JUST BOUGHT A HALF MILLION POUND CAR

It's only a Fiat Punto, but those nice old people at Wonga told me that after 5 years of interest at 4,218% it will have cost me half a million.

How can the police go chasing money lenders and then splashing them all over the press for charging the extortionate rate of 100% interest and yet the Television are allowed to show this lovely friendly advert of little old ladies trying to encourage you ta take out a loan at 4,218%.

Don't mind admitting, it makes my f*cking blood boil.

And for this with an irony bypass, I haven't really bought a Punto.

It's only a Fiat Punto, but those nice old people at Wonga told me that after 5 years of interest at 4,218% it will have cost me half a million.

How can the police go chasing money lenders and then splashing them all over the press for charging the extortionate rate of 100% interest and yet the Television are allowed to show this lovely friendly advert of little old ladies trying to encourage you ta take out a loan at 4,218%.

Don't mind admitting, it makes my f*cking blood boil.

And for this with an irony bypass, I haven't really bought a Punto.

With you on this Gwyn its absolutely diabolical.

The prey on the vulberable.

It never ceases to disappoint me in this country how some thieves are imprisoned for a long time and yet others, usually wearing suits, get away with it and sometimes get a bonus on top.

TBH anyone using a Wonga loan long term at 4,000% APR to buy a car urgently need to be locked up (Although I’m not sure you can get a loan to buy a car from Wonga).

I'm not saying those interest rates are fair, but the idea is they lend money on a very short term basis (a month at the most).

So the interest rate has to be high to cover the risk to reward ratio and usually the charge for lending fifty quid over 2 weeks is a few pounds. Also Wonga lend their own money and no-one else’s which would also explain why they are so protective.

On the other hand if you wanted to buy a car then you would go to a finance company who usually charge around 16% APR (or they did last time I looked). That is extortionate especially as they get that money buy lending it themselves at a rate of 0.5%!!

Not saying I back them but the idea is that you use them for short term loans of days or weeks as opposed to years. Small amounts too. Otherwise they are effectively loan sharks

It's only a Fiat Punto, but those nice old people at Wonga told me that after 5 years of interest at 4,218% it will have cost me half a million.

How can the police go chasing money lenders and then splashing them all over the press for charging the extortionate rate of 100% interest and yet the Television are allowed to show this lovely friendly advert of little old ladies trying to encourage you ta take out a loan at 4,218%.

Don't mind admitting, it makes my f*cking blood boil.

And for this with an irony bypass, I haven't really bought a Punto.

shocking,i remember when the government(i think) told barclaycard that they were a rip-off charging 30% a year...this has to stop





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TBH anyone using a Wonga loan long term at 4,000% APR to buy a car urgently need to be locked up (Although I’m not sure you can get a loan to buy a car from Wonga).

I'm not saying those interest rates are fair, but the idea is they lend money on a very short term basis (a month at the most).

So the interest rate has to be high to cover the risk to reward ratio and usually the charge for lending fifty quid over 2 weeks is a few pounds. Also Wonga lend their own money and no-one else’s which would also explain why they are so protective.

On the other hand if you wanted to buy a car then you would go to a finance company who usually charge around 16% APR (or they did last time I looked). That is extortionate especially as they get that money buy lending it themselves at a rate of 0.5%!!

Exactly. Wonga and the like get clobbered because they are made by the FSA to put annual percentage rates on their adverts "because that's the standard". This is grossly unfair because the whole premise is you borrow money for a month or 2. Essentially Wonga and Co charge an admin fee that's £25, £50, £100 but because it equates to 4,500% if calculated over terms that they don't even allow it makes it look like a very bad deal.

That said it is a very dangerous game to start playing so it should be the absolute last resort or a stop gap for those coming into guaranteed money.

Sorry but where does personal responsibility come into this..?

Sorry but where does personal responsibility come into this..?

That's what my last point was aimed at.

The FSA are making it easy for anyone to blame banks, etc for their mistakes.

Sorry but where does personal responsibility come into this..?

