Hi
Have received a request from the BBC, See below
I'm a researcher for BBC One's consumer affairs show Rip Off Britain, fronted by Angela Rippon, Jennie Bond and Gloria Hunniford. As part of the second series, which is due to air at the end of this month, we're looking to make a film about payday loans, or any other type of loans which people feel ripped off by. I'm looking for a case study who would be willing to be interviewed about their experiences as part of the show.
We'd be looking to film within the next week.
Please contact myself using the link below or via the experts page on the link below and I will pass your details on
I never had payday loans or ever felt I was ripped off so I'd be no good.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I didn't have payday loans or feel taken advantage of but I do feel some lending practices are an abuse of power...such as virgin/mbna regularly hiking up interest rates on impaired debts and raising that interest every month! If I could have kept up the payments I would have been paying £2000 pa interest only on a £5000balance! And all the while they were sending me letters to remind me to use my card and credit card cheques! Outrageous.
There is nothing wrong with payday loans if they are used for the purposes they were intended - ie very short term finance to cover exceptional circumstances which then needs repaying at the next pay date. These firms are taking a large risk in lending to people in obvious financial difficulties, and so it is understandable when they charge a higher rate of interest.
I have to say this is something we have never done. I can understand the company putting up interest - in the economy now everyone has to make a living. But I would never want one at all!
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
Melanie,
I feel quite the opposite, they shouldn't exist as they are a rip off taking advantage of the situation people find themselves in, with typical interest of 1737%. yes 1737%.
Only if you don't pay them back on time - they are, and always have been, designed as very short-term finance - in which case they cost very little at all. If banks were more sensible about the granting of short-term overdraft facilities, there probably would be no need for this sort of loan at all.
25% charge for a month provided the money is paid back on next payday
I wouldn't call very little at all.
They don't take much risk as you normally have to be employed and have a regular wage, my concern is that if something goes wrong for the applicant and they can't pay back they then get into the realms of 1700% interest charges.
I hate easy borrowings and rip off charges.
If borrowings have been very difficult over the last 10yrs alot of us wouldn't be in the mess we find ourselves in
I don't agree - they are upfront with their charges and nobody forces you to go to them.
You know what the odds are when you do these loans and the chances of something going wrong within a month are minimal. You should already know if this is in the offing.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Kallis
But the problem is the people who go to them maybe have no choice, so the companies then take advantage of this fact, everyone feels that they can repay no problem in a mths time but what happens if they can't
they potentially get trapped in 1700% apr and then the spiral starts, why do they feel the need to charge 1700% apr because they are a rip off.
I'm sorry, but I don't agree. As desperate as I was, this was not something I even contemplated.
These companies are upfront with the fees, so if you choose to go with them, it is your choice. They may charge very high fees but they take a chance on you being able to repay them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
And the actual cost of borrowing is relatively cheap, because they don't tend to lend large sums of money. I am led to believe that the vast majority of payday loans are actually repaid on the due dates - and this far better than going to backstreet loan sharks that I can remember from my childhood preying on the innocent.
