Wednesday, 3 July 2013

Loans, moans and plenty of groans

So it seems today that Kerry Katona has been dropped from her position as the face of a payday loan company as she is just about to file for bankruptcy for the second time! 

Firstly, I would like to point out that I am as likely to take financial advice from Kerry Katona as I am to take advice on my love life from Katy Price. 

Let's face it, Kerry Katona was never a person that I was going to think, "I wonder, What would Kerry do?" was she? 

But if anything, this just goes to show that these payday loans are just evil. They need to be clamped down on and regulated to better effect. I see far too many people in this day and age who have to worry about money coming in and the temptation of one of these loans if you are desperate is easily understood. 

These companies are trading on people's misery, their APR is ridiculous, (I swear my first mobile number had less digits than these companies APR) and they are dangerous. They are just glorified loan sharks, the only difference that I can see between these companies and loan sharks is that these Payday loan companies have an 0800 number and a slicker line in selling you up the river than a Lib Dem MP at election time.

No, I am not glad that Kerry Katona has had to file for bankruptcy for the second time, and I wish that I could say that I hope it puts people off getting a loan with one of these companies, but unfortunately I can't see this happening. People with no money are still going to borrow and dig themselves deeper into debt, purely because they have no choice.

But what I DO hope happens is that once more these companies are pushed out from the rocks they hide under,  like the cockroaches they are,  and are put under a huge amount of scrutiny and are made to change their ways. 

Do I think it will happen? 

I hope so, but I won't hold my breath. 

What do you think? Was Kerry Katona a fool for being a spokesperson for Pay day loans in the first place? 

Have you ever had to use one of these companies when you have been short of money before? 

How do you feel about Kerry being dropped by the company she was meant to promote?

Let me know. 

Big Fashionista x x 



  1. She was foolish or her PR/agent was foolish for either directing her this route or standing back and allowing it to happen. It's astounding she's given comeback after comeback but seems to frittle it all away each time. I wish her the best though, hopefully she will learn and it won't happen her again.
    As for pay day loans I was incredibly glad to hear they're being referred for more investigation. They shouldn't have been allowed to operate in the first place. They're not a loan service they're a seriously profitable scam. Sooner they're shut down the better. And nope, I've never had one. The risk was never worth it!

  2. I've been on the wrong end of these damned things, and it's something I'll never be doing again. Truth is, they've trashed my credit rating to such a degree that I doubt if anyone would even lend me their lighter, never mind any money.

    What amazed me was the lending decisions some of the companies made. Even after I had started struggling and missing payments, I would still be receiving numerous texts and emails every day, where I was able to borrow even more. One firm even sent me an email, saying that as i hadn't made my last payment, would I like another £100 to help me along? Well, it would have been rude not to..!

    I'm starting to get things back together now, but my hope is that one of these firms goes under through the weight of their defaults. That would cause a change in thinking in the industry far more than any greater government regulation.

    As for dear old Kerry, I'll miss her happy smiling face on my screen, but I'm sure she'll bounce back in some other form before too long. Maybe she could be the new face of someone like Wetherspoons, slumped in a corner of the pub with a cut price G 'n' T , growling abuse at the world...

  3. At the end of the day if you cannot get a loan from your bank you should not, in any way shape or form have a loan FULL STOP. I applied for a loan at my bank and was approved in seconds with the full amount in my bank. And my credit rating isn't BRILLIANT. So it worries me the financial state some of these people are in to turn to this shit.

  4. Kerry was an awful choice for this company and I feel bad for her because it was such a stupid decision. Her money woes have been made very public over the years, so for her to go and do an ad for something that has the potential to ruin the lives of families (that's how much I hate these sharks) was a very stupid idea. I don't think that celebrities have any place advertising loans like this, because we all know how they made their money the first day and it wasn't by borrowing 300 quid off a company until the next payday when they'll charge you 2156% interest. I'm shite with money, but I'd never go near a crowd like this. I'm delighted to be able to say that I haven't one loan or credit card hanging over my head, but by god was I tempted at times, it took me three years to pay of a grand of an overdraft when I was young and stupid, never, ever again. I feel so sorry for people who think that things like this are a legitimate way to keep the wolf from the door. It's like trying to keep the wolf away by getting involved with a bloody... superwolf. IYKWIM.

  5. It was odd to me why they chose her in the first place. Why she took it? Money obviously. Same as the bloggers i've seen blogging about loans and gambling sites. I despise them but people write them up because they need the pennies.
    I would like to say i'd never use one of these companies but i'm not fond of saying never, i bet a lot of people thought they wouldn't and are now in a whole heap of money worries.
    Something needs to be done about them. The APR is shockingly high and it's ridiculously easy to get the money (as highlighted by a previous tv docu a few months back) Good post. Although am obviously sad for Kerry who is clearly poorly advised and has some issues to deal with herself over money, spening etc.

  6. It's just scary to think that our country is in such debt, yet these companies are lending out money all the time. The APR is ridiculous and shocking and the companies should be stopped. It's unfair to pray on the vulnerable, people are struggling for money as it is. GRRRR. It's so sad about Kerry Katona, she's clearly been around the wrong people. To have to file for bankruptcy twice? Must be heartbreaking, but she and the people around her clearly aren't making the right choices for her.
    Charlotte xxx Something Special To Say

  7. These companies are trading on people's misery, their APR is ridiculous, (I swear my first mobile number had less digits than these companies APR) and they are dangerous. refinance mortgage


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