I too agree that their interest rates are verging on the criminal, but until they are regulated properly they will get away with it!
I believe some have been closed down, but not enough in my humble opinion!
As to getting peed off by unwanted phone and text messages, why do I continually get these silly PPI messages? I've never had it, never needed it and never wanted it!! (PPI that is)
Not new, been around as long as currency, but now they can advertise openly, supported by governments who realise that some people are so desperately poor in this State that they have to resort to such high interest loans, Provident have been doing it for more years than I can remember.
Personally I am sick of most repeat adverts (except my treasured Meerkats) but they are another necessary evil.
A child dies every 5 seconds in Africa, why ? we have been pumping money into the region for longer than I have been alive and I am 58.
I now feel any money I donate would be wasted, it might save one child only to allow more children being brought into a horrendous lifestyle.
I look at things like cancer research and see that people who would have died 30 or 40 years ago now have a chance of life, I can see progress, I cannot see that progress in saving african children, all I see is more dictators getting richer and more charitable organisations paying it's executives and fundraising companies more money.
Will I save a child today, No, will I pay £2 a week to bring fresh water, No, I paid all that years ago and it didn't work.
If I pay today I will be assisting the situation to continue for another 50 years.
I watched the news today, A new public statue for Birmingham City Centre = £1million, they already have over 100 statues, a man with a disabled son being charged bedroom tax because his son only spends 2 days a week with him and the rest in hospital.
Pay Day loans etc are awful and targeted at the most vulnerable people.
If your money often doesn't make it to pay day, taking a loan out to bridge the gap will only make things worse - and possibly drive you into a spiral or more and more debt, losing your home (and possibly family), losing your job (often a side effect of losing your home/car), bankruptcy.
If your money normally makes it to the end of the month but your car needs work so you are short this month. Talking one of these loans out will be like having work done to your car (albeit a smaller amount) every single month, and if you can't make the payments - they increase with no upper limit until you get into the spiral or more and more debt, losing your home (and possibly family), losing your job (often a side effect of losing your home/car), bankruptcy.
If you can get money ANY OTHER WAY, even throwing yourself on the mercy of your mother-in-law, it is better than these corrosive deals.
Another warning, a friend's son took out a Wonga loan (he was working at that point) then lost his job and couldn't make the payment. His Mum made a single payment on her debit card - she did NOT formally take over the loan - but the next month's payment came out of HER account. In the microscopic print it says that if you make a payment you take over the loan - this is the small print for the original borrower, no wonder my friend knew nothing of it. If you want to help a person out to make a payment, transfer money into an account for them to pay from - don't ever use your own details. In the advert is those bonkers old folks say "we give you all the information you need - - - " no they flaming don't!
I wish there was a system of micro-loans in this country like there is in India.
Take the directors of these companies outside and shoot them in front of their fa......
No doubt the system of lending to those who in a more financially unstable position or those that cannot prove a good credit history does bring greater risk.
I am sure there is % of loans made where they expect default.
The super high interest rate must be compensating for those losses and even those that default will be hunted down, to get a loan you have to give credit or debit card details which means that they can simply take the money out of your bank without any further permissions from you.
Declare your card lost and get another, the banks have no choice but to give them the details of your new card or your new bank details if you choose to change banks.
Then there are the numerous debt collection companies who will hunt down and chase defaulters.
), and am still waiting for some kind of reply. These firms are of course there to make money but at the expense of the poorest, and the ones who are the most vulnerable. When a customer then cannot pay that debt, the harassment the customer suffers as a consequence leads some people to take their own lives as was reported in a newspaper today. A company like Wonga as an example once they have you will offer you an " open credit agreement " where they give you a certain amount that you can draw on every month at extortionate rates.
sorry if I misunderstood
assionkiss:
