Don't wear that shirt!

Old Oct 11th 2012, 5:54 am
  #31  
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Default Re: Don't wear that shirt!

Originally Posted by Meow View Post
Many people are stunningly ignorant and naive (when it comes to finances)
Those people you talk of are adverts for natural selection.

I'm saying this partly just to wind you up but actually, it makes a good point...if you think that Wonga provide you a short term solution and know the facts then it is a simple business transaction.

If YOU fail to understand the implications, costs and agreement that you enter into then why is it any other parties fault but yours?

Whether you or I agree with charging bucket loads of interest to people who probably need the 50 quid month end is neither here nor there. They choose to do it....what I want to know is what did people do before these companies existed?
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Old Oct 11th 2012, 8:47 am
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Default Re: Don't wear that shirt!

Originally Posted by Scamp View Post
They choose to do it....what I want to know is what did people do before these companies existed?
Provident and Kays Catalogue

probably not that popular on your manor but a fact of life up north for many.

the irony that the twats haven't worked out yet is that by sponsoring the skunks they immediately rule out ever getting business from 50% of the north east population who support Sunderland, we all boycotted Sugar Puffs when Kevin Keegan endorsed them. Sunderland must be one of the poorest cities in the UK and a prime target for wonga

the timing is highly dubious too, teams never change mid season, just as folk think about Christmas in a recession in the poorest part of the country.... they need regulating, it's immoral ( even if the victims are skunks )
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Old Oct 11th 2012, 8:51 am
  #33  
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Default Re: Don't wear that shirt!

Originally Posted by Sandboy View Post
Provident and Kays Catalogue

probably not that popular on your manor but a fact of life up north for many.

the irony that the twats haven't worked out yet is that by sponsoring the skunks they immediately rule out ever getting business from 50% of the north east population who support Sunderland, we all boycotted Sugar Puffs when Kevin Keegan endorsed them. Sunderland must be one of the poorest cities in the UK and a prime target for wonga

the timing is highly dubious too, teams never change mid season, just as folk think about Christmas in a recession in the poorest part of the country.... they need regulating, it's immoral ( even if the victims are skunks )
I think I know the thing you mean, Farepak style pay monthly, or Littlewoods on credit right?

Interesting point about the sponsorship and rivalry. Hadn't even thought about that.

Agree it's expert timing on their part.
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Old Oct 11th 2012, 9:25 am
  #34  
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Default Re: Don't wear that shirt!

Originally Posted by Millhouse View Post
We use what I can only describe as a "reverse APR pricing system" for our loans... we have been known to tell the client, if you take this for an extra couple of years we will reduce the rate.

Work that one out and you are a better man than me.
Surely a lower APR for longer, earns more than a high APR for a shorter period? I mean in absolute cash return terms.
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Old Oct 11th 2012, 9:35 am
  #35  
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Default Re: Don't wear that shirt!

I don't see the problem with the Wonga advertisement, in fact I don't see a problem with advertisements for alcohol or cigarettes or escort services if it came to that.
If the product or service is legal, then why restrict the advertisement? its either ok or its not

oh these uneducated people we need to save them from themselves, **** that.
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Old Oct 11th 2012, 9:48 am
  #36  
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Default Re: Don't wear that shirt!

Originally Posted by weasel decentral View Post
Surely a lower APR for longer, earns more than a high APR for a shorter period? I mean in absolute cash return terms.
You engineers you don't look at it like that from a credit perspective. The longer the loan, the more risky it is - hence the higher the rate should be.
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Old Oct 11th 2012, 9:53 am
  #37  
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Default Re: Don't wear that shirt!

Originally Posted by Millhouse View Post
You engineers you don't look at it like that from a credit perspective. The longer the loan, the more risky it is - hence the higher the rate should be.
Is the loan unsecured? The reverse is true with personal loans or mortgages. Shorter the loan higher the interest.
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Old Oct 11th 2012, 9:55 am
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Default Re: Don't wear that shirt!

