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Loan Sharks

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Really?

 

Really.

 

The minister was on the tv news the other day and said 'there were no plans to cap the interest rate'.

 

So here we go boys, who wants a license to prey on the poor and the vulnerable.

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Apparently, the problem with enforcing much lower int rates would mean these companies would go out of business and borrowers would use the underworld of lending which would be worse.

 

I think these loan companies should be scrutinised more to determine whether it's more to do with profits not being as high as they like if int rates were much lower, rather than it would be the cause of them close down.

 

It's time these lenders stopped preying on the vulnerable, those who can least afford high int rates. Another designed to fail type lending. The roll over loans offered when the original can't be afforded to pay back, is being addressed but much more needs to be done.

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I've said it time and time again. There is ONE person who works with the government and he alone is responsible for what is happening. He is also the same person who ensured that workers have pretty much no legal rights for the first two YEARS of their employment.


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It's now emerged that £millions of the church money is used to back up Wonga.

 

As for making some unemployed, they are as bad as the company, it is they who send the snotty letters and roll over the loans getting people into trouble.

 

Perhaps if they get what they deserve, they can get their groceries with a Wonga loan and get some first hand knowledge of what it's like and what 'they' have been doing to others.

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It's now emerged that £millions of the church money is used to back up Wonga.

 

As for making some unemployed, they are as bad as the company, it is they who send the snotty letters and roll over the loans getting people into trouble.

 

Perhaps if they get what they deserve, they can get their groceries with a Wonga loan and get some first hand knowledge of what it's like and what 'they' have been doing to others.

 

One has to wonder how many other corrupt organisations are perhaps 'laundering' their ill gotten gains through the legalised loan sharks.


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It's now emerged that £millions of the church money is used to back up Wonga.

 

As for making some unemployed, they are as bad as the company, it is they who send the snotty letters and roll over the loans getting people into trouble.

 

Perhaps if they get what they deserve, they can get their groceries with a Wonga loan and get some first hand knowledge of what it's like and what 'they' have been doing to others.

 

This morning the Archbishop of Canterbury said that in total the church invested £75k (not millions) in an investment company that provided the capital to start Wonga, and that he's furious about it.

 

Personally I welcome the idea of promoting credit unions as an alternative. However, I'd still like to see interest rate caps.

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However, I'd still like to see interestlink3.gif rate caps.

 

And me, there is room for both of them if they would be reasonable.

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It's now emerged that £millions of the church money is used to back up Wonga.

 

As for making some unemployed, they are as bad as the company, it is they who send the snotty letters and roll over the loans getting people into trouble.

 

Perhaps if they get what they deserve, they can get their groceries with a Wonga loan and get some first hand knowledge of what it's like and what 'they' have been doing to others.

 

I see you now know the connection was indirect, an investment in a company who had connections down the line to Wonga. It has enabled the Church to review investments in companies who then invest onto others they want to avoid.

 

I noticed the 'Ten Commitments' Wonga have published to support their stance. A rather tacky attempt to poke fun at the Ten Commandments. Well they would, wouldn't they.

 

Keep the faith Conniff:-D

Edited by determindator

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Yes, aware of that now. I wish the media would get the true story before they rush to be the first to announce something and then get it wrong.

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It seems a number of top payday lenders have quit rather than prove they do not rip off customers.

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Of course they do, they get all their info from the public for free and then sell it back to them.

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Of course they do, they get all their info from the public for free and then sell it back to them.

 

Which want your stories to help them take on these type of lenders. I don't think Loan Sharks will be buying that info!

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If they want 'free' information then the magazine should be free.

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They may make money from selling a magazine but that money can be put towards doing a great deal of work for those who don't buy the magazine, in this instance money lending, apart from all the many other financial campaigns where their involvement has made changes better for the consumer. See it as philanthropy.

 

The internet is a powerful communicator, i've seen the Which info so it is appropriate for CAG to be a place to spread the word on this subject.

Edited by determindator

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Agreed termi. Until I attended the big banking debate I had no idea what a powerful campaigner which is, and the excellent work they do for consumers. So much more than the magazines. They also have very powerful contacts. :)


 

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I don't think anyone would dispute the good work they do.

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Yes Caro, we went to the debate, plus the other meetings over time, and there is influential work taking place standing up for the consumer.

 

Here is the site again to post what you want to say about your experiences with these type of loans.

 

http://www.which.co.uk/campaigns/money-payday-loans-overdrafts/?utm_campaign=121013_campaignsemail_monthly&utm_medium=email&utm_source=email_campaigns&cmp=121013_campaignsemail_monthly

Edited by determindator

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In one of the case studies in the report - one borrower admits to not telling the truth in order to be accepted.

 

Some borrowers are their own worst enemy - there really needs to be some education regarding the managing of finances.


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I believe financial education is being added to the school curriculum, should have been done years ago when get rich quick was introduced into main stream thinking. The eighties springs to mind. There's good and bad in lenders as there is good and bad in borrowers. That's where the fairness in each case should be decided.

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