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Wonga bust

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By *oxychick35 OP   Couple
over a year ago

thornaby

If any of the directors want a loan of me a 2000% just msg I’ll be more than happy to help them out

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By *ouple in LancashireCouple
over a year ago

in Lancashire

Think they'll have stripped it out on top of their excessive salaries..

Fuckin leeches allowed to suck dry some pretty vulnerable people in society..

Cunts

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By *oxychick35 OP   Couple
over a year ago

thornaby

The government should never allowed it in first place

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By *illwill69uMan
over a year ago

moston

Good riddance...

With luck the directors will be found guilty of trading while insolvent and all get jail time just like other loan sharks.

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By *ercuryMan
over a year ago

Grantham


"Good riddance...

With luck the directors will be found guilty of trading while insolvent and all get jail time just like other loan sharks."

You can't be jailed for Trading Whilst Insolvent, just financial penalties and or disqualification.

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By *ara JTV/TS
over a year ago

Bristol East

Someone will be along in a mo to quote passages from the bible about money lenders and greed

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By *mmabluTV/TS
over a year ago

upton wirral

The directors will be fine it will be a limited company and will not effect there private whealth.

No doubt they will start another loan company trading in the same way.It is the way the world works,wrong yes but a fact.

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By *oncupiscentTonyMan
over a year ago

Kent

A decade or so of parasitical profiteering without any personal consequence regardless of the regulation that's now killing the company

Apparently the founder, Errol Damelin, welcomed the FCA taking on regulation of the payday loan market in April 2014. Before abandoning the company in June.

You have to admit though a legal loanshark like wonga could only exist in circumstances that pushed people into their grubby paws

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By *LCCCouple
over a year ago

Cambridge

It's crazy that there are loan sharks that charge less than legal loan companies.

There should be a legal limit on highest APR.

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By *haremoreMan
over a year ago

Manchester

My heart bleeds.They pour flames on the fire of many of the poor sods they lent this money too. These types of companies are not ethical and should be outlawed. Yes a higher rate of interest but not the incredible rates that are apparent.

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By (user no longer on site)
over a year ago


"My heart bleeds.They pour flames on the fire of many of the poor sods they lent this money too. These types of companies are not ethical and should be outlawed. Yes a higher rate of interest but not the incredible rates that are apparent."

It's always been like that. The poorest pay the most - loans, electric etc because they are a high risk default group. Profit is the name of the game in these times. Not condoning it in any way!

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By *haremoreMan
over a year ago

Manchester


"My heart bleeds.They pour flames on the fire of many of the poor sods they lent this money too. These types of companies are not ethical and should be outlawed. Yes a higher rate of interest but not the incredible rates that are apparent.

It's always been like that. The poorest pay the most - loans, electric etc because they are a high risk default group. Profit is the name of the game in these times. Not condoning it in any way!"
Alas you are correct.

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By *illwill69uMan
over a year ago

moston


"You can't be jailed for Trading Whilst Insolvent, just financial penalties and or disqualification."

But you can if that trading has been through fraudulent means such as false accounting.

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By (user no longer on site)
over a year ago


"You can't be jailed for Trading Whilst Insolvent, just financial penalties and or disqualification.

But you can if that trading has been through fraudulent means such as false accounting."

Newcastle will need a new sponsor - but who would want it? Wonga and Northern Rock both gone just!

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By (user no longer on site)
over a year ago

We need to spend more time helping people become financially literate. The scariest thing about winga is they were very open about the cost of their loans. Yet people couldn’t see it was a bad deal.

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By *rincessvenusCouple
over a year ago

Hull

supply and demand thats the name of the game

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By *LCCCouple
over a year ago

Cambridge


"supply and demand thats the name of the game "

It's also the fact that people on benefits and low incomes are often excluded from mainstream credit and often rely on door step lenders and payday loans. Often times Provident will get paid before the landlord. Most people in the UK would be shocked to know that coin operated televisions we still a thing in the UK, and yet I once went to a house that had 3.

