I want!! Can I get?? It’s not fair!!

If you’re a parent like me you’ll probably hear these words all the time.

There are lots of reasons why we try to give our kids everything; to see the look of joy on their precious little faces, to get 10 minutes peace and quiet or to ease our guilt for long hours away from them at the office. But are we in fact making a big mistake? No shopping trip is complete these days without one of my kids asking for something, I can feel my stress levels rising before we even get through the shop door. When did my child become so spoiled? Have I created this monster?

My kids weren’t born wanting anything apart food, love and security. I started the journey, buying them that little bar of chocolate for being quiet in the supermarket, the cuddly toy that they carried around the shop that they just loved. I’ve made them want and expect these treats with every trip. I’ve recently heard friends talk about Christmas presents for their kids, including expensive ‘fruit’ branded products for 7-year- old children, 32inch flat screen TVs for bedrooms for their new games console. These gifts cost hundreds of pounds and most likely push a lot of us into debt, all to give our

kids what we’ve conditioned them to expect and the media has told them they must have. But where does it end? What happens when these already lavish gifts are not enough to satisfy them and our credit won’t stretch any further?

I realised recently that by continuing this pattern of everything they want exactly when they want it my children will never learn the true cost or value of things. And worse, when they grow up and go into the big bad world on their own I will have failed to prepare them for the realities of our consumer culture. The shocking reality that you don’t just get things because you want them, you have to work and save hard. Worse still will they fall foul to easy debt to fuel an addiction to instant gratification started in childhood?

As a great top tip to start reversing this behaviour a friend of mine sent me a little picture the other day and I have decided to give it a go. To start teaching my kids to think about what they really want and what they really need. I know it won’t be easy I will probably slip up give them 2 things they want but I am only a parent after all…..

FCA Introduce New Rules

At the start of 2015 the Financial Conduct Authority (FCA) introduced new rules to protect consumers from harmful business practices adopted by fee-charging brokers.

Payday Pig never charges a fee for the service we provide and we never take money from your account. However some brokers do charge a fee, and some mislead the consumer about these fees.

“The rules will ban credit brokers from charging fees to customers, and from requesting customers’ payment details for that purpose, unless they comply with new requirements ensuring that customers are given clear information about who they are dealing with, what fee will be payable, and when and how the fee will be payable. The rules come into force on 2 January 2015.”

Happy New Year – 2015: A New Payday Pig!!!

To mark 2015 we have launched a New Look Payday Pig.

The new year heralds new changes for the payday loan industry, with fairer pricing for consumers. More changes are in the pipeline and we aim to be at the forefront of these. More news to come soon…

The 2015 Payday Loan Rules Made Simple

Great news for customers of Payday Loans! In November 2014 the Financial Conduct Authority confirmed the following change to the rules governing payday loans:

From 2 January 2015, no borrower will ever pay back more than twice what they borrowed, and someone taking out a loan for 30 days and repaying on time will not pay more than £24 in fees and charges per £100 borrowed.

In line with this, all the lenders on our panel have lowered their interest rates and have confirmed they operate within these new rules.

How will the FCA affect You?

From the 1st April the FCA (Financial Conduct Authority) took over the duties of regulating the credit industry from the OFT. In this remit they have a lot more powers than the FCA and are already making changes. Some firms have already had their consumer credit licences taken away, while others have surrendered their’s voluntarily.

Their objective is to make the high-cost credit industry consumer focused. Already we have had to modify our website to add warnings regarding the cost of credit. And our lenders are increasingly asking us to collect more information, for example we now ask for more details about your monthly expenditure, and we will soon be asking for more details. Whilst we realise this can appear burdensome, the objective is to both encourage consumers to think about how they spend their money and whether they can afford a loan, as well as helping lenders assess affordability of a loan.

At Payday Pig we are also planning changes which will make us more consumer facing. More to be announced…