Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 21,000+ forum members and 1 million+ forum posts. For the latest up to date stats please see the stats in the right sidebar when browsing from desktop. Sign up for FREE to view the forum with reduced ads. 

Really? The End is Nigh..


Recommended Posts

Thanks to @caloundracats and the Daily Mail 😂

 

'Launched in 2012, Safety Net Credit claims to be cheaper than an overdraft. 

Customers are required to give the firm their sort code, account number, debit card details as well as internet banking passwords, so it can have access to their bank account. You set a balance level and when it falls below this, the firm automatically tops it up.

When you have enough funds, it helps itself to a repayment. Safety Net Credit charges 80p a day per £100 borrowed.

Interest is 68.7 per cent. So £500 borrowed for a week would cost £28 in interest.'

 

You know I'm going to say it, keep stacking!

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

  • Replies 85
  • Created
  • Last Reply

The same article was quoting 1000+%!

I've been out of the loop too long and unaware of this.

https://www.dailymail.co.uk/money/cardsloans/article-6232745/I-borrowed-100-night-payday-loan-sharks-ended-owing-19-000.html

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

18 minutes ago, Roy said:

Customers are required to give the firm their sort code, account number, debit card details as well as internet banking passwords, so it can have access to their bank account.

Wait, what?!?  And people are stupid enough to do this?  Borrowing at excessive interest rates is one thing, but this is another level of stupid!

Link to comment
Share on other sites

My eldest came home from school one day saying his maths teacher had taught them about gambling! Concerned, the conversation turned to relief when he explained how the teacher had taught them about 'the odds' and also went on to explain how interest rates work.

Thankfully, we don't have the gambling gene in our DNA but it was certainly a lesson worth teaching kids and far more practical that the meaning of Pi which I was taught with little application to my everyday life. 

 

 

 


Added 0 minutes later...

Seems Stupidity is rife in the UK.

Link to comment
Share on other sites

I want to caring and thoughtful of people in difficulty and not as well off as myself, but anyone signing up to such a batshit stupid scheme deserves all they get. 

Which will probably me a big compo payout down the line for being "mis-sold" :rolleyes:

Link to comment
Share on other sites

People wonder how schemes like "indentured servitude" became so rampant .. it's because people are willing to sell THEMSELVES into debt slavery.

"We have met the enemy and he is us" - Humorous rephrasing of Oliver Hazard Perry's quote.

Link to comment
Share on other sites

I knew somebody who use to work one of these payday lenders and business unfortunately is booming.

"Although some loan sharks resort to intimidation and even violence, they are not beyond the law. Any lender – authorised or not – who harasses you is breaking the law. Some loan sharks will threaten you by saying you will be prosecuted and even sent to prison if you don’t pay up. This can’t happen – an unauthorised lender such as a loan shark has no legal right to recover the debt. In fact, they have no legal right to make you pay the loan back at all – because the loan is illegal."

Information available from https://www.moneyadviceservice.org.uk/en/articles/how-to-spot-a-loan-shark

Link to comment
Share on other sites

47 minutes ago, Abyss said:

I knew somebody who use to work one of these payday lenders and business unfortunately is booming.

"Although some loan sharks resort to intimidation and even violence, they are not beyond the law. Any lender – authorised or not – who harasses you is breaking the law. Some loan sharks will threaten you by saying you will be prosecuted and even sent to prison if you don’t pay up. This can’t happen – an unauthorised lender such as a loan shark has no legal right to recover the debt. In fact, they have no legal right to make you pay the loan back at all – because the loan is illegal."

Information available from https://www.moneyadviceservice.org.uk/en/articles/how-to-spot-a-loan-shark

I have mixed feelings about it.

In the United States there are limits to the amount that a person can charge in interest for loans made even to friends and family and these rates can vary from as little as just a few percentage points up to unlimited amounts, by state, but the average is somewhere around 8-10% (just eyeballing the numbers).  This is NOTHING compared to what payday style loan businesses charge in interest for their loans, and it essentially creates a protected class of loan sharks who are able to charge huge amounts of interests while severely limiting the amount that a normal person can charge.

Some of these lower rates, 6% for example, really are not sufficient to cover the risk of some of these loans, it's too much risk to the principle for the amount of return, and I personally think the rules should be more even for everyone and not favor the payday lenders so much.

I know it's fashionable to talk down about payday loan places, but honestly, some people are just terrible risks and have almost no intention of repaying money they borrow, so you have to have higher interest rates to cover the losses.  I don't have a problem with that.  What I DO have a problem with is the stupidity and ignorance of people who enter into these agreements seemingly without a care in the world about the consequences might be.  I'm also very frustrated with the level of ignorance people have in defending people who enter into these agreements of their own volition and then want to cry about the results when they have to pay the money back with the huge fees involved.  If you're an adult, you are responsible for your actions - if you enter into an agreement for these high interest rates, that's all on you, nobody forced you to do it.  Stop being a baby, and to people who are out there trying to defend people who default on these and other kinds of debt (even the subprime mortgages in the United States) ... just stop, you're not helping, all you are doing is encouraging bad behavior, and treating people like they are all children who are incapable of making good decisions on their own.  Expect more of people.  Rates wouldn't be so high if so many people weren't such terrible credit risks, and part of the reason they are such terrible credit risks is because the social stigma for defaulting on debt payments is now close to zero, hell, it's almost a badge of honor to some that they get away with ripping off creditors, as if they're shafting "the man" for oppressing them or something.  You're borrowing money from people ... read the terms, and if you agree to the terms, pay the money back.  It isn't that complicated.

That's how I feel about it.

Edit, and one more thought ... if you want to know what kind of person someone is, loan them money.

Link to comment
Share on other sites

Strange comment @Pete?

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

Thank goodness Roy's avatar is back to the wilting tulips. i thought the end was nigh. tulips-dead-1.jpg.165a300eb91a919c0adf55

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

Link to comment
Share on other sites

A little bit OCD there, @sixgun? :D

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

i recognise the posts from the familiar avatars - the other day we have someone who looked like they were off the Sopranos - i thought what is the world coming to?

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

Link to comment
Share on other sites

I see. A small homage to the late Charles Aznavour.

I'll try to do better 😎

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

5 minutes ago, Roy said:

A small homage to the late Charles Aznavour.

I remember my mother swooning over Monsieur Aznavour when he popped up on the TV in the 70’s. ‘Very sophisticated’ she used to say- @Roy do you fit his sophistication? 😉

Sorry to hear that he passed away. The homage was touching. 

Link to comment
Share on other sites

10 minutes ago, richatthecroft said:

@Roy do you fit his sophistication? 😉

I'd like to say yes, but I'd only be fooling the pair of us :D

An age sadly lamented.

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

1 minute ago, richatthecroft said:

Excepting Rickets, Nitty Nora & outside toilets...😀

The Clangers, free school milk and wagon wheels?

What was that milky solution NN used?!

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

3 minutes ago, richatthecroft said:

Excepting Rickets, Nitty Nora & outside toilets...😀

And not forgetting the timely passing of the Daytona Yellow Ford Cortina and Hearing aid beige Austin Allegro’s!

Link to comment
Share on other sites

Oh, I miss those terribly.

Do you remember your first ATM card? I seem to recall 1980/82?

I used to store mine in the passenger sun visor in the Capri 😎

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use