ho ho ho! the money shop closes down

[Pickman's model]

not at the 400 staff facing redundancy and an uncertain future but at the demise of the vile organisation which has lured many thousands if not millions into a debt trap from which it is very hard to escape
Hundreds of jobs at risk as payday lender The Money Shop shuts up shop | Daily Mail Online

 

[editor]

May they burn in hell for their sins.

 

[dylanredefined]

View attachment 174866

not at the 400 staff facing redundancy and an uncertain future but at the demise of the vile organisation which has lured many thousands if not millions into a debt trap from which it is very hard to escape
Hundreds of jobs at risk as payday lender The Money Shop shuts up shop | Daily Mail Online

Debt gets sold onto someone else so not good news to the victims.

 

[Virtual Blue]

Debt gets sold onto someone else so not good news to the victims.

yep...those debts should not have existed...evil bastard companies that prey on the desperate.

 

[Pickman's model]

Debt gets sold onto someone else so not good news to the victims.

it's still a closure to be celebrated as there'll be no new debtors created

 

[StoneRoad]

I'll agree that ICL is better off dead.
I worry about their staff (but not too much, as they must have known how exploitive their employer was)
I hope their debtors can escape without further losses / debt, but I expect their debts to be sold on.

 

[Don Troooomp]

it's still a closure to be celebrated as there'll be no new debtors created

Sadly not as some other bastard will take over or start a new version

 

[Pickman's model]

Sadly not as some other bastard will take over or start a new version

there are many other abominable chains in the payday loan business. but i find something to cheer in the closure of a company like the nefandous money shop. i am sorry you can't.

 

[Sasaferrato]

it's still a closure to be celebrated as there'll be no new debtors created

Not for that bunch, but there are many others.

Do you know what their APR was? Some are over 1000%

If Corbyn gave an absolute pledge to shut the whole lot down, I would vote for him.

My last working days with HMRC were debt management. When doing income and expenditure, about 80% of people had short term high interest loans. The amount of money being sucked out of the lowest paid sector of society is obscene.

 

[cupid_stunt]

Not for that bunch, but there are many others.

Do you know what their APR was? Some are over 1000%

Thankfully not anymore, total cost is now capped at 100%, including interest & other fees.

To protect customers from escalating debts, there will also be a cap on the total cost of the loan of 100% of the loan amount. You'll never have to pay back more than double the initial amount you borrowed.

So if you borrow £100, the total amount you pay back including all interest, fees and other charges, and paying back the capital must not be more than £200.

FCA payday loan caps: Your FAQs answered

 

[Don Troooomp]

there are many other abominable chains in the payday loan business. but i find something to cheer in the closure of a company like the nefandous money shop. i am sorry you can't.

I'm pleased to see them gone, but would be a lot happier to see legislation that banned them totally.