The Moonster Posted February 17, 2020 Share Posted February 17, 2020 21 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. 3 hours ago, oaksoft said: I'm not being kind to either side. Both irresponsible borrowers and irresponsible lenders are to blame for what happened. Make your mind up. 2 Quote Link to comment Share on other sites More sharing options...
101 Posted February 17, 2020 Share Posted February 17, 2020 3 hours ago, oaksoft said: I'm not being kind to either side. Both irresponsible borrowers and irresponsible lenders are to blame for what happened. Take one of them out of the equation and you wouldn't have seen a credit crunch. That's not strictly true though is it. A huge factor in the rapid collapse of the markets was down to products being rated AAA by the government and financial institutions when anyone with half a brain could see they were filled with mortgages that were going to fail and were no where near the bench mark for AAA. The banks and financial institutions are far more to blame than "irresponsible borrowers" 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted February 17, 2020 Share Posted February 17, 2020 16 hours 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. I think I've mentioned it on here before but I worked for a while selling personal loans and PPI was a significant part of the sales target. I had several discussions with my team and department manager on the subject and told them it was being mis-sold but no one cared because the entire industry was at it and people were making lots of money from selling it. 0 Quote Link to comment Share on other sites More sharing options...
AsimButtHitsASix Posted February 17, 2020 Share Posted February 17, 2020 12 minutes ago, Ross. said: I think I've mentioned it on here before but I worked for a while selling personal loans and PPI was a significant part of the sales target. I had several discussions with my team and department manager on the subject and told them it was being mis-sold but no one cared because the entire industry was at it and people were making lots of money from selling it. Annoying as well because it's a good product. A wee bit of cover in case ye lose yer job or fall ill so yer hoose isnae taken aff ye? Decent deal for a lot of folk. 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted February 17, 2020 Share Posted February 17, 2020 2 minutes ago, AsimButtHitsASix said: Annoying as well because it's a good product. A wee bit of cover in case ye lose yer job or fall ill so yer hoose isnae taken aff ye? Decent deal for a lot of folk. It was a good product in certain conditions, but for many it was as good as a chocolate teapot. Self employed folk were pretty much shafted, and if you changed jobs during the term of the loan it could also be a bit rocky depending on the insurer. The amount of exceptions involved in a lot of these products they should have been heavily regulated and sold only by accredited sellers. That said, it wasn't mis-sold as badly as the structured notes they had the branches punting when I changed jobs in 2007. The staff were being trained to sell them with the line "The markets never go down". Thank f**k I had moved on by the time 2008 kicked in. That cost them another significant fine! 0 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted February 17, 2020 Share Posted February 17, 2020 1 minute ago, Ross. said: It was a good product in certain conditions, but for many it was as good as a chocolate teapot. Self employed folk were pretty much shafted, and if you changed jobs during the term of the loan it could also be a bit rocky depending on the insurer. The amount of exceptions involved in a lot of these products they should have been heavily regulated and sold only by accredited sellers. That said, it wasn't mis-sold as badly as the structured notes they had the branches punting when I changed jobs in 2007. The staff were being trained to sell them with the line "The markets never go down". Thank f**k I had moved on by the time 2008 kicked in. That cost them another significant fine! That's what I found. I was never able to claim on it when I had no work. And some months my repayments barely covered the cost of the PPI, the actual "loan" owed never came down. 1 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted February 17, 2020 Share Posted February 17, 2020 What I'm reading is that @Ross. was singlehandedly responsible for the financial crash and the PPI scandal. Set these scams up then fucked off before the shit hit the fan. 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted February 17, 2020 Share Posted February 17, 2020 1 minute ago, Mark Connolly said: What I'm reading is that @Ross. was singlehandedly responsible for the financial crash and the PPI scandal. Set these scams up then fucked off before the shit hit the fan. And I now work for a major broker in one of the biggest tax dodging areas of the Western World. All's well that ends well... 0 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted February 17, 2020 Share Posted February 17, 2020 1 minute ago, Ross. said: And I now work for a major broker in one of the biggest tax dodging areas of the Western World. All's well that ends well... I salute your indefatigability 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted February 17, 2020 Share Posted February 17, 2020 4 minutes ago, Jacksgranda said: That's what I found. I was never able to claim on it when I had no work. And some months my repayments barely covered the cost of the PPI, the actual "loan" owed never came down. Somewhat ironic that I knew we were mis-selling the fucking things because I'd actually been mis-sold a PPI policy a couple of years earlier and was unable to claim when I was paid off and looking for a new job. 0 Quote Link to comment Share on other sites More sharing options...
