What The F... ...oolishness Is Going On?
 

I have been looking for a cash cow, erm I mean, a cash lady all my life.

No joy so far, nearest I've ever got is Ms Spendalot Guaranteed to take my overdraft further than I could either afford or even imagine.

Then I spy an ad' on the good old haunted fish tank.

Not only does she exist but she's bouncing back from her own bankruptcy but doing it by coaxing other women to go there to pay off her own.
Surely this isn't the image high cost loans should be putting before the irresponsible?

Ex-bankrupt Kerry Katona fronts payday loan ad campaign - Telegraph

:confused:

Re: What The F... ...oolishness Is Going On?
 

Well you have a cashman already Wizz.... are they collectibles like those NatWest piggy banks they used to give out? ;)

Re: What The Foolishness Is Going On?
 

Marvelous, they're using a real role model aren't they, when these people take these loans out do they never look at the APR which in a lot of cases is over 2000%

Re: What The F... ...oolishness Is Going On?
 

is teh advert trying to tell us that if you cant afford your cocaine then use them for a quick fix loan ?

Re: What The F... ...oolishness Is Going On?
 

I can just imagine it-Ms pink tracksuit'll be sitting there with her pot noodle and chips watching the ad and she'll think 'Hm I've spent too much of my income support on orange foundation recently and now I can't afford the latest smartphone!If Kerry Katona doesn't care about being in debt and this payday loan thing is good enough for her, then I can do it, innit!'
*This is if these sorts of people have a thought process system, at all.
** Payday loan indeed. More like JSA day loan....
*** I have nothing against pink tracksuits, I was stereotyping, I'll be very sorry in a later life.

Re: What The F... ...oolishness Is Going On?
 

I'm wrong actually-I'm sure these sorts of loans are usually available only if the debtor has a job.
Katona doing it is a bit of a joke-and their APR is scary. Some people just don't care about debt, I can see why-it's just a fact of life for so many.

Re: What The Foolishness Is Going On?
 

Why does the APR matter?
These loans are supposed to be short term for a couple of weeks until you get paid. If you borrow £100 to pay a bill and you have to pay back £110 then the loan cost you £10. The bank charges for missing that bill payment could be £30 so you saved £20.

Please don't just jump on certain MP's bandwagon about pay day loans without looking at who they may be good for.

Re: What The F... ...oolishness Is Going On?
 

the apr certainly matters, especially if for some unforseen circumstance,its not paid in time, "supposed to be short term" is the key if you are stuck for a hundred quid, and its not paid, the out come is frightening,

Re: What The F... ...oolishness Is Going On?
 

You enter into a contract with them to pay it within a certain time.

Just did a Wonga and £100 for 7 days will cost you £112.78. That's only £12.78 profit for them which includes their costs and the risk they take that you will pay it back.

How much do you think they should charge you for borrowing £100 for a week?

Would you be more happy if they charged you a lower APR but charged an administration fee?

Re: What The Foolishness Is Going On?
 

That's all well and good Neil, but how many FAIL to pay it back within the period and end up paying an arm and a leg, there are countless numbers who fall into this trap and end up in dire straights through it

Re: What The Foolishness Is Going On?
 

These firms have only come on the market quite recently in real terms, why, because they know that people these days don't care about how much debt they're in, the idea is not to put yourselves in that position in the first place

Re: What The Foolishness Is Going On?
 

I'm sorry but as Niel said they cost allot less than bank charges, I was on the side of these companies being ridiculous until somebody I know told me they've used them and its saved them over £100 in bank charges. When you look at out that way they're doing a good service. If you fail to pay it back its your own fault, you should weigh up the risk before taking it out. Its a simple process and its all there in black and white.

If you use these places for anything other than paying a bill before payday like buying something then you deserve the huge Apr in my opinion.

Re: What The Foolishness Is Going On?
 

Quite right tommi, if they are used in the correct way, but a lot of people who can't manage their finances fall into the trap and it makes things worse than ever and sends them deeper into debt, they say in adverts that stringent checks are carried out to make sure those given these loans are capable of paying the money back, but when somebody like Wonga say you can have the money in your account in 15 minutes, there ain't a lot of checking going on there is there:rolleyes:

Re: What The F... ...oolishness Is Going On?
 

