Dont now if this has been asked before ..

[cyberhead]

Where do all these pay day mobs get their backing from ? Does it not seem strange at a time when banks were lending to no one

these people have come out of the woodwork over the last 5/6 years ,would love to know excactly where these available funds

have come from ? So many of them trading under a diffo name but being the same companies .

[renegadeimp]

Simple. They charge extortionate interest rates and unlawful charges. People dont realise that they dont have to pay the charges so fo so and make the pdl a massive profit

[cyberhead]

What i meant renegade is who invests their money in these firms to provide the funds ,strangely enough the church of england have a 100,000 pound investment in wonga according to recent news ,

I wonder what other companies and institutes have thrown a few quid at the loan shark buisness ? A list of some of the investors in these companies could make extremely interesting reading imo

[cyberhead]

The Archbishop of Canterbury is understood to be "furious" after the Church of England confirmed it invests indirectly in online lender Wonga.

 

It comes after the Most Reverend Justin Welby told Wonga boss Errol Damelin the Church would try to force the firm out of business by boosting credit unions.

 

But the Church later said it invested in funds that provide money for Wonga.

 

you cannot make it up tbh

[citizenB]

What i meant renegade is who invests their money in these firms to provide the funds ,strangely enough the church of england have a 100,000 pound investment in wonga according to recent news ,

I wonder what other companies and institutes have thrown a few quid at the loan shark buisness ? A list of some of the investors in these companies could make extremely interesting reading imo

 

A lot of large American banks invest in PDLs.. Bank of New York, Mellon Corp, JP Morgan Chase and Ban of America.

 

It wouldn't surprise me to learn that UK banks also invest.

 

If I understand things correctly, American companies parcelled up "investment bundles" and sold (securitised) in order to obtain operating capital. This was where the major problems started because a lot of the stuff that was included was "toxic debt"

 

Most people who have a mortgage believe the bank they signed up with is the owner of the mortgage, not so. Some of Santander Mortgages are actually owned by Holmes Trust which is an overseas investment company. Santander only administer the mortgage. How many credit card accounts started off as Abbey, Virgin, even HBoS loans but ended up under the control of MBNA !