Should we promote Pay Day loan companies?

Should we promote Pay Day loan companies?

Poll ended at Thu Aug 29, 2013 9:39 am

Yes
15
38%
No
25
63%
 
Total votes: 40


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Re: Should we promote Pay Day loan companies?

Post by kevinchess1 » Thu Aug 15, 2013 11:10 am

1960mackem wrote:IF the decision is made to keep these companies on Imutual could we then also promote credit unions more to balance out our morals ?
....only if there's cashback :o :D
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Re: Should we promote Pay Day loan companies?

Post by chrisking66 » Thu Aug 15, 2013 1:57 pm

voted to keep them

since as some have said just cos they morally wrong with they fees and interest rates, you only get those high late fees and have to pay those high intensest rates if you dont pay what you own in time,

and altho morally wrong so are bookmakers and anyone who offers credit (or entices people to spend / gamble money) to people they know cant afford to pay it back (lose it),

and also as said if removing them for the morals of it offering credit than where the line where it stops, i could even get in unfair debt with SCS (sofas) or next if i wanted to they both offer credit with high interest for failing to do what i agreed to do in paying them (not quite so high as pay day loans but still higher than a bank / credit union)

-


as for being in the news its like most silly stuff thats in the news anymore, it must of been a slow news day, just like all the complaining about big business in the news for legal tax loop holes, yes its morally wrong no its not illegal

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as for imutual getitng a bad name cos of it i highly doubt it since most cashbackers know what they doing and its there choose to do them or not, just cos you see an ad for something doesnt mean you have to do it (same with supermarkets hiding cigs and stuff like that behide the counters) *not going in to that tho since off topic),

the only reason any merchant should be removed from a cashback site (unless ofc they request to be) is if they have a very bad payment / claim history

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edit for the hiding ads point (or the "if people see something they have to do it" logic) since i have some time and im bored and might help some really savvy people (tho not really worth in since you would have to stop hailfax rewards for a month or so and all other bank rewards, and in doing so miss paying billing ect witch if interest fee OD and no late fees wouldnt matter much, tho not something i personally like to do)

it could also be said than having solve debt business'es on here thats it promoting people to get in debt so they can be rewarded with cash back for it, take the below

to get £25 from solve my debt all you would have to do is have more than £5000 in debts wouldnt debts count as the interest free overdraws that most banks offer for 90 days or the same with credit cards that offer 18 months of no payments,

so just run up a debt, (tho im sure solve my debt wouldnt pay your cashback if you still had money in the banks since then your wouldnt be in debt if you can afford to pay them off *im current in debt for a few k but my credit cards due next week when i will pay it off techiliy tho thats debt currently right lol, tho wont be soon since i always pay when the statement comes) why you would have to stop the benefits for a while of hailfax ect, so

1) run up a debt
2) take all your money out stick under your bed
3) get £25 from solve my debt
4) wait to they put your £25 than pay off the debt and start using your accounts again

as said not really worth it but just bored and putting up the most silly reason i can think off (for the "just cos you see an ad for something doesnt mean you have to do it" reasoning , that by having out of debt sites are we not promoting people to get in debt to earn £25, true i dont think so maybe if they ware paying £200 than it might be worth it / promoting it,

most adult people have enough sence to decide whats good for them selfs based on they own minds not just do something cos its in ads or on the tv or someone else did it or told them about it,

(thats my point with the whole last bit, that i wouldnt see getting in the debt *even if interest free* to get cashback as something thats a good idea to be done just cos i spoke about it)

--
Last edited by chrisking66 on Thu Aug 15, 2013 3:04 pm, edited 1 time in total.
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Re: Should we promote Pay Day loan companies?

Post by uglysteve » Thu Aug 15, 2013 3:03 pm

chrisking66 wrote:voted to keep them

since as some have said just cos they morally wrong with they fees and interest rates.......
Then end of discussion, surely - unless there's something you put a higher value on than morals?

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Re: Should we promote Pay Day loan companies?

