 

 

Latest blog from chief exec Gillian Guy CAB on MPs increasing the pressure on payday lenders http://blogs.citizensadvice.org.uk/blog/mps-increase-the-pressure-on-payday-lenders/

 

 

Loss of the local safety net is pushing families into poverty

 

Local authorities face a huge challenge if they are to help families experiencing their own financial crises

 

http://www.theguardian.com/local-government-network/2013/nov/13/local-authorities-families-poverty-finance?CMP=twt_gu

 

 

Wonga and other payday lenders defend practices

 

Representatives from Britain's largest payday lending groups - Wonga, QuickQuid and Mr Lender quizzed by MPs, say that their affordability checks are similar to those used by credit card companies.

http://www.channel4.com/news/wonga-mps-business-innovation-skills-select-committe-video

 

 

America.

CFPB now collecting consumer complaints on payday loans http://bit.ly/1hFOx3S

 

I suppose if the figures are to be believed over one million people are going to borrow of the legal loan sharks this Christmas.

The banks will not bring out products to compete.I wonder why.

It will be a busy new year by the sounds of things.

Cost of living,so many things affecting people.When will it end.

Open season for the predators targeting people up and down Great Britain and new things happening as well.

Have any of you had leaflets lately promising TVs ,washing machines,phones that cost perhaps 200 in the shops on terms that add perhaps 600 or more to the price over time.Even the buy it now price is double.

Edited November 14, 2013 by tawnyowl

[Tawnyowl]

Council blocks payday loan sites from computers

http://www.burtonmail.co.uk/News/Cou...1113153304.htm

How to dodge the lenders' blacklist

http://www.independent.co.uk/money/l...t-8930743.html

 

Nurses Turning To Payday Loans Due To Falling Income

http://www.huffingtonpost.co.uk/2013...usaolp00000003

 

Why Are Nurses Turning To Payday Loans?

Nurses are increasingly relying on payday loans and borrowing from friends and family due to their falling take-home pay, it has emerged.

 

Google Ventures Backs LendUp to Rethink Payday Loans

http://blogs.wsj.com/venturecapital/...-payday-loans/

CITIZENS ADVICE

Would a 'health warning' on an advert stop people taking out payday loans? Please tell us your views: http://svy.mk/1buHy8G

 

 

 

Edited November 14, 2013 by tawnyowl

[Tawnyowl]

Scotland sees explosion in payday loan problems as one in five struggle to make repayments, debt charity reveals

 

 

"The explosion in problem debt from payday lending, and the steady growth in numbers with priority debt arrears, is a clear indication that more and more Scottish families are finding it difficult to make any disposable income cover basic household costs."

 

http://www.dailyrecord.co.uk/news/scottish-news/scotland-sees-explosion-payday-loan-2790755

 

 

 

What a place to open a legal loan shark shop in Liverpool.Right next door to the job centre.

Liverpool leaders blasted a payday loan firm for opening up a shop right next door to a city job centre.

The company, The Cash Store, will charge hard-up customers who visit its Williamson Square branch more than 800% on a loan they take from them.

Figures obtained by the ECHO show that more than 6,000 people in the city had their benefits stopped by job centres between October last year and June this year, including 190 at the one in Williamson Square.

Council chiefs said the decision by The Cash Store – which has the same green and yellow colour scheme as job centres – to set up the shop right next door was “cynical and totally inappropriate”.

 

 

 

Judging by the company in Canada employees reviews perhaps the store is handy for employees who may need the services of the centre next door before long..27 outlets in the UK.And hit a touch of trouble a while ago in Canada.And some of the reviews do not make early morning viewing advisable.Another legal loan shark targeting communities in Great Britain.

http://finance.yahoo.com/news/legal-action-commenced-against-cash-030000322.html

 

Just been looking at their branch locations.As you would expect targeting some of the poorest communities.

 

 

Meet the Swansea mums taking on the doorstep payday lenders

Almost two years ago, Serai Hann had hit rock bottom. She'd split up with her partner, was struggling to manage their two young children on her own - and to top it all, she'd taken out three payday loans and had no idea how she was going to repay them.

 

-http://www.telegraph.co.uk/women/womens-politics/10448873/Payday-loans-Meet-the-Swansea-mums-taking-on-the-doorstep-payday-lenders.html …

 

 

America.Letter to Richard Coldray CFPB

Bishop Blaire Urges Greater Protection Against Payday Loans in Letter to Consumer Financial Protection Bureau

Bishop Blaire pointed out that the Catechism of the Catholic Church warns against taking advantage of hardship and equates it with theft. The Compendium of the Social Doctrine of the Church says that “[a]lthough the quest for equitable profit is acceptable in economic and financial activity, recourse to usury is to be morally condemned.”

 

Recognizing how harmful payday lending can be to people living in poverty, many grantees of the Catholic Campaign for Human Development (CCHD) have fought for consumer protections, such as placing limits on the rates and fees that payday lenders can charge. The U.S. Conference of Catholic Bishop’s annual CCHD collection is slated for November 23-24, the weekend before Thanksgiving. The collection is taken up in parishes and dioceses nationwide.