I've known folk have loans for three or four of these companies all at the same time. I don't know, I was always a believer that if you haven't got it you don't spend it, but there are circumstances in which I don't follow that.
They are better than accumulating bank charges, but I hate the way people who are in trouble with them, shift the blame to the companies themselves...

Re: What The F... ...oolishness Is Going On?
 

I'm 67 years of age in a couple of months and I've never borrowed money from anybody, never bought anything on HP (if I've wanted anything I've saved for it) I've had a Mortgage, as have a lot of people, but we're now in the age of buy now pay latter, or in other words a false economy.

Many years ago I used to frequent the Great Tree pub in Hassy, and a lad I knew from Ossy was also a regular, one night he asked me if I could lend him a couple of quid until he got his Giro, which I did. When he got his Giro he gave me the money back as soon as he came in the pub, but this started a cycle, he started asking me every week, until I decided to end it once and for all, he came to give it me back and I just, na its right, you keep it, then you'll never need to borrow it again, never asked me again:rolleyes:

What The F... ...oolishness Is Going On?
 

That's a generational issue though Jaysay. My parents are older than you but never bought anything they couldn't afford. I think many people today could learn a lot from that as there is no happiness to be found in debt.

Those of us brought up during Maggies era, or later got conditioned to believe we needed all sorts of material crap that is expensive and usually pointless. Buy today and forget about it tomorrow was the norm.

I remember buying carpets for a house that cost £65 a square yard in the 1990s. It was buy now, nothing to pay for a year then payments over 4 years. By the end of year five I had moved house twice and paying for someone else's carpets 2 years prior! In reality I should have bought what I could afford which would have been more like £6 a square yard at the time.

Personal finance should be MANDITORY in schools instead of non-existent. If it were up to me I would move Religious Education out and personal financial management in. There are few life skills more important or young people to learn than this.

Re: What The F... ...oolishness Is Going On?
 

I would probably do that too. Schools seem to teach very little about taking care of yourself in life, and I don't think religion has a place in education.

Re: What The F... ...oolishness Is Going On?
 

So should spelling;):D

But definitely agree on the "generational" thing ... I still behave responsibly when it comes to spending. I shop for "specials", make good use of my freezer, try not to waste food, and avoid the "never never" (I think my grandad used to call it that.) This leads me to think that the type of education you are talking about has to be learned in the home. I guess I'm not that much use to a hot consumer economy ... I still think of a plate as something off which I eat food, and not as something to enhance the ambiance of my kitchen.;)

Re: What The Foolishness Is Going On?
 

Your last paragraph is spot on Mr. G. certainly it's more important to get life skills, religion doesn't put food on the table or clothe your family's backs

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There you go again, what about feeding the five thousand?

We could do with kestrels second coming, then he could feed the millions and stop the charity ads on T.V.
:D

Re: What The Foolishness Is Going On?
 

No way, the firsts been bad enough.:eek:

Re: What The Foolishness Is Going On?
 

Well there's no need to sacrifice your beer money every week supporting these TV ads Less, just ignore them like I do:D

Re: What The F... ...oolishness Is Going On?
 

You did the right thing there Jaysay, Same prob with me...Club I used to go in, got friendly with a guy who was working, (I am retired) he asked if I could lend him a tenner...No big deal, here you are--Got it back the week later...Same again for a number of weeks. Then he upt it to £20 so I thought ,,OK got this back for a few weeks. Then the sting....OH dear can I pop round to yours on Friday, to give you the £20 back....Did the same as you Jaysay, ,,only I said, well to save you a bit just give me a tenner back and we will call it straight, NO more loans from now on.... Sorted, well sort of !!

Re: What The Foolishness Is Going On?
 

After that I have heeded the advice my mother when I was growing up, neither a borrower nor a lender be, doubt if she knew it was first made by Polonius in Shakespeare's Hamlet:)