Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I have a face more suited for radio

They wouldn't actually have consumer representatives there who could embarrass and immediately expose the lies these people tell. It shows the arrogance these people have when they can sit infront of a panel of MP's and spout the bulls!te they do with a straight face.

I don't understand why they had two separate panels. First it was the PDL companies, then they brought in Gillian Guy from CAB, Martin Lewis MSE, Head of Stepchange, and Head of Which who all talked about consumer concerns/complaints which contradicted what had been said in the earlier panel.

Funny how one of the Ministers went onto the Consumer Action Forum from his Ipad, and read out a story. Wonder whether they have read this forum.

[Never-In-Doubt]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

well what the hell is moneysavingdumplings doing there?

come on he's like a fly to shit.

ML has no idea that in this particular industry, people couldn't care less what he thinks. He gets you in debt, we save you from the after effects.

[Never-In-Doubt]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I don't understand why they had two separate panels. First it was the PDL companies, then they brought in Gillian Guy from CAB, Martin Lewis MSE, Head of Stepchange, and Head of Which who all talked about consumer concerns/complaints which contradicted what had been said in the earlier panel.

Funny how one of the Ministers went onto the Consumer Action Forum from his Ipad, and read out a story. Wonder whether they have read this forum.

Being honest Martin Lewis has no right to be there. Let's not forget he promotes debt. He allows abuse against debtors on MSE 10 times worse than any lender gives out. Hence AAD was born. The abuse our older members (join date) suffered at MSE was shocking.

The smarmy little bastard then acts like he knows it all. He's a fuckwit who I cannot stomach and I'm glad we never attend such events cos I'd actually bitch slap him for being a soft southern ponce who sold out. He cares about one thing and one thing only - MONEY!!!

he most likely got paid for attending. But why? He knows fook all about PDL's and debt.

[ATW]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

The smarmy little bastard then acts like he knows it all. He's a fuckwit who I cannot stomach and I'm glad we never attend such events cos I'd actually bitch slap him for being a soft southern ponce who sold out. He cares about one thing and one thing only - MONEY!!!.

You're a bit vague there mate. I'm not sure what your view on him is. lol..

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Being honest Martin Lewis has no right to be there. Let's not forget he promotes debt. He allows abuse against debtors on MSE 10 times worse than any lender gives out. Hence AAD was born. The abuse our older members (join date) suffered at MSE was shocking.

The smarmy little bastard then acts like he knows it all. He's a fuckwit who I cannot stomach and I'm glad we never attend such events cos I'd actually bitch slap him for being a soft southern ponce who sold out. He cares about one thing and one thing only - MONEY!!!

he most likely got paid for attending. But why? He knows fook all about PDL's and debt.

I had no idea about the abuse, on his forum Niddy. I am a member on his forum as that is where I came across you Niddy, but don't post there regularly.

Thanks for spelling things out,lol.

[SaltnVinegar]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I don't understand why they had two separate panels. First it was the PDL companies, then they brought in Gillian Guy from CAB, Martin Lewis MSE, Head of Stepchange, and Head of Which who all talked about consumer concerns/complaints which contradicted what had been said in the earlier panel.

Funny how one of the Ministers went onto the Consumer Action Forum from his Ipad, and read out a story. Wonder whether they have read this forum.

So consider the 'impartial' and 'pro-consumer' panel:

Lets take CAB first - Medway CAB were actually given funding by WONGA last year to conduct a survey into payday loan debt. The results of the survey have yet to be published and are over 10 months late (wonder why, perhaps it contained some uncomfortable reading for the main sponsor). How a supposed debt charity can accept funding by a payday loan company who they regularly get complaints about is beyond parody.

Mr MSE - Sold out to Moneysupermarket last year. Thats right - the same Moneysupermarket who ADVERTISE payday loans from Pounds to Pocket and Provident.

Stepchange - the debt charity that is funded by the finance industry, where the investment branches of those who fund it, yes you guessed it, also fund payday loan companies!

