Author Topic: CofE considering buying Wonga  (Read 140 times)

Rhiannon

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CofE considering buying Wonga
« on: September 15, 2018, 09:33:47 PM »

Littleroses

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Re: CofE considering buying Wonga
« Reply #1 on: September 16, 2018, 09:10:59 AM »
The CofE as a loan shark, dear, dear! :o
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Anchorman

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Re: CofE considering buying Wonga
« Reply #2 on: September 16, 2018, 09:42:11 AM »
The CofE as a loan shark, dear, dear! :o




Not really.
I don't think this is a good idea....Wonga's just one firm....by buying it, they might set a precedent and they have other priorities.
But why would offering a loan at a considerably reduced rate of interest - as I understand it, lower than the normal market rate for such operations, be considered being a 'loan shark'? do you have any experience of real loan sharks? Living in a town which suffered financial meltdown after Thatcher butchered the mines, I know of the desperate families who got into real difficulties with these people, who came to reclaim their debt, not with law suits, but baseball bats.
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Rhiannon

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Re: CofE considering buying Wonga
« Reply #3 on: September 16, 2018, 09:51:10 AM »
The CofE as a loan shark, dear, dear! :o

You don't know what you are talking about.

Rhiannon

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Re: CofE considering buying Wonga
« Reply #4 on: September 16, 2018, 09:52:41 AM »

I don't think this is a good idea....Wonga's just one firm....by buying it, they might set a precedent and they have other priorities.


Could this be guilt because back in Wonga's heyday the CofE invested in them? I see this as an attempt by Welby to find some reparation.

Nearly Sane

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Re: CofE considering buying Wonga
« Reply #5 on: September 16, 2018, 09:57:40 AM »
Could this be guilt because back in Wonga's heyday the CofE invested in them? I see this as an attempt by Welby to find some reparation.
I think it has elements of that. It may be that Selby will push for more of this in an attempt to change the image. I get that it won't stop the market in loan sharing but it will at least help some people. Not sure though that it will be easy to run.

Rhiannon

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Re: CofE considering buying Wonga
« Reply #6 on: September 16, 2018, 10:02:29 AM »
I expect that the administrative side of the church will ultimately decline to take it on. It's not just for Welby to decide.

Steve H

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Re: CofE considering buying Wonga
« Reply #7 on: September 16, 2018, 10:07:38 AM »
The CofE as a loan shark, dear, dear! :o
Typical half-witted, ill-informed comment.
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Littleroses

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Re: CofE considering buying Wonga
« Reply #8 on: September 16, 2018, 11:55:41 AM »
Typical half-witted, ill-informed comment.

I must be following your example! ::) My comment was actually meant to be amusing.
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Anchorman

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Re: CofE considering buying Wonga
« Reply #9 on: September 16, 2018, 03:50:45 PM »
I must be following your example! ::) My comment was actually meant to be amusing.



You think loan sharks are amusing?

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Littleroses

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Re: CofE considering buying Wonga
« Reply #10 on: September 16, 2018, 03:57:40 PM »


You think loan sharks are amusing?

Of course not. No doubt if the CofE takes on Wonga they will act in a responsible fashion when handing out loans.
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Steve H

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Re: CofE considering buying Wonga
« Reply #11 on: September 16, 2018, 05:18:05 PM »
I must be following your example! ::) My comment was actually meant to be amusing.
OK, my comment was iuncalled-for. Apologies.
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Robbie

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Re: CofE considering buying Wonga
« Reply #12 on: September 16, 2018, 06:21:56 PM »
I doubt the AofC has much say when it comes to his church's finances but as he's publicly suggested buying Wonga, they might seriously consider it.
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Littleroses

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Re: CofE considering buying Wonga
« Reply #13 on: September 16, 2018, 06:28:09 PM »
I doubt the AofC has much say when it comes to his church's finances but as he's publicly suggested buying Wonga, they might seriously consider it.


Welby knows quite a bit about finances, before he joined the church he became treasurer of the oil exploration group Enterprise Oil plc in London in 1984.
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jeremyp

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Re: CofE considering buying Wonga
« Reply #14 on: September 16, 2018, 08:11:33 PM »


But why would offering a loan at a considerably reduced rate of interest - as I understand it, lower than the normal market rate for such operations, be considered being a 'loan shark'?
It wouldn't, but on the other hand, Wonga couldn't make a profit with its high interest rates which implies that the CofE will lose money if they go through with this.
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Rhiannon

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Re: CofE considering buying Wonga
« Reply #15 on: September 16, 2018, 08:13:28 PM »

Welby knows quite a bit about finances, before he joined the church he became treasurer of the oil exploration group Enterprise Oil plc in London in 1984.

Totally different bag though.

Rhiannon

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Re: CofE considering buying Wonga
« Reply #16 on: September 16, 2018, 08:14:10 PM »
It wouldn't, but on the other hand, Wonga couldn't make a profit with its high interest rates which implies that the CofE will lose money if they go through with this.

My guess is he’d want to turn it into a credit union, although I’ve no idea if that’s possible.