Log Book Loans caught in "possibly criminal" sham

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

The fact remains that payday loan companies etc are immoral in charging extortionate rates of interest.

The fact remains that they agreed to those extortionate rates of interest, too.

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

I didn't say you were did I?... Unless you are the SIL of Pixie, but s/he said you were in debt, not me

No I didn't!!

And my SIL isn't in debt either. However, he did get made redundant with no warning.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Not saying I don't have sympathy for those who cannot afford repayments, it's when the blame shifts to the lender for handing them credit that they asked for, that gets my goat!

Ahh but herein lies the deeper problem.... you go to one of these "shops", lets call it Welcome Finance, its 2008 and your bank's just swallowed your whole wage by your overdraft cos they decided without warning that you were no longer "fit" for one.

Oh shit, what do you do - you have a family to feed, you have bills to pay - you've nowhere left to go but welcome finance - you go in meet the friendly salesperson who tells you they'll guarantee you money - wicked, your problems, for that month, are solved.....

However, what the assistant does next is the main gripe - they insist that in order to get this loan you MUST take their insurance, sorry mate - no insurance, no dollar......

You're desperate, what do you do - after all, it's only adding a tenner a month on.....

3 years later, you find out the balance of the £3k loan is actually £5k - - how is this possible...?

You then find us, we then get the whole loan scrapped as unenforceable and missold. Tell me again, what of all the above was your fault other than trying to fight for survival all cos of a rash decision by your bank?

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

The fact remains that they agreed were pressurised via desperation to those extortionate rates of interest, too.

I fixed your post for you ^^^^

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

And my SIL isn't in debt either. However, he did get made redundant with no warning.

I know, I was just making things up again.. ha. But 4 pages deep and nobody is any nearer to justifying why those who sign up for something should shirk their responsibilities that they agreed to?

The repayment/costs/total fees are clear enough. In fact the APR is scarily big on most payday websites... in more ways than one.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Jared whilst we appreciate your views, that does not mean we agree with them. There are over 1000 people here alone that have been royally and otherwise, screwed by their bank in some way or another.

You have came here with an agenda, i'm happy to let you have your say however I do think you need to also pay attention to what is being said here - pointless being blinkered, the facts are there in black and white. I won't sit here and start posting the 10,000 links from Google about these firms but if I tell you that the government is reviewing the stance and legal position of payday loans then this alone must make you sit up and realise you're talking bollocks here.

Point being, they prey on desperado's - that is ethically incorrect. So please don't sit here and try and reverse ethics to make the debtor feel guilty, it's a two way street and the fact is THEY wrote their own terms, if they couldn't be arsed getting them done correctly that is their fault - tough shit! Their loss.

We prey on these mistakes, just as they once preyed on the victim - as the saying goes "what goes around will come around".......

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

See above ^^^^^

I know, I was just making things up again.. ha. But 4 pages deep and nobody is any nearer to justifying why those who sign up for something should shirk their responsibilities that they agreed to?

[garlok]

Re: Log Book Loans caught in "possibly criminal" sham

But the "contract" you so wilfully push forward WAS and is ILLEGAL and a criminal investigation under way!!! FFS How more ILLEGAL do you want it?

There was NO Consumer Credit Licence! IT HAD BEEN REVOKED! Do I have to put it in bigger letters? It had been REVOKED for serious TRANSGRESSIONS of the Regulations and the LAW!

ALL of those contracts should in all equitable and just priciple be decalred VOID!

And I don't have and never had one of these payday loans.

One day my friend, ill health may hit you, the NHS will screw it up even more and your lifestyle goes down the tubes. I hope it doesn't but can you predict if you are going to have a stroke or get leukaemia or cancer? No you cannot. Can you guarantee you will get timely and effective treatment? No you cannot.

Unless you can predict the future which you cannot how can you possibly judge other people's circumstances. YOU CANNOT!

regards
Garlok

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

But 4 pages deep and nobody is any nearer to justifying why those who sign up for something should shirk their responsibilities that they agreed to?

It isn't a case of shirking responsibilities.

Many members here are in the situation they're in because they tried desperately to fulfil their obligations.

Should you ever be unfortunate enough to find yourself in that situation then we will be here to help you.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Prime example, our forum manager Steve - works his arse off (almost as much as I do) and he's injured pretty bad - guess what?

Read for yourself ---> Failed ATOS Farce - Help!! - allaboutFORUMS

Now you'll see how being a normal family guy with normal bills feels when his world is snatched away, nothing to do with payday scams but the principle of being injured and having no money will then hit home!

[jj69]

Re: Log Book Loans caught in "possibly criminal" sham

I know, I was just making things up again.. ha. But 4 pages deep and nobody is any nearer to justifying why those who sign up for something should shirk their responsibilities that they agreed to?

The repayment/costs/total fees are clear enough. In fact the APR is scarily big on most payday websites... in more ways than one.

You state that the costs/fees/repayments are clear but what happens when rediculous charges are added or it gets passed to a debt collection agency who decide for good luck to add on £100 as an admin charge for starters , all for the sake of say one missed payment !!
These are not clear and not helpful neither is pressuring people or putting them into a situation that they cannot come back from.
I have been there and after fighting for over eighteen months have been refunded from all my creditors for charges or complaints.
I did not shirk my responsibilty but I did get payback all because these companies did not follow the letter of the law !!

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

I did not shirk my responsibilty but I did get payback all because these companies did not follow the letter of the law !!

Well spoken - thanks

* did you end up here from the article on the Mirror?

[garlok]

Re: Log Book Loans caught in "possibly criminal" sham

Well said that lady, Thanks FP.

regards
Garlok

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

Flowerpower



I wonder if Jared will return?

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

Don't blame yourself FP, he logged off after Niddy's post #66.

Probably realised that he couldn't win the argument.

It would be a pity if he didn't return - your post is a cracker!!