C of E v Wonga

[enaid]

Church of England wants to 'compete' Wonga out of existence

Archbishop of Canterbury lays down challenge to payday lender after launching new credit union earlier this month




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

[bluebottle]

Re: C of E v Wonga

I wish Archbishop Welby and the C of E well with their endeavours to put Wonga out of business.. The OFT needs to crackdown on log book loan companies and their rabid repo reps who seize cars without a court order. Make it mandatory and difficult to get a court order and I reckon the log book loan industry would seriously have to consider behaving itself or shut up shop. Only the most discreditable would, I feel, try to circumvent the law. Credit Unions appear to be doing quite well at the moment. A member of a timebank I am involved with is a collector with a credit union and he has reported signing up at least two new members each week. And he is only covering a small area of a city with a population of 256,000.

[wales01man]

Re: C of E v Wonga

Nice idea will the church win very doubtful with Wonga they can borrow online in minutes how long with the credit unions?

[bluebottle]

Re: C of E v Wonga

Nice idea will the church win very doubtful with Wonga they can borrow online in minutes how long with the credit unions?

And that is where the problem lies with lenders like Wonga, Wales. Too easy to borrow and too easy to lend.

[wales01man]

Re: C of E v Wonga

This is why they prosper,the answer may be to have a maximum interest rate and regulated charges for missed/late payments etc. with a government supported by their millionair paymasters and bankers many involved with this type of lending it wont happen if there is a way to get the authorities to clamp down on payday lenders its not been invented yet

[bluebottle]

Re: C of E v Wonga

It's the "free market" nutters. In reality, "free market" means "free for all" with the biggest companies wiping put the competition so that they have monopolies can had hold the consumer to ransom. Also, effective regulation tends to take a back seat, or is watered-down or is got rid of altogether in a so-called "free market economy".

When the last Tory government privatised public transport, what happened was that Stagecoach, Go Ahead, Transdev, First Group and National Express carved up the stage carriage and express carriage markets between them.

Deutsche Bahn (DB), the German Federal public transport provider, formed a publicly-owned corporation with one shareholder - the Federal German government - so that it could compete on a commercial basis, but was still publicly-owned. Outside of Germany, DB operates under the name of Arriva.

The only way for sanity to return is for the people to put pressure on their elected representatives, keep the pressure up and keep cranking it up until the politicians do what they were elected to do - as they are told by the electorate, not big business or the trades unions.

[Inca]

Re: C of E v Wonga

Wether you are a 'believer' or not,,it can't hurt to have one of Big Daddys' (God) gang on board to rid us of this vermin (she says,,fervently twiddling the rosary beads bought at the Vatican last week) :rofl:

[labman]

Re: C of E v Wonga

With this, which Govan Law have used so well recently:

55BAssessment of creditworthinessE+W+S+N.I .
(1)Before making a regulated consumer credit
agreement, other than an excluded agreement, the
creditor must undertake an assessment of the
creditworthiness of the debtor.
(2)Before significantly increasing—
(a)the amount of credit to be provided under a
regulated consumer credit agreement, other than an
excluded agreement, or
(b)a credit limit for running-account credit under a
regulated consumer credit agreement, other than an
excluded agreement,the creditor must undertake an
assessment of the debtor's creditworthiness.
(3)A creditworthiness assessment must be based on
sufficient information obtained from—
(a)the debtor, where appropriate, and
(b)a credit reference agency, where necessary.

and the Unfair Relationships, I think PDL's are going to start facing a rather tough time. This is VERY powerful stuff, and could easily see the PDL's having to dramatically change their ways if they are to stay in business.

Any extension of a PDL, which many have to do, and which gets them trapped in the cycle, should be seen as a new agreement under Section 82, so again 55(b) comes into play and unfair relationships.

The Church of England is a ruthless business. As the son of a vicar, I have seen the C of E act ruthlessly many times. It is like there is the Church with its beliefs and moral codes etc.... and almost a separate entity C of E PLC which is entirely business minded and orientated.

I also wish them every success with this initiative.

[cards down]

Re: C of E v Wonga

I wonder if Wonga will counter and start doing weddings and christenings? :amen:

[labman]

Re: C of E v Wonga

I wonder if Wonga will counter and start doing weddings and christenings? :amen:

If they do, I'm sure they'll attract a lot of interest!!!!

[charitynjw]

Re: C of E v Wonga

As the son of a vicar,................

Sorry, couldn't resist!

I'll behave meself from now on.

Honest! :whistle:

[kanine]

Re: C of E v Wonga

The whole thing is jiggered, unscrupulous and driven by greed on a scale that is just a nonsense. The business community is rotten with entities that think it is a "game"(and I have heard them say it) to pick vulnerable peoples pockets and take from them what little they have. The finance industry and particularly the so called unregulated lenders are a cancer that will be all consuming. It cannot be beyond the wit of government to limit what rates of interest can be charged and that ONLY WHAT IS LENT has to be repaid. There should be no such thing as an unregulated lender. what it means is you don't have to obey the law. Good luck to the C OF E with their initiative and maybe they will develop a chain of banks with a manager in each of them that knows his clientele and their foibles, they could call it the Bank of England maybe.

[labman]

Re: C of E v Wonga

I'll behave meself from now on.

Were it the Pope, rather than the Archbishop of Canterbury you'd have 50 Hail Marys for that comment Chaz!

:flypig::flypig::flypig::flypig::flypig::flypig::f lypig::flypig::flypig::flypig::flypig::flypig:

[wales01man]

Re: C of E v Wonga

Just seen a newflash that the archbishop of Canterbury is furious that the cof e invests indirectly in WONGA.is this man a comedian must be with his remarks earlier

[kanine]

Re: C of E v Wonga

Och well, there you go, an old man once told me his very religious neighbour said grace before every meal, they all said it was to get forgiven for what he did between them, that about sums it up.