Plymouth bans payday loans

23 July 2013

stock_payday_loans Plymouth might well have become the first local authority to ban payday loans, making sure that their entire computer network doesn't give access to the 50 most popular payday loan websites.

The Council are aiming to protect residents from the huge interest rates which often lead to spiralling debt.

This comes on the back of the Financial Conduct Authority considering a blanket ban on payday loan companies from advertising.

Councillor Chris Penberthy said: "Plymouth's advice agencies are taking calls daily from people who are running up huge debts that are causing stress and hardship to them and their families. We need to protect people and make it difficult for payday loan companies to operate in our city but we do recognise times are hard."

"We are working with our partners to make credit union services more easily available in the city centre, this is an affordable lending option for people that won't trap them with massive interest rates."

Steve Meakin, Money Advice co-ordinator for Devon and Cornwall and the chair of the Institute of Money Advisers, said: "It's difficult to overestimate the harm payday loans are causing to Plymouth residents. The Citizens Advice Bureau is seeing an ever increasing epidemic of despair caused by these unscrupulous merchants of misery. Plymouth City Council's initiative is really welcome and represents a constructive first step in combating the unacceptable face of the financial services industry."

TOPICS:   Debt


  • shiftynifty
    They really are like a tide of scummy filth that have washed upon our shores...Ban them...
  • Chewbacca
    ^yep Obviously banks and other providers can provide a short term loan at less cost. Oh, wait. Look, you retards. There's a gap in the market. Legal loan sharking is better than the illegal equivalent. Unless banks etc. start offering short term loans, or there is some sort of government legislation to force employers to provide pay advances then this is what we will have. Regardless of your feelings, they are better than the alternative of starving or missing your rent/mortgage payments. The fact that stupid people run up £10k of debt on an initial loan of £500 is neither here nor there. You fucking morons.
  • shiftynifty
    Chewbacca........why have you took one out...
  • Dick
    So is the council going to give interest free loans to these people instead? I can understand them refusing to show adverts on bus stops and so on, but to block internet access seems rather iffy to me. What next? Ban their residents from looking at the Man Utd website, since they should be fans of Plymouth Argyle?
  • haggis
    Source Mof? They have banned the adverts. A county council lacks the authority, or the ability to prevent residents accessing specific websites. Or do you mean that the council's computer network has blocked access to the companies: @Chewbacca For someone who calls everyone else a moron you are seriously lacking in critical thinking faculties.
  • TeddyEdward
    Why have Bitterwallet allowed a payday loan company to put a link to their website in these comments?
  • Chewbacca
    @Shittynitty Was that a question? If so, put in a question mark. You fucking cretin.
  • Chewbacca
    @Offalproduct Oh, wise one, please do tell me what I’ve said in error. Face it, you c unt, I’m right. And you’re a fucking moron. You fucking moron.
  • fibbingarchie
    Chewie is right. Just because you don't like the idea doesn't make it wrong. Everyone has the choice not to use them. If a person is granted a payday loan, it means they have a job, which means they have an income, which means they need to to stop buying stuff they can't afford, which means they would avoid being butfucked by a payday loan lender.
  • fibbingarchie
    Haggis, I don't see any 'critical thinking' coming from your end. 'The fact of the matter is...' '... I have not included references.' Which makes your ramblings an opinion no better than that of anyone else.
  • PlatinumPlatypus
    Chewbacca- banks do offer short term lending. Overdrafts, and credit cards. Plymouth council's computer network banning presumably means the companies can't be accessed on library computers etc, which is fairly significant.

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment