star dust
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Post by star dust on Aug 26, 2018 16:17:48 GMT
On the subject of Wonga (couldn't find anywhere in recent history better to put it) it seems they may be about to go to the wall, allegedly due to claims relating to historic loans made prior to the FCA credit cost cap of 2014 - article in The Guardian.
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aju
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Post by aju on Aug 26, 2018 16:56:29 GMT
On the subject of Wonga (couldn't find anywhere in recent history better to put it) it seems they may be about to go to the wall, allegedly due to claims relating to historic loans made prior to the FCA credit cost cap of 2014 - article in The Guardian. I bet the investors who stumped up £10M earlier in the month to prop it up will be sick if it really does go down.
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agent69
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Post by agent69 on Aug 26, 2018 17:32:57 GMT
On the subject of Wonga (couldn't find anywhere in recent history better to put it) it seems they may be about to go to the wall, Couldn't happen to a nicer group of people.
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michaelc
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Post by michaelc on Aug 26, 2018 19:08:46 GMT
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Post by Proptechfish on Aug 26, 2018 19:49:14 GMT
Wonga have been toxic for a long time, i'm surprised it's taken this long to fold.
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star dust
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Post by star dust on Aug 26, 2018 19:50:29 GMT
Mod Hat On/ Sorry michaelc I've hi-jacked your thread to keep the recent posts about this together. I thought I'd economise on threads and had posted in this one, but as you created a new one they may as well be joined up - hope aju and agent69 don't mind.
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michaelc
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Post by michaelc on Aug 26, 2018 20:26:17 GMT
Mod Hat On/ Sorry michaelc I've hi-jacked your thread to keep the recent posts about this together. I thought I'd economise on threads and had posted in this one, but as you created a new one they may as well be joined up - hope aju and agent69 don't mind. My apologies - I should have checked.
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aju
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Post by aju on Aug 26, 2018 22:36:32 GMT
Mod Hat On/ Sorry michaelc I've hi-jacked your thread to keep the recent posts about this together. I thought I'd economise on threads and had posted in this one, but as you created a new one they may as well be joined up - hope aju and agent69 don't mind. My apologies - I should have checked. Oops, not sure I'm up for a little old chat. Thing is though I thought when I came in on this it was very relevant to P2P as many of the people who will be bailed out are similar to those being lent to some of the P2P, well it certainly feels like it on Zopa sometimes ... ;-) I do think this is a bit more than simple old idle chit chat.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Aug 27, 2018 6:24:35 GMT
Destroyed by Claims Management vultures, the ambulance chasers of today, a revolting legal business which has made billions since Blair had the law changed to allow his lawyer friends to advertise.
They are the ones who should be pilloried and driven out of business, Slater & Gordon and others.
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agent69
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Post by agent69 on Aug 27, 2018 8:25:00 GMT
Destroyed by Claims Management vultures, the ambulance chasers of today, a revolting legal business which has made billions since Blair had the law changed to allow his lawyer friends to advertise.
They are the ones who should be pilloried and driven out of business, Slater & Gordon and others.
Loan sharks destroyed by claims vulture!
The irony of it all.
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arby
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Post by arby on Aug 28, 2018 18:12:32 GMT
Destroyed by Claims Management vultures, the ambulance chasers of today, a revolting legal business which has made billions since Blair had the law changed to allow his lawyer friends to advertise.
They are the ones who should be pilloried and driven out of business, Slater & Gordon and others.
Loan sharks destroyed by claims vulture!
The irony of it all.
Lending someone £100 and asking for £105 back next week sounds quite reasonable though. However, that works out as over 1200% interest (annual). Somewhere between those two extremes it all went a bit wrong on both sides I think, i.e. there's nothing wrong with a very high rate of interest when it's just for a week because really you're just covering admin costs, however allowing the loans to roll forward and climb up to silly amounts very quickly was bound to get the interest of media/government/regulator.
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Post by nycmw on Aug 28, 2018 19:50:56 GMT
I personally think the bigger question here is, If say Ratesetter, AC, FC etc had been seen as breaching rules and had to pay back compensation, would they survive and would we still get our capital back??
This is where I really start to question the whole p2p logic.
Anyone else?
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arby
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Post by arby on Aug 28, 2018 22:19:11 GMT
I personally think the bigger question here is, If say Ratesetter, AC, FC etc had been seen as breaching rules and had to pay back compensation, would they survive and would we still get our capital back?? This is where I really start to question the whole p2p logic. Anyone else? I assume you don't mean compensation to us poor lenders?
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Aug 29, 2018 0:10:04 GMT
Loan sharks destroyed by claims vulture!
The irony of it all.
Lending someone £100 and asking for £105 back next week sounds quite reasonable though. However, that works out as over 1200% interest (annual). Somewhere between those two extremes it all went a bit wrong on both sides I think, i.e. there's nothing wrong with a very high rate of interest when it's just for a week because really you're just covering admin costs, however allowing the loans to roll forward and climb up to silly amounts very quickly was bound to get the interest of media/government/regulator. In the old days it was usual to pawn wedding ring/family fur coat on Monday after church. To get cash to survive till Friday pay day pawn was then redeemed paying 10% interest. In modern times you don’t actually need a physical item to pawn you pawn your ability to pay. Banks are worse go £1 overdrawn and they charge £12 for every refused transaction can be Many thousands APR% Until we teach our children how to budget,prioritise and have lifestyles that are realistic and achievable and not Peer and competitively driven, then there will always be those trying to survive in their designer trainers and nothing in the fridge.
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Post by longjohn on Aug 29, 2018 13:29:09 GMT
<snip> Until we teach our children how to budget,prioritise and have lifestyles that are realistic and achievable and not Peer and competitively driven, then there will always be those trying to survive in their designer trainers and nothing in the fridge.
Truer words never spoken.
They should be printed in bold and given to every schoolkid to take home to their mum and dad.
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