 

Bishop Blaire added, “Poor and vulnerable working people deserve loan options that they can repay in a timely manner and that advance their long-term financial security, rather than consign them to a cycle of debt.”

http://www.usccb.org/news/2013/13-211.cfm

 

 

 

And do not forget,any of your friends or yourself in trouble with payday loans cancel the CPA,get back in control and listen to this.I put it on regular.And go through the letters.

PAYDAY LOAN SURVIVAL GUIDE.-FOLLOW IT THROUGH CHECK OUT HOW THESE LOANS TRASH YOUR CREDIT FILE WHETHER PAID BACK EARLY OR ON TIME.

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

 

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

http://www.consumeractiongroup.co.uk/forum/showthread.php?396982-New-payday-loan-survival-guide-by-mike-dailly-govan-law-centre.

Edited November 15, 2013 by tawnyowl

[Tawnyowl]

UNISON backs charter to stop the payday loan rip-off

 

 

UNISON, the UK’s largest union, today backed the ‘Charter to Stop the Payday Loan Rip-Off and renews its call to the Financial Conduct Authority to clamp down on payday sharks.

A snapshot survey of low paid workers by UNISON, found that one in five had been turned down for a loan or overdraft in the past two years and an increasing number are resorting to payday loans despite the exorbitant interest rates.

As a response, UNISON created a network of credit unions to help members drowning in debt. The service is aimed at enabling members to regain control of their finances, prepare for the future and be in a better position to cope with unexpected financial crises.

http://www.unison.org.uk/news/unison-backs-charter-to-stop-the-payday-loan-rip-off

 

CAB-Scotland.

“Payday Loan cases are one of the biggest issues dealt with now by the CAB service. Across Scotland, our advisers are seeing over 100 new cases every week of people who are in severe financial crisis because of a payday loan. That’s a huge number, and is about a third higher than we saw this time last year.

“Many payday lenders operate in ways that ensure people will get into debt they can’t handle. Lenders routinely target low-income groups, mislead about their charges, impose massive interest rates and then employ drastic efforts to recover the debt. The industry had promised to clean up its act, but our evidence is that lenders are still operating in ways that are bound to hurt vulnerable people.

 

 

Payday loan companies shouldn't be 'regulated'. They should be banned

 

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.

 

3-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.

-4-- 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.

 

USURY---

“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

 

Wonga’s Errol Damelin steps down as CEO

Payday lending big Wonga has shuffled its management – Chief Operating Officer Niall Wass is replacing Errol Damelin as CEO, after Mr Damelin decided to move out of day-to-day affairs.

Wass, who was previously associated with online betting platform Betfair, is accredited with his contribution towards moving Wonga into new products and international markets.

Meanwhile, John Hurwitz who is co-founder of Wonga, is reported to be leaving the company.

Damelin and Hurwitz founded the company in 2008 and started off business with major backing from private equity firms.

Damelin would now be the part-time chairman of Wonga, replacing Robin Klein who has been chairman for seven year and has provided seed capital for Wonga.

The company stated that the changes were in no way an indication to a stock market flotation, but the changes that are underway. The company bought Germany-based company BillPay and Spain-based Credito Pocket. Additionally, Wonga also owns a stake in Nahar Credits Private.

 

 

http://www.paydayloansdigest.com/2013/11/13/wongas-errol-damelin-steps-down-as-ceo/

 

 

Wonga to offer services in India.

So the legal loan sharks now operate in

Spain, South Africa, Canada,Great Britain Poland.and India shortly.

The acquisition, which was previously undisclosed, was revealed in the company’s annual accounts. The Document read “The acquired company is authorised as a financial services company in India and will give the group the opportunity to commence operations in India.”

 

http://www.paydayloansdigest.com/2013/09/08/wongas-venture-into-india/

 

 

UK’s biggest trade union launches credit union scheme

 

http://www.paydayloansdigest.com/2013/11/14/uks-biggest-trade-union-launches-credit-union-scheme/

 

 

 

New credit union launches in Truro

 

http://www.paydayloansdigest.com/2013/11/04/new-credit-union-launches-in-truro/

 

 

America-

Fight against illegal payday loans turns to banks

 

http://www.startribune.com/business/231213561.html

Edited November 16, 2013 by tawnyowl

[Tawnyowl]

Wonga wrote to my son, 12, urging him to take a payday loan

 

http://www.telegraph.co.uk/finance/personalfinance/10450622/Wonga-wrote-to-my-son-12-urging-him-to-take-a-payday-loan.html

 

 

 

 

 

There is evidence that children have taken out payday loans. An analysis of 780 cases reported to the Citizens Advice consumer service between November 26 and May 13 revealed evidence of lending to under-18s. In one example, a carer contacted the charity about a payday loan granted to a child who was in the care of children’s services.

“This exposes the lack of checks, as lenders aren’t establishing who the borrower is, if they can afford to repay or if a loan is actually suitable for them.”

 

 

DEBTBUSTERS.-Scotland.

