14 replies to this topic

[Magz]

Just saw the news that the payday loans vultures are finally getting some sort of kick from the banking regulator.

 

Having heard the stories from people who have taken these loans out, I'm really glad I gave up the fruits before this sort of easy borrowing was possible.

 

I'd imagine there's a lot of people on here that have not been so fortunate however.

 

So, do ya think that the new regulations will make much difference?

 

More info about the new rules here:

 

http://news.sky.com/...reform-deadline

 

 

[duplu]

Not until they set a limit on the amount of interest that can be charged, which is not part of the proposed regulations.

[Magz]

That's very true, even in the US 1000%+ would be illegal under their loan sharking regulations. That said, at least some of their lending practices, such as lending to people with no chance of paying back, rolling over loans again and again, and using dodgy 3rd party collection agents may be curtailed.

 

I'd like to see them gone altogether, but it's one of the few growth industries at the moment, albeit a predatory, immoral one...

[fruitman69]

Im surprised the main stream banks have not go into this, as they would be in a position to offer a still inflated APR say ( 50% ) far under cut those companys.

 

A friend of mine borrowed  £250 in late 2010 and lost his job the same month was unable to pay and this year jan just gone was up to £7k  and has just had to declare bankrupt to get it to go away, but of course its not going to go away for another 7-10 years now hes been declared that, just terrible to be honest.

 

As Magz mentioned above being illegal in america, and quite rightly so, its just legalised loan sharking in the UK and should not be allowed, period.

[duplu]

Thank god they're going to reduce the adverts.  Every other day a new company springs up with another stupid name trying to entice people into more debt.

 

Today it was 'Cash Lady' fronted by none other than Kerry Katona who is an inspiration to us all in how to manage our finances!

 

Edit - Just took a look at their website 2670% APR, that's better than Wonga's 4214%!

[killcrazy]

The sooner these companies are banned outright the better.  Preying on vulnerable people and actively encouraging them to extend loans and get further and further in to debt.  I've heard stories of people being driven to suicide by these companies.  Really is sickening

[duplu]

Whilst we're on the subject of things getting out of control.  Has anyone noticed the abundance of casino games now spreading through the Apple App Store for its mobile devices.  You can't gamble on most of them but they give you a number of virtual chips to play with and then you can buy more via an in app purchase.  Some of them are selling bundles of chips costing over £60!  It's just madness.

[Daryl]

Whilst we're on the subject of things getting out of control.  Has anyone noticed the abundance of casino games now spreading through the Apple App Store for its mobile devices.  You can't gamble on most of them but they give you a number of virtual chips to play with and then you can buy more via an in app purchase.  Some of them are selling bundles of chips costing over £60!  It's just madness.

Too right I have mate… I thought Apple would’ve realised that this is still ‘gambling’ in a sense that these virtual casinos are still making profit from their customers - without any return at all…

 

…take Alice’s Wonderland Adventures UK slot for example.

 

I do like the new iFruitBomb 4 that is an iOS app that has been released in the Mac App Store though - plays as good on the Mac computer as on the iPad & iPhone - and it’s free!

[Bencrest]

Whilst we're on the subject of things getting out of control.  Has anyone noticed the abundance of casino games now spreading through the Apple App Store for its mobile devices.  You can't gamble on most of them but they give you a number of virtual chips to play with and then you can buy more via an in app purchase.  Some of them are selling bundles of chips costing over £60!  It's just madness.

 

I'll admit at this point that I was once (on my old Facebook account, so must be at least 18 months ago?) addicted to Slotomania on Facebook at one point. Think I probably spent over £200 on 'credits' for it, in a single night - didn't last as long as you would think

 

Somehow, in my head, it was OK to pay to play machines on which I couldn't actually win - which is fine in some cases (I have most of the Masque IGT slots packs, and they are surprisingly cheap), but paying £200 for 'credits' wasn't one of my better ideas!

 

Regarding Payday cash advances / Payday loans and all those services, they can actually be quite useful. I used Wonga at Christmas when I'd overspent - and rather than paying £40 or so for a bounced direct debit before some money hit my account, I used Wonga and paid ZERO interest. Don't know if anyone is aware but if you do a Wonga loan and pay it off very quickly (something like 12 hours or less) you don't pay interest? Gave me a chance to go to the bank and pay some cash in, saved me from getting bank charges, and didn't cost me a penny (NOTE : I used voucher codes available on the internet to remove the £5.50 initial finance charge).

 

I will say though that I can see how they can be abused, and how dangerous they are. Luckily, even when I was gambling, I never misused them. I did however gamble on credit cards online, which was pretty stupid - albeit thankfully a much lower interest rate

Edited by Bencrest, 06 March 2013 - 09:27 PM.

[duplu]

I forgot about the cash convert type shops.  I downloaded the Music Magpie app the other day and thought I go around the house and scan a few DVDs and Games.  They offer you an absolute pittance for most of the items I scanned.  For FIFA 2012 for the PS3 they offered 50p, a box set originally £90 was offered at £3.  A variety of DVD was between 25p and 30p.

[Bencrest]

I forgot about the cash convert type shops.  I downloaded the Music Magpie app the other day and thought I go around the house and scan a few DVDs and Games.  They offer you an absolute pittance for most of the items I scanned.  For FIFA 2012 for the PS3 they offered 50p, a box set originally £90 was offered at £3.  A variety of DVD was between 25p and 30p.

 

Used it a couple of years back when I sold my CD collection, it wasn't very big but it was for my dedicated audiophile vacuum tube rig at the time (I know, I know...!). 

 

About 20 proper classic rock / metal albums, 5 soundtracks, and 5 video game music albums. I was offered something silly like £10 for the lot. All mint, fully boxed. Stuck them on eBay and got about £100 before fees and postage, sold several of them in bundles to the same buyers and came out with about £80 after postage.I got to boost my eBay feedback too

[stanmarsh14]

I forgot about the cash convert type shops.  I downloaded the Music Magpie app the other day and thought I go around the house and scan a few DVDs and Games.  They offer you an absolute pittance for most of the items I scanned.  For FIFA 2012 for the PS3 they offered 50p, a box set originally £90 was offered at £3.  A variety of DVD was between 25p and 30p.

 

I'll tell you something about Magpie which maybe a bit of a surprise as I have connections in the trade..... they are a sister company to That's Entertainment, who sells stuff like that gained from Magpie to the public, and the markup's can be pretty high, as well as the sometimes dodgy way TE sell's their stock to give the impression it's brand new.

There are two branches near me (One in the Victoria Centre, Nottingham, one in Derby, in the old Virgin Megastore shop between Westfield Derby and HMV).

[nails]

couldnt agree more that these places need to be closed for good - however they provide a service, and if you need a few hundred and are prepared to pay through the nose..

[impact]

Shoot the bloody lot of them and roulette machines also