| Newcastle and Wonga.com. An acceptable partnership? 22:51 - Oct 9 with 3923 views | N12Hoop |
Does there come a point when football clubs consider whether there is a wider social consideration to be considered when accepting a sponsor? Loads of football clubs are sponsored by betting companies and alcohol companies. Does this encourage gambling and drinking? I don't know, and i suspect not, but Wonga lend money at 4000% apr to people in need of a quick fix and if they can't repay sell it to debt recovery agents at 20p in the £ (so i've been told).
Should a football club associate themselves with this sort of organisation or should they just accept the cash and argue it's not their problem? |  |
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| Newcastle and Wonga.com. An acceptable partnership? on 22:58 - Oct 9 with 2271 views | Brightonhoop |
I think where Ashley is concerned IF heroin was legal HE would advertise it....if I was a Newcastle supporter I'd be embarassed by such a low class, low rent sponsor.
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| Newcastle and Wonga.com. An acceptable partnership? on 23:03 - Oct 9 with 2262 views | Northernr |
Interviewed the guy from Wonga recently. very keen to distance himself from the idea of being a pay-day lender. Basically aid the oft quoted 4,000% apr was a nonsense because APR is judged over a year and you can only borrow from his company for a fortnight. Also explained a bit about how the approval works, and says two thirds of applicants are rejected. If you go on their site it's recording everything you do from the moment you get on, so don't go on there and play around first if you're planning on making a serious application because it will remember your previous activity and use it against you. And I can't remember how many times you can default before the account is frozen and the amount stops increasing but it's not many - maybe two occasions.
They've just launched Wonga for business as well.
He was basically saying that in this day and age when the banks won't lend to anybody there has to be other alternatives. |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 23:04 - Oct 9 with 2259 views | michael67 |
Remember when we had sellotape when the club was slightly falling apart? |  |
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| Newcastle and Wonga.com. An acceptable partnership? on 23:15 - Oct 9 with 2238 views | karl |
| Newcastle and Wonga.com. An acceptable partnership? on 23:03 - Oct 9 by Northernr |
Interviewed the guy from Wonga recently. very keen to distance himself from the idea of being a pay-day lender. Basically aid the oft quoted 4,000% apr was a nonsense because APR is judged over a year and you can only borrow from his company for a fortnight. Also explained a bit about how the approval works, and says two thirds of applicants are rejected. If you go on their site it's recording everything you do from the moment you get on, so don't go on there and play around first if you're planning on making a serious application because it will remember your previous activity and use it against you. And I can't remember how many times you can default before the account is frozen and the amount stops increasing but it's not many - maybe two occasions.
They've just launched Wonga for business as well.
He was basically saying that in this day and age when the banks won't lend to anybody there has to be other alternatives. |
Tbh that sounds an acceptable business practice and i would have used that type of loan for my business in the past (now an employee). Crap name (and adverts)will possibly hold them back |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 23:16 - Oct 9 with 2232 views | N12Hoop |
| Newcastle and Wonga.com. An acceptable partnership? on 23:03 - Oct 9 by Northernr |
Interviewed the guy from Wonga recently. very keen to distance himself from the idea of being a pay-day lender. Basically aid the oft quoted 4,000% apr was a nonsense because APR is judged over a year and you can only borrow from his company for a fortnight. Also explained a bit about how the approval works, and says two thirds of applicants are rejected. If you go on their site it's recording everything you do from the moment you get on, so don't go on there and play around first if you're planning on making a serious application because it will remember your previous activity and use it against you. And I can't remember how many times you can default before the account is frozen and the amount stops increasing but it's not many - maybe two occasions.
They've just launched Wonga for business as well.
He was basically saying that in this day and age when the banks won't lend to anybody there has to be other alternatives. |
Noted, but if you can't/ don't repay then i was told that the amount you owe starts rocketing very quickly and you'll never repay it. I didn't realise the amount freezes. Are you sure? I understand that the amounts that they lend are quite small ( maybe up to a few hundred quid on ave), but this is not the sort of lending banks have ever done.
This seems to me to be more of a replacement for credit card debt but at an extortionate rate if you can't repay. Did he give an indication of default rates because It's all well and good having strict criteria, but if 1 % default then that's 1 in 100 who are going to have some big fellas banging on their door at some point [Post edited 1 Jan 1970 1:00]
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| Newcastle and Wonga.com. An acceptable partnership? on 23:30 - Oct 9 with 2216 views | themodfather |
| Newcastle and Wonga.com. An acceptable partnership? on 23:16 - Oct 9 by N12Hoop |
Noted, but if you can't/ don't repay then i was told that the amount you owe starts rocketing very quickly and you'll never repay it. I didn't realise the amount freezes. Are you sure? I understand that the amounts that they lend are quite small ( maybe up to a few hundred quid on ave), but this is not the sort of lending banks have ever done.