Debtbusters

 

The Debtbusters campaign has three clear goals:

1) To crack down on Payday Loan lenders street by street

2) To promote Credit Unions as a viable alternative

3) To change the law

If you would like to be kept up to date with the campaign click here.

If you are looking for Debt Advice click here.

 

 

http://www.keziadugdale.com/debtbusters/

 

 

Debtbusters Interview

 

 

 

Fantasy Film Released as Wonga claim Legal Loansharking is a Wonderful Life

 

 

Commenting on the release of a promotional film for legal loanshark Wonga Stella Creasy MP Labour’s shadow minister for Competition and Consumer Affairs said;Link below.

“Wonga may be able to find twelve people to say they are happy customers, I can find 1200 who are not and who are now paying the price for borrowing from these legal loan sharks. http://www.workingforwalthamstow.org.uk/fantasy-film-released-as-wonga-claim-legal-loansharking-is-a-wonderful-life/

Edited November 17, 2013 by tawnyowl

[Tawnyowl]

Scots advised to avoid payday loan companies ahead of Christmas-report and video.

 

http://news.stv.tv/scotland/249151-scots-advised-to-avoid-payday-loan-companies-ahead-of-christmas/

 

 

That’s just Wronga! Payday lender Wonga offer loans to children as young as 12

 

16 Nov 2013 16:39 The firm wrote to two youngsters in the same week it was blasted in Parliament for “grooming” youngsters with its puppet adverts

 

http://www.mirror.co.uk/money/city-news/wonga-offer-loans-two-children-2799463

 

 

 

THE TRUE COST OF PAYDAY LOANS.

The true cost of payday loans. If I borrow £400 from Wronga for 7 years I’ll owe £1,950,024,381,489! Get your quote: http://toys.usvsth3m.com/wronga/

 

 

Look to Germany

London’s high cost of living means it has the highest proportion of people in debt, with some forced to rely on extortionately expensive payday loans and unauthorised overdrafts. Government must do more to clean up the credit market, for example by banning excessive default charges. But London also needs a new generation of credit unions like London Mutual, which offer short-term loans for a fraction of the cost but remains a small player in the market. The city should look to Germany, where a network of 430 credit union-style banks, supported by a common IT and risk-pooling infrastructure, account for 30 per cent of the consumer credit market.

 

 

Lothian constituencies in payday loan debt top 10

 

http://www.edinburghnews.scotsman.com/news/lothian-constituencies-in-payday-loan-debt-top-10-1-3191552

 

 

 

 

MSP Kezia Dugdale, right hands over petitions to Green Councillor Maggie Chapman highlighting the issue of payday loan debts. Picture: Greg Macvean

 

 

 

This Christmas don’t take out a payday loan – talk to a credit union

 

 

 

 

Someone just said

Just heard the"Mr. Sandman" Wonga advert on Radio Thought it had been banned by the ASA!! ??

Has it.

 

 

Council joins attack on payday loan companies

 

A NEW front has opened in Scotland's war on payday lenders.

 

Renfrewshire Council has announced it will no longer lease premises to the firms and has pledged an extra £500,000 to rival credit unions.

The local authority's moves follow those of Glasgow, which has identified tackling high-interest lenders as a key priority in its battle with city poverty.

Both councils are major landlords and say they want to make sure they are not making the lending crisis worse by allowing their own property, much of it in the poorest communities, to be used as bases for such companies.

http://www.eveningtimes.co.uk/news/council-joins-attack-on-payday-loan-companies-142671n.22701345

Edited November 19, 2013 by tawnyowl

[Tawnyowl]

America-

Payday loan [problem].Article and video.

http://www.wate.com/story/24013436/6-on-your-side-answers-online-payday-loan-[problem]s

 

Australia-

ASIC cracks down on payday loans to prevent debt spiral

 

http://www.smh.com.au/business/asic-cracks-down-on-payday-loans-to-prevent-debt-spiral-20131116-2xnl6.html#ixzz2ktZc2Ffn

 

Scotland

Ban payday loan advertisement at sports matches call

 

http://www.scotsman.com/news/politics/top-stories/ban-payday-loan-advertisement-at-sports-matches-call-1-3194694

 

Ireland-

TDs may quiz lending agencies as 360,000 borrow from moneylenders

 

http://www.irishexaminer.com/ireland/tds-may-quiz-lending-agencies-as-360000-borrow-from-moneylenders-248746.html

 

Hotel receptionist stole £6,000 to fund 'crippling' payday loan repayments

 

http://www.theboltonnews.co.uk/news/10814063.Hotel_receptionist_stole___6_000_to_fund__crippling__payday_loan_repayments/

 

 

 

 

More than 500,000 young people have had to resort to a Payday Loan in the past four years as part of a mounting debt crisis, according to a report published today.

A comprehensive analysis of the debt problems in England and Wales cites research showing that 10 per cent of youngsters aged 18 to 24 have used payday lenders due to rent arrears or a lack of cash.

The research was from the Centre of Social Justice.

