chem1st Posted September 12, 2011 Share Posted September 12, 2011 Records lodged with the Electoral Commission reveal that the Funding Corporation Group Ltd (FCGL), based in Warwickshire, donated £105,000 to the Tories on 24 June. The company also gave £25,000 last December. FCGL owns 99.9% of the Funding Corporation Ltd which sells cars on hire purchase plans to drivers with poor credit ratings through a subsidiary, ACF Car Finance. The Funding Corporation Ltd also owns a debt recovery business, Red2Black Collections. The companies are ultimately owned by Lord Edmiston, a staunch Tory party supporter and Christian philanthropist, who gave the Conservatives almost £300,000 between 2004 and 2009 under his own name…. One man described in an online forum how he nearly bought a £7,000 car from ACF that would have ended up costing him £325 a month over 60 months, a total cost of £19,500, equivalent to an interest rate of almost 200%. Another bought a car valued at £5,995. But the true cost when interest and PPI was factored in came to £16,445… Measures that would have forced the lenders to curb some of their practices, were voted down by Lib Dem http://yorksranter.wordpress.com/ The story is also in the Gruniad... http://www.guardian.co.uk/politics/2011/sep/11/conservatives-party-funding-sub-prime So a man whom deems himself to be a Christian philanthropist loans money to the poor at a rate of 200%. Interestingly, he also owns a debt recovery business. Being a Christian, one would expect him to have read the bible. If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury. 8 He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor. 9 He that turneth away his ear from hearing the law, even his prayer shall be abomination. 10 Whoso causeth the righteous to go astray in an evil way, he shall fall himself into his own pit: but the upright shall have good things in possession. 11 The rich man is wise in his own conceit; but the poor that hath understanding searcheth him out. To profit from the poor via usury in order to give back to the poor, doesn't sound very philanthropic to me. Seems a bit like a thief trying to redeem himself by giving back what he has stolen whilst trying to hide his crime, and gain credit for returning what was stolen in the first place. Link to comment Share on other sites More sharing options...
wornout53 Posted September 12, 2011 Share Posted September 12, 2011 Anyone can proclaim themselves to be Christian...or for that matter Buddhist, Muslim or anything else. It does not mean that they really live by the principles their purported faith embodies. Link to comment Share on other sites More sharing options...
andyofborg Posted September 12, 2011 Share Posted September 12, 2011 to a large extent, interest rates reflect the risk to the lender of them not getting their money back. so it's not surprising that people who lend to those with a poor credit rating charge a high rate of interest. Link to comment Share on other sites More sharing options...
chem1st Posted September 13, 2011 Author Share Posted September 13, 2011 to a large extent, interest rates reflect the risk to the lender of them not getting their money back. so it's not surprising that people who lend to those with a poor credit rating charge a high rate of interest. That is if you are lending to make a profit via usury. Link to comment Share on other sites More sharing options...
Bloomdido Posted September 13, 2011 Share Posted September 13, 2011 Muslims don't do interest. The West tends not to like Muslims. Link to comment Share on other sites More sharing options...
chem1st Posted September 13, 2011 Author Share Posted September 13, 2011 Muslims don't do interest. The West tends not to like Muslims. Once upon a time the Christians didn't either. Personally I'm an atheist, however I've read a fair chunk of the bible since proclaiming myself to be an atheist, and parts of the Koran and other religious texts too, I intend to read them all before I die. I've read a bit about Islamic banking and it essentially allows for usury, albeit under another name, e.g. rent. Rent, interest, profit, they are all similar. Link to comment Share on other sites More sharing options...
chem1st Posted November 7, 2011 Author Share Posted November 7, 2011 This story has been edited since it was first posted* The following correction was published on 18 September 2011: In "Tories take donations from firm behind 200% loans" (News), we noted that one man "nearly bought a £7,000 car from ACF that would have ended up costing him £325 a month over 60 months, a total cost of £19,500, equivalent to an interest rate of almost 200%." This is not an interest rate (which would be an annual or monthly figure) of 200%. It is a total interest payment of 178% of the original loan spread over five years, which would give an APR of just over 51%. Link to comment Share on other sites More sharing options...
mj.scuba Posted November 7, 2011 Share Posted November 7, 2011 All sounds ok to me, don't see the problem. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted November 8, 2011 Share Posted November 8, 2011 http://yorksranter.wordpress.com/ The story is also in the Gruniad... http://www.guardian.co.uk/politics/2011/sep/11/conservatives-party-funding-sub-prime So a man whom deems himself to be a Christian philanthropist loans money to the poor at a rate of 200%. Interestingly, he also owns a debt recovery business. Being a Christian, one would expect him to have read the bible. To profit from the poor via usury in order to give back to the poor, doesn't sound very philanthropic to me. Seems a bit like a thief trying to redeem himself by giving back what he has stolen whilst trying to hide his crime, and gain credit for returning what was stolen in the first place. Post #1 is wholly wrong in presuming that the Bible binds Christians; it doesn't. 'Usury' is permitted to them. They misguidedly (but voluntarily) forswore usury. Plus lending to the 'poor' is not usury, anyway! Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted November 8, 2011 Share Posted November 8, 2011 But charging interest is not prohibited to Christians. Link to comment Share on other sites More sharing options...
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