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Debates Forum

Debates Forum

  1. 02 Aug '13 01:44 / 1 edit
    News article;

    http://www.independent.co.uk/news/uk/home-news/war-on-wonga-were-putting-you-out-of-business-archbishop-of-canterbury-justin-welby-tells-payday-loans-company-8730839.html

    I wish him good luck .... Wonga.com is a reputable business in that its not a loan shark - they charge the same interest but with Wonga you get to keep your fingers. - Loan sharking is a nasty problem in the UK, sadly there is a place for Wonga - but its like creditcrunch.com the rates they charge.


    Would you like to see the Church close them down? to be honest I would.
  2. 03 Aug '13 00:52 / 2 edits
    bump - the credit crunch is important, this for the debates forum, not the spirituality forum.

    I know when the US had subprime mortgage problems this company was significant - Fannie Mae http://en.wikipedia.org/wiki/Fannie_Mae (if anyone can explain why would be good) Wonga is a UK credit crunch - lending to those who have not got a hope of paying it back - their rates reflect a lot of defaults. I don't wish them bankruptcy they just reflect a lot of people in dire straights, they really should not be needed.
  3. 03 Aug '13 09:49 / 2 edits
    Originally posted by e4chris
    News article;

    http://www.independent.co.uk/news/uk/home-news/war-on-wonga-were-putting-you-out-of-business-archbishop-of-canterbury-justin-welby-tells-payday-loans-company-8730839.html

    I wish him good luck .... Wonga.com is a reputable business in that its not a loan shark - they charge the same interest but with Wonga you get to keep your fingers. - L ...[text shortened]... rates they charge.


    Would you like to see the Church close them down? to be honest I would.
    Yeah I as a non religious person was punching the air when the new arch bishop of Canterbury told Wonga that He was going to drive them out of business, we will have to agree to differ on what constitutes "reputable" .

    I think the Wonga model could be good for the consumer if they were not such horrible greedy creatures.
  4. 03 Aug '13 20:37 / 1 edit
    Originally posted by kevcvs57
    Yeah I as a non religious person was punching the air when the new arch bishop of Canterbury told Wonga that He was going to drive them out of business, we will have to agree to differ on what constitutes "reputable" .

    I think the Wonga model could be good for the consumer if they were not such horrible greedy creatures.
    I think he has a right to criticise wonga, Churches turn out food banks by the thousand, the Salvation Army & YMCA house tens of thousands possibly more. They have a big interest in wongas 'target market' they target them too but hope for a bit better - Wonga is lending money to those who have 0 in there bank account - intrinsically unable to pay it back...
  5. 18 Aug '13 20:21 / 6 edits
    I saw a thread 'death spiral of capitalism' - This thread is about that too! or trying to overt it by limiting silly lending and helping those in need.

    I really dislike the corporate practice of 'Bumping' people, as well as pay day loans.

    'Bumping' is basically stealing from a persons bank account. I have 2 examples 'three' who my internet is with charge me £20, yes £20 for watching a youtube video once my 10 gig of internet is up, and there's no warning... there is going to be a boring argument when I phone them up about it. But.... now bust T Mobile did much much much worse, If I went over my mins with them they charged 30p per min - which cost me £200 yes £200 (1/4 of a months minimum wage, a putrid theft) for a call with my aunt. And they did it twice the second time I bumped them back and got my bank to recall the dd in time - I caught them stealing on the day and blocked it. They threatened me with court so I threatened them with court and they gave up (and deservedly went bust).

    Credit cards surprisingly are not the worst for this - the laws surrounding them side with the customer (eg no fraud liability - you are liable for fraud on a debit card - they're bad for the internet) . But Payday lenders, 'free' Bank accounts that can charge £80+ in fees p/m and Mobile phone companies need there fingers slapped with a steel ruler! 'Bumping a person on minimum wage means they simply don't have enough to pay bills / buy food. Its nothing short of criminal and they deserve fraud they get!- And it happens, pay day lenders have terrible fraud losses and people now 'bump' the mobile companies back by stealing contract phones - companies that don't abuse customers really don't have these problems.
  6. 19 Aug '13 20:19 / 2 edits
    this thread is important! but boring

    people with £10k on there credit cards think they are doing well!

    The way in which

    > Mobile phone companies
    > 'Free' Bank Accounts
    > Payday lenders

    Target those on low incomes and 'bump' charging c£100 pm for a £15 pm contract needs to be regulated. I think no company should be allowed to charge more than £15 in fees per month - credit cards work to this but the bad 3 above don't - they are a hemorrhage to the economy and there customers.

    I predict , just me that in 5 years credit ratings won't be worth the paper they are printed on as the companies have ripped to many people off - I really like companies like Amigo Loans, they and Wonga show the credit system is failing in the UK...
  7. 25 Aug '13 23:10 / 1 edit
    I know a trick to improve a persons credit rating and its quite legal; get a credit card, put all your purchases on it, then pay it off in full each month, leaving your wages in your bank account so you are always in credit. if you do it correctly you shouldn't pay any interest on the card. - it looks to the credit systems like your paying off £500 in loans every month.