Invest in Africa

[Kevin Carr's Gloves 3973]

 

 

No just makes a change to use it in the proper context, think you're getting worked up over nothing lad.

"Jesus that's criminal!, literally !" That better?

 

No I just hate the word unless it is used in a language translation context.

[The Fish 10965]

See i disagree, i don't like these massive interest rate companies but it's pretty clear what you're agreeing to (with them anyway), https://www.wonga.com/ look at the website the frontpage is one massive slider that tells you exactly what and when.

You have to be pretty fucking simple not to understand it like, in fact so simple that the signup process should be a struggle anyway.

 

I personally think that the people who're taking out these loans are not considering the implication if they don't meet repayments. I think they'll see that if they fail to pay back the loan it'll be bad, but I don't believe they truly accet how bad. I also don't buy that anyone that is incapable of budgetting (to the point they need a payday loan at those rates) is financially responsible enough to guaranteee repayment of this kind of loan.

 

Sure there will be some who're using it to pay for the broken down car, the exploded boiler, or the plane tickets for the daughter stuck in Malaga because she was too wasted on Blu WKD to get aboard her flight on time, but most will be because they live in the overdraft, have maxed out every credit card they've got, they've been turned down by High Street banks when they've asked for loans, and they've spent the rent money on McDonalds, Fags, pregnancy tests, Smart Price Vodka and wire coat hangars...

[LoveTheBobby 1]

Listen t George Osborne here

[The Fish 10965]

Gideon

[trophyshy 7084]

I personally think that the people who're taking out these loans are not considering the implication if they don't meet repayments. I think they'll see that if they fail to pay back the loan it'll be bad, but I don't believe they truly accet how bad. I also don't buy that anyone that is incapable of budgetting (to the point they need a payday loan at those rates) is financially responsible enough to guaranteee repayment of this kind of loan.

 

Sure there will be some who're using it to pay for the broken down car, the exploded boiler, or the plane tickets for the daughter stuck in Malaga because she was too wasted on Blu WKD to get aboard her flight on time, but most will be because they live in the overdraft, have maxed out every credit card they've got, they've been turned down by High Street banks when they've asked for loans, and they've spent the rent money on McDonalds, Fags, pregnancy tests, Smart Price Vodka and wire coat hangars...

 

Therefore it's only right to exploit them, we should cut out the debt and just get the economically feckless to build us some pyramids for their booze.

 

This Friday, get lashed for just 50 lashes or less!

Edited May 28, 2013 by trophyshy

[The Fish 10965]

Therefore it's only right to exploit them, we should cut out the debt and just get the economically feckless to build us some pyramids for their booze.

 

This Friday, get lashed for just 50 lashes or less!

because that is exactly what I said/suggested.

 

This company is preying on the vulnerable and that shouldn't be tolerated. Wonga (and others like them) are Loan Sharks with worse suits and better marketing. Those using them aren't blameless, but they shouldn't be left at the mercy of these parasites.

 

These loan companies are like drug dealers.

[JaMoUsE 0]

Welcome aboard the wRonga train fish.

[trophyshy 7084]

because that is exactly what I said/suggested.

 

This company is preying on the vulnerable and that shouldn't be tolerated. Wonga (and others like them) are Loan Sharks with worse suits and better marketing. Those using them aren't blameless, but they shouldn't be left at the mercy of these parasites.

 

These loan companies are like drug dealers.

 

So you didn't like my pyramid scheme? Nambypambyism alive and well. The poor little mites, they're being abused by the rich! Save them, save them!

 

Wonga and the like are facets of the ugly end of our ruinous system. Plenty of wrong in Wonga, and a thousand other industries. As has already been noted.

 

We can try and look out for the poor, but really we should be going after the rich.

Edited May 28, 2013 by trophyshy

[BigWalrus 0]

There are some horror stories and I agree that the industry should be more closely regulated.

 

However, the vast majority of customers are using the loans for short term finance and repay in full shortly afterwards.

 

Don't be fooled by the APR quoted. They, like any other lender, are legally obliged to state the interest in annual terms. Regardless of the fact that the vast majority of the "interest" is a loan arrangement fee, it legally has to be stated as part of the annual interest.

 

The loan is unsecured and as such will always have high interest rates to compensate the lender for the high level of risk they take on.

 

Horror stories aside, which hopefully will become a thing of the past, I think its better that these companies exist, if only to provide a legitimate short term facility and discourage punters from going to their local loan shark hanging around in the pub.

 

They're not something I would hope to ever need to use mind.

[essembeeofsunderland 811]

A lass rang Radio Newcastle last night and complained on behalf of her friend who was given a loan for £200 to buy a dress to wear on a Friday night .She was blaming the loan company for giving the loan without checking her friends ability to pay it back.She said because her mate has no income,£2000 is now owed.We cannot put all the blame on the loan companies when you have clowns borrowing money to buy a dress for a Friday night out, without the income to pay any of the loan back.Her parents were going to pay the money back.

