Defending Lending At 500pc Apr Is Like Defending The Legalisation Of Heroin

[Rachman]

As the point of an interest rate is to force default (as fiat money is inherently completely and utterly worthless) I don't get your point.

They have paper and a scam, other people have real wealth.

The point of the interest rate is primarily twofold

1. to make a profit (recognising the risk profile); and

2. to be so expensive that these people WILL pay it back ahead of their fags, booze, dope bills.

You're not lending to a bunch of accountants who care, it's to people who have no credit rating so if they don't pay, what's the problem unless it's going to ruin their chances of getting a mobile or TV on credit even down Brighthouse.

The rate of interest is to force prompt payment, not default. I'd have thought that was fairly transparent - do I take it you prefer to think there is some bloke in a chalkstripe suit just thinking up ways to enslave the people further ?

[Bloo Loo]

The point of the interest rate is primarily twofold

1. to make a profit (recognising the risk profile); and

2. to be so expensive that these people WILL pay it back ahead of their fags, booze, dope bills.

You're not lending to a bunch of accountants who care, it's to people who have no credit rating so if they don't pay, what's the problem unless it's going to ruin their chances of getting a mobile or TV on credit even down Brighthouse.

The rate of interest is to force prompt payment, not default. I'd have thought that was fairly transparent - do I take it you prefer to think there is some bloke in a chalkstripe suit just thinking up ways to enslave the people further ?

the rate of interest is to cover commission to the collector.

you know lend £100, collect £30 per week for 4 weeks.....collect gets £5 per visit, the company makes a £10. the collector might even be the company.

nothing onerous about this. the interest rate comparison is just plain bollshit

[Rachman]

the rate of interest is to cover commission to the collector.

you know lend £100, collect £30 per week for 4 weeks.....collect gets £5 per visit, the company makes a £10. the collector might even be the company.

nothing onerous about this. the interest rate comparison is just plain bollshit

I agree entirely, which is why Barnardos, whilst a worthy cause, is being a bit disingenuous with this one. There are shysters out there and they need stopping, but this is not the way to do it, to use selective information to put out propaganda.

I can't imagine being a collector for BiteyerLegs Finance round some of these estates is much fun for the legitimate ones - imagine how often they get threatened or attempted to be mugged - it's no surprise they need protection - even if they are 'squeaky clean'.

[Bloo Loo]

I agree entirely, which is why Barnardos, whilst a worthy cause, is being a bit disingenuous with this one. There are shysters out there and they need stopping, but this is not the way to do it, to use selective information to put out propaganda.

I can't imagine being a collector for BiteyerLegs Finance round some of these estates is much fun for the legitimate ones - imagine how often they get threatened or attempted to be mugged - it's no surprise they need protection - even if they are 'squeaky clean'.

I have had personal experience of the clever people at Barnardos some time ago, wasting money. I was so vexed by what they did that I wrote to the chief and asked what the tin rattlers would think if they knew about the waste of money I had just witnessed. weeks of standing on street corners being tossed away in seconds.

[Goat]

Economically, certainly.

If you want cheap stuff, legalise it.

I´d certainly be in favour of the legalisation of heroin. The case for doing so is very strong IMO.

The case for legalisation is actually quite strong.

1. Eliminate ITRO 75% of all crime overnight.

2. Major health benefits for all users as it's no longer cut with all sorts of rubbish.

3. Reduced spread of diseases e.g. HIV.

4. Major blow to serious and organised crime.

Having a smack shop on every street corner is probably going a bit far; but giving it out for free to registered addicts (perhaps under supervision) with needles alongside availible treatment programmes would be far better than the mess we have today.

[Guest happy?]

The case for legalisation is actually quite strong.

1. Eliminate ITRO 75% of all crime overnight.

2. Major health benefits for all users as it's no longer cut with all sorts of rubbish.

3. Reduced spread of diseases e.g. HIV.

4. Major blow to serious and organised crime.

Nonsense. Banking will carry on regardless of the law on drugs.