Payday loans!

runawaybishop · 15-05-2013 11:58AM

Crooked Jack wrote: »

This guy must work for some of these cowboys or something. i know, from personal experience, they do all this stuff.

I bet you work for blah blah - cop on.

What he has said is factual, if they do any of those things they are breaking the law and can/should be reported.

Crooked Jack · 15-05-2013 11:59AM

runawaybishop wrote: »

I bet you work for blah blah - cop on.

What he has said is factual, if they do any of those things they are breaking the law and can/should be reported.

On paper, maybe. In practice these guys do what they want.

Seriously, to anyone out there with money worries, contact the citizens advice bureau, you'd be surprised how much they can do. Do not approach these scoundrels.

runawaybishop · 15-05-2013 12:01PM

Crooked Jack wrote: »

On paper, maybe. In practice these guys do what they want.

In reality it is illegal and should be reported. The direct debit violations could result in them losing their license.

Crooked Jack · 15-05-2013 12:01PM

runawaybishop wrote: »

In reality it is illegal and should be reported. The direct debit violations could result in them losing their license.

Do you have any personal experience with these people?

runawaybishop · 15-05-2013 12:09PM

Crooked Jack wrote: »

Do you have any personal experience with these people?

Irrelevant.

http://www.ipso.ie/section/DirectDebitScheme

The Collection of a Direct Debit

The Originator will inform the Payer in advance of the amount and date of the collection. The minimum advance notice is 14 days unless the Originator and Payer agree a shorter period. The notice can take the form of an invoice or a one-off notice detailing a series of payments over a period of time.

If it is established that an unauthorised direct debit was charged to a Payer’s account a prompt refund is guaranteed by the Payer’s bank. An Indemnity Claim is a claim made by the Payer’s bank in respect of an unauthorised direct debit being applied to its customer's account.

The direct debits they try to take cannot be random, they must be specified and agreed to by both parties. If you get removed from the scheme you can no longer take direct debits.

Crooked Jack · 15-05-2013 12:16PM

runawaybishop wrote: »

Irrelevant.

http://www.ipso.ie/section/DirectDebitScheme

The Collection of a Direct Debit

The Originator will inform the Payer in advance of the amount and date of the collection. The minimum advance notice is 14 days unless the Originator and Payer agree a shorter period. The notice can take the form of an invoice or a one-off notice detailing a series of payments over a period of time.

If it is established that an unauthorised direct debit was charged to a Payer’s account a prompt refund is guaranteed by the Payer’s bank. An Indemnity Claim is a claim made by the Payer’s bank in respect of an unauthorised direct debit being applied to its customer's account.

The direct debits they try to take cannot be random, they must be specified and agreed to by both parties. If you get removed from the scheme you can no longer take direct debits.

Wait, so copying and pasting something from a website = indisputable.
Actual experience of dealing with these companies = irrelevant.
I can see there is no basis for further discussion with you.

OP, these guys are cowboys and do whatever the hell they like, regardless of what the law says. Avoid them at all costs.

beano345 · 15-05-2013 12:20PM

i took one out in canada for 800$ and bought a flight home! never heard anything from them since! im presuming they looked at the money they made off me over a year and a half period and said f@#k him we've made 3 times that off him...no e-mails,letters or people calling to my old apartment

runawaybishop · 15-05-2013 12:23PM

Crooked Jack wrote: »

Wait, so copying and pasting something from a website = indisputable.
Actual experience of dealing with these companies = irrelevant.
I can see there is no basis for further discussion with you.

OP, these guys are cowboys and do whatever the hell they like, regardless of what the law says. Avoid them at all costs.

I don't disagree that they should be avoided at all costs.

You seem to be grasping this wrong, if they are behaving in the manner suggested their are breaking the law and should be reported. If they are doing this regularly they will lose their licence. The fact that they are cowboys is irrelevant to this.

Similarly, they aren't allowed to tell a 3rd party what the call is in connection with, as they are not allowed to divulge this confidential data to any 3rd party. If they are they should be reported, simple as.

syklops · 15-05-2013 12:31PM

runawaybishop wrote: »

I don't disagree that they should be avoided at all costs.

You seem to be grasping this wrong, if they are behaving in the manner suggested their are breaking the law and should be reported. If they are doing this regularly they will lose their licence. The fact that they are cowboys is irrelevant to this.

Similarly, they aren't allowed to tell a 3rd party what the call is in connection with, as they are not allowed to divulge this confidential data to any 3rd party. If they are they should be reported, simple as.

Who do you report them to?

Capt'n Midnight · 15-05-2013 12:35PM

ArtyC wrote: »

Although very common in the uk, not so much here. I'm in a tight spot. Very tempted .... Well desperate more than tempted. Anyone here have good/ bad stories about these loans. Font want to make my situation worse. I'm in full time employment but after a week of weetabix I could do with a loan I could pay back gradually. Bank and credit union a no go

You can't pay back payday loans gradually. Sucker bait.

The trick is to wait until weetabix is on special offer and stock up. Or go with the generic aldi/lidl/dunnes versions which you'll eat less of because they aren't quite the same.

