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Wednesday 18 April 2012 4.08pm
One day you will tell us why you defines so fiercely these kind of businesses.. Even at cost of making no logic with your thoughts. But you have your reasons I have mine.
Wednesday 18 April 2012 4.14pm
Is the phrase not "democracy is the tyranny of the majority"?

Much more important than worrying about a payday loan shop is the simple fact that BHS does not have a destination mentality for people to go shopping. The range of shops is poor beyond belief - although ironically theres is a good selection of highstreet retail banks - and only gets very passing casual business. The real need is for some quality shops (chain or not) to open but until that happens there will be no discernable improvement in the street.

On the subject of the shop itself well someone has to take responsibility for borrowing just as much as the extremely unattractive terms these companies offer. If you are desperate for money then, and only in very exceptional circumstances, they may offer a one-off very short term solution. That said it is up to individuals to understand these are legitimised loan-sharking operations and that the fact that they can set up on a high street means by deduction they are getting far too much "regular" business...their growth should be halted not through local legislation but by lack of demand as people shun their ridiculous offer.
Wednesday 18 April 2012 4.21pm
orione wrote:
One day you will tell us why you defines so fiercely these kind of businesses.. Even at cost of making no logic with your thoughts. But you have your reasons I have mine.

I'm not expecting to win any Pulitzer Prizes, but I'd be happy to let the rest of the forum decide who expresses logical thoughts and who rants incoherently from the hip.

If you read slowly, you might come to the conclusion that my posts are objecting to people like you patronising those who they perceive as so poor and mentally feeble that they are unable to resist ruining their lives with gambling and borrowing. I don't need anyone to save me from myself. And if I did, I wouldn't want it to be the sort of person who's so judgmental that they think they always know best.

...if you press it, they will come.
Wednesday 18 April 2012 4.38pm
Ivanhoe wrote:
Are there any other businesses that you would like to protect us weak-minded citizens from? In these days of obesity and binge drinking, wouldn't it be sensible to close down all the restaurants and bars on Bermondsey St in order to save us from their temptations?

If I may follow your reductio ad absurdum with one of my own: why regulate any shops? Hardcore pornography is legal but we regulate the sale. Likewise the sale of alcohol.

There's obviously a Balance between restrictive authoritarianism and a completely laissez faire approach, so surely the best approach allows people what they want, but protects vulnerable groups like kids wanting alcohol and desperate poor people hoodwinked into paying APR's of over 3000%. That Balance seems to have been achieved in this case
Wednesday 18 April 2012 5.16pm
Check out the Google ads on this page! Pure usury!
Wiki page on Usury - including info on Canada's maximum APR is here
Thursday 19 April 2012 8.48am
lucysalisbury wrote:
.... protects vulnerable groups like ... desperate poor people hoodwinked into....
Thank god they have you to stand up for them.

What will you bend the regulations to protect us from next?

...if you press it, they will come.
Thursday 19 April 2012 1.54pm
Surely adults can make up their own minds as to whether these 'payday' loans are appropriate to their circumstances. No one would be forcing would-be customers into the premises at gunpoint. One of the oldest professions, pawnbroking, is going from strength to strength and the rates charged there are not dissimilar. There's no hoodwinking; to be honest, these places are probably more upfront about the 'real' cost than banks and other lending institutions. I bank with Santander, which has recently upped its authorised overdraft charge to 1 per day. On a 50 overdraft, assuming I use it daily (which isn't far from the truth!), I am in line to pay 365 over a year for the privilege of a 50 'loan'. Now that is daylight robbery, especially bearing in mind I could borrow from one of those 'bad' payday loan places for far cheaper than my own bank will charge. I say allow the shop to open; customers will decide whether it is ultimately succesful or otherwise.
Thursday 19 April 2012 4.45pm
if you're paying, in your opinion, an excessive amount to have an overdraft, you should move banks to one that offers a free overdraft facility, or alternatively take out a long (ish) term loan that covers twice the amount of the overdraft (so 100 in this case), and pay if off over 2 or 3 years. This load should be very low interest, and payments would be low enough that you could continue spending a similar amount as now, but each month you would not be in your overdraft (you'd be 50 above your overdraft), so interest paid on load would be less than interest charged on overdraft, so you'd save money.

obviously I'm not an independent financial advisor, so don't take my advice as gospel.
Thursday 19 April 2012 5.12pm
orione wrote:
Personally I did not have any moral issues versus gambling or betting. Just practical ones. When they SPREAD they take away from the 90% community valuable space that could be used differently. That is why I compare to payday loans shop.
Just this. But I think is enough. I do not mind one but not 5 or 6 in a highstreet. Specially if the highstreet has only a total handful of retail points..
Again this is what I think. But I am nor alone in this.

I use betting shops and I can assure you that when you see 2 or 3 such shops in a small stretch of road they are in competition,they are all after my 1.50 per day and they all offer different things,bit like restaraunts and I would imagine payday loan shops,perhaps we have denied the poor unfortunates better rates with this decision.
Monday 11 June 2012 11.50am
It looks like the application will be considered afresh by the new Planning Sub-Committee B on Tuesday 10 July

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