Payday lenders

[Polarbear]

Firstly I have never used them or needed them but was reading the below article and I sort of deduced these are a result of our 'must have now' society although can still perform a service if used properly.

Payday lender's collapse to hit borrowers
https://www.bbc.co.uk/news/business-47784109

Yes it's insane interest rates. Yes, it's preying on the poor but is it worse than the local Al Capone and his leg breaking loans sharks?

Anyway, from reading the article it seems payday lenders are going bust because they are being sued? for lending too much to people who couldn't afford it. So they are in the wrong, the people who wanted the money, took the money and accepted the terms were preyed upon and so are due repatriations.

Hmm. I accept there are vulnerable people out there but has personal responsibility gone out the window completely? Could I sue the Nationwide for a loan I took out because I'm now short of funds to go down the pub or am I being too cynical?

I've seen it in the boating world where narrowboat owners expect ghe Canal & River trust to look after them from the cradle to the grave. 'We pay our licence fee' why don't you do [*everything*] is the general call.

I actually worry this is how Corbyn will get in to power. All his promises to that the state will regulate everything and you will live in a utopia funded by those stupid enough to work is going to appeal to large swathes of thick as shit believers.

I ran a tool supply business once. I wouldn't now in case someone sued me for charging too much for a spanner.
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[piazza]

I think claiming it's preying on the poor is a bit rich. The poor you refer to are usually mindless fuckwits who would take a loan from anyone with any interest rate, and to hell with tomorrow - I know people like this.

Of course there are people who use it as an absolute last resort, and that's how most of us look at it. Its a good thing in my opinion. I'd hate to see someone made homeless or starve for the sake of a few hundred quid..a bank wouldn't give a toss.

I did argue with a mate about these types of places and he admitted that if you were in a situation where you needed their services you'd be pretty damn happy to have it as an option regardless of the interest. If a bank loan was a viable option you'd use it, presumably.

Its like the banks and the PPI 'scandal' we seem to be constantly creating victims.

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[Ste]

[Im-a-Ridah]

No alternative is needed to loan sharks. Loan sharking is illegal and the debt would cease to be owed. Breaking people's legs will just get you sent to prison.

As for Payday loans they can go to hell. The UK economy, and society as a whole, does not benefit from such loans. They make a few thousand but the country as a whole has to pay many tens times the amount when their kids go into care.

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[stinkwheel]

"Ahm a junkie, what did you think I was going to do with 4 grand?"
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[Ribenapigeon]

How the f di you turn quick quid going bust inti an anti Corbyn rant? Ffs.

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Eh?

What party do you think the ovewhelming majority of pay day loan defaulters and general state spongers vote for?

It's hardly a secret that Corbyn tries to buy votes with false prmises of giving away freebies to gain votes, from "Student debt paid for by the tax payer" to "we can all work 4 day weeks for no loss of income". He's hardly made a secret of offering to throw more free money at the feckless.
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[Sister Sledge]

I drummed the debt thing into my son from an early age. He knows what are priorities and knows that if he needs money fast then he visits the bank of dad. Not only would he be quizzed about the need for money but he'd also be told of other ways to get around that need. Obviously the money's there if it's desperate.
What I like about my sons situation now is he's 25 and has no debt. Almost every one of his friends are struggling with repayments.
The main answer is education on money matters - something schools should be doing.

I walk on high streets and see those shops offering a massive TV set for thruppence a week and people fall for it. They actively target poor areas with those 'bright' shops.

The main lenders I'm spotting now are guaranteed vehicles. They will give to anyone. Obviously a vehicle can be had back when non-payment happens but people will still be lumbered with massive fees for missing payments.
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[Rob Fzs]

If i was soo fucking broke i'd pretend to sell something on ebay, get paid then wait for them to whinge, by the time they've put a claim in hopefully payday would have come around , rather than using these nobs
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[Im-a-Ridah]

[iooi]

[Ribenapigeon]

[Im-a-Ridah]

[Ribenapigeon]

Ahhh, so all those lecturers wages and the cost of the university facilities is all being oaid for now through a time machine importing money from fifty years in the future. Wow!