 

 

£1,430,000,000,000: Britain's personal debt timebomb

 

 

http://www.independent.co.uk/money/loans-credit/1430000000000-britains-personal-debt-timebomb-8950372.html

 

 

Payday sharks double loans to £2bn a year: Huge slice of 8 million customers cannot pay rent or household bills

 

• Report said that people who cannot pay bills are being exploited
  
• Essential bills have increased by 25 per cent since 2007
  
• Unsecured consumer debt has tripled in 20 years according to study
  

http://www.dailymail.co.uk/news/article-2510250/Payday-sharks-double-loans-2bn-year.html

 

Liverpool.--

• Councillors in the city expressed concern over fixed-odds betting terminals
  
  
• An estimated £607m in Liverpool last year was bet on the 559 machines
  
• It is possible to gamble as much as £300 per minute in high-stakes games
  

 

These machines are causing real problems in Liverpool. ... they are losing their homes, turning to loan sharks or payday loan firms and ... have been banned in Ireland and are much more tightly regulated across Europe

 

http://www.dailymail.co.uk/news/article-2491879/Liverpool-wants-ban-crack-cocaine-betting-machines-City-Council-warns-people-losing-jobs-turning-loan-sharks-addicted-games.html

 

 

 

Are you Mad about the Ad? Support the Citizens Advice campaign to take action against irresponsible payday loan loan ads:

http://blogs.citizensadvice.org.uk/blog/are-you-mad-about-the-ad/ …

Edited November 20, 2013 by tawnyowl

[sillygirl1]

This is really interesting - loan company revealing customer details!

 

http://www.dailymail.co.uk/news/article-2511278/High-loan-firm-openly-displays-sensitive-customer-data-passers-huge-office-windows.html

[Tawnyowl]

Payday loans: New law to cap costs

 

http://www.bbc.co.uk/news/uk-politics-25083701

 

 

 

Britain Set to Impose ‘Logical’ Caps for Payday Loans Interest Rates

http://www.ibtimes.co.uk/articles/52...ates-wonga.htm

 

 

George Osborne's interviews and payday lending cap announcement: Politics live blog

 

http://www.theguardian.com/politics/2013/nov/25/george-osbornes-interviews-and-payday-lending-cap-announcement-politics-live-blog?CMP=twt_fd

 

Government to cap cost of loans offered by payday lenders

 

http://www.mirror.co.uk/news/uk-news/payday-loans-cap-government-says-2848728

 

Government to cap interest rates and fees of payday loans

 

http://www.independent.co.uk/news/business/news/government-to-cap-interest-rates-and-fees-of-payday-loans-8961642.html

 

Mr Osborne said he wanted to cap “the overall cost of credit”, not just interest rates. He said the cap would cover issues such as arrangement fees, penalty fees, rollovers and “continuous payment authority” allowing lenders to take money from a client’s bank account.

 

Video and news.

http://www.bbc.co.uk/news/business-25085355

 

As Martin Lewis says-Politicians all rather hilariously pushing to claim credit for the payday loan cost cap. Who cares. Just glad it's happening

 

What a u turn-energy companies next please.And not forgetting the other predators the payday loan brokers-payback time.

 

So much you can put on.

Lord Parry forced Govt u-turn on payday loans during FinancialServicesBill in Nov/Dec2012 http://bit.ly/1aSi04k & http://bit.ly/1etgMOD

 

 

Government to cap interest on payday loans

 

The government is to impose a cap on the level of interest payday lenders can charge borrowers, performing something of a U-turn after stating earlier this year it would not seek to do so.

http://www.moneywise.co.uk/news/2013-11-25/government-to-cap-interest-payday-loans

 

Citizens Advice new figures out today show, three in four people who take out payday loans get into difficulties

 

 

 

Press Release

 

Press Releases

 

 

Monday 25th November 2013 | 09:55

Citizens Advice: Payday loan cap needs to be coupled with more choice for consumers

 

http://www.politicshome.com/uk/article/88846/citizens_advice_payday_loan_cap_needs_to_be_coupled_with_more_choice_for_consumers.html

 

 

 

 

 

 

More news soon including a tribute to Stella Creasy MP for Walthamstow who never tired in the belief that this was the way forward.And must be singled out as the MP who really took the legal loan sharks on at the start..I have witnessed this as many others have over the last few years.Many others joined in as time went on and obviously brought major pressure to create this u turn.The payday lenders are predators on the loose targeting people and communities all over Great Britain.

.Credit Unions should get ready for many new members.Hopefully.

Edited November 25, 2013 by tawnyowl

[Tawnyowl]

Responding to the Government’s announcement on capping the cost of payday loans Stella Creasy MP, Labour’s Shadow Business Minister, said:

“Just two months ago this Government criticised Ed Miliband for wanting to reform broken markets, and now today we see them following Labour’s lead on the need to act against legal loan-sharking.

http://www.workingforwalthamstow.org.uk/government-listens-to-sharkstoppers-campaign-and-caps-the-cost-of-payday-loans/

 

 

Video and article..

Payday loans: New law to cap costs

 

The level of the cap, which has not yet been announced, will be decided by the new industry regulator, the Financial Conduct Authority (FCA).

