A Good Reason To Avoid Facebook
I do anyway, but their tax position, seems to be in line with Starbucks, Amazon and Google according to this report.
In fact, it’s rapidly getting to the point, where using a large company reduces tax revenues. Although, it does seem that American companies are the best at finding ways of avoiding paying tax. Or should that be worst?
If you think I’m being sanctimonious here, I once paid a tax bill of £3,500,000. If you don’t believe me, I have the cheque on the wall to prove it. I could have avoided the tax bill, by going to live in Monaco or somewhere equally boring for a few years. But then this country has so many good things, that I’d miss.
Another High Interest Lender Hits The Streets
Or that’s what I think it is!
At least the adverts seem to discourage you from contacting the company, by making you vomit.
I’ve Missed An Opportunity With Zopa
As I always do, I just checked my Zopa statistics this morning. Not that anything untoward or otherwise happens on a Sunday!
I like analysing statistics and it would ave been great fun to see if anybody apply for any loans over the holiday.
But at present, I’ve only got the princely sum of £0.39 available. So I won’t be able to collect any data.
I bet though, if you apply for a loan to Wonga on Christmas day, you’ll get a loan!
I’ve just looked back at my Zopa data for Christmas 2011 and it would appear that I did make a loan on Christmas Day. Obviously, it wasn’t processed until a few days later.
But why shouldn’t you apply for a loan on Christmas Day from a reputable lender? After all, the computers on which you perform your application never sleep. Or aren’t supposed to!
Andrew Haldane On Peer-to-Peer Lending
This quote from Andy Haldane, a director of the Bank of England in the Independent is very ominous, if you’re a banker.
The mono-banking culture is on its way out. Instead, we are seeing a much more diverse eco-system emerging with the growth of new non-bank groups offering peer-to peer lending and crowd-funding.
Few are going to be upset, if more bankers are out of a job.
Do We Need A Bank?
Nationwide seem to have got it right here, even if I didn’t get the whole slogan in the picture.
Do We Need A Bank?
But I think the only reason for having a bank, is to have a nice warm place on a cold, wet day to go into, to use the cash machine.
Wonga Move Into Credit Card Territory
According to this article from the BBC, Wonga are moving into credit card and web fulfilment territory with their latest service called PayLater.
Although, I’m not a fan of Wonga, it could be a good idea, provided they moderate their interest rates.
Would I like to see someone like Zopa or Ratesetter doing the same? Only of course, if they didn’t relax their credit checks.
After all, for years, with many products and some big purchases like cars, finance has been an integral part of the process.
The trouble with something like Zopa doing this, could be, that if the loan is turned down, then the sale could be lost.
But Wonga’s thinking does show how the banks and credit card companies are getting it in the neck from the new financial innovators.
America, The Sick Man Of The World
Two of the stories I posted yesterday, showed the state the US is in. The first was the story of prisons in the US, and Alabama in particular. I started it with the words.
This story from the United States is terrible.
I felt it couldn’t get worse. But it course of did with the massacre of children in Connecticut.
The story of Gary McKinnon was really about America bullying a poor unfortunate, rather than fixing their leaky computer systems and treating him in the way he would have been in most other countries of the world.
We have also had the excursions into Afghanistan and Iraq, to wreak vengeance for the attacks on New York and Washington on September 11th, 2009. Sadly we were drawn into these ill-thought out adventures.
It’s funny too, how the three main companies being castigated for their tax position are all American.
I could also add in the stunts of bankers based in New York, which started the collapse of the worldwide banking system, the death penalty and the failed prison and justice system and a healthcare system that is the joke of the civilised world.
I shall not be going to the United States ever again and I will not buy products from American companies, where there is an alternative.
The Cost Of Christmas
I suppose I can afford the cost of Christmas, but others can’t. This article speculates that in London about half a million will turn to short term lenders.
Hopefully, people will start to see sense, especially after the government limits the charges in a couple of years time.
My worry, is that any legislation will push the really needy into the arms of illegal loan sharks.
Zopa And Funding Circle Get Government Funding
The Daily Telegraph is reporting that Zopa and Funding Circle are going to get tranches of funds to invest from the Government.
I very much applaud this move as although the sums are quite small at ten and twenty million pounds respectively for each, the government’s seal of approval can only help the growth of this form of lending. To put these sums in context, Zopa has lent over a quarter of a billion pounds and currently around thirty million is available to borrowers.
But surely the biggest boost is that with this extra funding, the publicity will drive more credit-worthy borrowers into the arms of Zopa and Funding Circle.
My only worry is a selfish one, that the interest rates available will drop because of the extra funds.
I certainly wouldn’t like to be holding any shares in a traditional bank.
I shall also be watching the return, that I’m getting on my money in Zopa.
Rothschilds Buy Into Zopa
This news seems to be good for peer-to-peer lending and Zopa in particular.
Read about it here on The Bankwatch.
The Anonymous Widower 