Irresponsible Waster

[Dedworth]

Meet the unemployed mother-of-two who borrowed £1,700 from EIGHT payday loan companies to buy 'hundreds' of Christmas presents... and now she says she can't pay any of them back


Katie McGil, 28, from Devizes, Wiltshire, will have to repay £3,000
Unemployed mother, who is on benefits, wanted to 'treat' her family
Has claimed she will be unable to provide for her children when she starts to pay money back




Read more: http://www.dailymail.co.uk/news/article-2529393/Unemployed-mother-two-borrows-1-700-EIGHT-payday-loan-companies-buy-hundreds-Christmas-presents-children-says-pay-back.html#ixzz2obPri3Ua

I saw a few similar shirkers on TV before Christmas getting into untold debt to lavish unnecessary presents on their offspring. This one's a bit unusual as the others had 4 or 5 kids from different fathers. They are unable or unwilling to differentiate between Needs, Wants & Desires .

[grahamw48]

Haven't these people heard of personal bankruptcy ? :Erm:

Continue being irresponsible AND give the loan sharks a bloody nose. :biggrin:

If ever I find myself that low, I'll just max out the payday loans and then tell them to get stuffed.

[les_taxi]

Unbelivable :censored:

[Ako Si Jamie]

And I bet the money she got from the article didn't go on paying back these loans.

[Arthur Little]

'tis so easy to say:
"Let's live for the day ...
... and worry about it later!" :wink:
But too soon comes the day,
When it's time to repay
Whatever it is you owe ... :cwm24:
Then ... once that y'know,
Does no good to moan :bigcry:
If the cost of the loan :REGamblMoney01HL1:
(with interest) is ten times GREATER! :grosyeux:

[stevewool]

if you cant afford it, then dont do it, simple

[joebloggs]

Irresponsible Waster

also and more importantly Irresponsible Lenders
it's time these lot were regulated, that's if U turn Cameron can make his mind up :doh

the number of payday lenders under the Tories have more than doubled, some charging interest at nearly 6000% :mad:

[bigmac]

irresponsible lenders is quite right. credit card companies are bad--i know the one i had kept INCREASING my credit limit every time i got near it---and i was unemployed at the time.

[grahamw48]

Joe, bigmac...totally agree.

These companies are a curse, are nothing more than bloodsucking parasites, and should be STOPPED forthwith. :mad:

[joebloggs]

she must have told them, or more importantly they must have asked if she was working and does she have kids to support, either she lied or they acted irresponsibly, you would have thought they would want evidence she could pay the money back, like a job and payslips and also if she had any other loans outstanding :cwm25:

[grahamw48]

You've seen the TV programmes about it Joe.

They don't do any checks.

They don't give a damn. They KNOW the odds are in their favour of making a profit, and that's all they're concerned about.

[bigmac]

in my case--i had been caught in a familiar trap---forced to take a commission-only / self employed non-job---i was quite successful---but had to wait a fair time for any money to trickle down. so--i had no choice but to live on my credit card.

needless to say--the company i "represented" went under--and--my commission with it. i knew i couldnt pay my card debt--so i trip to citizens advice soon helped me out. the c-card company were very good about it. after the required number of threatening letters--the debt was passed to a collection company--who postured and demanded--but--as i rented the house--could do nothing. it took a few years--but eventually i paid it all off,--at a dribble a month.

[les_taxi]

I agree with what you say but the truth is we have created a new generation of borrowers who think nothing of spending money they don't have and then blaming everyone else.

I remember it used to be shameful to borrow, when we were kids my mum had to get a provi-loan and we had to keep dead quiet about it as it was not the done thing.

[SimonH]

I agree with what you say but the truth is we have created a new generation of borrowers who think nothing of spending money they don't have and then blaming everyone else.


Who or what does that remind me of :Erm:

[les_taxi]

Labour voters :biggrin:

[Dedworth]

Who or what does that remind me of :Erm:

http://thepatriotperspective.files.wordpress.com/2012/11/margaret-thatcher-other-peoples-money.jpg

[les_taxi]

http://thepatriotperspective.files.wordpress.com/2012/11/margaret-thatcher-other-peoples-money.jpg

:gp:

[grahamw48]

:icon_lol: :xxgrinning--00xx3:

[bigmarco]

Who or what does that remind me of :Erm:

Finance companies lending money to people who can't afford to pay it back.wasn't that one of the big reasons behind our current crisis. Sub prime mortgages. Disgraceful that it's still allowed to happen.

