Sunny - 1971 APR

[PNWokingham]

Just watching telly and saw an advert for this. Unbelievable how these criminal cowboys can get away with this. I am really sorry for people who get dragged into this type of rip-off world and it should be outlawed! Rant over:thup:

 

[chris661]

That's not bad some of them are over 2400

 

[Blue in Munich]

Just watching telly and saw an advert for this. Unbelievable how these criminal cowboys can get away with this. I am really sorry for people who get dragged into this type of rip-off world and it should be outlawed! Rant over:thup:

Worst one has to be Wonga, recently caught out for sending bogus lawyers letters to customers. Outrageous. :angry:

 

[Imurg]

Part of the trouble is that some people need money but the Banks don't want to know
Also people look at the cost - borrow £200 for a month and pay back £240. Doesn't sound much but the APR is scary.

 

[Deleted member 15344]

Agree that the companies should be outlawed - praying on the financially vunerable in hard times

 

[MegaSteve]

Only found out fairly recently that there is a top 50 listing of these robbing bar stewards... Not sure how the listing is formulated...

 

[Crazyface]

LOL, I though this was going to be about the weather a few years ago !!!!!!!

 

[JPH]

Just knock em , they deserve it

 

[SwingsitlikeHogan]

WONGA (spit!)

From their website 'We are a responsible lender'

And their APR? 5853%

Borrow £150 for 18 days and you pay them getting on for £30 interest. Neat!

My son got caught in the Wonga money printing scheme - they lent him £200 when he was on £56 a week JSA. And guess what - her couldn't pay it back and by the time he cracked and admitted to us that he owed Wonga money (and why he had to borrow it in the first place) - it was £600. How they expected anyone to pay back a 'pay day' loan when on JSA wel...

 

[CheltenhamHacker]

WONGA (spit!)

From their website 'We are a responsible lender'

And their APR? 5853%

Borrow £150 for 18 days and you pay them getting on for £30 interest. Neat!

My son got caught in the Wonga money printing scheme - they lent him £200 when he was on £56 a week JSA. And guess what - her couldn't pay it back and by the time he cracked and admitted to us that he owed Wonga money (and why he had to borrow it in the first place) - it was £600. How they expected anyone to pay back a 'pay day' loan when on JSA wel...

The only thing I would say SILH, is that when he signed up for that £200, he knew how much he had to pay back, and when. It's irresponsible of them to lend it to him, yes, but there has to be a large degree of the responsibility on those taking the loan out, knowing he is on JSA...

 

[Rooter]

When are society going to take responsibility for their own actions?

do wonga etc hold a gun to peoples heads to make them sign? OK sure, they have been found guilty recently of some pretty underhand tactics with the fake legal letters etc, but no one made the "customer" borrow the money and I am pretty sure they know how much its going to cost them a week/month etc..

So you borrow a few hundred quid while on JSA knowing you can't make the repayments and that's the lenders fault? that's if you were up front to them and didn't blag the application form.

 

[Birchy]

When are society going to take responsibility for their own actions?

do wonga etc hold a gun to peoples heads to make them sign? OK sure, they have been found guilty recently of some pretty underhand tactics with the fake legal letters etc, but no one made the "customer" borrow the money and I am pretty sure they know how much its going to cost them a week/month etc..

So you borrow a few hundred quid while on JSA knowing you can't make the repayments and that's the lenders fault? that's if you were up front to them and didn't blag the application form.

Having responsibility is fair enough but you just know these companies are itching to lend to people who cant afford to payback in time so their insane interest charges kick in fully.

That's whats wrong with it imo. Rather than like a bank rejecting who they think wont be able to pay these firms start licking their chops. I bet nobody ever gets rejected.

 

[Rooter]

Having responsibility is fair enough but you just know these companies are itching to lend to people who cant afford to payback in time so their insane interest charges kick in fully.

That's whats wrong with it imo. Rather than like a bank rejecting who they think wont be able to pay these firms start licking their chops. I bet nobody ever gets rejected.

So who is to blame?

Lets say i want to borrow £200. I am on JSA and get £56p/w (taken that figure from earlier in the thread) and out of that, I can afford repayments of £10 a week. They come back with an offer, but its to be repaid at £15pw.

I take them up on their offer, then default after 4 weeks as i cant afford the repayments, then what? the charges start, the bayliffs come and take my Xbox and TV.

I have sympathy with people that have genuine financial difficulties (redundancy, loss of income, death of a partner etc etc), but those whom look for a quick fix to buy little jimmy a PS4 and then get stung i have none.

 

[SwingsitlikeHogan]

The only thing I would say SILH, is that when he signed up for that £200, he knew how much he had to pay back, and when. It's irresponsible of them to lend it to him, yes, but there has to be a large degree of the responsibility on those taking the loan out, knowing he is on JSA...