And more bad news - count yourself lucky you could get them
http://www.bbc.co.uk/news/uk-england-northamptonshire-22248961

Weetabix products hit by poor wheat harvest

The breakfast cereal brand said production of Weetabix Minis and Oatibix Bitesize had been temporarily reduced after last year's extreme wet and cold weather hit wheat quality.

phasers · 15-05-2013 12:35PM

OP, just tough it out for one more week. Between now and payday work out a suitable budget which allows for bills, food and if possible a little bit into the credit union, even a fiver a week if its all you can afford to build up a regular savings schedule. Next month go out and buy a big bag of rice or pasta, some tinned veg and some nice herbs. Put em in your press and you will always have the makings of a simple, tasty meal available.

For now, there's a few ways you can use weetabix differently too, try eating it hot or cold, add yoghurt, berries, salt, sugar or any seasonings you've got around the place. I also have a recipe for chocolate weetabix cake if you want something fancy.

runawaybishop · 15-05-2013 12:38PM

syklops wrote: »

Who do you report them to?

irecc, data protection commissioner and financial ombudsman.

Capt'n Midnight · 15-05-2013 12:38PM

Anyone wrote: »

Not available over here thankfully. They are a bunch of robbing b*****s. 1000-2000% APR and they take the money from your bank account.

How about 10,000% ?

http://blogs.mirror.co.uk/investigations/2009/04/quickquidcouk-charging-up-to-1.html

Put it another way, they have a LOT of ads on TV. That means they are making lots of money.

Check out the Aldi specials on bargain alerts

syklops · 15-05-2013 12:40PM

Make friends with your local butcher, my local one is doing 10 chicken breasts for a tenner. Much better value than tesco's 3 for a fiver. Also, if you shop in your local butcher, you can go into him and ask him if he has any old cuts, or things that need to go today, and you will pay him on payday. He'll either give you a reduced rate or maybe even for free if you are a good customer.

Pudders · 15-05-2013 12:48PM

runawaybishop wrote: »

I bet you work for blah blah - cop on.

What he has said is factual, if they do any of those things they are breaking the law and can/should be reported.

I saw at first hand evidence of every single bit I said when doing due diligence. This was in England. I won't name the company but they were the 4th largest UK based payday lender and were looking for our firm to invest in the equity in the frm.

They called people's work and if the person wasn't there they would say "Payday loan company" called for them.

On the direct debits, under the agreement, they can take cash by card, direct debit or standing order. They would ping the bank for the d/d, then they would try and take it from teh card as a card payment.

You may say that these thing are illegal but you are incredibly naive to think they don't do any of it.

We didn;t invest for ethical reasons as it is clear that this industry is full of charlatans and chancers and teh industry has a short life before it is stopped and rightly so.

runawaybishop · 15-05-2013 12:50PM

Pudders wrote: »

I saw at first hand evidence of every single bit I said when doing due diligence. This was in England. I won't name the company but they were the 4th largest UK based payday lender and were looking for our firm to invest in the equity in the frm.

They called people's work and if the person wasn't there they would say "Payday loan company" called for them.

On the direct debits, under the agreement, they can take cash by card, direct debit or standing order. They would ping the bank for the d/d, then they would try and take it from teh card as a card payment.

You may say that these thing are illegal but you are incredibly naive to think they don't do any of it.

We didn;t invest for ethical reasons as it is clear that this industry is full of charlatans and chancers and teh industry has a short life before it is stopped and rightly so.

That England, not here. I didn't once say they didn't do them - I said they need to be reported. What's your problem with that?

LowKeyReturn · 15-05-2013 12:58PM

Why do people have such a problem budgeting for monthly pay? Open two bank accounts and transfer a set amount per week into an account. TA DA... paid weekly.

runawaybishop · 15-05-2013 01:07PM

LowKeyReturn wrote: »

Why do people have such a problem budgeting for monthly pay? Open two bank accounts and transfer a set amount per week into an account. TA DA... paid weekly.

It costs to own a bank account and to transfer money - your advise to people with financial issues is to incur more costs?

m5ex9oqjawdg2i · 15-05-2013 01:09PM

Op, could you ask your job to give you an advance? Or ask the bank for a temporary overdraft? If you don't want to use the pay day loan company. People seem to have a misunderstanding of what a pay day (short term) loan is.

This perception that people have of these companies is incorrect. "Pay yer bloody loan or yer gettin' yer legs smashed" :rolleyes:

These companies provide a service, you use your common sense to assess the company. It should be transparent and the terms and conditions should be clear.

If used correctly, a pay day loan can be helpful to those who are stuck in a rut. Some people are unable to save for future emergencies.

You should be presented with the amount you are being lent, when it should be paid back, total cost of loan and what happens when the payment is late (additional charges).

If they are trying to hide anything then you should be wary.

"Take a loan of 500 today and pay back 600 in 30 days"

"If you don't pay by the above date, we're going to break your legs, eat your children, steal your net curtains"

syklops · 15-05-2013 01:14PM

runawaybishop wrote: »

irecc, data protection commissioner and financial ombudsman.

