samwire wrote:"pay nothing for 6 months. then £30 a month for 240 months @ apr phone numbers" will slowly disappear. people may actually save up for things.
only if the government legislate, and given that roughly 30% of the electorate use these services to finance their consumerism I can't see it being popular.
samwire wrote:they already have. and people will still buy these things, and there's no reason why people shouldn't. hopefully, they'll just finance them differently. with any luck the "pay nothing for 6 months. then £30 a month for 240 months @ apr phone numbers" will slowly disappear. people may actually save up for things.
I am getting on a bit but I seem to remember a time when there were rules (laws?) governing the minimum amount of deposit when buying on extended credit. Can someone confirm or correct this for me please?
Freedom without Socialism is privilege and injustice. Socialism without freedom is slavery and brutality.
Standee wrote:only if the government legislate, and given that roughly 30% of the electorate use these services to finance their consumerism I can't see it being popular.
they don't have to legislate, people just need to stop blindly accepting what the store throws at them and either walk away or demand better terms.
TotalRl.com - Home of Stupid Questions, Friday Pix and of course Millward is a Gurner.
samwire wrote:they don't have to legislate, people just need to stop blindly accepting what the store throws at them and either walk away or demand better terms.
but that's the problem, people don't walk away, they just take on the rediculous credit and then struggle to pay, under Universal Credit it will be even worse as people will get their benefit payments direct, rent will be way down the list of some people's priorities with cash in their hands.
It makes a change for the Yorkshire Post to have the full story
I guess The Business Post jumped the gun a bit this morning.
Someday everything is gonna be different, when I paint my masterpiece ---------------------------------------------------------- Online art gallery, selling original landscape artwork ---------------------------------------------------------- JerryChicken - The Blog ----------------------------------------------------------
Standee wrote:but that's the problem, people don't walk away, they just take on the rediculous credit and then struggle to pay, under Universal Credit it will be even worse as people will get their benefit payments direct, rent will be way down the list of some people's priorities with cash in their hands.
that type of idiocy is not just the preserve on those on benefits. people tend to spend what they have. but, people are walking away, they've decided to spend their money on other stuff like the debts they racked up pre 2008. my spare cash is going onto paying down my mortgage, not adidas trainers.
TotalRl.com - Home of Stupid Questions, Friday Pix and of course Millward is a Gurner.
Standee wrote:only if the government legislate, and given that roughly 30% of the electorate use these services to finance their consumerism I can't see it being popular.
Reading through that report though he does make some valid points and the MP's quizzing him make some rather naive ones (or try to), I hope their interview with him has enlightened them a little.
Standee wrote:only if the government legislate, and given that roughly 30% of the electorate use these services to finance their consumerism I can't see it being popular.
Reading through that report though he does make some valid points and the MP's quizzing him make some rather naive ones (or try to), I hope their interview with him has enlightened them a little.
Someday everything is gonna be different, when I paint my masterpiece ---------------------------------------------------------- Online art gallery, selling original landscape artwork ---------------------------------------------------------- JerryChicken - The Blog ----------------------------------------------------------
It's interesting how many people bemoan the negative impact of supermarkets on local economies, whilst blithely tripping off to one every week for their big shop; it's similar to the phenomenon that sees people complain about traffic whilst being traffic, or about intrusive journalism whilst regularly buying the type of organs which purvey celebrity tittle-tattle.
A perfect example is the current storm of faux-sentimentality about HMV, from people who probably haven't bought anything from there in years, preferring instead to order from cheap, offshore based online retailers or even worse, steal their music and films from file-streaming websites.
We have become addicted to cheapness and convenience and in a recession, how do you persuade people away from that addiction? I'm not sure you can, so the high street casualties are likely to continue for the forseeable future.
samwire wrote:that type of idiocy is not just the preserve on those on benefits. people tend to spend what they have. but, people are walking away, they've decided to spend their money on other stuff like the debts they racked up pre 2008. my spare cash is going onto paying down my mortgage, not adidas trainers.
Believe me, I know the people who are shopping in BrightHouse and getting WONGA or PayDay loans, they are still spending like crazy and see no reason to stop.
Reading through that report though he does make some valid points and the MP's quizzing him make some rather naive ones (or try to), I hope their interview with him has enlightened them a little.
A couple of months ago, I did an interview with a debt counsellor. Pay-day loan companies turn her from a very well-spoken rather posh, middle-aged lady to someone nearly biting their tongue to stop themselves saying naughty words.
She was telling me how debt problems are increasing for a variety of reasons – parents supporting children who are unable to find work and move out, people finding that their hours have been cut and so on.
She's been seeing an increasing number of people who, in a panic that they can't pay the mortgage one month, take out a pay day loan to pay it, and then find they need a bigger one the following month to pay back the original loan.
Another thing that's happening is that companies are also threatening legal action and even bankruptcy over very much smaller amounts than in the past, and for debts that were not incurred a long time ago.
For which I actually have a personal example.
A few months ago, I had paid off everything that was outstanding on a credit card I had. Thought that was the end of it. However, it turned out that I had some payment protection (didn't remember that) and they continued to bill for that. Less than a month later, got a letter threatening legal action for something like £25.
Eventually got letters from them acknowledging that both the card and the protection scheme accounts were closed and that no more charges would be made. Final payment was thus made instantly.
Reading through that report though he does make some valid points and the MP's quizzing him make some rather naive ones (or try to), I hope their interview with him has enlightened them a little.
A couple of months ago, I did an interview with a debt counsellor. Pay-day loan companies turn her from a very well-spoken rather posh, middle-aged lady to someone nearly biting their tongue to stop themselves saying naughty words.
She was telling me how debt problems are increasing for a variety of reasons – parents supporting children who are unable to find work and move out, people finding that their hours have been cut and so on.
She's been seeing an increasing number of people who, in a panic that they can't pay the mortgage one month, take out a pay day loan to pay it, and then find they need a bigger one the following month to pay back the original loan.
Another thing that's happening is that companies are also threatening legal action and even bankruptcy over very much smaller amounts than in the past, and for debts that were not incurred a long time ago.
For which I actually have a personal example.
A few months ago, I had paid off everything that was outstanding on a credit card I had. Thought that was the end of it. However, it turned out that I had some payment protection (didn't remember that) and they continued to bill for that. Less than a month later, got a letter threatening legal action for something like £25.
Eventually got letters from them acknowledging that both the card and the protection scheme accounts were closed and that no more charges would be made. Final payment was thus made instantly.
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