Payday loan bullying tactics like Wild West
Just over a week a go on a Saturday morning I received a text message for the attention someone called Paul, offering a £500 short-term loan. As you may have guessed, my name is not Paul and I can only believe that Paul has put my phone number down in error when applying for a pay day loan.
At the time I thought no more of it and did not respond. However, over the last 10 days, I have received over 150 text messages offering Paul ‘quick cash’, even on a Sunday morning.
Most of the messages read: “unfortunately Paul we cannot off the £1,000 loan you applied for, but we can offer you £600.00. Call now for the money to be in your account this afternoon.”
Along with the 150 plus text messages I have also received approximately 20 phone calls wanting to speak to Paul. They also personalise the messages by saying things like: “Paul it’s Saturday, call now for £200 to party tonight.”
Even though I believe people can make their own minds up on whether they use payday loan companies or not, I also can see how people are almost bullied and tempted into replying and getting their hands on quick cash, especially if things are tough and life looks bleak.
The industry is corrupt and resembles the Wild West. It is a bloody joke that mortgages are regulated with an iron bar when payday loan companies are allowed to do whatever they want and can destroy lives
Harrison (not Paul)
Not in my backyard for a good reason
I read last week that over 50 per cent of UK adults would oppose a major house building programme if it was in their neighbourhood. The reason people do not want developments in their backyard is because the council who has granted the planning never looks at the infrastructure. So there is another 1,000 new homes built and nothing done to improve the roads, conditions, layouts or anything. So more house equals more traffic which then leads to more congestion and delays. Brilliant. Who in their right mind would want that?
The Cynical Broker
Sending documents by post is certifiable
I was interested to read eight in 10 brokers would like to be able to send information, like P60s or wage slips, to lenders using their smartphones.
Of course there is a security issue but that should be overcome quite comfortably with lender upload systems. We aim to scan on rather than photocopy documents from clients to reduce our paper files.
The issue is certification and we should at least be able to email or upload documents from our offices without having to print them, stamp every page with certification and scan them in again to upload, thus losing clarity and resolution, resulting in the request from lenders send them by post.
We need to be able to certify in the covering email/upload that “all documents attached” are true copies etc.
Let’s get into the real (modern) world sooner rather than later.
Precisely what the self-employed need
It is fantastic news that Precise Mortgages had overhauled its self-employed criteria. Now it will lend if the borrower has just one year’s accounts and has removed the minimum trading period.
It is great to know that some mortgage providers are willing to use a common sense approach to Self-Employed. Halifax and Kensington already do this, so it’s great to see Precise also adapting their criteria for Self-Employed workers.