Pay Day Loans

[BayBoy1]

So, this present idiotic load of Eton Con men, they have decided to regulate and control these pay day loan company sharks,who are ripping of the working class. No mention though about the HUGE amount in bonus the banks are receiving from the tax payers, and before all you true blues start blaming the previous government , the cons are SUPPOSED to be in power at the moment,not labour ,???

[Gromit]

Actually the Coalition are in power, not the Cons.

The tax payer are not funding bonuses, the banks are. The Government has a majority stake in one bank, so you could maybe argue that that bank should not
Give excessive bonuses, but what other banks do is up to them.

[BayBoy1]

Where do the banks get their money from to fund their bonuses???

[jim360]

Well, their profits I suppose. If they had any.

I don't like the Bonus culture much but on the other hand it's a seriously bad argument to criticise the government for doing the right thing with regards to Loan Sharks because they haven't done the right thing about Bonuses.

[BayBoy1]

Sorry . I had a senior moment just then , I had forgotten cameron has never won an election nor clegg.

[VHG]

>>>I had forgotten cameron has never won an election nor clegg.

Nor did Gordon Brown and he was PM for a quite a while.

[BayBoy1]

jim360 , if as you say ,their profits if they had any.I suppose they must make a profit somehow , otherwise they would not have the money to pay these HUGE bonuses, or have i got wrong somewhere ???

[BayBoy1]

VHG as mentioned in my post , bring the last government into it . Gordon Brown is not in power at the moment ,Clegg and Cameron are

[jim360]

Banks have more money than profits, so can still pay bonuses even with losses. It's hard to see quite why they do that... but I suppose that if the bank loses money overall but gains in a particular department people in that department can be entitled to a bonus.

Anyway Lloyds recently announced £600 million loss with bonus paid out totally about £360 million. Astonishingly it is said that this was the lowest bonus pool "undoubtedly of any [English] bank". To be fair, PPI payments aside, the bank made £2.6 billion in profit. But yes the whole thing seems very odd to me.

[BayBoy1]

Thank you jim 360 , for explaining that to me , it seems like the Bankers get a huge bonus when they perform badly , as well as good performance ,???

[emmie]

some opinions..

http://www.theanswerbank.co.uk/News/Question1222737.html

[jim360]

I hope that the bonus is at least smaller when they perform badly. Who knows how these things work really.

[pdq1]

Its why Hitler wanted to exterminate the Jews. They controlled the purse strings and now the money lenders are doing the same in Britain.

[Quizmonster]

VHG, Ah, but John Major was also Prime Minister for about a year and a half - from November 1990 to April 1992 - before he bothered to ask the electorate what they thought of his appointment. You mustn't forget him!

[factor-fiction]

> it seems like the Bankers get a huge bonus when they perform badl

Not generally true. We only hear about the ones who get a large bonus. Usually they get them for beating agreed targets. However I'm sure some targets are too easy to achieve or some make short term decisions to generate a bonus but may be unwise in the longer term. We don't hear about the ones who get no bonus or who are dismissed. Nor do we hear about the staff in branches or call centres who may get paid little more than minimum wage pay and then get a piddly bonus.

As far as payday loans is concerned, Bayboy1, are you saying it's a good thing or not that the 'Eton Con men' have decided to regulate and control these pay day loan companies?

[emmie]

Hitler had a pathological hatred of the Jews, i don't think it was because they held the purse strings.
Regulation of these sharks has to be a good thing..

[anotheoldgit]

pdq1

/// Its why Hitler wanted to exterminate the Jews. They controlled the purse strings and now the money lenders are doing the same in Britain. ///

Seems like you support what that monster did?

What do you suggest we do with the present day British money lenders?

[Old_Geezer]

Why is the clear suggestion that the two issues are linked ? All they have in common is that they are both to do with the finance industry.

[zebo]

We're all aware of the financial chaos caused by bankers etc etc, although we never hear reports of any successes, and there are some, in trying to put the banks back together.
Payday loans are, I feel, different, in that they directly target vulnerable people and are more immediate. Any Government worth the name should be preventing people being exploited in such a way.
Contrary to what many on here seem to think, not everything is a political football.

[pdq1]

Having a pay day loan is a personal choice and nobody asks a person to take it out. Some of these people are desparate and I think some of the fees charged are reasonable. For instance it was quoted today to take out a £100 loan with Wonga for 2 weeks costs just £14.50. Compare that with a high street bank for an unauthorised overdraft who not only charge interest but also £30+ for going in the red.

[emmie]

you hear very little of the ordinary people when presented with a letter saying borrow money promptly did, not having a hope in hell of paying off the loans, the banks may well be at fault to start with, their miss selling of PPI for instance, but you don't have to take up their offers, it isn't free money, it works out very expensive in the long run. Some people prefer to blame one set of people, the bankers, for making a dog's *** of their own lives.