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Payday loan companies


ICTChris

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  • 2 weeks later...
On 27/10/2019 at 13:52, DA Baracus said:

I've had more than 1 so I can probably rule out ever getting a mortgage.

Nah your credit file can always recover, it just takes time. Defaults will hang around for 6 years but everything else will drop off after a while as your circumstances improve. 

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  • 2 months later...
  • 3 weeks later...
1 hour ago, goliaph said:

Taking a loan it's a responsible activity. I think it is very important to choose a trustworthy loan company and to pay attention to all the details before signing the contract.

Have you got any links that we could click?

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On 21/11/2019 at 18:42, oaksoft said:

And the banks went tits up because the lent to people who thought "f**k it, I won't pay".

So your "what would you prefer" question needs an option. The problem with banks lending or credit unions lending boils down to the same issue - people defaulting on loans they know full well they can't afford to repay but taking the money anyway.

Not quite , banks pushed money on folks who could never pay , ok default , get the property , but the problems really began when the banks started selling parcels of this “never going to happen” debt to each other at inflated prices , and actually created a market where they were making profit from  it . 
 

THEN they went , we are not paying that , we’ve already made a fat profit , it’s your turn to front up 

 

 

 

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1 hour ago, bishopburn boy said:

Not quite , banks pushed money on folks who could never pay , ok default , get the property , but the problems really began when the banks started selling parcels of this “never going to happen” debt to each other at inflated prices , and actually created a market where they were making profit from  it . 
 

THEN they went , we are not paying that , we’ve already made a fat profit , it’s your turn to front up 

 

 

 

Huge part of the problem is how staff/teams are incentivised to lend money. Commission, bonuses, prizes etc.

I used to work for a very large Hong Kong-based bank and remember well the encouragement to get folk signed up.

The people selling the stuff at the customer face give not a flying f**k about the bank's risk or the customer's ability to pay. They care about commission and bonuses. 

Salesperson has good stats and gets financial reward. His or her team leader looks good. Team leader's manager looks good. It's in nobody's interest to sell sensibly.

As long as that's the case, bad loans will be an everyday occurrence.

Edited by JTS98
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1 hour ago, oaksoft said:

It depends on your level of spin.

You can either say that people wolingly and knowingly took on loans they knew they couldn't pay back or you can say the banks forced money on people who had absolutely zero ability to think for themselves.

I prefer the former.

I was about to reply, "you sound like the Oaksoft of the financial world".

Then I noticed it was Oaksoft.

You poor, lonely bore.

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6 hours ago, JTS98 said:

Huge part of the problem is how staff/teams are incentivised to lend money. Commission, bonuses, prizes etc.

I used to work for a very large Hong Kong-based bank and remember well the encouragement to get folk signed up.

The people selling the stuff at the customer face give not a flying f**k about the bank's risk or the customer's ability to pay. They care about commission and bonuses. 

Salesperson has good stats and gets financial reward. His or her team leader looks good. Team leader's manager looks good. It's in nobody's interest to sell sensibly.

As long as that's the case, bad loans will be an everyday occurrence.

By any chance would this be the Hong Kong and Shanghai Banking Corporation..... aka HSBC..?

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I know someone who worked for a big bank in the mid 2000s and they were heavily pressured to get PPI sign ups. Given the result of this ended up costing all the banks pushing it literally billions of pounds you’d hope that they’d factor this in to how they sell and tailor products now.

Somehow I doubt it though.

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1 hour ago, ICTChris said:

I know someone who worked for a big bank in the mid 2000s and they were heavily pressured to get PPI sign ups. Given the result of this ended up costing all the banks pushing it literally billions of pounds you’d hope that they’d factor this in to how they sell and tailor products now.

Somehow I doubt it though.

Banks just set up the PPI reclaim companies and charged folk for something they could do for free. Genius.

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6 hours ago, beefybake said:

By any chance would this be the Hong Kong and Shanghai Banking Corporation..... aka HSBC..?

Well. It would be unbecoming to single out one...

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11 hours ago, oaksoft said:

It depends on your level of spin.

You can either say that people wolingly and knowingly took on loans they knew they couldn't pay back or you can say the banks forced money on people who had absolutely zero ability to think for themselves.

I prefer the former.

I think you're being kind to the financial institutions.

At the institution I worked at before, those selling loans, mortgages were often encouraged to find ways to make an unaffordable deal affordable for the customer. This was seen as good customer service.

It's not. If someone can't afford a loan, reorganising it to make things look different and telling them they can afford it now is not responsible. Many people will assume it'll be fine if the bank says it'll be fine.

 

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