UK: Payday loan firms have 12 weeks to change

[mistermack]

The way to stop these abuses is to hit the firms in their pockets.

Impose restrictions on how they can collect defaults. If the interest rates are over a certain level, you can't distrain goods or property or get an order put on a salary. Nor can you impose administration fees. You just have to wait, and hope they pay.

The exploitation would stop overnight.

People say that people wouldn't be able to get a loan. Good. The vast majority shouldn't be borrowing anyway.

Well yes. That's what the news item is about - legislation.

Yeh, but you won't get any legislation that makes a difference. I bet ya.
We've been hearing this shit for years. What I suggested would make the finance companies think more than twice about lending to people who couldn't or might not pay.

Anyway, all this stupid borrowing is down to the failure of our education system.
Why teach kids Shakespeare or art, when you don't teach them how to manage money? It's fuckin ridiculous.
The priorities are all wrong.

[redunderthebed]

manage money?

This whole system caters to desperate/addicted people who generally speaking live hand to mouth.They are a market that is profitable for the simple fact they don't know how to manage money and have little chance of paying shit off anytime soon which creates a vicious cycle or as these lowlifes call them "good customers" i.e they pay the interest payments run themselves short and are back getting another loan because they are broke because they are behind the 8-ball from the get-go next payday.

There is fuck all really you can do except legislate against the very worst of the practices and i hope the UK govt despite the traditional disdain/loathing/persecution/punishment of the poor does this.