MSE News: Church in bid to 'compete' Wonga out of existence

CKhalvashi

fatbelly wrote: »

Here's another link to the 'church invests in Wonga story'

http://www.guardian.co.uk/business/2013/jul/25/church-england-stake-wonga-backer

It seems to me that proper competition to the payday lenders would be a good thing. I'm not sure that as things stand the Credit Unions could provide that. with or without the church's backing. They have their lending rates capped by statute, Payday lenders don't.

Could Chairman Dave be persuaded to take an interest in this in the run-up to the next election rather than the current smokescreen of spurious issues?

I do feel that mixing finance and religion may be a bad thing.

We're members of a Russian Orthodox church in London, and I know that they're against anything like this.

CK

GhIFA

antrobus wrote: »

The Church Commissioners own billions in assets. About 5.5 billion, I think. But the Church Commissioners is both a charity and a statutory body, run by trustees. I don't know whether or not the law would permit them to divert some of these billions to fund a deliberately loss making lending business.

I'm not suggesting that they divert the funds into running a business, I'm suggesting that the church has the means with which to assist these people without the need of making it a business.

antrobus

GhIFA wrote: »

...I'm not suggesting that they divert the funds into running a business, I'm suggesting that the church has the means with which to assist these people without the need of making it a business.

And I'm suggesting to you that it doesn't.

GhIFA

antrobus wrote: »

And I'm suggesting to you that it doesn't.

Fair enough, we'll agree to disagree then.

Credit-Crunched

Hyposcrisy in Religion, what on earth will there be next :rotfl:

The Churches need to remember where their wealth has come from.

At least pay day lenders give to the poor and needy, the church has made a career out of preaching money off the poor and needy to pay for its ornate and extravagent decor and buidlings.

Before the church starts to cast stones around morals, I feel that they should at least ensure that their own house is in good order, they may be some time.

Religion and Business is like oil and water, dont mix, cant mix, shouldn't mix.

Leave that to the morally redudant politicians to sort out.

Lord (irony) is there any hope for us at all..

antrobus

fatbelly wrote: »

Here's another link to the 'church invests in Wonga story'

http://www.guardian.co.uk/business/2013/jul/25/church-england-stake-wonga-backer

The really interesting thing about that story is this bit;

The archbishop of Canterbury was forced to admit on Thursday that the Church of England holds a more than £1m investment in one of the main financial backers of Wonga

Oops.

fatbelly wrote: »

...Could Chairman Dave be persuaded to take an interest in this in the run-up to the next election rather than the current smokescreen of spurious issues?

And do things like spend £38 million on a Credit Union Expansion Project, and decide to raise the current interest rate cap on loans, you mean?

https://www.gov.uk/government/news/credit-union-38-million-expansion-deal-signed

https://www.gov.uk/government/consultations/credit-union-maximum-interest-rate-cap

dastep

MrsBartolozzi wrote: »

It's been a long time since I set foot in a church, but I seem to remember a bible story about Jesus throwing the money lenders out of the church. Why has god's representative seen fit to let them back in?

I believe the passage of the bible you are referring to is mentioned in all four gospels. Jesus didn't drive out 'money lenders' but 'money changers'.

In ancient Jerusalem, pilgrims would come from miles around and change their Greek and Roman money into Tyrian shekels which were 'acceptable' to the High Priest of the temple.

Tyrian Shekels were used for both paying temple tithes/taxes and purchasing sacrificial animals from vendors in the temple to use in worship.

The high priest ordered that only Tyrian shekels would be accepted for the annual half-shekel Temple tax because they contained a higher percentage of silver, so the money changers exchanged unacceptable coins for these shekels. Of course, they extracted a profit, sometimes much more than the law allowed.

The High priests were literally charging and making a profit 'selling God' to the people, and this is what angered the Lord Jesus so much.
People should come freely to God and forgiveness of sins is a free gift to all who will come.

The driving out of the money changers from the temple by the Lord Jesus was more about false religion than it was banking.

iolanthe07

dastep wrote: »

I believe the passage of the bible you are referring to is mentioned in all four gospels. Jesus didn't drive out 'money lenders' but 'money changers'.

In ancient Jerusalem, pilgrims would come from miles around and change their Greek and Roman money into Tyrian shekels which were 'acceptable' to the High Priest of the temple.

Tyrian Shekels were used for both paying temple tithes/taxes and purchasing sacrificial animals from vendors in the temple to use in worship.

The high priest ordered that only Tyrian shekels would be accepted for the annual half-shekel Temple tax because they contained a higher percentage of silver, so the money changers exchanged unacceptable coins for these shekels. Of course, they extracted a profit, sometimes much more than the law allowed.

The High priests were literally charging and making a profit 'selling God' to the people, and this is what angered the Lord Jesus so much.
People should come freely to God and forgiveness of sins is a free gift to all who will come.

The driving out of the money changers from the temple by the Lord Jesus was more about false religion than it was banking.

A rational and well researched post about a religious issue. Thank you. It makes a pleasant change from the usual prejudice and ignorance we get on here whenever anything religious comes up.

jamesd

And if about banking, more about exchange rate fees than lending.

adouglasmhor

I always thought that particular passage in the Bible was what inspired Martin Luther to write the 95 theses.