Pay day lenders and tory price fixing

karkus30

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The new communist Conservative party. Like to lecture Labour about the foolishness of capping energy companies charges but are more than happy to intervene in a payday lender market. The result of any capping is of course a reduction in the services/products availability, but that's not really what this thread is about. More about the Tory direction.

Just like Bush. "We are abandoning free market principles to save the free market system". Of course that's just rhetoric. Its simply populism and if I was to be more cynical its about trying to scotch the visibility of a decline of living standards. A big red sore on the coalitions behind.

Labours 'cost of living crisis' and the criticism of being the party of the rich has jerked them into making what will be a mistake that drives the poor into the arms of the really nasty loan sharks. At least they won't be accused of not acting. Its only the plebs after all.
 
Luigi and the boys won't be pleased, their knee-capping services will have to be curtailed.

Should have capped the pay day sharks' interest rates and charges before. Better late than never.
 
Luigi and the boys won't be pleased, their knee-capping services will have to be curtailed.

Should have capped the pay day sharks' interest rates and charges before. Better late than never.

Yes the knee cappers will have their business back. Good opportunities for forced prostitution, a bit of pick pocketing and drug dealing for the debtors. No zero hours contracts either and a secure job for life.
 
Luigi and the boys won't be pleased, their knee-capping services will have to be curtailed.

Should have capped the pay day sharks' interest rates and charges before. Better late than never.

?????

Surely the opposite is the case? Payday lenders will now lend less, leaving more unfortunate and desperate individuals to fall into the hands of unscrupulous loan sharks.....

That seems like a BAD thing to me....
:(
 
?????

Surely the opposite is the case? Payday lenders will now lend less, leaving more unfortunate and desperate individuals to fall into the hands of unscrupulous loan sharks.....

That seems like a BAD thing to me....
:(

I took it he was saying it tongue in cheek ?
 
Im sure the poor little pay day lenders will find a way to cope. Also I reckon Wonga new this was coming some time ago because Wonga have moved all the Wonga to Switzerland, strangely they dont offer their money lending service in Switzerland.

A wink and nudge from Call me Dave as he cannot upset Mr Beercroft and the hundereds of thousands pounds worth of donations to the Tory Party.

October 10, 2013 : Wonga’s Swiss Wangle: payday lender moving money to tax haven
 
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Im sure the poor little pay day lenders will find a way to cope. Also I reckon Wonga new this was coming some time ago because Wonga have moved all the Wonga to Switzerland, strangely they dont offer their service in Switzerland.

A wink and nudge from Call me Dave cannot upset Mr Beercroft and the hundereds of thousands pounds worth of donations to the Tory Party.

October 10, 2013 : Wonga’s Swiss Wangle: payday lender moving money to tax haven

Why don't you get your jaws around the BoE, the Labour Party that spawned them and the coalition who are creating the beginning of the next crash ?

Wonga are just a product of the state system. Its the same reason why the stock, housing and gold market have gone ballistic. When money is being systematically destroyed it has left the less credit worthy paying into a vaporising bubble.
 
Why don't you get your jaws around the BoE, the Labour Party that spawned them and the coalition who are creating the beginning of the next crash ?

Wonga are just a product of the state system. Its the same reason why the stock, housing and gold market have gone ballistic. When money is being systematically destroyed it has left the less credit worthy paying into a vaporising bubble.
Yeah and the Monday club is an offshoot of the Labour party
 
Yeah and the Monday club is an offshoot of the Labour party

I have no idea what you mean. I'm guessing if you leave a bare patch of soil which subsequently gets colonised by weeds then you don't blame the weeds for being there ?

Wonga are just weeds if you pull them out and don't bother doing anything with that bare patch then more weeds will grow.

If the labour Government - I have to blame labour because it was on their watch that things went wrong. They had control over banking regulation and had fiscal responsibility to the tax payer. The Austerity you witter about is the result of spending and borrowing too much. The labour Government were like a crack addict on credit and they abused their position to stay in power. They allowed an unsustainable housing boom caused by cheap money. The entire economy was and is an enormous Ponzi scheme.

