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MSE News: Anger at Newcastle United's Wonga sponsorship deal

edited 30 November -1 at 1:00AM in Loans
31 replies 3.2K views
Former_MSE_HelenFormer_MSE_Helen
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edited 30 November -1 at 1:00AM in Loans
"The football club has signed a four-year deal with the company, but civic leaders and MPs have condemned the decision ..."
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  • I'm a Newcastle Fan, I'm not happy that Wonga are the new sponsors but this just means I won't buy a new shirt with them on. If they invest in the academy and the club charity foundation like they say they're going to then I'll be happy.

    I think if we want to single Newcastle out we should also look at Blackpool and Hearts who are already sponsored by them. Most of the companies that advertise on football strips are not the healthiest or the most ethical. Perhaps the whole system should be overhauled.
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  • Gordon_the_MoronGordon_the_Moron Forumite
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    Wonder what Martin Lewis would think if they sponsored Manchester City?

    :eek: :money:
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  • ChopperSTChopperST Forumite
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    I think if we want to single Newcastle out we should also look at Blackpool and Hearts who are already sponsored by them. Most of the companies that advertise on football strips are not the healthiest or the most ethical. Perhaps the whole system should be overhauled.

    I'd second this. I'm a Liverpool fan and we're sponsored by Standard Chartered - now they have a squeaky clean track record also dont they? What about Chelsea. We all now Abramovich's gizzilions dont come from being a warm fluffy character dont we?

    Why no stink about Blackpool and Hearts? Mike Ashley has pumped a fortune into Newcastle, he's sought alternative investment and found it. Fair play to him.
  • Gordon_the_MoronGordon_the_Moron Forumite
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    I don't agree with all the pay day loan bashing to be perfectly honest, obviously being a money saver I'm no big fan of a loan that increases that rapidly but they fill an unfortunate need in the market that left unfilled would make people turn to illegal loan sharks! Removing their presence would not stop people from borrowing.

    The fact these companies can prosper says a lot about the high street banks!
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  • Bet the rest of the league will think twice before they take a player on loan from Newcastle now.
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  • I guess Wonga have researched the poorest areas of the UK and come to the conclusion that Newcastle is the top of the pile.
  • edited 10 October 2012 at 11:52AM
    RhenserRhenser Forumite
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    edited 10 October 2012 at 11:52AM
    Just looked up on direct.gov.uk what a loan shark is.

    They say the following:
    A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated by the Office of Fair Trading (OFT) and must follow the OFT's codes of practice.

    Because they're not licensed, loan sharks operate outside the law. If you borrow from them it's likely you'll:
    • get a loan on very bad terms
    • pay an extortionate rate of interest (rates as high as 131,000 per cent APR have been recorded)
    • be harassed if you get behind with your repayments
    • be pressured into borrowing more from them to repay one debt with another
    If you have borrowed from an illegal money lender, you haven't committed a crime - they have, and they could receive a prison sentence

    So, I'm not sure what a legal loan shark is. :huh:
    Anyway, if someone has devised a method to do this legally, shouldn't those MPs who are so worked up about this, get the law changed to stop it rather than moan about who's sponsoring a football team?

    Btw, someone should also mention to 'Ian Lavery, MP for Wansbeck, is a season ticket holder at the club' that the ground is no longer called St James' Park; it was renamed the Sports Direct Arena almost a year ago
    http://www.bbc.co.uk/news/uk-england-tyne-17064694
    Or is he moaning about that too? (Although its changing back now under this new sponsorship deal)
  • andy.m_2andy.m_2 Forumite
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    Peelerfart wrote: »
    Bet the rest of the league will think twice before they take a player on loan from Newcastle now.


    Newcastle were always a bunch of sliders
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  • I`m also a newcastle fan , and disgusted at the sponsorship, as each foot we take forward with Ashley, he pulls it back again, yes there are dodgy companies on other shirts , but it says all about clubs whoring themselves to whoever pays.It will all end in tears one day, the sustaining through sky, other commercial interests will dry up when all the pips are squeezed out,
    Ashley is ruthless, so are Wonga, so a match made in hell.
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  • Percy1983Percy1983 Forumite
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    Is it just me who can't see the problem, wonga offer a service and people sign up to the terms and conditions, if said terms and conditions you signed up come back to bite you so be.

    What happened to people being responsible for there own actions?
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