Look at the monster you're feeding ya capitalist swines

bartosimpsonio

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Payday loan companies 'hounding' homeless teenagers and pushing them into debt, charity warns


A 19-year-old with learning difficulties is said to be among those ‘bombarded’ with demands for repayment

Unscrupulous payday loan companies are pushing debt onto homeless teenagers including those with learning difficulties, and “hounding” them for repayment, a charity has warned.

A 19-year-old with learning difficulties was among those bombarded with aggressive text messages demanding he pay up, the youth homelessness charity Centrepoint said.

Despite Centrepoint staff estimating that the Bradford teenager had a mental age of about 10, he had been able to get a £50 loan, which was turned into a £200 debt by crippling interest rates.

Other homeless teenagers – some as young as 17 – have, the charity said, been left “frightened to death” by harassment for the repayment of debts that had been vastly inflated by high interest.

Freda Dyson, who manages Centrepoint services in Bradford, told The Independent that before she and her staff started to tackle the problem by confronting companies and alerting trading standards, the situation in Bradford had been “absolutely appalling”.

“A tremendous amount of young people were able to get loans from unscrupulous companies,” she said. “They were desperate. They might get a £100 loan, but that might end up as a much bigger debt.

“We had young people getting inundated with phone calls and texts from these companies: ‘You will pay us’, text after text after text. It could be a dozen a day.

“They were all under 20. Some were as young as 17. They were frightened to death.”

The crisis, she said, had further convinced her of the need for The Independent and Centrepoint’s helpline appeal, because as well as helping with accommodation, Young and Homeless Helpline workers will be able to offer money advice to young people facing homelessness.

“This is essential now,” said Ms Dyson. “These kind of cases show just how important that money and debt advice will be.”

Read more : http://www.independent.co.uk/news/h...-young-homeless-teenagers-greed-a7438611.html


(BTW Look at those fat ass keyword links in the text...and this "news" is suspiciously well promoted on Reddit. The Independent's got the SEO foo sharpened up...)
 

Buzzika

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Body bags are more suitable for these teenagers.
Wtf bro? What makes you more worthy of living than anyone else?

There's nothing wrong with capitalism
That's like saying capitalism is perfect. Which is far from the truth. Sure it's a good system, but it's not perfect. You can always improve things, and should strive for it too.
 

gh0stxvx

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I know a guy on the spectrum who loves payday loans and is well into gambling - he thinks he has a system for the roulette machines...

I'm sure those companies love his endless spending though and what are they ever going to do about it? Nada. Easy money innit.
 

Reaver

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Payday Loan companies in the states are just as bad. But there's a law that says no creditor can take money out of someone's gov't assistance. So sometimes what people will do is tell the PL office that they have an income but not that it's gov't assistance. Then they'll borrow a huge amount of money and not pay it back. The PL company can't take anything from them and can't garnish their wages bc if all they declare is gov't assistance (Social Security, SSI, etc) then legally their income can't be touched.

I know a guy who did that at six different payday loan places. It was amazing. He spent the money and had a pro bono lawyer who got him out of paying bc all he had as far as income was concerned was SSI. He basically got $30,000 for free.

I don't feel sorry for them. They're financial predators.
 

gh0stxvx

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Smart! I remember someone did this with student loans here, was in the news a while ago.
 
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