Post by chrisking66 » Thu Aug 15, 2013 3:11 pm

uglysteve wrote:
chrisking66 wrote:voted to keep them

since as some have said just cos they morally wrong with they fees and interest rates.......
Then end of discussion, surely - unless there's something you put a higher value on than morals?

yes i do common sence (tho i would of gone with morals but only if they ware offering loans to kids that dont understand the following)

1) is this deal good for me (as in worth it do they pay more than i would owe)
2) can i afford the money to pay back
3) can i stick to deallines

if any one of those are no then should i use them and get in debt then that is my fault not that imutual listed them on here (not that it would matter they on here, they on the tv every other hour, again just cos you see something you do have to do it)

since you have to be 18 to use this site, i would like to think that most people have common sence,

tho i know some dont with the pay weekly household items (brighthouse ect) like £10 aweek for a tv for 2 years (£1040) when you could just buy in flat out for a lot less (even if you have to save for a while and have nothing in watch, tho most people can afford £200 or have a credit card / (accress to a better rate or interest free for months) or have a family member than would allow them to pay them back over time)

the amounts might not be right but the point is

-

also personally i dont value morals at all (tho wont go off topic with the why) so you not going to get anywhere with that,

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Re: Should we promote Pay Day loan companies?

Post by davidlmorgan85 » Thu Aug 15, 2013 6:16 pm

Keep
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Re: Should we promote Pay Day loan companies?

Post by Squire » Fri Aug 16, 2013 10:36 am

Keep IF in a section that carries extra safeguards.

Like telling us to look CLOSELY at the Terms on the site.

Report to imutual admin and forum if you get "due diligence" concerns, like the 404 and duff customer service rep I mentioned, bad English (Chinglish, Indianlish, Polenglish, cant think up one for Russia yet).

Perhaps scripts that detect the first time a member visits the ring-fenced offers and MAKES them read a load of bumf about what to be careful of before allowing them on to the offer. With an option to not see it again if visiting that offer again, possibly any offer in the "dodgy as hell" section.

Include those effing Mobile Phone PIN number offers that charge £6.50 a week for some poxy quiz/lottery/whatever that we all know are not worth the money and are usually extremely hard to cancel before they have taken more and more money out of your account.

I am sure the esteemed members of this forum can add other really dodgy offers to the list.

Trouble is, if this was adopted, and I doubt it is worth the programming effort in its current suggested form, we might then have a load of POLLS on who to include or exclude, maybe.

Just an Aunt Sally as the management speak goes.

Going forward, over-arching principle, thinking outside the box, although I will soon be in one, but that is another matter...

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Re: Should we promote Pay Day loan companies?

Post by chrisking66 » Thu Aug 22, 2013 5:32 pm

tho this doesnt really need bumpped,

just to add the better way for anyone to get a loan should they need one (below is a quote from my offer for tesco contract phones, since not typing it all again)

(doing contract phones is all a better way to be short term loans you could have £315 within 2 weeks for nothing up front, and only £14.15 to pay a month if all the cashback come thu £22 if not, beats the other payday loan ones :lol: ) *£315 is based on the s4 witch is a higher month cost and less points, just putting the idea of loans to tho, like i said in the start all of these points are googleible)

viewtopic.php?f=4&t=30711

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Re: Should we promote Pay Day loan companies?

Post by macliam » Thu Aug 22, 2013 8:43 pm

I have voted no. The Royal Engineers had a tag motto "Honi saeque male asbestos" - dog-latin for "blow you Jack, I'm fireproof" and I sense that sentiment amongst some here...... but it's not for me.

After nearly forty years work, I'm doing OK and, yes, I can "do the math" sufficiently to be solvent and debt free in the years before retirement. But I'm patently not one of Thatcher's children, because I still believe we have a duty to protect the weak - and my moral compass certainly precludes me from profiting via the vultures who prey on them.

More for you, I'm out.
Last edited by macliam on Thu Aug 22, 2013 11:40 pm, edited 1 time in total.
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Re: Should we promote Pay Day loan companies?

Post by kevinchess1 » Thu Aug 22, 2013 11:28 pm

uglysteve wrote:
chrisking66 wrote:voted to keep them

since as some have said just cos they morally wrong with they fees and interest rates.......
Then end of discussion, surely - unless there's something you put a higher value on than morals?
Morality is subjective to your own values
And legality is probably higher than Morals
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