Thread: LEGAL RIPOFFS

Originally Posted by Utemad

Problem is it is you and I as taxpayers who pay for this in the end.

those that take advantage of those less fortunate than themselves don't worry about silly notions like that...

long as they benefit at the time they are happy it seems...

Guys
Some info:-
In the UK
[ame=http://www.youtube.com/watch?v=fj_pR_JRcoM]Payday loans investigated by Channel 4 News - YouTube[/ame]
&
In the USA:-
[ame=http://www.youtube.com/watch?v=kqWdjfaSk1Y]Big Banks Behind Payday Loan Scams - YouTube[/ame]

Frightening I know!
Cheers Dennis
zedcars

Hi,
Years ago in the RAAF we had a small social club, it bought pies and drinks and sold them at a small profit.
We were a small isolated unit in a remote corner of a large base.
They started a 'payday loan' service, 10c in the dollar from fortnightly pay to the next as some of the chaps were a bit short of cash.
Being RAAF, the books had to be audited, and after a month or two it was so profitable the CO shut it down.
Some blokes had got so far in debt so quickly it was scary. These were reasonably intelligent men, but they couldn't see the trap.

cheers

Originally Posted by austastar

Hi,
Years ago in the RAAF we had a small social club, it bought pies and drinks and sold them at a small profit.
We were a small isolated unit in a remote corner of a large base.
They started a 'payday loan' service, 10c in the dollar from fortnightly pay to the next as some of the chaps were a bit short of cash.
Being RAAF, the books had to be audited, and after a month or two it was so profitable the CO shut it down.
Some blokes had got so far in debt so quickly it was scary. These were reasonably intelligent men, but they couldn't see the trap.

cheers

A mate of mine was a non smoker, back in school, the rest of us smoked, so he started to sell cigarettes, .50c each or 5 for $2

There was one dude that would forever buy a single smoke and get it on tick, deal was, if he didn't pay the following day, the price double for everday, if it got to 4 days it was a punch in the head

The amount of times he paid $4 for a single cigarette was unbelievable, even as we all pointed out how stupid it was, he would continue, my mate never minded and sure as ****, he never got to the punch in the head stage though

Originally Posted by rovercare

A mate of mine was a non smoker, back in school, the rest of us smoked, so he started to sell cigarettes, .50c each or 5 for $2

There was one dude that would forever buy a single smoke and get it on tick, deal was, if he didn't pay the following day, the price double for everday, if it got to 4 days it was a punch in the head

The amount of times he paid $4 for a single cigarette was unbelievable, even as we all pointed out how stupid it was, he would continue, my mate never minded and sure as ****, he never got to the punch in the head stage though

He probably punched some one else and stole thier lunch money to pay for his over priced ciggies

Originally Posted by RVR110

Irrespective of how each individual got in that vulnerable position in the first place, it is sad to think that there are enough people who are so desperate that they can support an entire industry of lenders of last resort like that.

That astounds me as well. Playing Devil's Advocate, what would happen if these lenders were put out of business? We assume they are rip off merchants but every business has an operating cost associated with it. I imagine that the defaulting rate would be very high, do we expect these lenders to act as charities? They are probably better than Big Louie down at the pool hall who would charge just as much but break your legs if you didn't pay. So I say again, what would the effect be of shutting them down? Forcing reasonable charges would probably send them broke. Don't get me wrong, I am playing Devil's Advocate here. The obvious solution would be for nobody to need the service but this is Australia not lala land.

Another honest scam. Awhile ago now we brought some goods from hardly normal. Out of the goodness of there hearts and bless them they realised that we did not need the stress of being asked if we needed this gift. A credit card with a limit of $10,000 was given to us. Now the sting was that you got a good deal on what you brought striaght up. Any thing else brought with the card was at the highest interest rate and no interest free period. As you would guess the card was binned. But what a carrot that card must be for some. We found the card in the paper work and had to ask what the deal was with the card as they where not exactly up front. Jsut a little something popped in with the paper work.
Cheers Hall

Originally Posted by Hall

Another honest scam. Awhile ago now we brought some goods from hardly normal. Out of the goodness of there hearts and bless them they realised that we did not need the stress of being asked if we needed this gift. A credit card with a limit of $10,000 was given to us. Now the sting was that you got a good deal on what you brought striaght up. Any thing else brought with the card was at the highest interest rate and no interest free period. As you would guess the card was binned. But what a carrot that card must be for some. We found the card in the paper work and had to ask what the deal was with the card as they where not exactly up front. Jsut a little something popped in with the paper work.
Cheers Hall

HALL, don't just bin it call the credit company and cancel it. We bought interest free, ( but you still get charged a $2.50 monthly service fee, so nothing is free), but if you don't cancel the card, ( Which is like extracting hen's teeth, they won't let you go) You get stung an annual $50 card fee for having something you do want and didn't use.

Cheers,
Mario