Author Topic: Despicable Scum Departed  (Read 1735 times)

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Offline Steve

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Well, whatever nevermind

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Offline Uncle Mort

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Re: Despicable Scum Departed
« Reply #32 on: September 01, 2018, 08:48:24 AM »
You know, I can't raise any sympathy for those "stiffed" by Wonga, All they had to do was repay the loan in tine and they wouldn't have had any problems. Simples really.

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Re: Despicable Scum Departed
« Reply #33 on: September 01, 2018, 08:54:39 AM »
You know, I can't raise any sympathy for those "stiffed" by Wonga, All they had to do was repay the loan in tine and they wouldn't have had any problems. Simples really.

Agreed!

Tim Worstall has written a very good article about them today...
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Offline Steve

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Re: Despicable Scum Departed
« Reply #34 on: September 01, 2018, 10:02:32 AM »
The base problems were some people just cannot manage money or accept the reality of not having as much as they’d like and some people think that’s an opportunity to make a fortune

I’m unpersuaded by the “it’s OK for me to screw the vulnerable because if I didn’t a man with a baseball bat would”  supposed argument
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Offline Uncle Mort

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Re: Despicable Scum Departed
« Reply #35 on: September 01, 2018, 10:13:34 AM »
Vulnerable is another word for the hard of thinking.

The few examples of Wonga victims thrown up by the media don't appear wanting for the basics but, as you said earlier, are trying to keep up with the Jones.

I go along with the thoughts of Epictetus:

“Wealth consists not in having great possessions, but in having few wants.”

The modern world is obsessed with acquisition.

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Re: Despicable Scum Departed
« Reply #36 on: September 01, 2018, 10:15:21 AM »
The base problems were some people just cannot manage money or accept the reality of not having as much as they’d like and some people think that’s an opportunity to make a fortune

I’m unpersuaded by the “it’s OK for me to screw the vulnerable because if I didn’t a man with a baseball bat would”  supposed argument

Sounds like a much better option to me...

...and what is the alternative?

These are people that can't manage their money, have a bad credit rating and can't get credit from a 'normal' source like their friendly bank manager or a credit card company.

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Offline Steve

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Re: Despicable Scum Departed
« Reply #37 on: September 01, 2018, 11:03:33 AM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

Well, whatever nevermind

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Re: Despicable Scum Departed
« Reply #38 on: September 01, 2018, 11:37:57 AM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

I don't agree but still... ::)

No doubt Big Tom and his kneebreakers will be happy eh...?
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Offline Steve

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Re: Despicable Scum Departed
« Reply #39 on: September 01, 2018, 11:51:23 AM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

I don't agree but still... ::)

No doubt Big Tom and his kneebreakers will be happy eh...?
So where do you draw the line on people getting rich exploiting the feckless to leave the taxpayer clearing up the final mess?
Well, whatever nevermind

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Re: Despicable Scum Departed
« Reply #40 on: September 01, 2018, 11:57:10 AM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

I don't agree but still... ::)

No doubt Big Tom and his kneebreakers will be happy eh...?
So where do you draw the line on people getting rich exploiting the feckless to leave the taxpayer clearing up the final mess?

Where is the exploitation...? The interest rates reflect the credit worthiness of the borrower and the likelihood of the lender getting paid back.

If you have a great credit rating companies will be queuing up to lend you money and competing for your business.

If you have a poor credit rating, CCJs, etc. Not so much.

So the choice is Big Tom and his kneebreakers  or Wonga.
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Offline Steve

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Re: Despicable Scum Departed
« Reply #41 on: September 01, 2018, 12:42:26 PM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

I don't agree but still... ::)

No doubt Big Tom and his kneebreakers will be happy eh...?
So where do you draw the line on people getting rich exploiting the feckless to leave the taxpayer clearing up the final mess?

Where is the exploitation...? The interest rates reflect the credit worthiness of the borrower and the likelihood of the lender getting paid back.

If you have a great credit rating companies will be queuing up to lend you money and competing for your business.

If you have a poor credit rating, CCJs, etc. Not so much.

So the choice is Big Tom and his kneebreakers  or Wonga.
No the choice should be live within your means or struggle

But when someone beams slick ads disguising that they are actually charging an interest rate of over 5,000% and then follow up defaults with dishonest fake intimidating letters then they are scum

That Wonga and its get rich quick management got into trouble when they had to stop the fake legal letters and cut so called admin charges to get that APR down to a mere whopping 1,509% shows just how scummy their leadership was.


Well, whatever nevermind

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Re: Despicable Scum Departed
« Reply #42 on: September 01, 2018, 12:52:50 PM »
So?

The point at hand is those that ran Wonga were scum for exploiting such and inevitably leaving the taxpayer picking up the long term bill of poor lives made a whole lot worse.

I don't agree but still... ::)

No doubt Big Tom and his kneebreakers will be happy eh...?
So where do you draw the line on people getting rich exploiting the feckless to leave the taxpayer clearing up the final mess?

Where is the exploitation...? The interest rates reflect the credit worthiness of the borrower and the likelihood of the lender getting paid back.

If you have a great credit rating companies will be queuing up to lend you money and competing for your business.

If you have a poor credit rating, CCJs, etc. Not so much.

So the choice is Big Tom and his kneebreakers  or Wonga.
No the choice should be live within your means or struggle



Yes, that is the sensible choice for the rest of us...  :thumbsup:

But clearly some choose other choices... ::)

They are called 'Pay Day Loans' for a reason, they are meant to tide you over when you have no other borrowing choices...

There was a letter comment from that Times article about a teacher who needed £250 to fix her car. She borrowed it from Wonga (there being presumably no other avenues available to her) and had to pay back £350 a month later. A huge amount of interest but she is high risk and borrowing the money allowed her to fix her car and keep working.

Still, as long as you are happy that they have gone under... ::)

I'm sure people like the teacher will modify their lifestyles in future and have no need to borrow money from lenders of last resort now Wonga has gone...  noooo:
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Offline Steve

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Re: Despicable Scum Departed
« Reply #43 on: September 01, 2018, 02:31:06 PM »
Never about such as that teacher

https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices

https://www.fca.org.uk/news/press-releases/wonga-make-major-changes-affordability-criteria-following-discussions-fca

Lending money to people you know can't afford it so you can steal the shirt off their back with illegal threats.  You defend it if you like

Well, whatever nevermind

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Re: Despicable Scum Departed
« Reply #44 on: September 01, 2018, 02:36:22 PM »
Never about such as that teacher

https://www.fca.org.uk/news/press-releases/wonga-pay-redress-unfair-debt-collection-practices

https://www.fca.org.uk/news/press-releases/wonga-make-major-changes-affordability-criteria-following-discussions-fca

Lending money to people you know can't afford it so you can steal the shirt off their back with illegal threats.  You defend it if you like

Consider it done!  :thumbsup:
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