This seems to me to be more of a replacement for credit card debt but at an extortionate rate if you can't repay. Did he give an indication of default rates because It's all well and good having strict criteria, but if 1 % default then that's 1 in 100 who are going to have some big fellas banging on their door at some point [Post edited 1 Jan 1970 1:00]
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apparently there's 4000% interest in this story, boom boom! |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 23:48 - Oct 9 with 2197 views | gueRRilla |
Let's not get mistaken about this. Wonga et al are loan sharks, taking advantage of society's most vulnerable and making sh*t of thousands of people's lives every year. In fairness its the system rather than the individual company that are to blame though. Cheap credit to fund the consumer dream in place of economic growth and as a mask for working class wage stagnation. That bloke is just putting a pleasant spin on it NorthernR.
Back to the op. Had to shake my head in disgust when I watched a Blackburn match and saw the BargainBooze.co.uk ads. Online gambling, payday loans, Bargain Booze... The country is going to hell in a handbasket! |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 01:51 - Oct 10 with 2150 views | BazWoT |
| Newcastle and Wonga.com. An acceptable partnership? on 23:48 - Oct 9 by gueRRilla |
Let's not get mistaken about this. Wonga et al are loan sharks, taking advantage of society's most vulnerable and making sh*t of thousands of people's lives every year. In fairness its the system rather than the individual company that are to blame though. Cheap credit to fund the consumer dream in place of economic growth and as a mask for working class wage stagnation. That bloke is just putting a pleasant spin on it NorthernR.
Back to the op. Had to shake my head in disgust when I watched a Blackburn match and saw the BargainBooze.co.uk ads. Online gambling, payday loans, Bargain Booze... The country is going to hell in a handbasket! |
Quite.
Regardless of Duck&Dive's impassioned plea or whatever he wants to call it.
If you borrow from Wonga or it's ilk you will be instantly placed on the bad credit registry or whatever it's official name is.
If you're in rented property you obviously do not need to concern yourself with that possible issue. |  |
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| Newcastle and Wonga.com. An acceptable partnership? on 07:43 - Oct 10 with 2084 views | daveB |
where do you draw the line, stop gambling companies as people can get addicted to gambling, stop food and drink which is bad for your health? Blackpool were sponsored by Wonga so why not Newcastle
Wonga appear to have done a good thing with this deal, bought the naming rights for the stadium and handed it back to the fans, given fans the chance to vote on the kit each season, hold regular meetings betwen fans and the board, it looks a positive thing to me. Newcastle looks a vwery well run club to me despite the geordies wanting Ashley out |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 08:06 - Oct 10 with 2066 views | Northernr |
| Newcastle and Wonga.com. An acceptable partnership? on 23:16 - Oct 9 by N12Hoop |
Noted, but if you can't/ don't repay then i was told that the amount you owe starts rocketing very quickly and you'll never repay it. I didn't realise the amount freezes. Are you sure? I understand that the amounts that they lend are quite small ( maybe up to a few hundred quid on ave), but this is not the sort of lending banks have ever done.
This seems to me to be more of a replacement for credit card debt but at an extortionate rate if you can't repay. Did he give an indication of default rates because It's all well and good having strict criteria, but if 1 % default then that's 1 in 100 who are going to have some big fellas banging on their door at some point [Post edited 1 Jan 1970 1:00]
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It freezes at 60 days.
And it's the CEO's "impassioned defence" rather than mine Baz. I simply put the criticisms to him and reported what he said.
The piece is here if you're interested.
http://www.techcityinsider.net/2012/08/30/damelin-disrupts-discredited-lending-g | | | |
| Newcastle and Wonga.com. An acceptable partnership? on 08:44 - Oct 10 with 2017 views | YorkRanger |
The APR is an annualised rate (Annual Percentage Rate) so 4000% is misleading when most loans are for short periods of time. It could be argued that the Payday lenders usefully fill a gap in the market, particularly when short term loans historically have been provided in a completely unregulated fashion and the outcome of non payment was often unpleasant.
I've no axe to grind either way, but the Payday lenders do provide a valuable source of finance for many people who would not obtain loans from more traditional sources. Their regulatory status is interesting in that they are currently out of reach of the FSA and governed by the OFT, who are now under much political and media pressure to provide tighter controls over these types of operation.
In terms of Bazwot's point - taking a Payday loan doesn't automatically damage an individual's credit record. It may, however raise an eyebrow for a subsequent credit provider.
The irony over the outcry is Newcastle were previously sponsored by Northern Rock. Ask their shareholders how they view the status of that organisation by comparison.
Finally the deal sees ST James PArk return to its original name. That is the Crown Jewels for many Geordies and they would have happily got into bed with any Sponsor to achieve that. |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 08:47 - Oct 10 with 2009 views | DesertBoot |
An added twist is the Muslim Council have advised Muslim players not to wear the logo as it breaches Sharia Law. |  |
| Wish I could be like David Watts |
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| Newcastle and Wonga.com. An acceptable partnership? on 08:55 - Oct 10 with 1997 views | MrSheen |
Why was this not an issue when Blackpool took their money?