 

http://www.bbc.co.uk/news/uk-politics-25083701

 

AMERICA

Some articles from America i was going to put on before this news broke.

Service Members Left Vulnerable to Payday Loans

http://dealbook.nytimes.com/2013/11/21/service-members-left-vulnerable-to-payday-loans/?smid=tw-share

 

Banks warned on high-interest loans

 

http://money.cnn.com/2013/11/21/pf/banks-high-interest-loans/index.html

 

Interesting how the CFPB in America is tackling the payday lenders.Similar to the FCA set up in 2012.

On Nov. 6, the Consumer Finance Protection Bureau (CFPB) announced it is accepting online complaints concerning payday loans and will respond to email and telephone queries from consumers on this topic.

Complaints can be submitted online at http://www.cfpb.gov. The CFPB will contact the business for its reply and notify the consumer. If unsatisfied with the lender response, the consumer can request that CFPB itself investigate the matter. The CFPB is authorized to initiate civil actions against financial wrongdoers, issue cease and desist orders, obtain financial relief for consumers and impose civil fines. The website allows the consumer to upload relevant documents for CFPB review.

The CFPB in America contacts the legal loan shark for a reply.I like that idea.

In fact i like the way Richard Cordray the CFPBs director gets stuck into the payday lenders over there.

Has them squealing like pigs in a trough.

http://www.camplejeuneglobe.com/rotovue/news/top_stories/article_01d386d0-5229-11e3-946b-001a4bcf887a.html

 

Proof.-America.

Our first enforcement action against a payday lender

 

We announced an enforcement action against one of the largest short-term, small-dollar lenders in the country. The company has agreed to reimburse up to $14 million and pay a $5 million penalty for the violations and other misconduct. Read more about the enforcement action.

http://www.consumerfinance.gov/

Edited November 26, 2013 by tawnyowl

[Tawnyowl]

Nine million in 'serious' debt across the UK

 

http://www.bbc.co.uk/news/business-25108891

 

 

 

Osborne denies payday loan U-turn

 

http://www.standard.co.uk/panewsfeeds/osborne-denies-payday-loan-uturn-8961628.html

 

 

Government to cap payday loan costs

 

https://www.gov.uk/government/news/government-to-cap-payday-loan-costs

 

 

Payday loan ad banned for not giving 1058 percent interest rate due prominence

 

http://www.thedrum.com/news/2013/11/27/payday-loan-ad-banned-not-giving-1058-percent-interest-rate-due-prominence

 

Payday rise underlined as debt advisers see clients with problems with controversial loans double in just two years

 

http://www.thisismoney.co.uk/money/cardsloans/article-2513934/Debt-advisers-clients-payday-loan-problems-double-just-years.html

 

 

Payday loans U-turn too late, says Unite

 

Len McCluskey

, general secretary of Unite said “This belated U-turn is welcome but will be cold comfort for those struggling to make ends meet who have been forced into a spiral of debt and fallen prey to the sharp practices of payday lenders. Questions still remain about what level interest rates will be capped at and when. “

He continued “Our research shows that as the grip of Cameron and Osborne’s cost of living crisis has tightened, the average amount being borrowed to get through to the end of the month has soared to Pounds660. While wages have plummeted and energy and food prices have shot up the government has sat by and let the wild west of the credit industry rip with no thought of the human cost. “

 

http://www.paydayloansdigest.com/2013/11/26/payday-loans-u-turn-too-late-says-unite/

 

 

Why the government acted on payday loans

 

http://davidboyle.blogspot.co.uk/2013/11/why-government-acted-on-payday-loans.html

 

 

How *God* made George Osborne change his mind about payday loans http://ind.pn/1c6coEU

 

Many thoughts around.Here are some.

Let me get this straight: restraining rip-off energy companies=socialism. But restraining rip-off payday loans companies='on your side'.

 

This payday loans decision gives me faith in politics | Serai Hann http://gu.com/p/3kk8n/tw

 

 

Wonga offers £400 loan to 13-year-old - which would take him 98 years to pay off http://mirr.im/I9j36i

 

 

Can you guess who voted against previous attempts by Labour to cap the cost of payday loans? Go on, have a go: http://www.leftfootforward.org/2013/11/the-tories-volte-face-on-payday-lending/ …

 

 

 

 

Become a specialist on payday loans-a mastermind.

Video and quiz from Citizens Advice Scotland.

Payday Loans – not everybody’s specialist subject. It’s worth finding out more, watch and learn.

 

America.

Complaints about payday loans can now be made at the Consumer Financial Protection Bureau.

In Las Vegas, One Nevada Credit Union offers an Advance Pay loan. The credit union advertises on its website that it is “a more affordable option than your typical payday lender.”

One Nevada offers up to $1,000 for up to two weeks, with $100 in interest.

Wells Fargo offers Direct Deposit Advance, which offers a line of credit up to $500 and fees of $1.50 for each $20 borrowed. The advance is automatically repaid when an account receives any direct deposit of $100 or more.

