This happened just up the road from me, last year. I didn't know him but a very sad story indeed. Whilst I don't personally agree with suicide, it's sad that he felt that it was the only solution to his problems. Pay day loans are a good concept but executed extremely poorly, and something needs to be done about them.
6 year IVA accepted 7th March 2013... the start of a new journey!
I don't think this just affects people with payday loans though, I know plenty of people who have struggled with debt and even your oral everyday lenders come down extremely hard and threatening if you can't pay, despite all the rubbish they spout about contacting them for help and support if you're struggling and that lenders have to abode by a code of conduct now in helping people who are struggling, they're all leeches at the end of the day and want their pound of flesh.
Depending on your personal circumstances and state of mind at the time, many people see no other way out and unfortunately see the 'professionals' as only wanting to make more money out of a dire situation
Tragic story. However, based on my recent personal experience of dealing with payday loan companies to arrange a repayment plan I have to say I found (with one exception) the payday loan companies to actually be quite reasonable and nothing like as awkward, threatening or difficult as I'd expected.
Not that I'm defending the payday loan companies, but sadly I also feel that often people don't help themselves by burying their head in the sand and not contacting such companies until after they've missed payments etc., which generates the chasing letters/phone calls/emails etc.
How terrible for this poor chap and the family that have been left behind to pick up the pieces. Whilst there is a place for payday lending in this country if used correctly, and for the purpose it is there for, there should be more compliance in this industry with regard to the granting of multiple loans and roll-overs.