[Im-a-Ridah]

[Ribenapigeon]

[Ste]

This is from two years ago but is still relevant.

"For most university graduates, having a degree pays.

Over the course of a lifetime, estimates suggest women can expect to earn about £250,000 more if they have a degree, while the figure is roughly £170,000 for men. In England, higher tuition fees mean that, on average, students graduate with debts of more than £50,000 - much more than their counterparts in Scotland, Wales and Northern Ireland.

But repayments are only one of many factors which affect how much money graduates will have in their pockets in years to come. Perhaps unsurprisingly, there are big differences in the earnings of graduates from different universities.

Five years after graduation, average annual earnings for students who were taught at the London School of Economics, Imperial College London and University of Oxford are more than £40,000. Graduates of the 24 Russell Group universities earn an average of £33,500 after five years - about 40% more than those who studied at other universities.

At the other end of the scale, there are several institutions - many of them dance and drama colleges - where average earnings after five years are closer to £15,000.

Importantly, many of the differences here are not down to the universities themselves. They have different average earnings partly because students aren't all the same - they have different abilities and interests. Entrants to Oxford, LSE and Russell Group universities start their degrees, on average, with better exam grades, for example.

Graduates of medicine and dentistry earn an average of £46,700, while those who studied economics take home £40,000. These figures are about double the average wages of creative arts (£20,100), agriculture (£22,000) and mass communication (£22,300) graduates. Crucially, these differences are smaller, but remain significant, even when students with similar A-level grades are compared.

As careers progress the gaps get bigger, with graduates of the high-earning subjects pulling even further away. For example, students of law, economics and management subjects at the London School of Economics do extremely well, with 10% of male graduates earning more than £300,000 by the time they are in their early 30s.

A number of factors influence graduate earnings long before they get as far as choosing which course to study, or which university to attend. In particular, the reality is that male graduates earn more than female graduates. The gap can already be seen only one year after graduation, when men earn an average of £1,500 (8%) more than women per year. After five years, the gap has increased to around £3,500, or 14%. This is likely to continue to increase with age, but it should be noted that this gap is less than half that experienced by non-graduates.

Some - but by no means all - of this difference can be explained by differences in subject choices, with women more likely to choose courses with low earnings potential. For example, creative arts, nursing, psychology and social science all have far more female than male students, while the opposite is true for architecture, computing and engineering.

However, a large part of this difference cannot be explained away by personal choice. The social background of students also matters.

Those from better off households are much more likely to go to university. They are also much more likely to go to more selective universities. That is a large part of the reason why male graduates from households with incomes above £50,000 earn about 20% (£7,000) more than their university peers from lower income households, by the time they are in their early 30s.

Among women, there is a 16% (£4,000) gap between these households.

Remarkably though, even when comparing students who did the same subject at the same university, those from the richest households still earn around 10% more than their peers from less affluent backgrounds.

This suggests improving access to university alone is not enough to address issues of social mobility. The increase in tuition fees to £9,250 per year in England has significantly increased the level of debt students graduate with - and the repayments many will make over their careers.

Most will in fact not pay back all of the cost of their tuition, with the taxpayer picking up the difference. Recent changes have offered some respite to those who go on to have low earnings.

Graduates only ever have to pay 9% of their income above a given threshold, regardless of the size of their debts. The threshold will rise from £21,000 to £25,000 in April 2018, putting more money in the pockets of significant numbers of graduates.

Over the course of their working lives, this could save graduates up to £15,700 in student loan repayments. It also means that more than 40% of graduates are now expected to repay less than they would have had there been no changes to the student loan system since 2011. And, for eight out of 10 graduates, it is likely that they will get to the end of their working lives having never paid off that loan.

BBC sauce.

[iooi]

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[Im-a-Ridah]

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[Im-a-Ridah]

[Im-a-Ridah]

I suspect that tuition fee debt and house prices will lead to almost perpetual Labour government in the future. The Tories simply don't have anything to offer younger people. This graph tells it all really.

https://nervemedia.org.uk/wp-content/uploads/2017/11/age-01.png