It was the same FSA under labour that put flowers in charge of the co-op, gave Brown a £50K donation and provided a cheap loan that Labour haven't paid back.

Please please get your blinkers off. You didn't like Labour under Blair well its still the same folks. The BoE has now got even more independence under the coalition. If you left someone in charge of the nuclear button and they kept pushing it like a demented slot machine player, then we definitely shouldn't give them two buttons to indulge their support of the rich people.

Wonga are just opportunists that sprung up by the roadside after the state had reigned down financial destruction on us. Its pointless to try capping it because its the only bit of commerce actually helping. Its no different to finding a petrol station during the petrol shortage. It can either ration at such a tiny quantity that it doesn't really help and encourages Q's of traffic wasting almost as much fuel as they will put in the tank, or you put the price up high enough that only those who can actually make use of it will pay.
 
?????

Surely the opposite is the case? Payday lenders will now lend less, leaving more unfortunate and desperate individuals to fall into the hands of unscrupulous loan sharks.....

That seems like a BAD thing to me....
:(

The Payday lenders are unscrupulous loan sharks.

It just so happens they are not all called Luigi.
 
I have no idea what you mean. I'm guessing if you leave a bare patch of soil which subsequently gets colonised by weeds then you don't blame the weeds for being there ?

Wonga are just weeds if you pull them out and don't bother doing anything with that bare patch then more weeds will grow.

If the labour Government - I have to blame labour because it was on their watch that things went wrong. They had control over banking regulation and had fiscal responsibility to the tax payer. The Austerity you witter about is the result of spending and borrowing too much. The labour Government were like a crack addict on credit and they abused their position to stay in power. They allowed an unsustainable housing boom caused by cheap money. The entire economy was and is an enormous Ponzi scheme.

It was the same FSA under labour that put flowers in charge of the co-op, gave Brown a £50K donation and provided a cheap loan that Labour haven't paid back.

Please please get your blinkers off. You didn't like Labour under Blair well its still the same folks. The BoE has now got even more independence under the coalition. If you left someone in charge of the nuclear button and they kept pushing it like a demented slot machine player, then we definitely shouldn't give them two buttons to indulge their support of the rich people.

Wonga are just opportunists that sprung up by the roadside after the state had reigned down financial destruction on us. Its pointless to try capping it because its the only bit of commerce actually helping. Its no different to finding a petrol station during the petrol shortage. It can either ration at such a tiny quantity that it doesn't really help and encourages Q's of traffic wasting almost as much fuel as they will put in the tank, or you put the price up high enough that only those who can actually make use of it will pay.
Wonga have caused an unbelievable amount of misery on people who who should never have been granted loans at such vile interest rates.To cap their crimes they are now seeking ways to avoid paying tax by shovelling some of their ill gotten gains to Switzerland.They are truly despicable a fact made all the worse as one of their major backers Adrian Beechcroft is a Tory party benefactor or, if you like, crony.To suggest Wonga is in some way associated with Labour is too laughable for words.Thats not too say Labour are not guilty of hobnobbing with multimillionaires, they are just as much as the Tories and lib deems are but that is the direct result of a flaw in how our political parties are funded .Its time that changed .They should be funded,in the main, by the tax payer and strict limit put on the amount any individual can donate and the amount each party can spend.That would be one way of tackling cronyism- no political favours for moneys donated
 
Wonga have caused an unbelievable amount of misery on people who who should never have been granted loans at such vile interest rates.To cap their crimes they are now seeking ways to avoid paying tax by shovelling some of their ill gotten gains to Switzerland.They are truly despicable a fact made all the worse as one of their major backers Adrian Beechcroft is a Tory party benefactor or, if you like, crony.To suggest Wonga is in some way associated with Labour is too laughable for words.Thats not too say Labour are not guilty of hobnobbing with multimillionaires, they are just as much as the Tories and lib deems are but that is the direct result of a flaw in how our political parties are funded .Its time that changed .They should be funded,in the main, by the tax payer and strict limit put on the amount any individual can donate and the amount each party can spend.That would be one way of tackling cronyism- no political favours for moneys donated

Wonga would not have happened without the credit crunch and Government overspending. All of that was under Labour. I'm not excusing any party, but you are always looking for victims and perpetrators so I have no choice. You relate to political parties, therefore you must consider it to be Labour.