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By (user no longer on site)
over a year ago

Payday loan companies are very clear and upfront about their charges. If people misuse them then that's their problem.

People need to stop blaming others for their problems and take account for their own actions.

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By (user no longer on site)
over a year ago


"We need to spend more time helping people become financially literate. The scariest thing about winga is they were very open about the cost of their loans. Yet people couldn’t see it was a bad deal. "

Having worked many years in the banking industry there is a pattern. Borrowers will say and do anything to get the loan. I had a stock phrase I used to use before they signed "if you don't think you can meet every monthly payment - then don't sign" they would look at me in shock - but "x" months down the line I would need to remind them of what I said! A loan is a legal contract and has to be observed. People are now thinking because Wonga have gone bust they don't have to pay their loans - wrong they have to pay and are legally obliged to pay every payment until the contract is fulfilled (law of tort ). Which is why if the UK government have signed up to a contract on payment to the EU budget they will be forced by law to pay - so those who say we pay nothing clearly no nothing about contract law. The government ends a contract prematurely which it can legally do, but they will be penalised by doing so - legally in the contract!

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By *LCCCouple
over a year ago

Cambridge


"Payday loan companies are very clear and upfront about their charges. If people misuse them then that's their problem.

People need to stop blaming others for their problems and take account for their own actions."

The same can be said for drug use, wearing seatbelts and a whole host of other things. Sometimes the government needs to step in and protect people (especially the most vulnerable) from themselves.

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By *os19Man
over a year ago

Edmonton

In one way Wonga going bust is good because as far as I am concerned they are nonething but a legalised loan shark.However as adults we should be more clued up in how much a loan is going to cost us we have to take some responsibility for our actions.I respect the fact that due to various circumstances the decision to take out a loan is very much the last resort.

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"We need to spend more time helping people become financially literate. The scariest thing about winga is they were very open about the cost of their loans. Yet people couldn’t see it was a bad deal. "

Or could see it but we're desperate and probably their last resort..

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By (user no longer on site)
over a year ago

What is an acceptable APR wonga at 1500%.They were forced a few years back to stop it to this from over 5000% Apr.

Here's some perspective if you borrowed £100 in 2011 and didn't pay a penny back you would owe more than the US national debt over $14 trillion after 7 years!

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By (user no longer on site)
over a year ago


"We need to spend more time helping people become financially literate. The scariest thing about winga is they were very open about the cost of their loans. Yet people couldn’t see it was a bad deal.

Or could see it but we're desperate and probably their last resort.. "
in which case were they serving a need ? What happens now ?

I think in many cases they created a demand. Which is why their loan volumes ran off... if it was truely meeting a need you’d imagine they’d still have customers. Especially as the rates are “better” now.

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By (user no longer on site)
over a year ago

Borrowing has always been regulated by the consumer credit act - there was a limit of £15,000 - over that it was unregulated!

Not sure what the rules are now - not working in it anymore!

The only ones not regulated were the loan sharks. But the government of the day, bank of England etc have all had the "power" to change things -they didn't. A simple question who is able to lend money? The "poor" aren't borrowing off the "poor" are they? Look at the directors of all these companies and more importantly whose on their boards - no surprise who you find!

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By (user no longer on site)
over a year ago

Payday loans should be banned entirely and indefinitely. They are preying on the desperate and the vulnerable. The govt should mage emergency loans more available from the dhs, they can then deduct it as a zero interest loan that will always be payed back.

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By (user no longer on site)
over a year ago


"Payday loans should be banned entirely and indefinitely. They are preying on the desperate and the vulnerable. The govt should mage emergency loans more available from the dhs, they can then deduct it as a zero interest loan that will always be payed back."

Your happy to pay for it then? The government hasn't got a money tree in No.10's garden!

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By *mmabluTV/TS
over a year ago

upton wirral


"It's crazy that there are loan sharks that charge less than legal loan companies.

There should be a legal limit on highest APR. "

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By (user no longer on site)
over a year ago


"It's crazy that there are loan sharks that charge less than legal loan companies.

There should be a legal limit on highest APR. "
there is....

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