Which are the only ones that don't really have any vested interest in not getting their teeth sunk into the payday loan industry.

[SaltnVinegar]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Being honest Martin Lewis has no right to be there. Let's not forget he promotes debt. He allows abuse against debtors on MSE 10 times worse than any lender gives out. Hence AAD was born. The abuse our older members (join date) suffered at MSE was shocking.

The smarmy little bastard then acts like he knows it all. He's a fuckwit who I cannot stomach and I'm glad we never attend such events cos I'd actually bitch slap him for being a soft southern ponce who sold out. He cares about one thing and one thing only - MONEY!!!

he most likely got paid for attending. But why? He knows fook all about PDL's and debt.

You're a bit vague there mate. I'm not sure what your view on him is. lol..

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

So consider the 'impartial' and 'pro-consumer' panel:

Lets take CAB first - Medway CAB were actually given funding by WONGA last year to conduct a survey into payday loan debt. The results of the survey have yet to be published and are over 10 months late (wonder why, perhaps it contained some uncomfortable reading for the main sponsor). How a supposed debt charity can accept funding by a payday loan company who they regularly get complaints about is beyond parody.

Mr MSE - Sold out to Moneysupermarket last year. Thats right - the same Moneysupermarket who ADVERTISE payday loans from Pounds to Pocket and Provident.

Stepchange - the debt charity that is funded by the finance industry, where the investment branches of those who fund it, yes you guessed it, also fund payday loan companies!

Which are the only ones that don't really have any vested interest in not getting their teeth sunk into the payday loan industry.

I live and learn

[Never-In-Doubt]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I had to laugh when I read this

"More than one in seven parents said that when they had refused their child an item, they had been nagged to get a payday loan to pay for it."

Utter trollop. The guy talks more crap than the owner of a libellous blog! How many kids under 10 do you know that even understands the concept of a payday loan? It's utter crap.

Maybe, as I stated previously, he needs to stop the ad-clicking affiliate payment referral scheme on his site then as PDL's probably pay MSE a very handsome commission.

See this as resource - http://www.theguardian.com/money/201...g-children-ads

[SaltnVinegar]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I live and learn

The more you dig into the 'industry' Cecila the more you realize how entrenched that payday loan companies are and also the scale of the lobbying they conduct.

For every MP like Stella Creasy there are another 10 being drip fed the bullsh!te that people like Adam Freeman would have you believe.

The scale is phenomenal - as on the news a couple of months ago even the Church of England have (or had) money being invested into Payday Loan companies through their 'wealth management' portfolios.

As I keep warning - what is happening is that consumers are sleep-walking into a 'two tier' credit system. The PDL industry keep touting that they are 'alternative lenders' and the quantities of slick advertisements and PR is leading consumers to think that a loan with a PDL company is just about making a choice and they will improve their credit file when the fact is it will not.

Any PDL on your CRA files, and mainstream lenders will not touch you with a barge pole as they see this as a sign of financial distress. This completely destroys the argument that PDL companies use that they are just providing a competing financial service to mainstream credit. There is no 'choice' and there is no level playing field.

Consequently you are forced to wait at least 3 years before a mainstream lender will touch you, or you are left continuing to take credit with PDL companies (or others lending at high APR's).

Payday loans have become 'mainstream' through the advertising bombardment, and the fact these companies have tapped into the power of the internet and made it exceptionally easy to get a loan even by applying on your mobile phone, a business model that not only has caught traditional lenders 'on the hop' but also is more in tune with the way todays young adults interact with businesses and the way they shop.

However this will explode in another way in 2-3 years when the thousands of young people in their early twenties (who have been tempted to take a payday loans because of the above) will find they are unable to get a mortgage because of the entries on their credit files.

Now who do you think will be waiting in the wings to lend them money?

WONGA mortgages anyone?........................................... .............

You read it here first.

SnV