Traditional financial institutions argue these products are less expensive and do not exploit their clients.

“Before the Consumer Bureau, consumers who had trouble with payday lending products had few places to turn,” bureau director Richard Cordray said. “By accepting consumer complaints about payday loans, we will be giving people a greater voice in this market.”

Payday lenders have spread across Southern Nevada over the past 20 years, beginning with storefront locations. Many local payday operators now offer loans online.

 

http://reviewjr.nl/18HQ5kl

 

 

Australia-

Just to remind us how slippery some of these characters are.

The corporate regulator is moving against rogue operators in the contentious payday lending sector, warning it will take action to prevent the exploitation of vulnerable people.

The Australian Securities and Investments Commission has already banned 20 people for operating without a licence or engaging in irresponsible lending. It has also launched court actions - most recently against a company allegedly using a bogus diamond trading scheme to bypass credit laws.

 

ASIC cracks down on payday loans to prevent debt spiral http://www.canberratimes.com.au/business/asic-cracks-down-on-payday-loans-to-prevent-debt-spiral-20131116-2xnl6.html#ixzz2ks5DSgHl …

 

 

GREAT BRITAIN.

And as people possibly line up to say these regulations caps will drive people to the loan sharks without researching what they are saying keep these articles somewhere.

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

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.

 

 

But will it.Drive people to them.

Have you ever seen or been asked by a survey, in this country ,would Capping 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.

The specter of the loan shark is often conjured by advocates of price deregulation in the

market for payday loans. If binding price caps are imposed, the argument goes, loan sharks will

be spawned.

 

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

 

 

And as usual what better time to join your local credit union to plan for next year.Some are now offering payday loans at mates rates.

Great Britain.

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

 

America.

http://www.lovemycreditunion.org/Join-a-Credit-Union-139.html

Edited November 27, 2013 by tawnyowl

[time2soar]

Very sick indeed

[Tawnyowl]

Better put the CFA view who represent the lenders.Do not want to appear biased.

Should UK payday loans costs be capped? International Comparisons

 

 

http://www.cfa-uk.co.uk/information-centre/industry-briefings/current-briefings/should-uk-payday-loan-costs-be-capped.html

 

 

Back to the news.

Mortgage advisers have warned would-be borrowers that lenders are rejecting applications or significantly reducing the amount they will lend to people who have taken out payday loans, even when paid on time and in full.

 

Mortgage Risk with Payday Loans

 

http://blog.lblaw.co.uk/mortgage-risk-with-payday-loans-599/

 

Spam texters linked to payday loan giants

A spokesperson for the ICO, who regulate telemarketing, said: “The ICO is currently carrying out an extensive investigation into spam texts. We are unable to disclose any further details.”

 

 

http://www.sundaypost.com/news-views/uk/spam-texters-linked-to-payday-loan-giants-1.157223

 

WHAT THEY SAID TO MPs EARLIER THIS MONTH

• Adam Freeman (Mr Lender): “We would never randomly text somebody, ‘Do you need a loan? Come to Mr Lender.’ No, we have never purchased lists or done anything like that.”

• Henry Raine (Wonga): “We do not text people as a way of getting business. The day before payment date, we will use a text to say, ‘Just to remind you that your money is due’, so it is not a PPI-type situation where we are all getting texts the whole time. We do not do any of that.”

• Andy Lapointe (Quick Quid): “You would have to opt in to receive texts from us.”

 

What Stella Creasy said before the news broke on Caps.

 

http://www.sundaypost.com/news-views/politics/creasy-critical-of-failure-to-tackle-legal-loan-sharks-1.157196

 

Creasy tells the story of a young nurse who borrowed £100 to pay for a new tyre on the car she uses to get to work. Her debt spiralled to £17,000 and was only cleared when her mum was made redundant and used her payoff to settle it.

Creasy explained: “If you cap the price you limit the amount companies can squeeze out of any one loan — there’s no incentive to keep pushing people into debt because at some point you’re going to hit a ceiling.

Creasy added: “Every time we’ve asked what happens if somebody breaks their own code of conduct the answer is nothing. How many people have they thrown out of their trade body? Nobody.

“It’s like turkeys organising Christmas and then telling you that they’ll sort the crackers out, too. Oddly enough it doesn’t happen.”

 

The govnet people have done an amazing caricature for the #sharkstoppers campaign

 

UNITE THE UNION

An alternative to payday loans | Find out more on the Unite Credit Union Service for finance without fear http://shar.es/D0VEW

 

 

 

 

 

 

400% increase in Dundee payday loan debt

http://www.eveningtelegraph.co.uk/news/local/400-increase-in-dundee-payday-loan-debt-1.158128

 

Two thirds of payday loans made 'without checks' says CAB report http://bit.ly/1gh7p52

 

 

Rugby player killed himself after becoming so desperate to clear payday loans that he grew cannabis in bid to pay them off

 

http://www.dailymail.co.uk/news/article-2514827/Payday-loans-debt-led-rugby-player-Matthew-Allott-kill-himself.html

 

Citizens Advice.

