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The behaviour of the loan shark – sorry, payday loan firm – seems reprehensible here. While I’m sure it is no comfort to people already in debt to these companies, I recommend talking to credit unions before going to loan sharks. There’s an article about this on Vox Political at http://voxpoliticalonline.com/2013/08/18/barefoot-banking-to-support-people-on-the-edge/
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I’m sorry but xmas presents should be a low priority these days kids need food and clothes as well as love. Love is the one important thing i never had especially as a child. If she already had a loan outstanding she should not have got another. However I do agree with you about her banks unfair attitude!
You make a good point but against that we must weigh the pressure on a parent to do right by their children – “keeping up with the Joneses” and all that. It isn’t right and it isn’t reasonable but it plays on people’s minds.
Also there may be historical reasons for people to get into debt this way. Mrs Mike has memories of very unhappy Christmases when she was a child, so she always tries, probably too hard, to make every Christmas the best it can possibly be, so her own children don’t have the same experience. It would be easy for her to get into debt if not for those around her (including her son and daughter) reminding her that spending lots of money isn’t what Christmas is about.
I would certainly recommend a Credit Union account, I started one some six years ago and have taken out a number of loans over that period. The latest was last year for a new cooker, nothing fancy but practical. I borrowed just over £200.00 and paid less than £30.00 in interest over the twelve month. I have also managed to save almost £500.00 with them. Another plus is, they pay a dividend on your savings rather than interest. Once you’ve saved with them for a few month you can take out a loan, it usually takes about a week to sort it all out. I would advise start one today and plan ahead.
[…] Reblogged from londonfoodbank: Clients at this London Trussell Trust food bank have few material resources to draw on, but if at all possible they still want to buy a few presents for their loved ones and grandchildren at Christmas. […]