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Ridiculous Loans - Carers UK Forum

Ridiculous Loans

Socialise and chat about other areas of your life
Today I have received 2 letters wanting me to take out credit cards, 1 letter offering me a loan and another wanting me to lease a £48,000 Jaguar which is totally out of my price range.
And just before Christmas a company wanted me to take out a mortgage at 62.
I wonder why so many people have debt problems?.


Brian
Because unlike you they dont know that £48k is out of their price range.... So many of my friends have asked me why I have money (not rich or well of by any means, just able to buy something when Ive needed it), its because I dont get sucked into the credit cards and know what I can and cannot spend. I also dont blow it on alcohol and other rubbish like they do!! I know a few that have been bankrupt or near to the point on a few occasions.
Actually, they probably do know that a 48k car is out of your range, but don't care. These companies are so set up that they don't care, they're covered. And I bet the interest was is single figures too, or near as damn it.
A much bigger problem are those legalised loan sharks like Wonga, who charge massive interest on piffling sums of money.
Such companies never used to exist (legally.) I've often wondered if their sprang into existence at the same time that monthly pay for low wage earners came about, as it's a heck of a lot harder to budget when you're paid monthly instead of weekly if you earn a pittance.
The only way to manage if you're paid say £424 every 4 weeks is to religiously pay all your bills on pay day; water rates/leccy/mobile phone top up, etc. Then you're left with very little to live on. If an emergency arises, you're stuffed. And you always run out of money about a week prior to next pay day.
Much easier to manage if you're paid £106 per week. If I were mistress of this country I'd do the opposite of what Ian Duncan Smith is introducing. I'd ban companies from foisting monthly pay on anyone earning less than average pay; let the employee choose. I bet most would choose weekly pay which used to be the sensible norm. Instead IDS is making Universal Credit monthly instead of every two weeks to help 'discipline' claimants in the way of work. Doesn't that numpty realise that the cost of living for the low paid is much, much higher than for those on decent/high pay?
Given that 51% of the working population earn 18K or less per annum, why is it that the low paid are expected to be 'disciplined' to a level not expected of anyone else?
You cannot hand a jug of ice cold water to someone suffering from thirst, with instructions not to drink from it, and then get outraged when they do.
I wouldn't be at all surprised to find out IDS has shares in the likes of Wonga.com. At the very least, I bet a load of his cronies do.

My mum used to come out with this saying, "If you owe a bank a £100 they'll pursue you to the ends of the earth. Owe then a million, and they'll make you a member of the board."
That's more true today than it was 30 years ago.
Today I have received 2 letters wanting me to take out credit cards, 1 letter offering me a loan and another wanting me to lease a £48,000 Jaguar which is totally out of my price range.
Brian
But surely if you take out the loan, then you'll be able to afford the jag!

Or am I missing something? Image
Some people don't mind dying in debt - they schedule their borrowing such that they will be dead before their creditors can come after them, and they don't own any savings or property to be seized (but I think, am I right, that credit card debt is unsecured, so the credit card company can't take your house away!)(or maybe they get a court order and bailiffs, etc etc?)

Even more frightening however, is boiler room scams - getting vulnerable people to buy rubbish worthless shares. My friend's elderly father was conned out of thousands by such a scam. She managed to get power of attorney finally ,but it wasn't easy - her father just could not be convinced that the entre scheme was fraudulent. He kept telling her how posh their brochures looked and how nice their salesmen were.....
It's all frightening. Whether it be boiler room scams, or dodgy salesman flogging legit products. They are wolves, and they're gathering, ready to spring.
hi.has anyone had any luck getting compensation for mis sold payment protection insurance for credit cards?
yes I did a couple of years ago. I got 4K back. I did it myself as well. From the Halifax. I used the Martin Lewis website. There is a link on his website. Just printed off the sheets. (there are about 9 pages) filled it in. Sent it recorded delivery. They have to respond and acknowledge they have recieved it in writing within 10 days) even if you don't have all the answers just say don't know. They have you in their records. They faff about a bit saying they are looking into it. One day I just received the cheque. Image
hi busymiss, 4k you lucky lucky person Image .
gladstone brooks said i might get £1000 back,if i do i am going to pay one of my credit cards off.
good luck to you. xx