Payday Loans - Your help needed!

[Never-In-Doubt]

Hi

See below message, user is approved to request information in order to compile a piece regards the scum that are PDL's...

The piece should not be biased, so I'll also try to include the point of view of the PDL companies, but my main focus is on how these loan providers are making life a lot harder for many people in need.

As an opening line I actually need a strong quote from someone who has been pissed off by them. That's why I'm contacting people on debt advice forums.

By the way, since I presume you are the webmaster, do you know if there is anyone living in London who had troubles with PDL that is willing to talk to me?

Feel free to pass your views on, via this thread - if the owner decides your story is worthwhile, they have my permission to PM you. What you do from there is up to you.

Any problems please let me know.

Niddy

[Never-In-Doubt]

Re: Payday Loans - Your help needed!

You asked....

"You're a bunch of wankers that prey on the needy and although you think we need you, actually we're way better off without you and I will make it my personal mission to ensure that nobody that joins our forums ever pays a penny back to you. After all, we know you cannot enforce these debts so why bother threatening us in the first place? Fucking tools. Niddy from AAD"

[Undercover Elsa]

Re: Payday Loans - Your help needed!

If you don't like them just say so Niddy!

[Never-In-Doubt]

Re: Payday Loans - Your help needed!

I don't like them - I hate them!

[IF]

Re: Payday Loans - Your help needed!

I don't like them - I hate them!

Me too

[Teocvll]

Re: Payday Loans - Your help needed!

Hi guys!

As mentioned by niddy above, I'm writing an article on PDL companies and I need your help to get a more comprehensive understanding of how they operate and, as it seems, rip people off.
If anybody is up for it, I'd also like to include a more personal experience in my article. Obviously, every conversation will remain strictly confidential and no personal details will be disclosed.
Hope to hear soon from you.
Thanks for your time.
Matteo C.

[jon1965]

Re: Payday Loans - Your help needed!

More than happy to talk to him, particularly about minicredit which on my tablet always comes out as discredit...how appropriate

[SaltnVinegar]

Re: Payday Loans - Your help needed!

Hi Teocvll

I consider Payday Loans to be the crack cocaine of the credit industry.

The simple fact is that they are effectively creating a marketplace that for many will be impossible to get out of.

Lets look at the vicious cycle to support the assertion I make above......

People resort to payday lenders for the simple reason that they are unable to borrow from mainstream lenders. End of. If you were able to get a loan from a mainstream lender at 7% APR or another lender at 4000% APR then you're not going to choose the one with the ridiculous APR!

So you borrow money from a PDL company, diligently pay the money back, only to find that many mainstream lenders now won't lend to people with a payday loan on their credit reference file as this identifies them as a credit 'risk'. (As opposed to someone who was able to borrow money and pay it back at an extortionate rate).

So the cycle continues which means that someone can effectively get trapped into not being able to get affordable credit, even if they have managed to repay the loans they have taken on.

However many payday lenders will try to tell you that taking a payday loan will actually improve your credit rating!!

Now lets move onto the next side of things.........

Many people take out payday loans because they are desperate. Many people are using payday loans to pay for essentials such as utility bills and food.

They then get caught in the 'roll over' trap.

So how bad can this get?

I won't go into detail regarding the sorry saga of how I got in to debt, but the credit crunch affected many people in many ways, especially those of us starting our own businesses where cashflow was extremely important. Having clients delaying paying their invoices to protect their own cashflow (I won't go into the ridiculous and disgraceful behaviour of some of our 'ethical' companies towards small businesses) so (stupidly I admit) I saw payday loans as a short term solution to short term cashflow issues.

I effectively borrowed approx £1200 with 4 different lenders. With the rollovers my borrowing with these lenders quickly grew to over £4000 (this isn't a balance, but is the total of the rollover loans). I struggled for almost 12 months, repaying almost £9,000 before things came to a head and I decided enough was enough and stopped repayments.

And how do you think these companies behaved? Despite the fact I had originally only borrowed £1200 and repaid £9k?

Do you think they tried to come to an arrangement? Do you think they behaved ethically?

Did they bollox!

I have been threatened with being arrested for fraud, had phone calls to my previous employer, threatened with being reported to the Metropolitan Police, told that bailiffs will break into my house, told that I will be forced to sell my house, my children have been spoken to and told 'your daddy owes us money'...............

You don't see those in the OFT's debt collection guidance do you?

Even now, almost 3 years after making agreed payments to one lender, they are threatening court action, despite not following correct legal procedure and fulfilling their legal obligations under the consumer credit act and civil procedure rules.

Best
SnV

[pepe2008]

Re: Payday Loans - Your help needed!

PDLs deserve all the losses that they get stiffed with.

The 'Agreements' don't mean squat. Bullies lending to the vulnerable.

Change all your contact and Banking details and leave them hanging.

[vossy]

Re: Payday Loans - Your help needed!

If you don't like them just say so Niddy!

I got a hint of that too UE