To wonder who uses the pay day loans advertised on TV?

[PrincessScrumpy]

They have typical 1374% APR on the ad I just saw - who uses them? Surely it's just a company disguising a loan shark and should be banned!

My ex, basically cos he is shit with money and has got into a vicious circle of being a month behind on all his bills, cos he dont pay them on time first off, then when they demand the money he aint got it, then has to get a quick loan to pay it, then cant afford the bills next month cos he's busy paying off the loans or increased bills from the month before. Since we split a few months ago he's gotten himself into a right state with money, even though he said he'd have loads of spare money!!

More people than ever are in dire financial circumstances and could possibly require the likes of these companies as a last resort.
2 years ago we were comfortable with money to burn. Now we're on the bones of our arse with not a penny in savings. I'm good with money - I just haven't got any.

TSC get down the CAB as soon as humanly possible - they will help you cut a deal with whoever you owe... you should not have to touch those companies with a bargepole.

twinkly, I don't think anyone on here is sneering on people who borrow from these people, just at the scumbags who legally prey on them.

My parents had no money when I was a kid, they used to buy furniture on tick at inflated prices and borrow cash. Sometimes we'd hide behind the sofa when the man came round to collect his weekly payment if the money wasn't there.

have you tried the CAB? I got in to debt with my rent, which is a similar level of cuntishness and CAB helped me cut a deal that I could afford because I was on a low income - I had to write my incomings, outgoings, things I would cut out and all my debts - they decided the important debts and those that could wait and then cut a deal with the council....

apologies if you have tried though - councils are horrid

I used one for the first time this month. Hopefully never again.

We are already on a debt management plan, no access to any other credit, so any unexpected expenses hit us hard. DH gets his annual bonus next week so that will sort things for a while and we won't spiral out of control from using a payday lender. Everything has been totally fucked since I lost my NHS job last year (thanks Tories).

TSC, are you on a debt management plan? The company we used is Payplan, they don't charge anything (beware the ones that charge). Our credit will be fucked for 6 years, and one of the debts has put a charging order on our house, bastards. But it's not bankruptcy or an IVA.

Sorry to hear you are both out of a job. I'm watching your other thread with interest, also trying to cut food costs here. Asda's price guarantee thing is ok, I always seem to get some money out of them.

TSC I made a mistake on mine once; my fault I accept. But the letters they send out! I was pregnant at the time and I remember the tone made me feel a bit queasy. When DH rang to pay it off, he suggested they re- think how they speak to people when demanding money off them when they don't grit the streets in winter

And the point was, they said we 'lost our right to pay by installments and the full balance' was now payable. Er... If you don't have £150, where are you supposed to magic £1000 odd from?!

And if you decide to use Wonga, make sure you sign up through Quidco, you get £15 cashback (which doesn't cover all the fees, but at least you're getting something back).

My council tax debt went to bailiffs in our case a few years ago. Luckily we had a fantastic tenant support officer who kept them phyisically away from the door at one point.

Council tax people are bastards if you get into debt with them, you cant negotiate with them either, they just take you to court, don't properly explain the court system (in our case) and then send bailiffs round without giving you a chance. They just are not interested in whether you've got xyz to feed or no money.

We had to pay the bailiff 20 pound a week for a year to get rid of our debt. Thankfully its all sorted now.

OP, I think you've got your answer.

Tough times. I'm sad for our children - it's going to be a struggle for most of them.

TSC - not sure why you are having a go at me. I'm angry about the loans as I don't think they halp people and just cause more problems for those in financial difficulty. I've been through redundancy but was lucky enough to get a job straight away - half the pay I was on but better than nothing. Money is tight and we don't have a flat screen or a mansion. We do however have savings put away for a rainy day. Does that make me a tory? I didn't realise concern for vulnerable and poor was a Tory trait!

people like me. I had to get one last week to tide me over until payday at the end of the month. I borrowed £100 and am paying back £15 interest

the 1000s% is apr so would be if you kept the money for a year, which these loans arent supposed to be for, it's short term.

having said that, the answer to your question is idiots and the desperate, like my xh who is in the former category!

PS I think your OP came across as a bit judgy, or maybe it was some of the subsequent posts that reinforced that, I dunno (stacey's being case in point...)

The fact remains, that many, many people are in much worse financial situations through no fault of their own

that is the key here

I think there are always financially-feckless people...but in these difficult days your not-stupid and not-feckless folks are really feeling the pinch and have no where else to turn

here but for the grace etc...

My DD(19) - disclaimer: she gets her stupidity from her father.