Payday loans etc.

(51 Posts)
Extrospektiv Fri 21-Sep-12 12:02:28

In the past 5 years I have noticed more and more shops opening up as pawnbrokers/ cash converters style places and offering "payday loans". Now they even advertise on telly,like there's no shame in lending at ridiculous interest rates anymore.

Also the shops where you can buy furniture, tv's, washing machines and the like on "pay weekly". like if you had the cash you'd pay £10 for petrol to drive/ train ticket to a big shopping area and £120 for a particular tv... and these places are bringing in people on (already stupidly low benefits, thank you Bullingdon Cameron & Osborne) or who are working at less than 2/3 of a living wage, who don't have the £10 let alone the £120- and tempting them with just £3 a week!

Sounds good, you're sitting on the 17th floor of a block in east london. Redundant through no fault of your own. Going 2 hours across the city on foot to look for a new job because your benefits won't stretch to the "luxury" of a bus ticket, only to be told it's already taken and expected to go with nothing, and then you go home to a box with bare walls and a window where you can see coppers chasing old men with the 3-litre ciders outside. Actually having a TV isn't the evil thing that Daily Fail think, is it?

So you pay £3 a week. For 3 years. Which is... £468 for a telly worth £120. That's an example I made up but the percentages are pretty realistic.

Why doesn't the government just cap the prices and interest rates ALL these places charge? They're nothing more than glorified loan sharks. Closing them completely would leave people with nothing if they couldn't afford, but instead of charging businesses heavy redistributive taxation, why doesn't the government just stop them from making the exploitative profit from the poorest quarter of society in the first place? It seems to make sense and save time.

I know these tory boys wouldn't do it but Miliband should if he gets in. What do you think?

(And any benefit-bashers who say "it's their own fault", try living on it for a year with no support. I've never had to so if I can empathise you should be able to. "welfare-dependency" is a right wing fanatic catchphrase which does not describe ANY of the people I've known on it. and if you want to stop people stealing from the government go after the 7-8 figure tax fraudsters.)

LadyMaryQuiteContrary Sat 09-Mar-13 22:45:46

I must live in a low income area as I've had 2 letters from one of these legal loan sharks through my door offering me money since Christmas. I'm not impressed. They shouldn't target people this way. I don't have major debt, nor do I borrow. I tore the first one up, the next will be returned with a 'not interested' scribbled all over it.

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