Log Book Loans caught in "possibly criminal" sham

[PlanB]

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

I wonder if Jared will return?

My advice to Jared is ring 0871 915 2718 where he/she can leave any other toxic thoughts which will be dealt with by Niddy accordingly

[Pixie]

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

[5corpio]

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

At the end of the day, as Niddy *and all* What goes around, comes around.........!!

All the Banks Knew well-well, but because it was too late, they thought that IT WOULDN'T get noticed SWEEP it under the CARPET......"What goes around-comes around......." Consumers had enough

The biggest stance now is this PFI - The Gov' are being screwed by it - It'll come out so fast (as though they ate laxative for breakfast, Lunch and Dinner) that again we'll pick up that Bill......But goes all the way back to the Victorians era! This PFI is another Lucartive ground..........(Thats another topic)

[SaltnVinegar]

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

No, a payday loan lender is a lender, not a bank.

How is a company a sham if it complies with the law and states its APR clearly before you take out the loan? Genuine question, not trolling!

But they didn't comply with the law did they?!!

They have been 'trading' for almost 2 years without a license. Therefore if they don't have a consumer credit license they shouldn't be offering an APR at all!!

They have pretended to be solicitors, and misrepresented what they were legally able to do to get debtors to repay.

So acted outside the law - a bunch of cowboys

[SaltnVinegar]

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

If you didn't agree to it, then that's fair enough, and all of the tactics they are using (generally - apart from the fake solicitors) are legal

As someone who has helped (at last count) over 18,000 people deal with payday loan companies let me make you aware of some of the 'legal' collections 'tactics' used by these sorts of companies:

1) Refusing to deal with a debtors official appointed debt advisor and continuing to harrass and demand payment directly from the debtor

2) Phoning the debtors work colleagues and leaving 'hints' as to why they are calling

3) I helped one frantic lady who had been informed by a collections agent for a PDL company that she had committed an act of fraud, that they would call the police and have her arrested at her desk if she didn't repay the money by the end of the day

4) Abuse of the recurring payment authority method to continue to take smaller and smaller amounts of money until the debtor bank account is wiped clean despite knowing that the debtor was on a debt management programme, or even after agreeing to a debt management programme

5) Disregarding an official common financial statement and disagreeing with official 'trigger' figures and recognised living expenses

6) Continuing to charge interest on a loan covered under the consumer credit act, and not abiding by the distance selling regulations

7) Phoning debtors at unreasonable times (11pm was not uncommon) and with unreasonable frequency (4-5 times and hour in the evenings)

ALL of these 'legal' tactics have been described by the OFT as unfair business practices and any company conducting themselves in this manner would be at risk of losing their consumer credit license.

But wait a minute, they had already lost their CCL hadn't they and trading without one is ILLEGAL!

[SaltnVinegar]

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

Isn't it the responsibility of the person who signs the agreement to understand the terms and the repayments and what happens when you don't pay?

Yes and no, the lender also has an obligation to make the terms of the agreement clear and not use 'legalese'.

An example of how this arguement cuts both ways:

There is a big grey area where Payday loans, being 'regulated' by the CCA should also abide by distance selling regulations. Therefore you should legally be able to borrow the money for 7 days and return it without paying interest as per your rights under DSL.

However do you think the PDL companies are going to allow that?!

Who should be abiding by the terms of an agreement then?

Just a thought......

[SaltnVinegar]

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

Clutching at straws a bit... No, he would have known that with the current economic climate any sort of finance is risky and you take on that risk yourself by signing on the dotted line.

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!

Right extending this argument.........................

When the financial lords and masters were trading dodgy sub-prime mortgages as AAA financial products to investors they knew that at some point this was all going to blow up in their faces.

So, when it all went tits up, and they were at risk of losing their jobs instead of taking your stance and going 'yup we knew that one was coming' and fall back on their 'savings' or go bankrupt themselves the arrogant tossers go cap in hand to the government for bailouts using our hardearned taxes.

Within 12 months they have not adoped any humility, are still trading toxic debt as AAA products (have you heard of something called 'emerging market debt? This is where the banks are buying up the consumer debt of places like Singapore, India etc and selling these in 'packages') and continuing to pay themselves massive annual bonuses that even those considered to be well paid would struggle to earn their entire lives.

Did the banking world blame themselves for their lack of foresight?!

You may also be interested to know that the PDL industry is also underwritten by some of the big investment banks who are currently borrowing money off the government (us) at a paltry % rate only to lend out at interest rates of 3000-4000%

[Deepie]

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

If Jared ever comes back we will set you lose on him...........

