Simon Read: Is there any stopping the 'borrow now pay later' lot?

 

With reports that more than 32m people have been on the receiving end of those annoying PPI claims calls, texts and emails, my thoughts return to an email about annoying loan emails I received earlier this week from reader Jonathan Dumbell of Torquay.

Jonathan has contacted me in the past about the misery that can follow taking out payday loans. Now, after promotion at work, he's out of debt. "In fact I can now save 20 per cent of my salary into savings accounts and 10 per cent into my pension. I'm mortgage free and have no other debts," he says. That's great news. I wish more readers could report being in such a positive position!

But the fact that he's out of debt doesn't mean he's not still plagued by lenders. Jonathan reports: "This morning I opened my email account to find 27 emails in my spam folder: 21 were offering loans or credit cards.

"I usually get this amount on a daily basis and delete them without opening them. I thought it would be interesting to count them up over the week." By Friday he had received 89!

That's interesting and demonstrates how easy it can be to fall into debt when temptation is constantly arriving in our in-boxes. Their is also pressure, of course, from up-to-their-neck-in-debt 'friends' who say it's good to live on tick.

Jonathan reports the example of a friend of his who, he says, earns more than £150,000 year but has no pension provision or savings. "He has a £650,000 interest-only mortgage and hammers at me that I should borrow to buy a car or do home improvements to (and I quote) 'help the economy'. My arguments that I save to buy these things fall on deaf ears."

It's interesting, isn't it, that people who presumably know they are living on a dangerous financial edge want to encourage others to do the same. The key is to ignore anyone who encourages you to take on debt.

Jonathan also reports that he's learnt a lot recently from studying his grandfather's account books. "He died in 1976 aged 96 and never had a loan, credit card or overdraft but lived happily in his own home.

"In my 20s and 30s I would have derided him for not borrowing. Now I see that he was right all along. A shame I didn't learn that lesson much earlier!" Jonathan says. It's a shame that most of us don't learn that lesson early enough in life!

News
people
News
A survey carried out by Sainsbury's Finance found 20% of new university students have never washed their own clothes, while 14% cannot even boil an egg
science...and the results are not as pointless as that sounds
News
politicsIs David Cameron trying to prove he's down with the kids?
News
Businessman at desk circa 1950s
news
PROMOTED VIDEO
Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Ashdown Group: Client Services Manager - Relationship Management - London

    £30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...

    Recruitment Genius: Credit Controller / Customer Service

    £18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...

    Guru Careers: In-House / Internal Recruiter

    £25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...

    Recruitment Genius: Tax Assistant

    Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

    Day In a Page

    Woman who was sent to three Nazi death camps describes how she escaped the gas chamber

    Auschwitz liberation 70th anniversary

    Woman sent to three Nazi death camps describes surviving gas chamber
    DSK, Dodo the Pimp, and the Carlton Hotel

    The inside track on France's trial of the year

    Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
    As provocative now as they ever were

    Sarah Kane season

    Why her plays are as provocative now as when they were written
    Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

    Murder of Japanese hostage has grim echoes of another killing

    Japanese mood was against what was seen as irresponsible trips to a vicious war zone
    Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

    Celebrities call on David Cameron to take more Syrian refugees

    One young mother tells of torture by Assad regime
    The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

    The enemy within

    People who hear voices in their heads are being encouraged to talk back
    'In Auschwitz you got used to anything'

    'In Auschwitz you got used to anything'

    Survivors of the Nazi concentration camp remember its horror, 70 years on
    Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

    Autumn/winter menswear 2015

    The uniforms that make up modern life come to the fore
    'I'm gay, and plan to fight military homophobia'

    'I'm gay, and plan to fight military homophobia'

    Army general planning to come out
    Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

    What the six wise men told Tony Blair

    Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
    25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

    25 years of The Independent on Sunday

    The stories, the writers and the changes over the last quarter of a century
    Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

    Homeless Veterans appeal

    As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
    Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

    Smash hit go under the hammer

    It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
    Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

    The geeks who rocked the world

    A new documentary looks back at origins of the computer-games industry
    Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

    Belle & Sebastian is taking a new direction

    Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea