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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think these people are utter scum, and i am sick to the back teeth with them all

219 replies

CustardoPaidforIDSsYFronts · 30/12/2013 16:03

Private Equity manager Adrian Beecroft has donated over half a million pounds to the Tories since 2005.

Beecroft is the head of the private equity group that administers Wonga. The typical interest rate on a Wonga loan is an incredible 5,853% APR!

the Tory party are resisting regulation of Payday lending sector. Does this resistance have anything to do with the fact that one of their biggest donors runs one of the biggest legal loan shark operations in the country?

OP posts:
ExitPursuedByAChristmasGrinch · 30/12/2013 23:03

Meeee

MiniTheMinx · 30/12/2013 23:10

yy Custardo, I think the reason people hear all about Emmiline is to deflect away from the working class movements and how radical politics was. Just been studying the history and ideology of the 30's and although people had every excuse for ignorance like lack of television, internet or access to learning past 12/14yrs we should all be thoroughly ashamed at how dumbed down we have become.

travispickles · 30/12/2013 23:16

Hear hear. And have we mentioned the landowners of the land upon which our academies are built?

caramelwaffle · 30/12/2013 23:18

Ahh Exit I hear you.

Custy I've just accidentally zoomed over your MN floaty NN - haha

Mini I have to agree, sadly.

Mignonette · 30/12/2013 23:21

Cuntservatives the lot of them.

stickysausages · 30/12/2013 23:23

Corruption, a British institution

Viviennemary · 30/12/2013 23:27

Pay day loans should be banned.

NiceTabard · 30/12/2013 23:30

The other interesting thing about the suffragettes is that people are told about the chaining to railings and the hunger strike and the woman who threw herself under a horse.

These are all sort of passive (ish) matydom (ish) type actions.

For some reason the violent protests and acts are largely overlooked.

Make of that what you will.

NoComet · 30/12/2013 23:33

ODFOD
Cutting and pasting propaganda is a pretty feeble way to have a discussion.

Of course payday lenders are scum and of course they are going to curry favour with politicians.

I bet they have friends behind the scenes in Labour too.

Honestly all colours of politicians went to the same private schools, they all have family who are lawyers and bankers.

There is no nice and no nasty party, they are all untrustworthy toads.

MissRabbitsOtherJob · 30/12/2013 23:37

Viviennemary so what's the alternative to pay day loans for people wanting a small amount of cash for a short period?

If there's a cheaper, better solution people would use it and market forces would drive Wonga et al out of business or make them change their business models to adapt.

Ban payday loans without an alternative and it's open season for loan sharks.

Removing the demand is obviously better than focussing on the supply side but it's not a perfect world and there will always be people needing cash in a hurry.

caramelwaffle · 30/12/2013 23:51

100% APRs instead of 1000% APRs...?

At least.

Heartbrokenmum73 · 31/12/2013 00:07

I've already mentioned Credit Unions.

Local, community things. I'm opening an account next week with mine actually. No stupid APRs, but also no massive television/internet campaigns, all tied in with daytime tv and kids channels.

Really pisses me off to see Wonga et al advertised during breaks on kids tv.

And as I've also said, payday loan companies are loan sharks, but legal ones - still scum of the earth, preying on the desperate and vulnerable.

Oh, and maybe if the Tories hadn't dismantled the social fund, there wouldn't be quite so much need for payday loans - interesting how the rise of such companies has happened after the social fund has disappeared.

But why would the Tories keep the social fund? It's not something they, their families or their friends/cronies will ever need in their lifetime. They have no idea how something like that is required by people. Same goes for Labour and LibDem.

Original poster
CustardoPaidforIDSsYFronts · 31/12/2013 00:12

well said heartbroken

OP posts:
Original poster
CustardoPaidforIDSsYFronts · 31/12/2013 00:14

what does odfod mean?

not in list of acronyms mumsnet tut tut

OP posts:
Heartbrokenmum73 · 31/12/2013 00:22

ODFOD = oh do fuck off dear Grin

Original poster
CustardoPaidforIDSsYFronts · 31/12/2013 00:33

pmsl!! great stuff i like it :)

OP posts:
caroldecker · 31/12/2013 01:55

Most credit unions insist on savings first

Ok, if no-one will answer my previous questions and rather than just moan - what are the practical things a 'good/perfect' government should do?

MissRabbitsOtherJob · 31/12/2013 08:50

APRs of 100% are nonsense caramelwaffle, if you were to borrow £100 for a week at 100% the interest/fees paid would be a few pence and wouldn't cover the cost of administering the loan.

On payday loans used in the way intended, the APR is a very poor metric for determining the cost of borrowing.

And if credit unions are the answer they would have put Wonga out if business by now, they're just an alternative source of credit for some.

Short term lending isn't new, credit unions and payday lenders have been around for decades.

Abra1d · 31/12/2013 11:06

Oh, are we talking about financial bribery and misdeeds? Goodie! Labour does so well in this respect.
-----------

In March 2006, several men nominated for life peerages by then Prime Minister Tony Blair[1] were rejected by the House of Lords Appointments Commission. It was later revealed they had loaned large amounts of money to the governing Labour Party,[2] at the suggestion of Labour fundraiser Lord Levy...

Following the unveiling of the scandal the Labour party had to repay the loans...

-----
Derry Irvine
-----
Peter Mandelson
------
Geoffrey Robinson
--------

edamsavestheday · 31/12/2013 12:16

Abra1d, does that make it OK, if politicians from both main parties dole out peerages to donors? Of course not. Dunno why you are so gleeful - it just means the system is corrupt, rather than one party. We need to stop donors getting peerages - unless it is for something else they have done which is actually worthy of an honour.

What is corrupt is the current government abolishing the social fund to push people into the arms of payday lenders, refusing to regulate payday lenders, and making off with large donations from the same payday lenders. That would be corrupt whatever party was involved. The government is exploiting the poor to stuff their own coffers.

caroldecker · 31/12/2013 12:32

People choose to use payday lenders, they have existed for years alongside pawnbrokers and break your leg local lenders - the only difference now is that they are on the internet and don't break your legs.
The social fund still appears to exist here?

edamsavestheday · 31/12/2013 12:42

The government abolished crisis loans. There is some limited availability re. the social fund but the government states: "Your circumstances and the current overall state of the loan budget determine the maximum amount of Budgeting Loan you are allowed to have." - i.e. however desperate your circumstances, if the overall pot is empty, you won't get a sausage.

edamsavestheday · 31/12/2013 12:43

And there is a big difference wrt payday lenders as the sort who break your legs didn't advertise on children's TV nor donate money to the Tory party, at least as far as we know.

BackOnlyBriefly · 31/12/2013 12:45

My question is the same as caroldecker's. What would you have the government do exactly?

'regulate it' is not an answer unless you can suggest a way to make a profit (which the company must) without taking money from poor people.

Dawndonnaagain · 31/12/2013 12:50

Alternatively, the government could ensure that folk are paid a living wage, not on zero hour contracts and that benefits are enough to cover heat, lighting and food.