Loads of Wonga.

BBC News - Labour plans payday lenders levy to fund low-cost credit

A Levy? Is this Milliband c**t for real?

Its patently obvious to me that these loan sharks should be outlawed and a maximum rate (X amount over base rate) introduced BY LAW for all borrowing no matter how short term the loan.

I thought I would be nosey and see for myself just what they charge. I chose the Wonga firm, you know, the one that last week chose to be based in Switzerland to (obviously) avoid UK tax.

£100 for 30 days you pay back £137.15, well over a third. A staggering 5853% APR, or to put it another way, 290 times that charged on a Capital One credit card.  

Now because I have started this thread the banner adverts will be showing up the top there. PLEASE dont be tempted peeps, eat seaweed.

That is criminal but they only exist because there are so many people out there that don´t read the small print and have no idea what it going to cost them, It also means new businesses are set up that provide debt plans which no doubt you have to pay for!!! Catch 22

And where does the twat think the money's going to come from to pay the levy.

Probably thinks the Swiss authorities will collect it for him.  Wonder where Blair keeps all his Wonga?

When I was younger I borrowed a small amount from a compny in Brighton. This was for an urgent plumbing job on a flat I had just bought. I went to pay my monthly payment and the office was shut due to a gas leak, day before August bank holiday. When I went back after the holiday I was told I had defaulted on the payments. The loan had therefore increased and was now costing me 2.5 x what it was, I could not afford it. I went to citizens advice and they got me legal aid to argue it, which took 3 months, the owner f the company was a local Tory MP and his partner a Labour councellor.

Yes, its absolutely immoral. This must be causing all sorts of misery for many people. Apparently the use of food banks continues to rise even though unemployment has fallen. Wonder how many of those have fallen foul of Wonga etc.

I've let my kids know to come to Bank of mum and dad...(no interest innit...)

My kids are learning to love the seaweed........