Norman Verona Posted July 23, 2013 Share Posted July 23, 2013 Sooty, I wouldn't take too much notice of that, it's always massive on short term loans. It's the £20 charge to borrow £50 for 28 days that's obscene. Quote Link to comment Share on other sites More sharing options...
jeff oakley Posted July 23, 2013 Share Posted July 23, 2013 I have some staff who have used these companies in the past when they have had unexpected bills. They don't see it as a problem they just see "it only costs me £20" when they need it. Yes the APR is high but they know what they are going to be paying back, so they do fill a need somewhat. Now compare to 20 years ago, I had a staff memeber who stole £600. A good worker, who admitted he had stolen the money as his wife had got into trouble with credit cards and eventually ended up at a loan shark. When they came round to break his kids legs unless they got paid, the first he knew of this, he panicked and payed them what they needed to get off his back. I called the police and they took action but his wife owed around £20k to people who do not offer anything other than a world of pain. So is Wonga a better option even if they are the acceptable face of misery? Quote Link to comment Share on other sites More sharing options...
Norman Verona Posted July 23, 2013 Share Posted July 23, 2013 Jeff, maybe Wonga (or the others) won't send the boys round to break legs but by the time you're for £20,000 the pain will be real. Just a different sort of pain. I had a similar incident. I always opened the post and one Tuesday morning found an invoice from a South London Jaguar dealer for wings, front panel and bonnet. I rang them as I knew we didn't have a Jaguar in the bodyshop. The parts chap I spoke to was the one who had served the order on Saturday. He mentioned to tell the van driver not to turn up 5 minutes before closing time, he'd had to help him load. I asked what van and he described one of our 120Y hire vans. I asked the hire manager who had it over the weekend and she said it was Peter in parts. (he wasn't really in parts, just worked there). I called him in and he denied knowing anything about it. I gave him 15 minutes before ringing my pal in CID. They collected him and held him in a cell for a few hours after which he told all. He had some bills he couldn't pay, his brother in law, a well know South London crook had said he'd pay the bills if Peter would get him a blank parts order. This then turned into "get the parts" and then I'll pay the bills when you get me the rest of the parts I need. Police raided the lockup and arrested the gang. All did time but Peter got of on a suspended. Quote Link to comment Share on other sites More sharing options...
SootySport Posted July 23, 2013 Share Posted July 23, 2013 Anyone short of £50? I can help! Quote Link to comment Share on other sites More sharing options...
jeff oakley Posted July 23, 2013 Share Posted July 23, 2013 Jeff, maybe Wonga (or the others) won't send the boys round to break legs but by the time you're for £20,000 the pain will be real. Just a different sort of pain. I had a similar incident. I always opened the post and one Tuesday morning found an invoice from a South London Jaguar dealer for wings, front panel and bonnet. I rang them as I knew we didn't have a Jaguar in the bodyshop. The parts chap I spoke to was the one who had served the order on Saturday. He mentioned to tell the van driver not to turn up 5 minutes before closing time, he'd had to help him load. I asked what van and he described one of our 120Y hire vans. I asked the hire manager who had it over the weekend and she said it was Peter in parts. (he wasn't really in parts, just worked there). I called him in and he denied knowing anything about it. I gave him 15 minutes before ringing my pal in CID. They collected him and held him in a cell for a few hours after which he told all. He had some bills he couldn't pay, his brother in law, a well know South London crook had said he'd pay the bills if Peter would get him a blank parts order. This then turned into "get the parts" and then I'll pay the bills when you get me the rest of the parts I need. Police raided the lockup and arrested the gang. All did time but Peter got of on a suspended. From what I have read Wonga won't let this happen as it is short trem and low value. If they push too hard now people are advised by the Citizens advice to negotiate or go bankrupt. Again I have known people who have walked away when things got out of hand and in truth some of the lenders knew the risks so almost deserved the hit. Overall credit is too easy to get and easy to get out of hand. Watch any of the TV programes on money and you will see people on good wages still run up £30k in a flash. Again, it is the only £25 a month minimum payment that catches them out Quote Link to comment Share on other sites More sharing options...
s2rrr Posted July 23, 2013 Share Posted July 23, 2013 Wonga nothing short of parasites should be banned. They offer a business only to people who cant and never will be able to afford for whatever reason. The government should unilaterally ban any company charging such exorbitant rates. Criminal if I wanted to set up as a loan shark you could make a packet it has its risks as the failure rates will be higher, that's how they justify the ridiculous rates.Makes my p*** boil when these so called service companies are ripping the needy or stupid off even more. Bob Quote Link to comment Share on other sites More sharing options...
Norman Verona Posted July 24, 2013 Share Posted July 24, 2013 Along with TV competitions it's just another tax on the poor. Quote Link to comment Share on other sites More sharing options...
cast iron Posted July 25, 2013 Share Posted July 25, 2013 just heard on R2 this morning the Church have promised to open and support as many credit unions as possible in a bid to shut down WONGA. Quote Link to comment Share on other sites More sharing options...
Norman Verona Posted July 25, 2013 Share Posted July 25, 2013 Shouldn't that be the Governments job. A few loans to the credit unions wouldn't go amiss. Quote Link to comment Share on other sites More sharing options...
XTR2Turbo Posted July 25, 2013 Author Share Posted July 25, 2013 just heard on R2 this morning the Church have promised to open and support as many credit unions as possible in a bid to shut down WONGA. It is somewhat ironic that the Church sees themselves as morally and socially more acceptable. You could say they have built an empire by playing to the insecurities and failings of the weak and vulnerable in society also with unsubstantiated promises of you going to heaven or hell and preaching a story ;-). Not to mention being one of the richest land owners in the country. And let's not get started on the morals of the Catholic church !! Quote Link to comment Share on other sites More sharing options...
M444TTB Posted July 25, 2013 Share Posted July 25, 2013 The same thoughts occurred to me I must say. Quote Link to comment Share on other sites More sharing options...
Captain Colonial Posted July 25, 2013 Share Posted July 25, 2013 It gets better and funnier! http://www.bbc.co.uk/news/business-23459932 Quote Link to comment Share on other sites More sharing options...
M444TTB Posted July 25, 2013 Share Posted July 25, 2013 Brilliant! He might like to take a full 'root and branch' review of what they find directly and indirectly. Quote Link to comment Share on other sites More sharing options...
jeff oakley Posted July 25, 2013 Share Posted July 25, 2013 The church is in a right mess here. As one of the richest organisation in the world, they invest in many things and yet are always begging for money from those who attend. The archbishop may mean well but lending money is not the way. Investing in jobs in this country to help the poor out of debt would be a better way. And if he closes down Wonga and the like, those who work there will need his help more. Quote Link to comment Share on other sites More sharing options...
alexander72 Posted July 25, 2013 Share Posted July 25, 2013 In my world I loan people money before pay day and more than often they works it back and then have no money... no interest on it though...... it's called a sub...... Quote Link to comment Share on other sites More sharing options...
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