It's not as if Newcastle shirts are pure. Northern Rock took more people for more money than Wonga ever will. And will Imams suggest players refuse to play in the Barclays Premiership? |  | | |
| Newcastle and Wonga.com. An acceptable partnership? on 08:57 - Oct 10 with 1995 views | Konk |
I spent half an hour on a train recently, listening to a complete sneering bellend who happened to be one of their senior Risk Analysts, discussing their business model with his mate. I can't remember the figures, but he was new to the job and was stunned at the number of their customers in arrears and charmingly described the average Wonga customer as "a thick chav with a shi t job". Lovely. He was off to Dubai for the weekend. |  |
| Fulham FC: It's the taking part that counts |
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| Newcastle and Wonga.com. An acceptable partnership? on 09:00 - Oct 10 with 1987 views | YorkRanger |
| Newcastle and Wonga.com. An acceptable partnership? on 08:47 - Oct 10 by DesertBoot |
An added twist is the Muslim Council have advised Muslim players not to wear the logo as it breaches Sharia Law. |
and that is nonsense as most (if not all) of Virgin Money's loan and mortgage products also breach Sharia Law | | | |
| Newcastle and Wonga.com. An acceptable partnership? on 09:04 - Oct 10 with 1979 views | E17hoop |
16% fall into arrears and a third need follow up loans to try and remain solvent. Good article by David Conn in the Guardian today highlighting it. |  |
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| Newcastle and Wonga.com. An acceptable partnership? on 09:04 - Oct 10 with 1978 views | Northernr |
| Newcastle and Wonga.com. An acceptable partnership? on 08:57 - Oct 10 by Konk |
I spent half an hour on a train recently, listening to a complete sneering bellend who happened to be one of their senior Risk Analysts, discussing their business model with his mate. I can't remember the figures, but he was new to the job and was stunned at the number of their customers in arrears and charmingly described the average Wonga customer as "a thick chav with a shi t job". Lovely. He was off to Dubai for the weekend. |
I don't doubt it. I'm sure he's right, but that's not the image they want to portray publicly where it's all about responsibility and OAP glove puppets on the TV. | | | |
| Newcastle and Wonga.com. An acceptable partnership? on 09:25 - Oct 10 with 1952 views | toboboly |
Why the furore?
They are a private business that can do what it wants. I'd rather they sponsor Newcastle than a publicly owned business such as Northern Rock.
Complete non-story and not worth getting irate about.
As an aside if someone is stupid enough to go for a Wonga style loan then it is up to them. Having money trouble and going to a company like that makes absolutely no financial sense. |  |
| Sexy Asian dwarves wanted. |
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| Newcastle and Wonga.com. An acceptable partnership? on 09:26 - Oct 10 with 1951 views | real_loftus |
| Newcastle and Wonga.com. An acceptable partnership? on 08:55 - Oct 10 by MrSheen |
Why was this not an issue when Blackpool took their money?
It's not as if Newcastle shirts are pure. Northern Rock took more people for more money than Wonga ever will. And will Imams suggest players refuse to play in the Barclays Premiership? |
Yep, no-one batted an eyelid when Blackpool had them as sponsors. It clearly didnt fit with the "plucky seasiders giving the big boys a bloody nose" media image.
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| Newcastle and Wonga.com. An acceptable partnership? on 09:34 - Oct 10 with 1933 views | Konk |
| Newcastle and Wonga.com. An acceptable partnership? on 09:25 - Oct 10 by toboboly |
Why the furore?
They are a private business that can do what it wants. I'd rather they sponsor Newcastle than a publicly owned business such as Northern Rock.
Complete non-story and not worth getting irate about.
As an aside if someone is stupid enough to go for a Wonga style loan then it is up to them. Having money trouble and going to a company like that makes absolutely no financial sense. |
Not everyone has a well-paid job, savings, friends and family who can help out or access to credit from a bank. What would you do then if you were desperate? | |
| Fulham FC: It's the taking part that counts |
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| Newcastle and Wonga.com. An acceptable partnership? on 09:35 - Oct 10 with 1929 views | Jamie |
As said yesterday - "some of the richest young men in Newcastle will be encouraging the poorest to use a legal loan shark" | | | |
| Newcastle and Wonga.com. An acceptable partnership? on 09:47 - Oct 10 with 1907 views | daveB |
| Newcastle and Wonga.com. An acceptable partnership? on 09:35 - Oct 10 by Jamie |
As said yesterday - "some of the richest young men in Newcastle will be encouraging the poorest to use a legal loan shark" |
they have virgin money on their shirts now so not sure what the difference is | | | |
| Newcastle and Wonga.com. An acceptable partnership? on 10:03 - Oct 10 with 1875 views | real_loftus |
Good job Sharia law doesnt apply here then. | |
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| Newcastle and Wonga.com. An acceptable partnership? on 10:04 - Oct 10 with 1873 views | toboboly |
| Newcastle and Wonga.com. An acceptable partnership? on 09:34 - Oct 10 by Konk |
Not everyone has a well-paid job, savings, friends and family who can help out or access to credit from a bank. What would you do then if you were desperate? |
If they are that desperate then getting money from a company with such high APR is only going to make things worse. It's a vicious circle but going to Wonga and their ilk will only makes things worse. | |
| Sexy Asian dwarves wanted. |
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