[garlok]

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

"I'm a troll, foll de roll, I'm a troll foll de roll" says the rhyme.

I'm sorry jared has gone. I did notice that at no stage was a proper question answered, no proper argument put forward. And of course the opportunity for providing our genuine members with entertainment has gone as well. Although, I know bear baiting was made illegal a longtime ago now, Warwickshire is still allowed to have it on its coat of arms.

regards
Garlok

[SaltnVinegar]

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

Grrrrrrrr



I know the PDL 'industry' very well and while I understand Jareds view (only to a very small degree mind you) there is so much more to it than 'knowing what you're signing up for.'

Its a simple fact that a huge number of people who use these loans are not borrowing for the reasons that Mr Wonga Errol Damelin would have us believe, but are borrowing to buy essentials.

The irony is this people probably didn't need to use a PDL company in the first place but were too ashamed of their financial situation to get the advice that would really have helped them.

[SaltnVinegar]

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

If Jared ever comes back we will set you lose on him...........

My keyboard is steaming!

[garlok]

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

Grrrrrrrr



I know the PDL 'industry' very well and while I understand Jareds view (only to a very small degree mind you) there is so much more to it than 'knowing what you're signing up for.'

Its a simple fact that a huge number of people who use these loans are not borrowing for the reasons that Mr Wonga Errol Damelin would have us believe, but are borrowing to buy essentials.

The irony is this people probably didn't need to use a PDL company in the first place but were too ashamed of their financial situation to get the advice that would really have helped them.

Absolutely SnV. We scraped by without these things but when the chips go down and the lenders let the dogs loose on you I can understand fully how people do get involved and these shitbags prey on the vulnerability of other people.

What is so distasteful about this particular incident is the involvement of a "role model" in the shape of a footballer by the name of Shearer. Yes a bloody role model of greed and avarice. Perhaps as his empire collapses around him he won't be able to afford his flash cars and house in the Cotswolds and hopefully the muscle he employs now, will turn on him and his family when he can no longer pay them.

Well I can but hope!

regards
Garlok

[SaltnVinegar]

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

"I'm a troll, foll de roll, I'm a troll foll de roll" says the rhyme.

I'm sorry jared has gone. I did notice that at no stage was a proper question answered, no proper argument put forward. And of course the opportunity for providing our genuine members with entertainment has gone as well. Although, I know bear baiting was made illegal a longtime ago now, Warwickshire is still allowed to have it on its coat of arms.

regards
Garlok

Ah well, probably just as well. DW has just told me to stop banging on the keys so hard cos she can't hear the TV

On a serious note though, Jareds does represent an attitude that is shared by many, and it is this attitude that actually makes many peoples situations worse.

Peoples fear and shame of encountering a reaction like Jareds from their spouses, family, friends, work colleagues, etc is what drives people further into debt and ultimately the PDL lenders.

Its this very fear that DCA's exploit to make vulnerable people even more vulnerable, and in some cases, to a tragic end.

That anyone can be allowed to be driven to suicide by these and then be allowed to get away with it is beyond me.

[garlok]

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

Of course mate. This has been one of the things i have been banging on about for ages.

If we could only educate more and more people that the DCA has no legal authority whatsoever and their ONLY weapon is the fear a person may have of what they might do to them which is in fact NOTHING.

If 90% of those who had debt problems knew and understood that, how many DCAs and their grubby cohorts would be out of business do you think?

regards
Garlok

[SaltnVinegar]

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

Absolutely SnV. We scraped by without these things but when the chips go down and the lenders let the dogs loose on you I can understand fully how people do get involved and these shitbags prey on the vulnerability of other people

Trouble is its way too easy to get sucked into the marketing blurb.

Yes the short term costs are less than paying an unauthorised overdraft fee (especially Santanders) but if you're at that stage anyway chances are a PDL is the last thing you should be taking on.

What they do is extend peoples endebtedness by several painful months until they finally snap. The PDL make sure they get in there first to get their money ahead of all the othen ther debtors creditors.

The PDL industry therefore, isn't just bad for consumers, but also for creditors too.

Except for the ones who underwrite it all of course........

What is so distasteful about this particular incident is the involvement of a "role model" in the shape of a footballer by the name of Shearer. Yes a bloody role model of greed and avarice. Perhaps as his empire collapses around him he won't be able to afford his flash cars and house in the Cotswolds and hopefully the muscle he employs now, will turn on him and his family when he can no longer pay them.

Well I can but hope!

regards
Garlok

Fingers crossed he will be contacted by a DCA pretending to be a bunch of solicitors........