The Anonymous Widower

Archbishop In Cloud Cuckoo Land

This story about how Justin Welby aims to compete Wonga out of business, is on the BBC today. Here’s the jist.

The Archbishop of Canterbury has warned the online lender Wonga that the Church of England plans to force it out of business – by competing against it.

He may have laudible aims, but like the poor, loan sharks, where legal or not, will always be with us.

What the people who use Wonga need is money and if everybody supported credit unions, that wouldn’t give any money directly to those who need it.

Credit unions, like all responsible lenders, don’t lend money to those who would be unable or unwilling to pay it back.

July 25, 2013 - Posted by | Finance, News | , , , ,

4 Comments »

  1. There are many credit unions around in Manchester area, often run from church premises; whilst you are right that they won’t lend money to people who cant or wont pay the money back, people who fully intend to pay the money back and can do so, will, indeed do, go to credit unions instead of payday or other loan sharks. In most areas there are also CAP schemes – CAP is a Christian charity which works with people in debt to help them to sort out their financial messes – they dont lend money, they help the debtors work out a budget, and decide how much they can pay back each month – debtors pay money to CAP, who make the payments on their behalf. It is a very well recognised organisation, and helps many many people – my church has a CAP scheme.

    ABC’s plan will help the honest poor whose washing machine breaks down to get it fixed without using loan sharks, so their debt doesnt spiral out of control.

    Comment by Liz P | July 25, 2013 | Reply

    • The problem isn’t the guy, who wants to borrow because his washing machine has broken down or some other legitimate purpose, it’s the people who want to borrow for pleasure or so-called must-haves like an iPhone.

      I always remember one guy, who worked for me, who was always a bit short at the end of the month. I once saw him waiting at midnight on payday by a cashpoint waiting for his salary to go in, so he could draw money out to buy some ciggies.

      Comment by AnonW | July 25, 2013 | Reply

  2. I agree it isnt about the people who borrow and pay back for legitimate expenditure, but that is what Wonga make their money from – the silly people who dont pay up and have no intention of paying up are the ones who Wonga lose money on. If the decent honest guy with the broken washing machine swtiches to a credit union, then Wonga’s profits will drop like a stone.

    Comment by Liz P | July 25, 2013 | Reply

  3. […] of Justin Welby, your church’s investments. If he had he’d have found that his target yesterday, was a company they’d indirectly invested in. It’s reported here on the […]

    Pingback by The Archbishop In The Wonga « The Anonymous Widower | July 26, 2013 | Reply


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