Usury in the UK

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15 Responses to “Usury in the UK”

  1. fuzzyfuzzyfungus says:

    Quick, somebody get the Sex Pistols some conservative pinstripe suits and let’s do this…

  2. boise427 says:

    I would like to see a law enacted that would nullify any debt that was illegally initiated or contained usurious terms. I could then accept the illegal robocall credit card, run it to the max and tell the company what they could do with their telemarketing scheme. That would do more than anything to put illegal lenders out of business quickly.

  3. ocschwar says:

    Fascinating how the most notorious surveillance state in the West is somehow unable to use its databases to flag when a serial conman files new incorporation papers. 

    • fuzzyfuzzyfungus says:

      Just don’t wear your hoodie when filing, that tricks them every time…

    • EMComments says:

       It’s not illegal for serial conmen (conpersons?) to incorporate a new company – only if they are disbarred as directors.

  4. Purplecat says:

    How does this happen?

    Well, it might have something to do with the vulture capitalist who is behind one of these  loan companies being a major donor to the party of government, and who was then invited to come in and write policy.

    http://www.mirror.co.uk/night-copy/wonga-the-men-who-made-50million-830110

    http://www.guardian.co.uk/politics/2012/may/23/beecroft-proposals-coalition-support-criticism

  5. James Penrose says:

    ” attack poor and vulnerable people.”

    Do they use cricket bats or simply beat people with their fists until they sign up?  Do they physically drag customers in off the High Street and tie them to chairs until they sign up or are they just offering something that no intelligent person would use but are flourishing nonetheless.  Is it really society’s problem to protect stupid people from their own actions? 

    • UncaScrooge says:

      While your concerns sound valid, it couldn’t hurt for you to expose yourself to a counter-argument: Check out “Debt: The First 5,000 Years” by David Graeber.

      Debt is now a consumer good much like any other. I survived without it for decades, but it is now nearly impossible to live without it. It is not unreasonable to expect that my safety as a consumer be considered when a complex product is sold to me. We do not live in a Libertarian Utopia.

      It should also be understood that just as I take a risk in incurring debt and may lose my shirt, the lendee also takes a risk and may lose their shirt. But these financial institutions have removed their risk by meddling in the laws that govern their own market. What motivation do they have to compete or innovate now when they can simply enslave the unwary?

    • Ygret says:

      People who are desperate for money because their society has decided they don’t need to be paid a living wage are then further exploited by predatory lenders charging outrageous usurious rates… and that is just okay with you.  I get it, you are a libertarian, you don’t believe there is such a thing as capitalist predation on the desperate and needy.  But we don’t live in your idealized world, we live in the real world where people really need money or they don’t eat, don’t have a place to live, or don’t get medicine they need to survive.

      But you are above all that need and desperation, we get it.  

      For all your superiority I guarantee that you, unless you are a lawyer trained in finance, would have a hard time understanding the contracts that govern these predatory transactions.

    • sdmikev says:

      Your lack of compassion for others and caring for your community is duly noted.

  6. jimdees says:

    Before clicking the link, I knew there would be at least person in the discussion that would defend usury. I wasn’t disappointed.

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