[scoobos 298]

personally I think you can't blame the companies , it needs regulation - no company would dare risk the damage to reputation or lack of repayment back in the day. Now these companies are insured to their teeth. It needs an acceptable lending case. It's no different to the vouchers you used to buy on the door step , but its being done in a way where face to face contact is not required - so there's a major check on ability to repay immediately lost.

[donaldstott 0]

I have a mate who works for Wonga and he reckons the typical customer are young professionals looking for a pay day advance.

 

I have suggested that this is probably what new members of staff are told to help them through the depression when they realise that society views them as one step up from a Colditz guard.

[CleeToonFan 1]

Newcastle Brown Ale also 'preys on the vulnerable', but we all loved it when THEY sponsored us.

 

 

 

 

 

 

.

[StevenL 0]

There are some horror stories and I agree that the industry should be more closely regulated.

 

However, the vast majority of customers are using the loans for short term finance and repay in full shortly afterwards.

 

Don't be fooled by the APR quoted. They, like any other lender, are legally obliged to state the interest in annual terms. Regardless of the fact that the vast majority of the "interest" is a loan arrangement fee, it legally has to be stated as part of the annual interest.

 

The loan is unsecured and as such will always have high interest rates to compensate the lender for the high level of risk they take on.

 

Horror stories aside, which hopefully will become a thing of the past, I think its better that these companies exist, if only to provide a legitimate short term facility and discourage punters from going to their local loan shark hanging around in the pub.

 

They're not something I would hope to ever need to use mind.

 

Just out of curiosity. How often do these companies end up on the losing side?

[BigWalrus 0]

Wonga's 2011 accounts show write offs of £76m of loans. This is 41% of their £185m revenue. So a ridiculously high amount is written off.

[Meenzer 15718]

I keep reading Wonga as "Wogan".

[BigWalrus 0]

Terry Wonga

[StevenL 0]

Wonga's 2011 accounts show write offs of £76m of loans. This is 41% of their £185m revenue. So a ridiculously high amount is written off.

 

Mental.

[PaddockLad 17654]

Bolton think twice about Quckquid...fair play to them

 

http://www.bbc.co.uk/news/uk-england-manchester-22791288

[Happy Face 29]

Overtime work violates Chinese labor law.

Violates the fair labor ASSOCIATION standard

Wages are lower than the local minimum wage.

No medical, unemployment or retirement insurance of any kind.

No rights of freedom of association, the president of the union is appointed by factory management, many workers do not even know what a trade union is.

Constantly working in high temperature and toxic fumes.

 

etc.

 

http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=1538&context=globaldocs

 

Do they think Reebok are a company with a conscience like?

[ChezGiven 0]

You're rapidly becoming the biggest killer of ill-informed and badly-thought-through ideas on the internet.

 

A sort of snopes for the day to day nonsense spouted by your average arsehole.

[Happy Face 29]

 

Everyone knows the REAL objection is solely that these companies are cheap and nasty. Like getting the pound shop on your shirt.

[Howmanheyman 33845]

 

Everyone knows the REAL objection is solely that these companies are cheap and nasty. Like getting the pound shop on your shirt.

 

Nothing wrong with that line of thinking either in my opinion.

 

What will the next potential sponsor think if his company/brand is associated with tat? When Wonga fuck off maybe another sponsor will think twice and we'll replace like for like, not that most football clubs will give a fuck I suppose but it might just cost them in the long run.

[trophyshy 7084]

 

Everyone knows the REAL objection is solely that these companies are cheap and nasty. Like getting the pound shop on your shirt.

 

Contrary to what your inferring, pound shops have actually being seen as a positive force on the high street in assisting people through this recession. 76% of shoppers reveal they provide a convenient, value and green shopping opportunity in inner cities which are increasingly clogged with traffic bound for retail parks and hypermarkets.

 

http://www.independe...op-1878937.html

 

http://www.thisismon...-99p-shops.html

 

http://www.dailymail...ofits-soar.html

Edited June 6, 2013 by trophyshy

[Happy Face 29]

Contrary to what your inferring, pound shops have actually being seen as a positive force on the high street in assisting people through this recession. 76% of shoppers reveal they provide a convenient, value and green shopping opportunity in inner cities which are increasingly clogged with traffic bound for retail parks and hypermarkets.

 

http://www.independe...op-1878937.html

 

http://www.thisismon...-99p-shops.html

 

http://www.dailymail...ofits-soar.html

 

I wasn't inferring anything young man it is a fact that there is a stigma attached to pound shops. I am well aware they are absolutely one of the greatest economic success stories since the financial crash (along with Sports Direct) that doesn't improve their image amongst football fans though, that it's not a brand worthy of their teams shirt. The perception is that they are cheap.

 

Pound shops themselves have come in for heavy criticism over the ethics of what they do though. Dispatches reported on how many of their products are actually more expensive than at other retailers. People just assume one pound is a good price for many goods they could get cheaper elsewhere. They sell smaller measures than other supermarkets, so a like for like comparison is not as simple as people assume. Nasty.