Flybhoy Posted February 17, 2020 Share Posted February 17, 2020 15 minutes ago, Ross. said: And I now work for a major broker in one of the biggest tax dodging areas of the Western World. All's well that ends well... You work at Ibrox? 4 Quote Link to comment Share on other sites More sharing options...
BFTD Posted February 17, 2020 Share Posted February 17, 2020 PPI on credit cards always seemed like a massive rip-off. I could be wrong, but it seemed like it only paid off the interest on a monthly basis, so you'd need to have huge debts and be absolutely potless for a long period of time in order for it to be worthwhile. I think one provider wanted £30 a month from me for that kind of "cover". Mental. 0 Quote Link to comment Share on other sites More sharing options...
DenisCesel Posted February 17, 2020 Share Posted February 17, 2020 (edited) Wow, I would like also to take a huge loan and then the copany which gave it to me would close. That would be brilliant. By the way I didn’t hear such stuff, so most probably if the company is closed you have to pay debt anyway. They will just not work anymore, but continue receiving money from people. I have used loan company just ones in my live and remained very satisfied, because conditions were good. I used this company. LINK DELETED. Edited February 20, 2020 by Cardinal Richelieu 0 Quote Link to comment Share on other sites More sharing options...
Cardinal Richelieu Posted February 18, 2020 Share Posted February 18, 2020 10 hours ago, DenisCesel said: Wow, I would like also to take a huge loan and then the copany which gave it to me would close. That would be brilliant I can't believe I'm talking to a potential spammer, but I'm pretty sure that if the company didn't close, that you'd be magically let off the debt! 0 Quote Link to comment Share on other sites More sharing options...
sportman Posted February 18, 2020 Share Posted February 18, 2020 (edited) I read the replies from above and I understood one thing. Taking a loan it's a very responsible decision, that's why it's important to choose a trustworthy loan company with a qualified staff if you don't want to get in such trouble as the QuickQuid customers. I have a friend that took a loan from them and when he found out about the collapse of the company he was confused, didn't know how to act in such a situation. That's why when I need a loan I apply for it on LINK DELETED, because I trust this company and I know that there I can find a loan with good terms and conditions. Edited February 19, 2020 by Cardinal Richelieu 0 Quote Link to comment Share on other sites More sharing options...
BFTD Posted February 18, 2020 Share Posted February 18, 2020 I'm waiting for the links to appear. Isn't how this is supposed to work with these accounts? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted February 18, 2020 Share Posted February 18, 2020 (edited) 7 minutes ago, sportman said: I read the replies from above and I understood one thing. Taking a loan it's a very responsible decision, that's why it's important to choose a trustworthy loan company with a qualified staff if you don't want to get in such trouble as the QuickQuid customers. You don't happen to know of such a fine company do you? I find myself in urgent need of a trustworthy loan company with a qualified staff as my drug dealer is getting antsy. Edited February 18, 2020 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
KnightswoodBear Posted February 18, 2020 Share Posted February 18, 2020 I don't think these bots hearts are in it now. 0 Quote Link to comment Share on other sites More sharing options...
101 Posted February 18, 2020 Share Posted February 18, 2020 8 minutes ago, sportman said: Sport is my life Team: Hibernian These bots are getting very obvious 3 Quote Link to comment Share on other sites More sharing options...
Karpaty Lviv Posted February 18, 2020 Share Posted February 18, 2020 On 31/01/2020 at 06:01, HeWhoWalksBehindTheRows said: Is it bad in Italy too with these companies? Genuine LOL there. 1 Quote Link to comment Share on other sites More sharing options...
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