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Thursday 29 November 2012 8.19pm
Fair enough: I failed to pick it out in the long post. My mistake. Apologies

...if you press it, they will come.
Thursday 29 November 2012 8.20pm
I must confess I'm dipping in here and haven't read every posting on this thread. What I would say is that these pay-day loan companies are certainly taking advantage of vulnerable people, but they provide a service. If someone needs a short-term loan to get them by each month and cannot get money from any other source, then surely it's better to be able to eat, keep warm and pay the rent, rather than the alternative. Speaking for myself, I don't know how my extended family would have survived back in the 1950's if it hadn't been for pawn shops - 'Uncle's' as they were known. Yes, we all like to think society has moved on since then, but has it? Many poor souls are still struggling to make ends meet, and these pay-day loan companies provide the means of survival, although admittedly at a price. Back in the mid 1970's I was a single parent with a four year-old son to support. Things got so bad that one Friday I had to use the coins from a little decimal coin commemorative set to pay my bus fare to and from the station to get to work. It was all the money I had left in the world. Finally, I had no option but to go to a money lender, just to keep the roof over our heads. I resented the price I was paying and walked out of that money lender's office each month hating him with a passion, but he was a necessary evil; my own means of survival. Looking back, I can't say I'm happy to have paid through the nose, but my son and I survived, and for that I will always be grateful.
Sunday 23 December 2012 9.33pm
Ivanhoe wrote:
Jules62 wrote:
...I would go one step further and have these legalized extortionists outlawed altogether.
They pray on the poor and vulnerable who are desperate to make ends meet, and tie them into an escalating spiral of debt...

What else are you going to save us poor feeble helpless souls from?

Has it ever struck you that some would find this an extremely patronising approach.

What other legal businesses are you going to campaign to drive out of the borough, just because you don't like those businesses?

Is it OK to have a casino on Park Lane, but not a bookies on TBR?


Payday lender hounded suicidal dad for repayments as he recovered in hospital... and clawed back cash three times in just one day


Source
Sunday 23 December 2012 10.02pm
Obviously wrong, and doubtless actionable.

Not sure how this has any bearing on payday loans in general, unless you're suggesting that all cos are like that

...if you press it, they will come.
Monday 24 December 2012 2.30pm
I'm not defending these sharks but they attract very few complaints, far less than high street banks.
Sunday 6 January 2013 9.00pm
So, the Pay Day loan shop was refused planning consent - but we still have another empty shop in Tower Bridge Road which is blighting the area, and not paying business rates to the Council.
Friday 15 February 2013 5.46pm
Meanwhile:


Call to force four payday lenders to stop trading


Citizens Advice urges OFT to use new powers to suspend immediately payday lenders' licences for causing distress


pic upload
Citizen's Advice says the four payday lenders it wants suspended have repeatedly harassed customers, causing them 'significant distress'. Photograph: Alamy



Citizens Advice is urging the Office of Fair Trading (OFT) to use new powers to suspend immediately the licences of four payday lenders which it believes have been "causing significant distress" to customers.

The powers, available to the OFT from 19 February 2013, allow it immediately to suspend the consumer credit licence of companies to protect consumers, for example if firms are using business practices that are deceitful, oppressive or unfair. Currently lenders can continue trading as normal while being investigated.

Citizens Advice refused to name the four payday loan firms involved, saying it did not want to affect any investigation, but it did state that two are household names.

The problems uncovered by the charity include: firms charging excessive fees; continuing to take money when debts have been paid off; firms preventing customers from making repayments online or over the phone, then slapping them with a charge for late repayment.

The charity also said that the firms had been harassing customers with repeated telephone calls, text messages and emails, as well as chasing people for debts on loans when the individual had not applied for a loan in the first place.

Citizens Advice's chief executive, Gillian Guy, called on the OFT to take immediate action to investigate and suspend the companies involved.

"These firms pose a real risk to people looking to get a short-term loan to help tide them over," she said.

"Our evidence shows these lenders are behaving as a law unto themselves. Excessive fees and charges are escalating debts and people are worried sick as companies bombard them with texts, emails and phone calls, often overstating their debt collection powers."

In a statement the OFT said: "The OFT will now be considering this letter but it is not appropriate to discuss its detail any further at present.

"We would like to highlight that the new power to suspend can only be used in the most serious cases of immediate harm, but we won't hesitate to use it where cases fit that bill. In addition, we expect to report within the next few weeks on our ongoing review into the payday sector."

Citizens Advice said it is "gathering evidence" of other lenders who are also found to be contravening OFT guidance. The charity said its Citizens Advice Bureaux in England and Wales advised 2.1 million clients with debt problems between April 2011 and March 2012 31% of the total problems dealt with.

Source
Monday 4 March 2013 9.47am
well looks like now it has approval it will be here like it or not
Monday 4 March 2013 10.23am
I'm not in favor of these places but like any business, they will go where this a demand from locals.
Monday 4 March 2013 11.24am
I was always puzzled about 82 tower bridge road being a legitimate business, when ever I went by it always seemed empty and yet seemed to be there for years, it is a shame that people have to rely on these shops , a newer version of pawn shops I suppose..:-( if I had small children and had a very low income and a very large heating bill...and a sickly young child who had pneumonia a payday loan would seem to be the answer, but in my case I pawned a ring that I never had enough money to redeem, and was to ashamed to ask my family for help.
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