Personal responsibility plays a massive part, but these companies do no checks and will lend to anyone, so some people who are desperate and at rock bottom will turn to these in desperation with no chance of ever making repayments.

Yes these people need to take responsibility but also what sort of society do we belong to when the weakest and poorest are those that get hit the most and at the lowest times in their life.

I have always been financially Ok and managed a good life style due to my own efforts, but that doesn't mean I can just sit in an ivory tower looking doing on the weakest among us being put on even more, have people got no compassion, as far as I,m concerned there but for the grace of God go I, not all of the people at the bottom of the pile deserve to be there and many are born into the poverty trap through no fault of their own.

Not every person on the sick or on the dole deserve to be beaten with the big stick, there are some very worried poor and weak people out there and simply can't cope with everyday life and pressure, they aren't all money grabbing benefit scroungers.

I am an out an out Capitalist, spent most of my life working for my self and employing others, incentive driven motivation is great for growth, but we should all have some compassion for those who simply don't have that ability or motivation and have never been given the right parental support or back up needed to educate them.

SHAME Gwyn would have loved to have seen you squeezed in to a Punto People say that the person borrowing the money have a responsibility. Unfortunately some poor devils don't have the education to have stopped themselves getting in to this position in the first place.....and the GREEDY THIEVING B******s take maximum advantage. Surely governmant should step in and prevent this daylight robbery from happening. THERE BUT FOR FORTUNE GO YOU OR I. I know for a fact that you were raised by lovely parents who instilled certain morals and ethics in you.....lucky man.

Sorry but where does personal responsibility come into this..?

Personal responsibility plays a massive part, but these companies do no checks and will lend to anyone, so some people who are desperate and at rock bottom will turn to these in desperation with no chance of ever making repayments.

Yes these people need to take responsibility but also what sort of society do we belong to when the weakest and poorest are those that get hit the most and at the lowest times in their life.

I have always been financially Ok and managed a good life style due to my own efforts, but that doesn't mean I can just sit in an ivory tower looking doing on the weakest among us being put on even more, have people got no compassion, as far as I,m concerned there but for the grace of God go I, not all of the people at the bottom of the pile deserve to be there and many are born into the poverty trap through no fault of their own.

Not every person on the sick or on the dole deserve to be beaten with the big stick, there are some very worried poor and weak people out there and simply can't cope with everyday life and pressure, they aren't all money grabbing benefit scroungers.

I am an out an out Capitalist, spent most of my life working for my self and employing others, incentive driven motivation is great for growth, but we should all have some compassion for those who simply don't have that ability or motivation and have never been given the right parental support or back up needed to educate them.

And what if they put strict checks in place and prevent some who needs the money and can repay from getting it. They cannot win!

Sorry but where does personal responsibility come into this..?

Personal responsibility plays a massive part, but these companies do no checks and will lend to anyone, so some people who are desperate and at rock bottom will turn to these in desperation with no chance of ever making repayments.

Yes these people need to take responsibility but also what sort of society do we belong to when the weakest and poorest are those that get hit the most and at the lowest times in their life.

I have always been financially Ok and managed a good life style due to my own efforts, but that doesn't mean I can just sit in an ivory tower looking doing on the weakest among us being put on even more, have people got no compassion, as far as I,m concerned there but for the grace of God go I, not all of the people at the bottom of the pile deserve to be there and many are born into the poverty trap through no fault of their own.

Not every person on the sick or on the dole deserve to be beaten with the big stick, there are some very worried poor and weak people out there and simply can't cope with everyday life and pressure, they aren't all money grabbing benefit scroungers.

I am an out an out Capitalist, spent most of my life working for my self and employing others, incentive driven motivation is great for growth, but we should all have some compassion for those who simply don't have that ability or motivation and have never been given the right parental support or back up needed to educate them.

And what if they put strict checks in place and prevent some who needs the money and can repay from getting it. They cannot win!

Slightly confused if they can afford to pay why don't they get a low interest loan or go to a bank?

For a few years now I have always campaigned that teenagers should be receiving financial education in schools before they are able to get their hands on their first credit card.