The Data protection commissioner and financial ombudsman. Not a tooth between them. If you go to the guards and say you are being harassed by a pay day loan company, they will redirect you to Waldorf and Statler. Great help.

LowKeyReturn · 15-05-2013 01:15PM

runawaybishop wrote: »

It costs to own a bank account and to transfer money - your advise to people with financial issues is to incur more costs?

It's cheaper than a pay day loan and a small price to pay if you're living on wheatabix for he last two weeks of every month.

On an AIB Account you're talking €18 per year for the account and €0.20c a week for the transaction charge. That works out at less than 8c a day. You pay way more than that by being on a pay as you go phone as opposed to the optimum contract - the point being though that it makes it easier to budget.

runawaybishop · 15-05-2013 01:17PM

syklops wrote: »

The Data protection commissioner and financial ombudsman. Not a tooth between them. If you go to the guards and say you are being harassed by a pay day loan company, they will redirect you to Waldorf and Statler. Great help.

So what, don't bother reporting them?

LowKeyReturn wrote: »

It's cheaper than a pay day loan and a small price to pay if you're living on wheatabix for he last two weeks of every month.

On an AIB Account you're talking €18 per year for the account and €0.20c a week for the transaction charge. That works out at less than 8c a day. You pay way more than that by being on a pay as you go phone as opposed to the optimum contract - the point being though that it makes it easier to budget.

Money is money, when you have feck all every bit counts. I bet the op would love to have 18 euro spare in his pocket right now.

syklops · 15-05-2013 01:22PM

runawaybishop wrote: »

So what, don't bother reporting them?

I didn't say that. Are you being obtuse on purpose?

I said they have little real world power and if you are being hassled by a pay day loan company, basically if any of the things people on this thread have experienced themselves which you keep saying is illegal, the Guards won't help you, and you will get no real world support.

LowKeyReturn · 15-05-2013 01:27PM

runawaybishop wrote: »

Money is money, when you have feck all every bit counts. I bet the op would love to have 18 euro spare in his pocket right now.

The key to having money is budgeting not counting pennies. The OP has clearly got himself at a stage where he needs a pay day loan and has no savings. You crack on with your advice and I'll do mine.

15-05-2013 01:37PM

LowKeyReturn wrote: »

Why do people have such a problem budgeting for monthly pay? Open two bank accounts and transfer a set amount per week into an account. TA DA... paid weekly.

God knows. I'm always baffled by how many people are surprised that their pay has to last them a whole month.

runawaybishop · 15-05-2013 01:54PM

syklops wrote: »

I didn't say that. Are you being obtuse on purpose?

I said they have little real world power and if you are being hassled by a pay day loan company, basically if any of the things people on this thread have experienced themselves which you keep saying is illegal, the Guards won't help you, and you will get no real world support.

What's the harm in reporting them?

LowKeyReturn wrote: »

The key to having money is budgeting not counting pennies. The OP has clearly got himself at a stage where he needs a pay day loan and has no savings. You crack on with your advice and I'll do mine.

Cutting out unnecessary expenses is important though, banks are starting to increase transaction fees etc

LowKeyReturn · 15-05-2013 01:59PM

runawaybishop wrote: »

Cutting out unnecessary expenses is important though, banks are starting to increase transaction fees etc

Well on that I couldn't agree more. The problem is that people who don't budget properly get shafted every which way. Firstly they end up getting charged more for their bills in non-direct debit fees and late payments. Then they are much more likely to be in credit card and over draft debt. Finally they end up with these pay day loans.

Suddenly a liveable wage isn't enough because you're paying out €100 in interest every month.

15-05-2013 02:04PM

stay away for the love of god , notting is worth it

Retrovertigo · 15-05-2013 02:11PM

Pudders wrote: »

On the direct debits, under the agreement, they can take cash by card, direct debit or standing order. They would ping the bank for the d/d, then they would try and take it from teh card as a card payment.

There is a pecking order for direct debits in banks in the UK. So if someone gets paid on the 1st of the month and has several direct debits, priority debits such as mortgage etc. are honoured first, any kind of payday loan is way down the list. In fact some payday companies have priority over others.

If either have a direct debit on your account details OR on your card, not both. Making an attempt on an account with no funds generates a fee to the customer of around 20-30 pounds, so to continually do this will rack up charges for the customer and is a big no no. The banks fraud department can also pick up on too many attempts and suspend the debit.

What year where you doing your due diligence? Certainly within the last 5 years regulatory control has been strengthened due to the number of loans being given out, any cowboys have been fined to death or shut down. It is a massive market and the companies still operating will do anything not to come to the attention of the FSA in fear of a revoked license.

If someone calls your workplace and says "paydayloan company" they are breaking data protection and thus if you contact the company and ask for the recorded call the loan will be immediately written off, the person fired and a grovelling apology will be issued. Plain and simple.

syklops · 15-05-2013 02:20PM

runawaybishop wrote: »

What's the harm in reporting them?

Can you find one solitary person on this thread against reporting them?!?

Payday loans!

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