Don't be tempted to take out a short term loan to cover Christmas: http://bit.ly/HISCUD

 

Citizens advice 26th Nov

http://blogs.citizensadvice.org.uk/blog/few-happy-returns-for-payday-loan-customers/

 

 

Payday loans U-turn represents 'intellectual collapse', says Ed Miliband

 

 

http://www.theguardian.com/money/2013/nov/27/payday-loans-ed-miliband-labour-pm-energy-price-freeze

 

 

 

Judgement Day - Could Interest Rate Cap Trigger Ponzi Debt Industry Collapse?

 

 

A different view.

Therefore, I come back to my original conclusion the eventual legislation will be heavily watered down with many loopholes aimed at supporting the pay day loans subprime lenders from collapsing. I can imagine that today's high interest rates will convert into a myriad of fees that will be added on, much as banks such as the Halifax charge £1 a day even if you only go £1 into debt on a planned overdraft, whilst an unplanned overdraft of £1 gets hit with a £5 daily fee!

http://www.marketoracle.co.uk/Article43270.html

 

America.The whole industry is a nightmare.For many.

Predatory Payday Lending

 

Its Effects and How to Stop It

 

http://www.americanprogress.org/issues/economy/report/2013/08/20/72591/predatory-payday-lending/

 

America-

Going to find more info about this payback by a Payday Lender.

One of America’s largest payday lenders, Cash America, will pay $19 million to settle government claims that it improperly squeezed money out of thousands of borrowers and overcharged military customers. The settlement was the first one reached with a payday lender by the Consumer Financial Protection Bureau. Cash America will pay a $5 million fine and about $14 million in refunds to consumers. The company did not admit wrongdoing.

Payday lenders have been sharply criticized by the Pew Charitable Trusts and other groups for charging exorbitant fees for short-term loans and putting many low-income consumers in a cycle of debt. Federal and state regulators have begun a crackdown. Earlier this month the Consumer Financial Protection Bureau started taking complaints about payday loans from borrowers.

 

 

Payday lender Cash America fined over claims of robo-signing, gouging military members

 

http://www.washingtonpost.com/business/economy/cfpb-fines-payday-lender-cashamerica-for-robo-signing-gauging-military-members/2013/11/20/23d31f54-520e-11e3-a7f0-b790929232e1_story.html

 

Seems the CFPB in America examined this firm.I wonder what the FCA will or may find when it powers up here.

Problems at Cash America came to light when the bureau conducted its first exam of the company in 2012. Before the visit, examiners told the company to retain documents and call recordings for review. But bureau agents learned that employees were instructed to shred files and erase calls. Employees confessed that managers had also coached them on what to say to examiners, according to the compliant.

 

 

The third report in the "Payday Lending in America" series discusses the safeguards that are necessary to create successful small-dollar loan markets, and presents an analysis of a recent Colorado law change showing these safeguards can be applied while maintaining access to credit.

http://www.pewstates.org/research/reports/payday-lending-in-america-policy-solutions-85899513326

 

 

 

Great Britain.

Mortgage Strategy research on payday loans features on BBC's Newsnight

 

 

 

 

 

 

 

http://www.mortgagestrategy.co.uk/news-and-features/sectors/regulation/regulation-news/mortgage-strategy-research-on-payday-loans-features-on-bbcs-newsnight/2003592.article

Edited November 29, 2013 by tawnyowl

[Tawnyowl]

Debt worries on Skye as charity reveals scale of payday loan use

 

http://www.whfp.com/2013/11/29/debt-worries-on-skye-as-charity-reveals-scale-of-payday-loan-use/

 

 

Plans to cap interest on pay day loans welcomed

http://www.nottinghampost.com/Loan-fees-capped-s-coin/story-20221594-detail/story.html

 

CAB.

Out of 4000 survey Just 17% of people were treated sympathetically when they were having difficulty repaying their

Payday loan

 

 

How Small Savings Can Replace Small Borrowing: A well-designed savings product can help low-income consumers avoid costly short-term credit

 

http://ht.ly/r8VkW

 

 

Dundee University bans payday lender adverts

 

http://www.bbc.co.uk/news/uk-scotland-tayside-central-25159185

 

 

Australia has an interest rate limit of 4% per month, after a maximum up-front fee of 20%.

However, even in Australia, borrowers can still face hefty charges.

Penalties for late payment are allowed to be as much as twice the loan amount.

 

 

Will the new cap placed on payday lenders work?

 

http://www.paydayloansdigest.com/2013/11/27/will-the-new-cap-placed-on-payday-lenders-work/

 

 

The Bristol University Department for Business found (in “The impact on business and consumers of a cap on the total cost of credit”) that where customers couldn’t access short-term loans, most would either go without or approach a friend/relative for help.

A small number would try and borrow from other short-term lenders, but the use of an illegal lender was not an option the vast majority of people would consider.

 

Charlie Elphicke MP: Why it’s right to fix the payday lending problem

 

http://www.conservativehome.com/platform/2013/11/from-charlieelphicke-why-its-right-to-fix-the-payday-lending-problem.html

 

 

What the payday cost cap will change. And what it won't.