Originally Posted by weasel decentral View Post
Is the loan unsecured? The reverse is true with personal loans or mortgages. Shorter the loan higher the interest.
our loans are always secured. The mortgage example is the amortization of fees into the the shorter period.
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Old Oct 11th 2012, 10:06 am
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Default Re: Don't wear that shirt!

you must have risk both ways though? you have the risk that it won't work so you charge a higher rate to take the risk, but then you have the risk that his high repayments are the reason the project fails?
If the business plan is finely balanced, surely a lower repayment over a longer time reduces that risk.
We are looking for $300m for a low cost housing project in Tunisia over 15 years, fancy taking a punt on that?
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Old Oct 11th 2012, 12:06 pm
  #40  
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Default Re: Don't wear that shirt!

Originally Posted by Scamp View Post
I think I know the thing you mean, Farepak style pay monthly, or Littlewoods on credit right?

Interesting point about the sponsorship and rivalry. Hadn't even thought about that.

Agree it's expert timing on their part.
Provident was much the same as Wonga, they dished out vouchers which most shops accepted, they're still going apparently
http://www.providentpersonalcredit.com/

and never underestimate how petty football fans can be !
http://www.sundaysun.co.uk/news/nort...9310-23035530/
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Old Oct 11th 2012, 12:22 pm
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Default Re: Don't wear that shirt!

Originally Posted by Sandboy View Post
Provident was much the same as Wonga, they dished out vouchers which most shops accepted, they're still going apparently
http://www.providentpersonalcredit.com/

and never underestimate how petty football fans can be !
http://www.sundaysun.co.uk/news/nort...9310-23035530/
Provident were featured in a BBC Panaroma show revealing the damage of doorstep creditors like Provident.

http://www.bbc.co.uk/iplayer/episode..._the_Doorstep/

(Also, 1,000 posts. )
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Old Oct 11th 2012, 12:33 pm
  #42  
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Default Re: Don't wear that shirt!

Originally Posted by Sandboy View Post
Provident was much the same as Wonga, they dished out vouchers which most shops accepted, they're still going apparently
http://www.providentpersonalcredit.com/

and never underestimate how petty football fans can be !
http://www.sundaysun.co.uk/news/nort...9310-23035530/
I fail to see the issue with Provident....it's pretty clear what you're paying and the interest when you move those sliders about.

The other article is just hilarious. I remember those adverts. Quality stuff.
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Old Oct 11th 2012, 12:47 pm
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Default Re: Don't wear that shirt!

Originally Posted by Scamp View Post
I fail to see the issue with Provident....it's pretty clear what you're paying and the interest when you move those sliders about.

The other article is just hilarious. I remember those adverts. Quality stuff.
but you don't need protecting from yourself, you're intelligent and wealthy enough to appreciate what you're letting yourself in for. If you're as thick as mince and desperate for cash you're very vulnerable

Provident must be saints in comparison to wonga though, been around many many years. I remember pestering my mother to get Provvy like everyone else when I needed some new football boots or suchlike but she always refused

why have wonga chosen newcastle as opposed to Fulham I wonder ?
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Old Oct 11th 2012, 12:48 pm
  #44  
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Default Re: Don't wear that shirt!

Back to the point, Sharia is saying no to interest, but say yes to profit.

So Wonga lend you 80 quid for 14 days, you pay back 100 quid, they make 20 quid profit.

So what's the problem?
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Old Oct 11th 2012, 12:56 pm
  #45  
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Default Re: Don't wear that shirt!

Originally Posted by Sandboy View Post
but you don't need protecting from yourself, you're intelligent and wealthy enough to appreciate what you're letting yourself in for. If you're as thick as mince and desperate for cash you're very vulnerable

Provident must be saints in comparison to wonga though, been around many many years. I remember pestering my mother to get Provvy like everyone else when I needed some new football boots or suchlike but she always refused

why have wonga chosen newcastle as opposed to Fulham I wonder ?
That's the only argument though isn't it. Thick / desperate folk will do it.

Yeah people need protecting but I think folk need to be responsible for their own actions, finances and personal hygeine for that.

Oh, my first footie boots were a tenner from Salisbury market, Arrow. Got the piss ripped out of me by all the Adidas Predator wearing twats.
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