Guest Posted January 19, 2014 Report Share Posted January 19, 2014 The big problem I have with them is that they actively target the people they know will struggle to pay these loans back. The tv programmes I've watched clearly show them keen to lend to people who are unemployed/lowly paid and on benefits. A lady who is a "temp"that works with me took out two pay day loans and paid them back very quickly,within the timescale given. When she applied for a third time she was turned down!. She was obviously not the cliental they are targeting I presume. It's clear to see that they want to lend to people who CANT pay on time. No different to a credit card. Take one, pay it all back every time on month and you'll cost them money... Why do you think Barclays offered that season ticket deal and quickly pulled out of it. Marketing is marketing. Of course they aint gonna target whoever will cost them. That is dumb sense, just like taking what you can't afford. Link to comment Share on other sites More sharing options...
wayne allisons tongues Posted January 19, 2014 Report Share Posted January 19, 2014 As I say in another post,they are USA companies. What companies? Are they banks? For whoever is lending them the money are just as bad for lending it. Link to comment Share on other sites More sharing options...
Nibor Posted January 19, 2014 Report Share Posted January 19, 2014 You've worked as a 'credit controller', chasing invoices, congrats...No, I haven't. I've worked as a technical architect at the largest credit data company in the world, and I've been an independent consultant to a number of different businesses dealing in credit risk, debt collection and so on. Feel free to start a pissing contest about careers any time.Who mentioned an annual return?You mentioned getting accounts signed off then followed up with the "Companies Act". Your confusion is evident. And neither has anything to do with exploitation.At the end of the day you've already admitted know **** all about this topic, so instead of being a dick with an inferiority complex why don't you either pipe down or try and learn something? Link to comment Share on other sites More sharing options...
dezgimed Posted January 19, 2014 Report Share Posted January 19, 2014 No, I haven't. I've worked as a technical architect at the largest credit data company in the world, and I've been an independent consultant to a number of different businesses dealing in credit risk, debt collection and so on. Feel free to start a pissing contest about careers any time. You mentioned getting accounts signed off then followed up with the "Companies Act". Your confusion is evident. And neither has anything to do with exploitation. At the end of the day you've already admitted know **** all about this topic, so instead of being a dick with an inferiority complex why don't you either pipe down or try and learn something? Self employed consultant, big deal. Ten a penny. Can your head get any bigger? Link to comment Share on other sites More sharing options...
Portland Bill Posted January 19, 2014 Report Share Posted January 19, 2014 What companies? Are they banks? For whoever is lending them the money are just as bad for lending it. I don't know. Link to comment Share on other sites More sharing options...
Aizoon Posted January 19, 2014 Report Share Posted January 19, 2014 Self employed consultant, big deal. Ten a penny. Can your head get any bigger? I charge a lot more than that, I can assure you. Link to comment Share on other sites More sharing options...
dezgimed Posted January 19, 2014 Report Share Posted January 19, 2014 Link to comment Share on other sites More sharing options...
Nibor Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
dezgimed Posted January 20, 2014 Report Share Posted January 20, 2014 Oh dear, you make a pathetic little jibe about what you imagine my job is and then you're upset when it turns out you're wrong again. I note you haven't told us what job it is you do that leads to your generally knowing sweet fa about anything! You've run out of arguments but that's not surprising because as usual you had nothing interested or informed to say. Well googled. Unfortunately you're wrong, again. Payday loans that are repaid are almost always repaid early because of they way the loan companies offer them for longer than they're asked for, and because people pad the end of them. That 25% were repaid early doesn't mean anything in this argument because it's specifically the ones not repaid on time where money is made. Those of course aren't reported in Wonga's propaganda. You're remarkably naive. It came from their Annual Report, which again is scrutinised in depth before it is published. Link to comment Share on other sites More sharing options...
Always Believesham Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
dezgimed Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
WarksRed Posted January 20, 2014 Report Share Posted January 20, 2014 was talking about this on Saturday, was told Ernie whatshisnames company was a loan company .... is the correct ? Link to comment Share on other sites More sharing options...
Calculus Posted January 20, 2014 Report Share Posted January 20, 2014 This is not a business that is being run by the wrong people, it's a business that is being used by the wrong people in the wrong place at the wrong time; why gamble when you know the consequences are laid out in front of you in the form of a contract? Unfortunately there will always be people that get into debt with Wonga etc.. when they shouldn't. Better that than the friendly neighbourhood loan shark I think, which will be the consequence of the moralists winning this one. I've never been in the bad debt situation that some get in to - by a combination of luck, ability, common sense or whatever - but anyone who thinks they will put a stop to unwise lending and borrowing doesn't know much about human nature. Link to comment Share on other sites More sharing options...
Nibor Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
dezgimed Posted January 20, 2014 Report Share Posted January 20, 2014 Scrutinised in depth... Yep sweet FA was right. Perhaps you should look at what actual legal responsibilities exist for a Ltd company with respect to reporting. You seem to think they are much more stringent then they are. Do you have personal experience as a Finance Director, preparing a set of accounts? Do you think you just slam the numbers and front end in and thats it? Link to comment Share on other sites More sharing options...
