Panorama 1st.Oct-debt on the doorstep.

[MARTIN3030]

Undercover: Debt on the Doorstep

 

Duration: 30 minutes

The economy is showing few signs of recovery, but one area of business is doing well: door-to-door loans. Panorama investigates the debt business, a world of cash on the doorstep and high interest rates. We go undercover to reveal the tactics of the trade: the real costs of a loan and the techniques which mean that some customers may never clear their debt. And we find victims - the vulnerable and mentally ill, who are sold loans in apparent breach of industry guidelines.

[Wintry]

Hi

 

Could be very interesting

 

I wonder how bad this one will be?

 

There may already be a few 'loan companies' getting 'their side of the story' scripted.

 

Wonder what the guideline writer agencies will come up with this time to stop it.

 

Lets wait and see eh!

 

Bet ya nothing really changes.

[MARTIN3030]

Yes even with the evidence the regulators take to long to act.

The problem is that even when one gets closed down,theres another 20 in waiting to replace them.

[robcag]

Recording timer set!

 

Rob

[Wintry]

Hi

 

Watched it and have to say that despite the usual assurances and denials over the years nothing has really changed, in fact arguably behind the subterfuge its probably got worse (I sat & listened to a presentatation from someone quite high up so to speak from the Provi only a few months ago who seemed to be saying this type of thing 'should' not happen)

 

Commission, sales targets, team meetings, same old formula / story, cant ever really be independent in my opinion either giving loans or in the debt advice field.

 

The part were one doorstep lender beat the other to the 'loot' just about sums it up (Ive seen people with 3,4,5 and even more different lenders and been present in their homes when they call)

 

The Payday loans, well what can you say.

 

Its not isolated to Rochdale, its countrywide and they know it - economic recovery, not with this lot. more misery, prey on the vulnerable and so and so on.

 

like the man said these things come back to bite us all somewhere down the line, you only have to look what happened with the sub prime mortgage greed, the sad irony is that some of those caught up in the credit crunch are now falling into the clutches of these loans, you could not make it up could you?

 

Guidelines, what guidelines are they then?

 

Whole lot worse to come with the cuts & Universal Credit introduction.

 

My opinions and views as always

 

Heres the programme if you missed it

 

http://www.bbc.co.uk/iplayer/episode/b01n7m0q/Panorama_Undercover_Debt_on_the_Doorstep/

 

.

Edited October 2, 2012 by Wintry