BTW seen at Green Park station today: A company offering loans of/up to £350 to students before their next grant arrives. :cwm23:

[andy222]

http://thepatriotperspective.files.wordpress.com/2012/11/margaret-thatcher-other-peoples-money.jpg
:xxgrinning-smiley-0 :icon_lol: That picture reminds me of a movie.
(I spit on your grave).:biggrin:

[Dedworth]

BTW seen at Green Park station today: A company offering loans of/up to £350 to students before their next grant arrives. :cwm23:

Thats OK they can pay it back from their £8 / hour cash in hand earnings as irritating chuggers

[grahamw48]

Finance companies lending money to people who can't afford to pay it back.wasn't that one of the big reasons behind our current crisis. Sub prime mortgages. Disgraceful that it's still allowed to happen.

BTW seen at Green Park station today: A company offering loans of/up to £350 to students before their next grant arrives. :cwm23:

They are nothing more than unscrupulous sharks and vultures, but then Parliament is full to the brim of them, so what can we expect ? :anerikke:

[Arthur Little]

:olddude: ... ne'er a borrower NOR a lender be
Has long made perfect sense to me!
And lest, perchance, you're e'er pre-empted, :cwm25:
Be sure to decline :NoNo: ... 'ere you're tempted!

[grahamw48]

Spot-on Arthur.

Probably why I've got nowt . :icon_lol:

[stevewool]

just looking round what people have spent and brought over xmas for the children, it amazes me the money they must have spent, just stupid, the parents fault i say , mobile phones, ipad, kindles, playstations and how old are these kids, some so young they just want one because they see mum and dad on them, stupid people indeed,

[Michael Parnham]

the best way to save is not to spend, also educate your children to do the same! :xxgrinning--00xx3:

[grahamw48]

Exactly.

I have spent £1.79 this Xmas...plus a couple of quid postage. :smile:

[Michael Parnham]

Exactly.

I have spent £1.79 this Xmas...plus a couple of quid postage. :smile:

You've spent more than me Graham :wink:

[grahamw48]

You're living the wrong side of the border :icon_lol:

[Michael Parnham]

You're living the wrong side of the border :icon_lol:

Spent most of my life in Thurgoland South Yorkshire Graham :xxgrinning--00xx3:

[grahamw48]

You've been trained well . :biggrin: :xxgrinning--00xx3:

[London_Manila]

Haven't these people heard of personal bankruptcy ? :Erm:

Continue being irresponsible AND give the loan sharks a bloody nose. :biggrin:

If ever I find myself that low, I'll just max out the payday loans and then tell them to get stuffed.

People these days just spend spend and spend and then declare themselves bankrupt when the bills role in

[les_taxi]

I have no sympathy with this woman, at the end of the day we would all like to give our kids more, but we work hard, pay bills and they get what we can afford.

Now xmas is over, the craziness over the presents will have died down and she owes all that money - bloody ridiculous and I hate those loan sharks but it was her choice.

[tiger31]

Haven't these people heard of personal bankruptcy ? :Erm:

Continue being irresponsible AND give the loan sharks a bloody nose. :biggrin:

If ever I find myself that low, I'll just max out the payday loans and then tell them to get stuffed.

:xxgrinning--00xx3: I,d do the same get as many loans as possible then tell sorry boys can,t pay ya back. my boy got into trouble with them too they are parisites. I warned my son not to touch them but he fell into temptation by their glossy ads.

[les_taxi]

Tiger please don't be tempted to use one when you have to pay me back :biggrin:

[Michael Parnham]

:xxgrinning--00xx3: I,d do the same get as many loans as possible then tell sorry boys can,t pay ya back.my boy got into trouble with them too they are parisites .I warned my son not to touch them but he fell into temptation by their glossy adds.

