The Banks are as guilty. They don't lend money. It is a promise to pay. The money doesn't exist. You just promise to pay them money over a period of time.
What do you expect if you borrow from a loan shark? I think their practices are not as harsh as people make out anyways because in most cases if you borrow let's say 100 in 2 weeks you pay back 150
It was legal at the time that was the problem. Online lending was new & wasn't regulated like traditional banking. One of the problems was you were lending from overseas lenders outside of national jurisdiction even if you did't know that who was lending you the money. Drafting the loan was in another country and usually another currency but paid out in your local currency. The people they preyed on were desperate & likely not aware that they were borrowing from oversea's or that their country’s laws did not apply & would not protect them while international banking laws allowed those lenders to enforce those debts. One horror story was man who borrowed just £80 but did't realize the loan had a staggering APR of 16 million %. Within weeks they were demanding he pay them back 25 thousand & it was all legal at the time.
Dave is really great, I really like how he acknowledges everyone that writes to him! That shows how much he cares about this
I love Dave. Wish we could see him back on the TV.❤
Yeah he opened up on in Burnley Smh .....he's up front and tried to help people 💕🇬🇧✝️
Gotta love how dave talks. Feels like an Attenborough
what about collection agent? I own 1,500 personally but it went to 4,000 plus in less than a year
Should run for Priminister
The Banks are as guilty. They don't lend money. It is a promise to pay. The money doesn't exist. You just promise to pay them money over a period of time.
💚
Please please please someone get rid of David 😭 between the emphasis put in every word, the accent drives me mad 🤣
No he’s a legend😹! We need a good laugh!
@ i can’t stand the man 🤣 it angers me, it does not make me laugh 🙈🤣
@ 😹😹 Understandable
What do you expect if you borrow from a loan shark? I think their practices are not as harsh as people make out anyways because in most cases if you borrow let's say 100 in 2 weeks you pay back 150
It was legal at the time that was the problem. Online lending was new & wasn't regulated like traditional banking. One of the problems was you were lending from overseas lenders outside of national jurisdiction even if you did't know that who was lending you the money. Drafting the loan was in another country and usually another currency but paid out in your local currency. The people they preyed on were desperate & likely not aware that they were borrowing from oversea's or that their country’s laws did not apply & would not protect them while international banking laws allowed those lenders to enforce those debts. One horror story was man who borrowed just £80 but did't realize the loan had a staggering APR of 16 million %. Within weeks they were demanding he pay them back 25 thousand & it was all legal at the time.