Wonga haven't caused misery, they supplied a service, they don't club people over their heads and force them to borrow. You are looking for a perpetrator again, but there isn't any, neither are there any victims. You might as well blame a householder for selling their houses at such and such an amount. That's the market. Its been made so by the state fiddling with currency.

The answer is definitely not to make the tax payer fund the Government. That means they can indulge in exactly what they do now and be totally secure in being paid regardless. At least this way if they aren't popular then they won't get funding, the tax payer already pays their salary and expenses, we certainly don't want to be funding their propaganda.

Easier to reduce the size of the Government. Less control and power prevents the rise of crony capitalists. I don't see any sign that Wonga are crony capitalists. Looks just like a private sector company competing fairly with other lenders in the same market. I don't think the receive subsidies or exclude competition ? Unless you know something I don't.

You are convincing me that people like you are too ill informed to vote. You believe what you have been told and you are keen to continually give away liberty in return for largesse.
 
Wonga would not have happened without the credit crunch and Government overspending. All of that was under Labour. I'm not excusing any party, but you are always looking for victims and perpetrators so I have no choice. You relate to political parties, therefore you must consider it to be Labour.

Wonga haven't caused misery, they supplied a service, they don't club people over their heads and force them to borrow. You are looking for a perpetrator again, but there isn't any, neither are there any victims. You might as well blame a householder for selling their houses at such and such an amount. That's the market. Its been made so by the state fiddling with currency.

The answer is definitely not to make the tax payer fund the Government. That means they can indulge in exactly what they do now and be totally secure in being paid regardless. At least this way if they aren't popular then they won't get funding, the tax payer already pays their salary and expenses, we certainly don't want to be funding their propaganda.

Easier to reduce the size of the Government. Less control and power prevents the rise of crony capitalists. I don't see any sign that Wonga are crony capitalists. Looks just like a private sector company competing fairly with other lenders in the same market. I don't think the receive subsidies or exclude competition ? Unless you know something I don't.

You are convincing me that people like you are too ill informed to vote. You believe what you have been told and you are keen to continually give away liberty in return for largesse.

It happened whilst Labour was in power but it was the bankers that caused it, of that i have no doubt ,just as they are responsible for the libor scandal and the latest round of insanity re the RBS

Wonga have caused untold misery amongst people who cant afford the repayments.They are truly despicable just as most of the pay day loan companies are all of which need regulating
 
It happened whilst Labour was in power but it was the bankers that caused it, of that i have no doubt ,just as they are responsible for the libor scandal and the latest round of insanity re the RBS

Wonga have caused untold misery amongst people who cant afford the repayments.They are truly despicable just as most of the pay day loan companies are all of which need regulating

Right. The bankers caused it? How ? What did they cause ? That manipulation of the bank rate is pertinent how ?

RBS is a state owned bank. We own it. The Government is directly responsible. It was taken over under a Labour Government. Its all the things you believed would tame them.

Until you understand what's happening and why it happened you cannot make the right decision. Personally I think for you, its just something happening 'out there' its just a news story that you comment on. It doesn't affect you because of your personal circumstances.

They caused their own untold misery, just as an alcoholic destroys their liver by drinking. The alcohol isn't at fault. Try and ban it just because of a few who abuse it and then the real criminals get involved and everyone suffers. It doesn't help the alcoholics they just turn to more dangerous sources.

The pay day loan companies ARE regulated. They have to conform to all the regulations that any financial lender must. What the Government is doing is 'capping' interest rates. That isn't regulation. Its well known that capping achieves one thing. It reduces availability. That means the debtaholics have to find more risky sources of credit.

You have to let people make mistakes and learn, otherwise they will never make sensible decisions. Misery is the proof that a bad decision has been made. Loan companies don't force anyone to take loans. People can walk right by them and stick two fingers up if they want.
 
He is convinced, no point asking questions he can't answer.
 
He is convinced, no point asking questions he can't answer.

