church of England vs wonga!!!

gallag

Thought this was good, it would be nice to see super rich religious groups do more to help their flock! Just hope his idea of competing is not 4500% APR compared to wongas 5500%.


http://m.guardian.co.uk/money/2013/jul/25/church-england-wonga


The Most Rev Justin Welby said he had delivered the message to Errol Damelin, the chief executive of Britain's best-known payday lender, during a "very good conversation"."I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'," he told Total Politics magazine.

Akrasia

It's a great idea

And when some of the borrowers refuse to pay back the loans, they can send their nastiest most vicious nuns after them.

(do protestants have nuns?)

Nemeses

Akrasia wrote: »

(do protestants have nuns?)

Protestant is pretty much the same as Catholic... except.. we can wear condoms, don't have to go the church and allow divorce


Also, we have some form of nuns -> but they are vicars instead... yes, Women priests!!!!

Gargh



Sidenote - My information may be very wrong.

antodeco

Ray Palmer

I doubt they will be as organised as Wonga or as convenient to use. Wonga have pumped a lot of cash into their systems. Do you really think church run credit unions will be as well organised?
Wonga is very like a modern pawn shop. It isn't really a new idea. People in Dublin used to pawn their clothes, bed sheets etc... to get payday loans.

endacl

Typical bloody Guardian embarrassing typo....

They try to spell 'bloodsucking parasites' and it comes out as w-o-n-g-a. Can the 'Grauniad' get nothing right?!?

Karl Stein

Cake or Death?....









.

keithclancy

Payday lenders are f*cking scum

Fratton Fred

Taking the soup makes it in to the 21St century.

cml387

Akrasia wrote: »

It's a great idea

And when some of the borrowers refuse to pay back the loans, they can send their nastiest most vicious nuns after them.

(do protestants have nuns?)

You have heard of the Baby Eating Bishop Of Bath And Wells and the Bank of the Black Monks of St. Herod?

donegal_man

Akrasia wrote: »

It's a great idea

And when some of the borrowers refuse to pay back the loans, they can send their nastiest most vicious nuns after them.

(do protestants have nuns?)

Agree it's a great idea and Archbishop Welby has the background to be able to put it into practice. Liking the idea of the Little Sisters The Foreclosure as the order pursuing bad debts.

My mother has a cousin in the Society of St. Margaret, one of several orders of Anglican nuns.

Play To Kill

Its backfired on them now though http://news.sky.com/story/1120531/wonga-church-of-england-funding-link-revealed

Chucken

After Hours, I'm shocked with you!
10 hours after the op, this thread would've been 100 pages long if it "the other" crowd were involved.

TheLastMohican

Chucken wrote: »

After Hours, I'm shocked with you!
10 hours after the op, this thread would've been 100 pages long if it "the other" crowd were involved.

All "the other crowd" are out on the tare, woman.:)

Duggy747

mikemac1

Nemeses wrote: »

Protestant is pretty much the same as Catholic... except.. we can wear condoms, don't have to go the church and allow divorce

And you have black souls!

Anyone

Wonga will be launching in Ireland some time next year afaik. Luckily we already have Credit Unions to combat them....oh wait....our Government has decided to regulate them out of existence.

Collie D

Ray Palmer wrote: »

I doubt they will be as organised as Wonga or as convenient to use. Wonga have pumped a lot of cash into their systems. Do you really think church run credit unions will be as well organised?
Wonga is very like a modern pawn shop. It isn't really a new idea. People in Dublin used to pawn their clothes, bed sheets etc... to get payday loans.

But with a pawn shop you put up collateral. If you don't come back within the agreed time period to repay the loan, then you lose your stuff. No hounding you to repay, no crippling interest rate of 4-5000% pa.

The ability to use the internet should not be the only criterium for getting a loan.

seamus

Collie D wrote: »

But with a pawn shop you put up collateral. If you don't come back within the agreed time period to repay the loan, then you lose your stuff. No hounding you to repay, no crippling interest rate of 4-5000% pa.

Does the pawnbroker not require you to repay the loan, plus interest? In effect, buying your own stuff off you and then selling it back to you at a higher price? Otherwise if you just repay your loan, what's in it for the pawnbroker?

