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doinmypartWTS Will Stop Charging Interest on Loans


The Org will stop charging interest on KH Building Fund loans effective Sep 1, 2008. Current loan payment amounts will remain the same so the loans can be paid off sooner.

Congregations should continue to donate to the KH Building Fund, and publishers can donate directly to the fund by sending donations directly to the Branch. Congregations are encouraged to forward surplus congregation and operating funds to the Branch until the time those funds are needed by the congregation (this was actually read to the congregation...talk about full disclosure).

This is for all Branches and congregations, not just the U.S.

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dinahRe: WTS Will Stop Charging Interest on Loans

I wonder if they had to stop charging interest to keep their non-profit status?  Probably so.  Everything they do seems to have a legal motive.

Anyway, that's good.  I always thought that was very wrong charging congregations interest on the money they donated in the first place.

 

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Doubting BroRe: WTS Will Stop Charging Interest on Loans
This has got to be motivated by taxes. Now it makes sense why they want the congregations to send all available funds to be held on deposit. Its an attempt to make up the money they'll be losing on the interest charges.
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HonestyRe: WTS Will Stop Charging Interest on Loans

The apostates probably caused this new arrangement by reporting the Faithful Slave to satan's gubmints.

 

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WTWizardRe: WTS Will Stop Charging Interest on Loans

That's what happens when us apostates expose their scams.  They get embarrassed, and they either have to do something or risk losing their status.

Let's hope it repeats with the pedophile scandals they are having, and that it cuts into their Worldwide Pedophile Defense Fund.

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MetamorphosisRe: WTS Will Stop Charging Interest on Loans

yeah - one small tiny step in the right direction.

Morph

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QuandaryRe: WTS Will Stop Charging Interest on Loans
When was this letter read?
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joebinRe: WTS Will Stop Charging Interest on Loans

They were charging interest?  LOL

I don't know but it's pretty clear in the bible that you should not lend money to your brother with interest. 

Oh, I get it, this is new light.  They just started reading the bible and got to that passage and realized they had to apply it.

 

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NewYork44MRe: WTS Will Stop Charging Interest on Loans

I was always unconfortable with the society charging interest. There is no doubt that the decisions relates to maintaining their not for profit status.

 

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Open mindRe: WTS Will Stop Charging Interest on Loans

It's about time.

Even when I was a true believer, this always just looked bad.

It seemed like pointless paper-shuffling.  It would be kind of like the Dept. of Motor Vehicles charging State agencies a vehicle registration fee.  At least in California (as screwed up as we are on so many other things) they don't do this.

If you can stand to put on your true-believer goggles for just a minute, it ultimately made sense either way, (we all want to give as much as we can to further Kindom Interests ), but the interest charging was a dumb idea from day one.

OK, now take off those goggles, and get real.  The WT most likely squeezed out quite a few extra drachmas over the years that they wouldn't have gotten otherwise. 

om

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purplesofaRe: WTS Will Stop Charging Interest on Loans

Thanks for the info

Hope all is good with you,

purps

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james_woodsRe: WTS Will Stop Charging Interest on Loans

It might be yet another sign of the times (bad economic times for the Corporate Society)...

The WTS now depends on a direct monthly contribution from each congregation (instead of the old money-pump of the literature counter).  In the old days, each Kingdom Hall had it's own property, it's own real estate loan (usually this was given by wealthier JW locals and usually forgiven of even principal payments, let alone interest), and the WTS never ever loaned out money for a Kingdom Hall.  For a while, the property-rich WTS found a lucrative market in suddenly making a lot of Kingdom Hall loans, and shrewdly, having all the property deeded to themselves - not the congregations as of old.  Now, with money getting tighter and tighter, maybe they want to keep the congregations in business (and sending in the monthly check), and so they want to lighten up a little on the vigorish to keep the blood flowing as long as possible?

What do you think they are going to do, anyway? Foreclose on the Kingdom Halls?  Then who is going to pay the rent?

Babylon the Great?

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changelingRe: WTS Will Stop Charging Interest on Loans

Curiouser and curiouser...

changeling :)

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FarkelRe: WTS Will Stop Charging Interest on Loans

The interest rate on KH loans was always very low, typically 2 or 3 percent, and certainly not high enough to compensate for opportunity lost to use the money to make more profitable investments than loans on halls.  When we needed a new hall, the elders went to the bank and got a new loan.  Of course that was several thousand years ago before the society started making those types of loans.

Farkel

 

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sir82Re: WTS Will Stop Charging Interest on Loans

There must be some awfully compelling reason for the Society to give up a steady income stream, even if it is just a mere 3%. There must be some danger to them, or at least to their finances, if they were to continue to charge interest.

Have there been any recent legal rulings that would have provoked such a change?

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james_woodsRe: WTS Will Stop Charging Interest on Loans

Just a cynical side note:  I once read about McDonalds Hamburgers - they only sell the hamburgers to keep the doors open.  The real money is in the real estate upon which they built the fast food restaurants.

Say it aint so, Joe...

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FarkelRe: Re: WTS Will Stop Charging Interest on Loans

james woods,

:The real money is in the real estate upon which they built the fast food restaurants.

I think you may be on to something here, but let me add something else.  It's true that MacDonalds doesn't make squat profit on their food.  They make all their cash flow from flavored sugar water which has a gigantic mark-up.

The WTS makes all its cash flow from flavored sugar water words, which has a gigantic mark-up.  They BOTH make a lot of money from the sale of the land on the franchise.

MacDonalds = Watchtower Society!  Wow!  This is spiritually DEEEEEEEEP!  Ronald MacDonald = Governing Body.  Bic Mac = Ted Jaracz.  Large Fries = elders.  Quarter Pounder w/Cheese = Circuit Overseer.  Chicken McNuggets = "gleaning" for new "light" from a WT publication.  Cahiers = rank & file dubs.

Therefore brothers, we can confidently state that the indisputable facts show MacDonalds Corporation has a modern fulfillment as it points to the Watchtower Coroporation CLASS as the greater fulfillment in our day of the prototypical MacDonalds Class.

Farkel

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james_woodsRe: WTS Will Stop Charging Interest on Loans
Farkel, my brother!  That was brilliant.  We need you as a writing department lackey, but would you first be willing to take a three year assignment to the Nigerian branch office?
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83501nwahsRe: WTS Will Stop Charging Interest on Loans
Sounds like they are hording all the capital which would give them the opportunity to become their own bank and gt off the grid economically. Sounds sinister to me. Stick em up and give us all your money. We'll be your sugar daddy IF you need any money. And WE will decide if you need any money.
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daniel-pRe: WTS Will Stop Charging Interest on Loans
What about "not charging your brother interest"? THey only now catch on to that?
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