Archbishop aims to bring down the likes of Wonga.com

[RobertBeard]

I don't regard myself as religious at all but I would like to applaud the new Archbishop of Canterbury who has set his stall against the likes of the rip off pay day loan companies like Wonga.com who try to take advantage of those in financial difficulty with astronomical interest rates charges.

Its a shame that someone has let the Church Commissioners breach their ethical investment policy but despite this I wish him every success in his endeavours!

 

[maddmatt]

I don't regard myself as religious at all but I would like to applaud the new Archbishop of Canterbury who has set his stall against the likes of the rip off pay day loan companies like Wonga.com who try to take advantage of those in financial difficulty with astronomical interest rates charges.

Its a shame that someone has let the Church Commissioners breach their ethical investment policy but despite this I wish him every success in his endeavours!

Nothing ethical about the Church, one of the largest land and property owners in the Country, protect paedophiles and I was not surprised to see them as an investor in the Pay Day loan rip off that is griping this Country. How the FSA can licence a Company that has an APR of 2470%, yes you read that correctly, is criminal. You could probably get a lower rate from a loan shark.

 

[V44VAA]

How does the church plead for roof funds and the like but still have the money to lend?

Are they still not planning on charging interest? Significantly Smaller than some of these loan companies I agree, but charging non-the-less. Why not give out interest free loans?

Someone is sitting on a pile of "wonga"...

 

[glb868]

Don't know why everyone has their knickers in a twist with wonga etc, people Choose to borrow off them, they don't force people. Interest rates are high because it's sort term and high risk lending!

If someone is so stupid that they can't work out that they borrow 100 quid and in 4 weeks need to pay back 150 then that's their fault.

 

[FloaterSi]

Don't know why everyone has their knickers in a twist with wonga etc, people Choose to borrow off them, they don't force people. Interest rates are high because it's sort term and high risk lending!

If someone is so stupid that they can't work out that they borrow 100 quid and in 4 weeks need to pay back 150 then that's their fault.

Personally I think that some people do need protecting from themselves.  I am all for a tax on stupidity, but let's be honest 2470% APR is pure and simple theft - preying on the most desperate and potentially needy does not sit well with my morals.

 

[glb868]

It is a bit much yes. 1000% is more than enough, but if people are willing to pay 3 times that then it would be hard to say no.

 

[** Pending Removal **]

I consider the Church to be like Cpsa......lots of money in the bank ......but the diocese (Regions) cannot get at it .....to filter a little down to the vicar in his local parish (Counties).....which in turn can be used to help his parishioners in need (Cpsa members)...!

The Church funds Wonga......... presumably to get a return ...(and this is now where it goes tits up for us)....Cpsa funds all sorts of things ...like paying membership fees to other bodies like ICTSF ........business trips and museum visits abroad by our cardinals...etc etc.....not sure what return we get from them.......Cpsa also funds our cardinals trips abroad to Championships......not sure what we get from those either........?? Anyone seen a report of the World Sporting Opening Ceremony at San Antonio.....and what we have learnt / compared with other big events....???? Even a photo at the opening ceremony.....anyone??

Where is the best photo that we should have.....the one with our CEO and the chap in the guise of Chairman who is actually not chairman at the moment ....either side of our winner of these World Championships.....Richard Faulds??

Well the Pope is in Brazil at the moment on a tour..........and for sporting shooters it is Canada next week......wonder who from our College of Cardinals.....goes on that jolly?????

Edit....Pope....capital...!