You also risk broken legs Brian! :NoNo:

[tiger31]

Tiger please don't be tempted to use one when you have to pay me back :biggrin:

:laugher::laugher::laugher::laugher: you,ll be taking the long way home for your customers to pay me les, and looking on the back seat to scrape up some change lol

[tiger31]

You also risk broken legs Brian!:NoNo:

i,d like to see them try lol i,m a big lad it,ll take a lot more than one thats for sure michael. i,m not advocating not paying ones debts but sometimes you can get into a bad situation through no fault of your own, ie marriage my ex refused to pay her share of the marriage debts and sent them after me well I sent them after her lol. so drag it out a bit and you reach the 6 year rule. I still get letters from 20 years ago they just go in the bin. If you ask the people that bought the debt for the original paperwork they can,t produce it which they need for the courts .

[joebloggs]

http://thepatriotperspective.files.wordpress.com/2012/11/margaret-thatcher-other-peoples-money.jpg

we have a socialist gov dedworth :omg: payday loans companies are booming under the Tories i wonder why this Tory gov doesn't regulate them after the mess the banks got this country in :cwm25:

the problem with capitalism is the rich eventually have all the money :doh

[grahamw48]

i,d like to see them try lol i,m a big lad it,ll take a lot more than one thats for sure michael. i,m not advocating not paying ones debts but sometimes you can get into a bad situation through no fault of your own, ie marriage my ex refused to pay her share of the marriage debts and sent them after me well I sent them after her lol. so drag it out a bit and you reach the 6 year rule. I still get letters from 20 years ago they just go in the bin. If you ask the people that bought the debt for the original paperwork they can,t produce it which they need for the courts .

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly. :biggrin:

.

http://www.youtube.com/watch?v=ldReksORJL4

.

http://www.youtube.com/watch?v=2k5h_rfdVgc

[joebloggs]

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly. :biggrin:



:xxgrinning--00xx3: you need to know your rights

[bigmac]

after i married my ( now ex ) wife--i found out she had a telephone number size debt on a credit card--biggest i'd ever heard of. she was barely making the minimum payment--several hundred a month.

we hadnt long been married--and i was scared witless incase i'd now " inherited " this debt. a trip to the citizens advice put me at ease.

she took advice too--and came up with an IVA to freeze the debt and to arrange a repayment plan. last i heard it would take her 16 years to pay it off.

but i now understand she was able to write off--75% ( ? ) of it.

[tiger31]

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly. :biggrin:

.

http://www.youtube.com/watch?v=ldReksORJL4

.

http://www.youtube.com/watch?v=2k5h_rfdVgc

youtube must be a saviour to many people because now people know they have rights and there is very little bailiffs can do now they are ....ed lol the truth is out now. I wiped out about 15 k never paid it back one thing I did learn was that i,ll never get into debt ever again. if I have not got the money I don,t get simple.

[joebloggs]

she took advice too--and came up with an IVA to freeze the debt and to arrange a repayment plan. last i heard it would take her 16 years to pay it off.

but i now understand she was able to write off--75% ( ? ) of it.

i dont think she will get credit again for a long time (7yrs?) also i think if the bank sells the debt on it only gets about 20% of the value.

[bigmac]

when i bumped my bank & credit card co--1993--i thought i had scuppered my chances of future credit.

i was able to open an a/c with abbey national--to pay my salary into. a plastic card--but only to access my a/c & draw cash if i had any! no use in shops--but it meant i couldn't overdraw.

years later--1998--i had cleared my debts--and was able to get a mortgage with the abbey---but i had inherited a good deposit by then

[Terpe]

These days you really need to understand the law.
Don't get so deep in debt especially if you have assets like a property:-


Unsecured debt: charging orders

As we noted above, however, it isn't just those with outstanding secured debts that are risking their homes.

Those in arrears on debts above £1,000 can be subject to Charging Orders.

How they work

The first thing you need to know is that Charging Orders can only apply to those who have a county court judgement (CCJ) against them.

However, those that have or are at risk of a CCJ sit up and take note: a Charging Order can be applied to the debt at the same time as the CCJ or after even if the debtor hasn't missed any of their repayment instalments.

The 'charge' is placed on the debtor's property by the judge, they can technically be requested and not granted but they make it through this stage in about 85% of cases.

As a result, the lender has a right to take any money made through the sale of the property as repayments.

The lender can't actually force the borrower to sell their home with the order, it just makes them first, or second if the home has a mortgage, in line to get money if it is sold.