When you are desperate and need a quick fix you are very likely to shut out the consequences of what you are doing - and that includes whether or not you can actually pay loan back in the timescales you sign up to. You might hope something turns up but actually in the despair of the moment you might not be too worried about that future when looking at the Accept Terms & Conditions button on the website.

That's why they are immoral - useful for some but so dangerous and ruinous for many others in desperate circumstances most of us here are lucky to be able to keep well clear of.

 

[SwingsitlikeHogan]

So who is to blame?

Lets say i want to borrow £200. I am on JSA and get £56p/w (taken that figure from earlier in the thread) and out of that, I can afford repayments of £10 a week. They come back with an offer, but its to be repaid at £15pw.

I take them up on their offer, then default after 4 weeks as i cant afford the repayments, then what? the charges start, the bayliffs come and take my Xbox and TV.

I have sympathy with people that have genuine financial difficulties (redundancy, loss of income, death of a partner etc etc), but those whom look for a quick fix to buy little jimmy a PS4 and then get stung i have none.

But Rooter - if you are on JSA it is quite clear that that is a minimum amount of money anyone can vaguely hope to survive a week on - else the government would cut it. So how can you afford to make any payment towards a loan out of it when you have minimum to live on? - well certainly Wonga (spit) doesn't know or care. And for all of us - from time to time logic and common sense can easily go out of the window when we are desperate. It is obvious that you shouldn't take out a loan if you can't pay it back - but things aren't always that straightforward,

 

[Rooter]

It is obvious that you shouldn't take out a loan if you can't pay it back - but things aren't always that straightforward,

They should be though, that was my point of my original post of the topic, when are society going to take responsibility for their actions? If you know you can not afford to pay it back, dont buy it/borrow it! it should be that simple, but the culture of scoiety today is, borrow it, buy now pay later, its rammed in your face as a consumer. Go to any high street shop and buy £50 worth of stuff and wait to be offered a store card.

My Mrs works part time, under 20 hours a week and brings home say £150 a week max, yet she came home with a store card (knowing i would pay it off and she got 20% off her purchase, so in our case it was fine) but point was, she was given a £3000 credit limit!!!! WTF?! she earns £150 a week! £7200 a year and they give her almost half of her annual income in credit!! I can see how and why people get in trouble, temptation is everywhere, but the consumer needs to think and say no!

If JSA isnt going to be enough money, get a job, any job. There are jobs there for people willing to get off their backsides and put some graft in. but thats probably a statement for another topic.

 

[Birchy]

So who is to blame?

Lets say i want to borrow £200. I am on JSA and get £56p/w (taken that figure from earlier in the thread) and out of that, I can afford repayments of £10 a week. They come back with an offer, but its to be repaid at £15pw.

I take them up on their offer, then default after 4 weeks as i cant afford the repayments, then what? the charges start, the bayliffs come and take my Xbox and TV.

I have sympathy with people that have genuine financial difficulties (redundancy, loss of income, death of a partner etc etc), but those whom look for a quick fix to buy little jimmy a PS4 and then get stung i have none.

I can see both sides of this one to be honest. Obviously people taking the mick like your example should know better.

I just think these companies shouldn't be allowed to just lend to anybody they want and especially to people that are obviously in big trouble financially. Theres a lot of people desperate and companies like Wonga will be all over them.

 

[SwingsitlikeHogan]

I can see both sides of this one to be honest. Obviously people taking the mick like your example should know better.

I just think these companies shouldn't be allowed to just lend to anybody they want and especially to people that are obviously in big trouble financially. Theres a lot of people desperate and companies like Wonga will be all over them.

A question is 'what did the desperate do before Pay Day lenders'

I'm guessing some took to finding other ways of getting money - mostly illegal I suspect. Those that didn't - suffered - and if there is a way to avoid suffering and pain then you will take that way.

 

[Birchy]

A question is 'what did the desperate do before Pay Day lenders'

I'm guessing some took to finding other ways of getting money - mostly illegal I suspect. Those that didn't - suffered - and if there is a way to avoid suffering and pain then you will take that way.

It a tough subject really and I feel for anybody who has had to get involved with these type of companies/problems.

I suppose as long as all the terms are laid out without any hidden catches then theres no real reason they could be shut down. I do get that feel of "legalised loan shark" though.

 

[SwingsitlikeHogan]

It a tough subject really and I feel for anybody who has had to get involved with these type of companies/problems.

I suppose as long as all the terms are laid out without any hidden catches then theres no real reason they could be shut down. I do get that feel of "legalised loan shark" though.

I don't understand why they have to charge the interest rates that they do. Admin and setup charges are additional so don't need to be covered by the interest. Is money that expensive for likes of Wonga to get hold of? Or knowing the attractiveness to many of the relatively low cost of the interest accrued over the period of a very short term loan - are they just charging whatever they want to make a load of money when folk default.