So if you sell your iPhone to the local broker for €200 and then come back in five days and give him €220, that's an APR of over 14,000%

Collie D

seamus wrote: »

Does the pawnbroker not require you to repay the loan, plus interest? In effect, buying your own stuff off you and then selling it back to you at a higher price?

As far as I'm aware that's how it works. But they have to make their profit somehow ie the interest on the loan and you put up your TV, jewellery, whatever as collateral. Some may see pawnbroking as immoral or feeding off the poor but I don't think it's any different from conventional banking...assuming reasonable prices are offered.

What these payday loan companies are doing is something entirely different.

Collie D

seamus wrote: »

So if you sell your iPhone to the local broker for €200 and then come back in five days and give him €220, that's an APR of over 14,000%

Didn't see this bit first time around. To be honest I have no idea what rates they charge. I was just saying that at least you won't be hounded or dragged through the courts if you don't repay as they already have your collateral ie your iPhone in this case.

Bear in mind I have never been in a pawn shop and get all my info from Pawn Stars and Hardcore Pawn

Anyone

Collie D wrote: »

Didn't see this bit first time around. To be honest I have no idea what rates they charge. I was just saying that at least you won't be hounded or dragged through the courts if you don't repay as they already have your collateral ie your iPhone in this case.

Bear in mind I have never been in a pawn shop and get all my info from Pawn Stars and Hardcore Pawn

Having no idea on rates is what the likes of Pawn shops and payday lenders thrive on.

By the way....your example, its easy to lend money to people when there's no risk of any financial loss.

seamus

But, you know, the pawn shops will take absolutely anything. Gold jewellery that's been in your family for generations, if you don't pay up, it's gone, heartlessly and callously sold no matter how much you may cry about it. For many people that's worse than being called into court.

Collie D

Anyone wrote: »

Having no idea on rates is what the likes of Pawn shops and payday lenders thrive on.

By the way....your example, its easy to lend money to people when there's no risk of any financial loss.

seamus wrote: »

But, you know, the pawn shops will take absolutely anything. Gold jewellery that's been in your family for generations, if you don't pay up, it's gone, heartlessly and callously sold no matter how much you may cry about it. For many people that's worse than being called into court.

You're both right. I am not very well informed on the subject. There's actually an old pawn shop around the corner from my bus stop. One of the traditional ones with the three balls outside rather than a Cash Converters. I'll have to investigate further and report back.

Have actually been thinking about getting a new watch but would probably feel a little guilty.

I Heart Internet

Nemeses wrote: »

Sidenote - My information may be very wrong.

You're information is pretty wrong alright!

The Catholic Church were and are heavily involved in the Credit Union movement in Ireland. Thankfully that's reduced the demand (though not removed it) for rip-off money lending. Just the regular credit card fleecing!

I think the new Archbishop of Cantebury is dead right to pick this up as a priority. If he can help boost credit unions in the UK it'd be great.

But, as it happens, some COE pension funds have actually invested in WONGA. Silly PR gaff.

http://www.rte.ie/news/business/2013/0726/464766-coe-wonga-investment/

Ray Palmer

On an update on this it turns out the Bishop's pension plan invested into Wonga. It is in the daily mail, I just can't access the link to post it up.

Yes pawn shops are different but the point is they serviced the same section of people with similar rates.

Nemeses

I Heart Internet wrote: »

You're information is pretty wrong alright!

I may be wrong and I accept that however...

There is a bit of a difference between Catholic and Protestant - Minor but all the same thing really.

Also, I have RTE Blocked

Is there another alternative link i can read?

Greenmachine

Nemeses wrote: »

I may be wrong and I accept that however...

There is a bit of a difference between Catholic and Protestant - Minor but all the same thing really.

Also, I have RTE Blocked

Is there another alternative link i can read?

Rte blocked? Is this related to the proposed broadcast charge.

On another note. Payday loans are vultures. Cash for gold etc pay a pittance. Pawnbrokers not much better in my opinion.

SEPT 23 1989

The Church of Wonga