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The loan companies themselves, or the people taking out the loans?
IT'S POOR PEOPLE!
What do I win?
have legal responsibilities relating to:
- undertaking due-diligence checks on people's ability to repay loans, including the state of their mental and physical health.
- the advertising of their products, including publishing the true APR and repayment terms.
Given that this CAB report suggests that many companies are failing in these duties, one might suggest that it's them.
It's also worth asking why there has been such a rise in the use of payday loans - is it because they are increasingly available, or is it because there is a rise in the number of people needing them?
i had the idea for these and wrote a business plan but lost it. i think someone with the capital to start it up must have found it
Thanks for playing everyone.
human nature is what has been exploited here. Payday loan companies exist because of human nature in certain circumstances. Responsible gov should know this and thus should have regulated against this sort of moneylending.
It is the fault of those in authority who are meant to regulate.
to regulate society so that it ticks along smoothly, this then prevents/lessens the impetus for people to seek solutions outside of what is acceptable for societies smooth running.
which is why licences are required for many operations........Im suprised surely you realised this most basic facet of society and authority/regulators
wise judgement on, lest the parties involved escalate to a crisis point.....simply because there are too many people for us all to act freely.
We are all obliged to not act as if we are free individuals, because otherwise this will tread on others toes and the collective of the nation has some burleyness that will physically constrain you to comply. Since we are over regulated it seems almost criminal that the regulation is not applied solely for rules that benefit individuals (the aspect with the least power) and groups to a reasonable and not destructive degree.
when it all goes wrong.
And the current government could let people become homeless and go without food and ... oh...
It's just basic human decency and civility, to care, surely.
I suppose you have to be capable of empathy to see the rise in homelessness, destitution and food banks as a cause for concern and something to be addressed, I guess.
then the likes of you will still then have to pay the police to spend their time to take away the sleeping bags and take away their food. and that costs money....is that what you want?
perhaps we should just all you Eric Cartman or fatass for short? (not you marckee)
but thats irrelevant; my point is that a method of finance that was much less expensive & less risky became unavailable to people who needed them/relied on them. whether they should have ever done so is by the by.
An interview some girl who is 17 grand in debt due to payday loans, then straight afterwards ' would you like to win ten thousand pounds? Then answer the following question etc, calls cost 1.54 a minute, 1.50 a text'...
I'd say Georges Clemenceau, the French Premier during the signing of the Treaty of Versailles. His actions pretty much meant that this sort of thing was inevitable.
Some expenses can wait, such as a bass guitar. Whilst others cannot, such as gas or food.
My friend is a gambling addict and has gotten himself into serious debt as a result of the likes of Wonga. He admits, its down to him being a fucking idiot.
14 minutes ago
People use these companies because they have exhausted every other avenue of credit; they have demonstrated in the clearest possible way that they are no good at borrowing money!!
And yet, go in to the homes of many of these such vulnerable people and, if you can manage to squeeze yourself into the lounge, besides the 48" flat screen, you will notice the Sky box, no doubt interupt a TV programme exclusive to Sky's big money channels, like SkySport or SkyMoveis. The coffee table will no doubt be laden with full ashtrays, packets of cigarettes, bottles of various alcoholic drinks and newspapers open at the racing pages.
These people need to be taught to prioritise the calls on their limited funds and help matters by getting off the dole and into useful employment!
Don't blame the lenders!! It is not their fault that the vulnerable people need their services!