But the lender can get another order - an 'order for sale' - to force the property sale.

This is very rare mostly because it's not in the lender's interest to force sale

Source:-http://www.choose.net/money/guide/faqs/house-risk-debt-charging-orders.html


The law gets tougher each year on debt...........
Personal bankruptcy is also not the 'soft option' as it used to be...:NoNo:

[grahamw48]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

[tiger31]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

well ive been a property owner since I was 21 and nobody came after me. The debt has to be less than 6 years old I believe for any action to succeed.

[tiger31]

once the debt has been sold from the original source it becomes very hard to enforce because because the company is gambling on its ability to recover the debt.

[Terpe]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

I understand that Graham.....I'm just saying that the 'rules' and costs have changed in recent times.
Of course those on benefits would be no worse off.......given that they may be content to stay on benefits....but they could find the current constraints of bankruptcy somewhat more onerous and long lasting than was the case even a couple of years ago......
especially those who might have aspirations of securing future employment.
As example, bankrupts are no longer allowed to retain any income above the allowable living expenses.

Any IPA imposed by the OR would last for 3 years and may be applied at any time during the bankruptcy period. Imagine 3 years without any disposable income .......... that's rough.

Yes, it is most certainly a way out of misery for many who are eligible, can afford it and feel able to manage the constraints.
I hope I never have to contemplate it.

[grahamw48]

well ive been a property owner since I was 21 and nobody came after me ,The debt has to be less than 6 years old I believe for any action to succeed.

Yes, I believe 6 years is correct. The same figure as tax liabilities ?

I would never encourage anyone to get into debt (unless I was selling them double glazing :cwm25: ), but sometimes it can be a life or death situation, and it helps to know what options are open to consumers to release themselves from what can become total mental torment.

[grahamw48]

I understand that Graham.....I'm just saying that the 'rules' and costs have changed in recent times.


Yes...understood Peter. :xxgrinning--00xx3:

[Terpe]

once the debt has been sold from the original source it becomes very hard to enforce because because the company is gambling on its ability to recover the debt.

Yes, you are right that most debts may be time barred.

Provided that, if during the six years:-

- The lender doesn't contact you about the debt
- You don't acknowledge the debt in writing
- You don't make any payments towards it...
- the lender has not been granted a CCJ (County Court Judgment) against you (it could then still be enforceable even if it's over six years old)

Also debts relating to land such as mortgage shortfalls have a 12 year limitations period.....and some other debts such as court fines, CSA debts, council tax debts, and most HMRC debts.. never get time barred (likewise may never get enforced)

[gWaPito]

I've just left that 6 year cloud and I can tell you it hasn't been easy. Just like Bigmac, you start from scratch. No debit cards..I had to carry cash everywhere.. That was the hardest bit...I felt like a gypsy :NoNo:...To think I owed this, that and the other then reduced to this through my own stupidity being taken in by a couple of frauds :doh

Now, with my clean credit file, a broker managed to get me a repayment mortgage with a High St Bank..The banks I messed up with are now back, just like old times again, like it was for 30 odd years leading up to 2006..So nice to have my cards back again.. I'm back in the land of the living :biggrin::xxgrinning--00xx3:

The 6 years count down doesn't start until outstanding debts are either cleared or satisfied. If you still have those debts and you are thinking they will go away without doing anything about them, you are mistaken...Every month your credit file is getting updated no matter what you do.....the history of each debt is cleared from your credit file on the 6th anniversary on that debt being settled.

[tiger31]

Yes, you are right that most debts may be time barred.

Provided that, if during the six years:-

- The lender doesn't contact you about the debt
- You don't acknowledge the debt in writing
- You don't make any payments towards it...
- the lender has not been granted a CCJ (County Court Judgment) against you (it could then still be enforceable even if it's over six years old)

Also debts relating to land such as mortgage shortfalls have a 12 year limitations period.....and some other debts such as court fines, CSA debts, council tax debts, and most HMRC debts.. never get time barred (likewise may never get enforced)
another tip for those in debt when you start to receive the calls never confirm your name to anyone they need to know they are speaking to you as the calls are recorded .and you are correct never answer any letters to them .The debt collecters work on the fear and intimadation to try and collect the debt.also the absolute discharge from bankruptcy is now 2 years not 3 years .