Tragic death of a father who owed money to payday loan firms(7 Posts)
Shocking. And so common these days. I personally know so many people on their knees because of debt problems something needs to change to help people
This is a real tragedy but syl1985 the banks don't put a gun to people's heads and force them to borrow money. It's very true however that borrowing criteria were so lax in the last few years that a lot of companies were happily lending money to people who really should have been turned down.
Also, because of data protection and protection of competitive info, one bank can't necessarily see how much someone has borrowed from another bank or on a credit card so all they see is the person is considered credit-worthy. Someone might apply to borrow £3,000, say, when they have an income of £25,000 a year, so it looks like they could easily pay that back with no defaults. What the bank doesn't know is that they have loans to the tune of £15,000 (for example) with other institutions.
I agree though that they should be more willing to help when people get into trouble paying back what they owe - anyone could lose their job, become ill etc and constant harrassment doesn't help at all. This case reminds me a bit of one a few years back (during the boom years when money was being chucked at anyone with a pulse and we were all encouraged to live on credit) that Jon Ronson wrote about - www.guardian.co.uk/money/2005/jul/16/creditcards.debt
Really sad because he obviously felt he couldn't tell his family what was going on
It's not the amount of dept, but the amount of stress they put on a person. It's horrible and there need to be some strict rules against this madness.
I've had some problems with Lloyds. They called me almost every day. Sometimes even a couple of times a day.
It's sooo annoying!!! They should be aware that there're people who can't handle that. And how dare they to write to his father after his son died. For him to repay the dept.
Have these people no moral sense what so ever?!?!?!
Make a repayment plan with someone. Don't start bombarding them with texts, calls etc.
What use does it have? If someone was able to pay you. Don't you think they would have done that???
It's always better to repay these guys asap. So how can they think that harassing someone will make them pay faster???
If they had the money they would have paid you in the first place!!!
If someone can't repay what they owe you, then you shouldn't have lent them the money in the first place!!!
They should do a check before they lent money to anyone. If it turns out that the person can't repay them, then that's their fault.
What a horrible way for a family to loose a loved one.
I read this, and he only owed £1500?
fucking awful, RIP
Yes, there needs to be very strict controls on their harrassing people. If people can't pay, it should be referrd to some sort of independent party that can help sort out an arrangement.
The stress of the constant calls when unable to pay must be horrendous.
Also they should not be allowed to charge such high interest rates etc
We are in a temporary state of recession, in a few years time we hope to be out of it and then people will be able to pay more easily. Inthe meantime, people should be given more time and more help and advice.
Message withdrawn at poster's request.
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