It appears that a representative from Wonga is speaking at a Labour Policy Review meeting on household debt. Whatever next? Advice from McDonald's on healthy eating?
Hat-tip to Richard Murphy for noticing this.
It appears that a representative from Wonga is speaking at a Labour Policy Review meeting on household debt.
Here is the email:
“Monday 13 May
How should we deal with household indebtedness? 4.30-6pm Committee room 6
Speakers. Chris Pond (Chairman, Equity Release Council), Mark Lyonette (Chief Executive Association of British Credit Unions), representative from Wonga Chair. Chris Leslie MP (Shadow Financial Secretary to the Treasury)
If you would like to attend please email onenationregister@gmail.com with subject header DEBT
Labour Policy Review organised with Labour Finance and Industry Group and Labour in the City”
Yes, that is the same Wonga that has a headline annual interest rate of more than 4,200 per cent.
Whatever next? Advice from McDonald’s on healthy eating?
26 Responses to “Why are Wonga speaking at a Labour policy meeting on household debt?”
jono
I’ve used wonga a few times last year. As an intelligent person I can say that I will try to never use them again, because they charge too much. In addtion (now. This is the important bit) if you’ve borrowed and paid back in time, the next time you apply for money, they offer you more than you asked for, dangling it in front of you, and all you have to do is click one little button to get into even more debt for even more interest. ‘Why not?’, you find yourself thinking. Its only an extra few hundred? Well, let me tell you, it matters a lot when you’re on minimum wage. The point is that this sort of behaviour exacerbates poverty. There’s a word for companies like this:Evil.
csosseh
mcdonalds and pepsi already have been involved in government policy http://www.guardian.co.uk/politics/2010/nov/12/mcdonalds-pepsico-help-health-policy
londonworker
While I have no time for firms like Wonga they are a reality and one which many poor people use and if Labour is going to properly consider the issue of household indebtedness it needs to know why people go to Wonga instead of credit unions. As someone who works for a credit union which works hard to offer an alternative to Wonga, I know that many credit unions do not have the resources so that they have the capacity to make instant decisions on loan applications and this is what people who go to Wonga, Provident and the like, need to deal with their immediate problem of paying the rent or feeding their children
SadButMadLad
Do they charge too much compared to an unapproved bank overdraft? Thats whst you need to compare it to. And offering you more for being a good customer? Credit card companies do exactly the same thing. Banks, credit card companies, any one who loans money are evil then.
Sue Marsh
So we shut off debate? Stella Creasy has been tireless on thids, this might be another chance to make changes. Good I say