Its a pity really. He seems to have a lot of passion for good, but I can't help thinking he doesn't really care otherwise he would have done the digging and reading.
 
It happened whilst Labour was in power but it was the ****ing bankers that caused it, of that i have no doubt ,just as they are responsible for the libor scandal and the latest round of insanity re the RBS

Wonga have caused untold misery amongst people who cant afford the repayments.They are truly despicable just as most of the pay day loan companies are all of which need regulating


More unsubstantiated rubbish.

You keep claiming that you want to engage in a positive discussion on the forum, yet your posts are solely based on ill-informed rhetoric. And when anyone challenges your claims and asks sensible questions you move the goalposts and bring our your "it's all subjective","wheels within wheels" rubbish..
:boring:

Just for once why don't you surprise us all and actually do some research about a topic before giving us the "benefit" of your opinions....?
 
It happened whilst Labour was in power but it was the ****ing bankers that caused it, of that i have no doubt ,just as they are responsible for the libor scandal and the latest round of insanity re the RBS

Wonga have caused untold misery amongst people who cant afford the repayments.They are truly despicable just as most of the pay day loan companies are all of which need regulating

It would appear to me the government need to get their priorities right, they are trying to sort out things that should not involve them when they have a rather large debt and deficit problem that needs fixing...

This rubbish about pay day lenders being extortionate comes from people who have very likely never actually used or needed to use one. I have used them on a couple of occasions and paid them back when I said i would and thought the charges were quite reasonable for the service I received.

Try getting a bank loan for £100 over 5 days on a saturday night at 10pm and ask them to deposit the money in the next hour and see how far you get.

The government need to stop trying to protect people from their own mistakes while making huge mistakes of their own.
 
They caused their own untold misery, just as an alcoholic destroys their liver by drinking. The alcohol isn't at fault. Try and ban it just because of a few who abuse it and then the real criminals get involved and everyone suffers. It doesn't help the alcoholics they just turn to more dangerous sources.

I see the UK banking sector as a organised crime syndicate, there might be one but sitting here briefly I cannot think back of a bank that has a ounce of integrity.
 
I see the UK banking sector as a organised crime syndicate, there might be one but sitting here briefly I cannot think back of a bank that has a ounce of integrity.

OK, that said what has that to do with the price of cheese ?

The entire banking sector, crony corporations and the Government are all 'in it together'. That's a different story.

The payday loan companies aren't banks, they are effectively money shops supplying a commodity. They are doing so because the banks aren't and they are the only ones who will take the risk and do it speedily. While people might feel they are gauging, they can only do so because if there is sufficient market demand. There are other competitors to Wonga and their ilk that charge less. That's competition driving down the cost of money.
 
OK, that said what has that to do with the price of cheese ?

The entire banking sector, crony corporations and the Government are all 'in it together'. That's a different story.

The payday loan companies aren't banks, they are effectively money shops supplying a commodity. They are doing so because the banks aren't and they are the only ones who will take the risk and do it speedily. While people might feel they are gauging, they can only do so because if there is sufficient market demand. There are other competitors to Wonga and their ilk that charge less. That's competition driving down the cost of money.

It's obvious the point is we should be making sure that everyone has enough benefits to ensure they do not have the need to use one of these companies out of that huge pot of money that we don't have.... :rolleyes:

If the regulation suggested means that these companies will make a loss / no profit then they are hardly going to carry on, and that is ultimately at the cost of people who would use their services, I don't understand why people who don't use their services or don't need to use their services are so up arms about it, the people taking out the loans are big enough and old enough to look after themselves.

Any fraud issues / children managing to get loans etc should be dealt with according to any normal rules applied to banks and is a separate issue entirely.

Why do people want the state to tell them exactly what they can/can't have all of the time, do none of you want to manage your own lives how you see fit?
 
That's how it is these days.

People have turned themselves into cattle. The state encourages it in order to grow and the people appear pleased to have their freedom to choose removed.
 
Roflmao I can't be bothered to try and find the thread, however I recall that was the stock answer when the stuff around Barclays broke by the usual commentators.

It's weird how a few people can't see to understand they are commercial organisations. When you realise that it doesn't have to be a bad thing.
 

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