Always Believesham Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
grove park city Posted January 20, 2014 Report Share Posted January 20, 2014 Like most things in this greed driven country making money is an excuse for any law-bending company to exploit people . The whole banking business has been showned up for its obscene backhander dealings and payoff's plus bonus share and money schemes to the already stinking rich top dogs. Put a few questions forward and pass it off as regulation to the likes of Wonga / Moneyshop they are crooks with suits ,Wolves had a big backlash when they brought in all the Moneyshop advertising . Yeah ok Blackthorn and Thatchers sponsor a lot of local sport but cider is a very local product Link to comment Share on other sites More sharing options...
Aizoon Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
Calculus Posted January 20, 2014 Report Share Posted January 20, 2014 Do you have personal experience as a Finance Director, preparing a set of accounts? Do you think you just slam the numbers and front end in and thats it? God, no! You start by working out what result you want and then work backwards from there. Amateur. Link to comment Share on other sites More sharing options...
Antman Posted January 20, 2014 Report Share Posted January 20, 2014 Like most things in this greed driven country making money is an excuse for any law-bending company to exploit people . The whole banking business has been showned up for its obscene backhander dealings and payoff's plus bonus share and money schemes to the already stinking rich top dogs. Put a few questions forward and pass it off as regulation to the likes of Wonga / Moneyshop they are crooks with suits ,Wolves had a big backlash when they brought in all the Moneyshop advertising . Yeah ok Blackthorn and Thatchers sponsor a lot of local sport but cider is a very local product a staggering statistic on wealth and poverty http://www.theguardian.com/business/2014/jan/20/oxfam-85-richest-people-half-of-the-world Link to comment Share on other sites More sharing options...
Nibor Posted January 20, 2014 Report Share Posted January 20, 2014 Do you have personal experience as a Finance Director, preparing a set of accounts? Do you think you just slam the numbers and front end in and thats it?Rather than indulge you in another silly little pissing contest designed to distract from your earlier silly statements, I'm going to just leave it there. You have demonstrated how much you know about this topic admirably and people can draw their own conclusions. Link to comment Share on other sites More sharing options...
Dunc Posted January 20, 2014 Report Share Posted January 20, 2014 Certainly an interesting read and I've learnt something (I work in Financial Services).The irony of it is they're advertising to people who can afford to go to the football, therefore should be able to make repayments... somewhat negating the argument that they exclusively target people who can't repay! Link to comment Share on other sites More sharing options...
Aizoon Posted January 20, 2014 Report Share Posted January 20, 2014 Certainly an interesting read and I've learnt something (I work in Financial Services). The irony of it is they're advertising to people who can afford to go to the football, therefore should be able to make repayments... somewhat negating the argument that they exclusively target people who can't repay! No they're not. They're advertising to people who can afford to watch the football on the box Link to comment Share on other sites More sharing options...
Nibor Posted January 20, 2014 Report Share Posted January 20, 2014 Link to comment Share on other sites More sharing options...
dezgimed Posted January 20, 2014 Report Share Posted January 20, 2014 Rather than indulge you in another silly little pissing contest designed to distract from your earlier silly statements, I'm going to just leave it there. You have demonstrated how much you know about this topic admirably and people can draw their own conclusions. I'll take that as a no then. You should stick to what you know, IT. Link to comment Share on other sites More sharing options...
Eco Posted January 20, 2014 Report Share Posted January 20, 2014 One thing you might find interesting is to consider what situation you would have to be in to take out one of these loans. To even consider it you'd have to have no other way to get money. That means maxed out overdraft, maxed out personal lending (eg loans, credit cards), no mortgage drawdown available, no spare disposable income, no family you can borrow from etc. Do you really think it's ok to punish someone for being desperate or just plain stupid in order that a bunch of corporate vermin that can't even rise to the level where they can call themselves bankers can make more money? Wish I could tell it how it is like you Link to comment Share on other sites More sharing options...
BristolCity1992 Posted January 20, 2014 Report Share Posted January 20, 2014 One thing you might find interesting is to consider what situation you would have to be in to take out one of these loans. To even consider it you'd have to have no other way to get money. That means maxed out overdraft, maxed out personal lending (eg loans, credit cards), no mortgage drawdown available, no spare disposable income, no family you can borrow from etc. Do you really think it's ok to punish someone for being desperate or just plain stupid in order that a bunch of corporate vermin that can't even rise to the level where they can call themselves bankers can make more money? Exactly. The amount of ignorance on this site is staggering at times. Link to comment Share on other sites More sharing options...
Rich_s Posted January 20, 2014 Report Share Posted January 20, 2014 Exactly. The amount of ignorance on this site is staggering at times. I think the lack of compassion too is very sad. Link to comment Share on other sites More sharing options...
Aizoon Posted January 20, 2014 Report Share Posted January 20, 2014 I think the lack of compassion too is very sad. Thatcher's children, innit? Link to comment Share on other sites More sharing options...
TRL Posted January 20, 2014 Report Share Posted January 20, 2014 Thatcher's children, innit? Do Carol and Mark post on here? Link to comment Share on other sites More sharing options...
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