Retrobike Forum Index

It is currently Sat Dec 03, 2016 4:57 pm

* Login   * Register * Search  * FAQ



Post new topic Reply to topic  [ 17 posts ]  Go to page 1, 2  Next
Author Message
 Post subject: About bloody time
PostPosted: Fri Mar 08, 2013 10:17 pm 
Retro Guru
User avatar

Joined: Thu Sep 20, 2012 9:20 am
Posts: 823
Location: On my sofa
http://www.bbc.co.uk/news/business-21683739

About time the OFT cracked down on these leaches...


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 10:54 pm 
Classified Mod
Classified Mod

Joined: Wed Dec 30, 2009 8:34 pm
Posts: 12691
Location: Fife in Scotland
+1 f###### right :evil:


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 11:14 pm 
Retro Guru
User avatar

Joined: Thu Sep 20, 2012 9:20 am
Posts: 823
Location: On my sofa
RobMac wrote:
+1 f###### right :evil:


To make their business model work they require a substantial amount of people to default or get deep into arrears.


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 11:20 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
User avatar

Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
I'm in two minds, one thing I think yes they are leaches that should be controlled, but then I think people should be more responsible borrowers, you know the percentage and it's ridiculous, so why borrow the money when you know that it is going to be way more than you can afford to pay back in a month. But then am I being a bit right wing about it, I'd hate that.

But yes people should not be allowed to run free for all over the poorer persons finances

Alison


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 11:22 pm 
Old School Grand Master
User avatar

Joined: Sat May 20, 2006 2:56 pm
Posts: 4776
Location: No brakes? Way to commit soldier.
Isaac_AG wrote:
...people should be more responsible borrowers, you know the percentage and it's ridiculous, so why borrow the money when you know that it is going to be way more than you can afford to pay back in a month.



^^^

This.


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 11:32 pm 
Retro Guru
User avatar

Joined: Thu Sep 20, 2012 9:20 am
Posts: 823
Location: On my sofa
The trouble is the people who these companies prey on don't know any better or they have no choice - community credit unions are the way to go I reckon.


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Fri Mar 08, 2013 11:40 pm 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
User avatar

Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
No choice or just temptation, sure there are many weeks months that I could do with £50, £100 or £500 more than I have who dosen't, how many people are too stupid to understand percentages are in control of there own money?

Geese I'm sounding so right wing here :shock:

Credit unions are few and far between where I live I am too far from one to be accepted

Alison


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Sat Mar 09, 2013 12:17 am 
retrobike rider
retrobike rider
User avatar

Joined: Wed Jul 09, 2008 5:53 pm
Posts: 2981
Location: Super Sussex by the Sea
Here comes the devil's advocate bit...

The lad who used to work for us used wonga.com... to borrow £60 on a friday, he paid them back £67 the following friday, over the phone/net quick easy cash if you're a bit short for some reason or another...

Remember the % apr is based on a loan over a year not over the few days/weeks the loans are designed for.

As usual read the small print before signing up otherwise you are skipping into a shitstorm

As usual people see the easy money bit and ignore the graft bit...

The reason these companies exist is because of idiots without money and clever people with! Discuss

*Mutters off into his pint*


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Sat Mar 09, 2013 12:32 am 
Karma Queen / Cake Meisterin
Karma Queen / Cake Meisterin
User avatar

Joined: Thu Jul 27, 2006 10:02 pm
Posts: 6736
Location: North Yorkshire
rosstheboss wrote:
Here comes the devil's advocate bit...

The lad who used to work for us used wonga.com... to borrow £60 on a friday, he paid them back £67 the following friday, over the phone/net quick easy cash if you're a bit short for some reason or another...

R
The disadvantage of these companies is if you go for a bank loan or mortgage after having a payday loan you'll won't get one as they class you as a liability, this is from Money Box Live on Radio 4.

Alison


Top
 Profile  
 
 Post subject: Re: About bloody time
PostPosted: Sat Mar 09, 2013 10:30 am 
Retro Guru
User avatar

Joined: Tue Jun 19, 2007 3:34 pm
Posts: 1847
Location: Launceston, Australia
It's funny, while I have no idea what these paday loads are (assuming short term small loans?), when we were buying a house back in 2004 I think, went to a bunch of banks, trying to figure out ho much we could borrow so we could figure out what we cold buy (banks here are funny, they seem to want you to find a house you want first then see if you can borrow that much). My old bank went "sure we'll lend you $AU500K". We're all Wow thats amazing, but seriously, we don't want anywhere near that much thanks, that much is silly and went a bought a house for $170K.
Problem is that it seems a bunch of people go through the same thing, but think, Ye haw, $Xxxxxxxxx, we'll take it! Then 3 years later they are totally screwed.
Yes the companies are wrong for lending people that much, but really, the people are so stupid for taking out loads for stupid amounts of money.


No idea if that has anything to do with this thread sorry...but the beers tell me it does


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 17 posts ]  Go to page 1, 2  Next

All times are UTC [ DST ]


Who is online

Users browsing this forum: al-onestare and 5 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  

About Us

Follow Retrobike

Other cool stuff

All content © 2005-2015 Retrobike unless otherwise stated.
Cookies Policy.
bikedeals - the best bike deals in one place
FatCOGS - Fat Chance Owner's Group

Powered by phpBB® Forum Software © phpBB Group