Reacting to the announcement, cap advocates were quick to point out that the devil will be in the details.

It'll now be up to the FCA to go away and work out where the cap will be set and how it will work, from investigation to implementation will be at least a year, and only that will determine the true impact.

http://www.choose.net/money/guide/news/payday-cost-credit-cap-osborne.html

 

 

Government 'must look at causes of payday loan use'

 

Citizens Advice chief executive Gillian Guy has welcomed the proposed cap on payday loans but said that it was important to address the causes of the increase in their use:

The Government's plan to cap the cost of loans only goes to show how out of control the industry is ...

Government must also tackle the underlying need for payday loans and ask what is driving people to short-term credit in the first place

Edited November 30, 2013 by tawnyowl

[Tawnyowl]

Bosses at payday giant behind The Money Shop and Payday UK sued over 'predatory loans'

One of Britain’s biggest payday lenders is being sued amid accusations that it broke the law by offering ‘predatory’ loans to customers.

Lawyers in the US allege that executives at DFC Global, known as Dollar Financial in the UK and which owns The Money Shop and Payday UK, overcharged for loans and issued them to borrowers that could not repay.

http://www.thisismoney.co.uk/money/cardsloans/article-2516030/Bosses-payday-giant-Dollar-Financial-sued-predatory-loans.html

 

 

New review of pilot projects shows universal credit claimants resorting to payday lenders, overdrafts and other loans http://www.theguardian.com/society/2013/nov/29/universal-credit-scheme-claimants-debt-uk-unemployment?CMP=twt_gu …

 

 

 

Iain Duncan Smith's

 

Realistic

Unemployment

Simulator

 

 

http://toys.usvsth3m.com/iain-duncan-smiths-realistic-unemployment-simulator/

 

 

 

 

Edited December 1, 2013 by tawnyowl

[sillygirl1]

Funny how the Daily Mail claims it has been running a 3 year campaign against the PDL sector in the article..... I don't remember reading their campaign, I know they have run standard articles on the sector pinched from Credit Today and the OFT... can anyone point me to their 'campaign' for PDLs

[Tawnyowl]

Hi Sillygirl 1-I seem to be a touch irritated today.Seen a lot of people struggling,trying to get through these difficult times.Throughout the last year.

Been on marches where up to 50,000 people tried to put their opinion across.

But those in power take no notice.On bedroom tax,NHS,Atos, cuts,everything you can think off.

Peaceful protests.

And many politicians speaking with forked tongues Going back years.Donations going back years to politicians no matter how small.or large.

I can not point you in that direction.But many are angry that the payday lenders have got away with things so far.This may change,who knows.

What i see is another Christmas where people will be targeted by the predators.

So much money and powerful people involved.

Can anyone tell me how long it will be before Capping comes in.Got to ask these questions.

How much longer are people going to be targeted by these predatory payday lenders in Great Britain.

3,6,9 MONTHS or possibly longer.

To simple i suppose to set a figure not to low not to high,fair and then say that is it.Next month it starts.The end.

In America there are still problems with them despite many trying to get to grips with them.

 

America.

Our View: Payday loans promote vicious cycle of indebtedness

 

http://www.thenewsstar.com/article/20131201/OPINION01/312010028/Our-View-Payday-loans-promote-vicious-cycle-indebtedness?nclick_check=1

 

Why in America is it that when the military were being targeted by the lenders things were sorted,yet the ordinary people are still allowed to be targeted by the predators.

Although the predators. still try to find their way round this.

By moving offshore,tribal and many more ways.

So much money to be made.

Banks trying to destroy the Credit Unions in America.Can you believe that.

A mixture of thoughts and not that clear i suppose.A lot going on.Perhaps i am reading to much.There is a lot out there

That would wind anyone up a touch.Do not look to deep would be my advice.It is shocking when you do..

How Wonga is making a killing from the poor in South Africa

 

http://www.thelondoneveningpost.com/business/how-wonga-is-making-a-killing-from-the-poor-in-south-africa/

 

 

Become a credit union member and access free financial health checks & low cost loans

Great Britain.

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

 

America.

http://www.lovemycreditunion.org/Joi...Union-139.html

 

 

WONGA LOAN----Borrowing £400 + Interest & fees £127.15 = Total to repay £527.15 - For 30 Days

 

 

 

CREDIT UNION LOAN Borrowing £400plus Interest& 8.93 = Total to repay 408.93- For 30 days.

Edited December 1, 2013 by tawnyowl

[sillygirl1]

There we go - shows that the Daily Mail leaps onto bandwagons to make it seem 'the paper of the people' when it isn't!

 

I know about the irritation, I have a company who are messing me about and giving me a load of claptrap - however I have used their own 'terms and conditions' against them!

 

Hopefully the PDL companies will be jumped on heavily by the new regulator - and if this class action in the USA is successful (I think they are hedging their bet myself with little chance of success - they have made an investment which they now regret) that may pave the way for other fund providers to pull out of the sinking market.