Tuesday, 13 May 2014

PAY DAY LOANS - from Nov 2012.

LOVEABLE LOANSHARKS


LOAN-SHARK CHAMPION
AL CAPONE.
UK LOANSHARKS ARE LICENSED BY
THE GOVERNMENT
A HAPPY AND A HOLY CHRISTMAS TO ALL FAITHS - CHRISTIANS, MUSLIMS, JEWS, BUDDHISTS, HINDUS, TAOISTS, HUMANISTS, AETHEISTS, OR SIMPLY HUMAN BEINGS. YOUR RELIGIONS OR YOUR ETHICS ABHOR BULLYING AND USURY – SO HELP TO STOP THEM -




HOW? Sign our AVAAZ petition, or start one of your own, and support Stella Creasy, MP, who is pressing the UK Parliament to ban loan-sharks.

 
ANTI-LOAN-SHARK CAMPAIGNER
STELLA CREASY MP
 UK Payday lenders, licensed by Prime Minister David Cameron’s coalition Conservative and Lib-Dem government* to charge whatever they like e.g.  2,000% to 4,500% (there is now no legal UK limit) trap poor people into inescapable revolving debt – backed by the UK’s “Justice” system of County Courts, which pursues about 92,000 debt victims a year into bankruptcy, homelessness and ultimately into prison. 


STELLA CREASY MP – CAMPAIGN AGAINST LOANSHARKING.

YOU MIGHT APPROVE OF THESE “FREE MARKET” LOANSHARK PRICES – ONLY MADE POSSIBLE BECAUSE THE VICTIMS (CUSTOMERS), THE POOREST FAMILIES IN THE LAND, EARN LESS THAN “THE LIVING WAGE”; FORCING THEM TO BORROW EVERY WEEK TO BUY FOOD FOR THE WEEKEND. IT’S A GREAT BRITISH BUSINESS MODEL. MONEYLENDING IS WHAT THE UK EXCELS AT NOW IT HAS NO INDUSTRY, PRODUCTS OR COMMUNITY ETHICS. WE LEARNED THE BASICS FROM THE US MAFIA – AND THEN RAMPED IT UP; LONDON CITY STYLE. 

(Future citizens in a fully automated economy will all be as rich as today's millionaires, and have no need for "Money" - readAD2516 - After Global Warming )



In 1960 my UK Manchester firm was asked for tax advice by a “Journeyman” or back-street door-to-door moneylender. Pre-Thatcher he had to keep his charges under 30% or risk a prison sentence. He confided that he always got paid by his “customers”, mostly housewives while husbands were at work, because on first default - “I NAIL HER HAND TO THE DOOR” – before getting really nasty about subsequent defaults. Today the UK County Court system does the enforcing for him. We turned him away.

Compared to today’s loan-sharks, “The Nailer” was hugely underpriced. Read Suffolk Mike’s 17 year entrapment tale below – at a mere 2,018% per annum. What clever, admirable, monetarist Capitalism.


HAPPY CHRISTMAS – PEACE ON EARTH TO MEN OF GOODWILL.



UK PRIME MINISTER, DAVID CAMERON
WHO WILL CAP LOAN CHARGES
AT 5% AND FREE 1.5 MILLION
FAMILIES FROM CRIPPLING DEBT.
There are reported to be 1.5 million UK homes in these debt-traps, borrowing an average, say, of £500, which is £750 million in total. If PM David Cameron bans all loan charges above 5% APR next week, the Bank of England* could pay-off all the loan-sharks balances and refinance the victims at Base Rate 0.5% APR. Of the UK’s consumer debt of £1.3 trillion, £750 million is 0.5%, which would not rock The City one jot. Making all debts repayable at 5% or less will kick-start the economy from the grass-roots upwards – and reduce ALL prices by an inflation beating 25% as the 15 stage multilayer on-cost price  process is limited to 5%. Ten times Base Rate is still good business capitalism.

*Under the Consumer Credit Act 1974 lenders must have a licence from the Office of Fair Trading (OFT)

It will also give the Prime Minister a “Go to Heaven Free” card. Its time we re-introduced the Plenary Indulgence system for sainted public figures.

Write to your MP, Congressman/ woman and all your media contacts.

A Happy and a Holy Christmas.


STELLA CREASY MP – CAMPAIGN AGAINST LOANSHARKING.
http://www.workingforwalthamstow.org.uk/
The MP and anti-payday loans campaigner Stella Creasy has demanded an apology from the online lender Wongaafter a Guardian investigation uncovered evidence that an employee of the firm has been using an anonymous Twitter account to publicly attack her, calling her mentally unstable.
Wonga's slogan and adverts promise "straight talking money", but company computers appear to have been used to post anonymous comments on blogs critical of its practices and there is evidence that a second Wonga employee has deleted criticism from its Wikipedia page
***********

SIGN THE PETITION FOR:
A 5% per annum cap on all interest rates & charges

***********
Suffolk Mike” – Loan-Shark Victim. There are 1.5 million UK families trapped like this. You can free them this Christmas.


BRITISH JUSTICE:  When just 20 years old, “Mike” in Suffolk UK borrowed £250. In the next 17 years he paid back £90,000 (2018% interest a year), losing his house, job and his health. Mike sought help only when the loan-shark threatened his wife and children. The loan-shark was imprisoned for 8 months (4 months served) for being unlicensed. If he had applied, he would be entitled to suck the lifeblood from his victims at twice the rate. Legalised WONGA can charge up to 4,500%. Four months jail isn’t much to suffer for £90,000 and blighting a family’s life for 17 years. (Jill Insley, Guardian 27 June 12, “Loan shark’s victim wins award”)

For Heavens Sake! – Sign the 5% CAP petition and eliminate these evil “financial services” FSA authorised tapeworms.  5% is ten-times the UK Base Rate. Making 10 times Base Rate is enough for any lender.




Mike of Suffolk - Loan & Debt
repaid
Years
Interest
 £                                        250

1
2017.6%
 £                                        250
 £ 5,294
2
2017.6%
 £                                        250
 £ 5,294
3
2017.6%
 £                                        250
 £ 5,294
4
2017.6%
 £                                        250
 £ 5,294
5
2017.6%
 £                                        250
 £ 5,294
6
2017.6%
 £                                        250
 £ 5,294
7
2017.6%
 £                                        250
 £ 5,294
8
2017.6%
 £                                        250
 £ 5,294
9
2017.6%
 £                                        250
 £ 5,294
10
2017.6%
 £                                        250
 £ 5,294
11
2017.6%
 £                                        250
 £ 5,294
12
2017.6%
 £                                        250
 £ 5,294
13
2017.6%
 £                                        250
 £ 5,294
14
2017.6%
 £                                        250
 £ 5,294
15
2017.6%
 £                                        250
 £ 5,294
16
2017.6%
 £                                        250
 £ 5,294
17
2017.6%
 £                                        250
 £ 5,294



 £        2


 Total Repaid
 £90,000







Loan-Shark operations are as active in the USA as in the UK. Stop them.

GOOGLE Search 21 Nov 2012 “PAYDAY LOANS” gives 9.1 million results.
The Annual Percentage Rates (APR) here, are boldly advertised by the lenders. 

PaydayUK APR 2,090%

Payday Express APR 2,670%

KWIK CASH APR 1,737%

Polly’s Payday Loans APR withheld (US firm)

Payday Loan-Quick APR 2,120%

WONGA.com APR 4,214%

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