Who'll Be Needing A Loan Now ?

[bazwillrun]

http://news.sky.com/story/1467657/wonga-crashes-to-35m-loss-after-torrid-year

shame....couldnt happen to nicer people

[excelsior-1]

hope the article is 3452% accurate :-)

[askyourgran]

I hated those old codgers in the adverts especially that creepy old man.

[tonyav]

If they need bailing out I hope the banks charge them a similar interest rate as theirs.

[ll_billym]

Yeah all good to judge my friend but please don't get hung up on who, have a little think about why. Wonga is never going to lose money, they lend to spenders. You wanna kill them, kill spenders.

[mikey4444]

Baz...with you and others all the way here !

If this truly awful bunch of crooks went bankrupt and ceased to exist, Britain would be a better place over night.

What I want to know is, in a country where all financial products are highly regulated, to protect us all against the shysters, how did our Government, of whichever political hue, allow this company to exist and charge such monstrous rates of interest in the first place ?

They advertise during breaks in children's TV programs....how was that allowed ? No wonder they use such childish adverts.

[DTCwordfan]

be careful Mikey, they started back in the Labour admin.....

There was an outfit advertising the other night - up to £7000 @ 45% APR........Christ, how do folk take these loans?

[DTCwordfan]

2007 to be precise when they launched themselves on an unsuspecting public.

[mikey4444]

DTC...that is why I used the phrase " of whichever political hue"

(Although I am sure someone will soon come along and say I should have whatever)

Just over a year ago, WONGA were ordered to pay £2.6 million for a fake letter fraud. They should have been put out of business then. Shysters, nothing more or less.

[murraymints]

absolutely scandalous..should not be allowed..shut 'em all down ...NOW

[mikey4444]

Way to go MM !

[DTCwordfan]

I guess that the argument is a bit like drugs - make it illegal and the 'business' goes underground into the murkiness of the criminal world - well I would say that's never gone away.....

[murraymints]

me for PM....Nichola dear..get the tea ! lol

[mikey4444]

DTC...I agree that there is always that possibility. On the housing estate where I live, its easy to identify the doorstep lenders, and I see them most days of the week. So, its even more important that if we must have companies like WONGA, that we regulate them properly. But allowing ludicrous levels of interest, and allowing these companies to successfully target the vulnerable is not my idea of regulation.

WONGA have been in trouble for years. After last June's £2.6 million pound compensation package, their profits were halved due to the costs involved.

Its all here, if anybody is interested ::

https://www.google.co.uk/search?q=wonga+scandals&rls=com.microsoft:en-GB:%7Breferrer:source?%7D&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7ADFA_en&gfe_rd=cr&ei=fVMzVefZKOOq8we-u4HQDA&gws_rd=ssl

The Regulator is entirely at fault here. WONGA should have been closed down and all further companies should have been investigated thoroughly, before allowing them to have the necessary Consumer Credit licence to operate.

[murraymints]

Mikey for PM !

[mikey4444]

MM....If I was made PM, everybody would hate me, rather then just the few that do now !

[Svejk]

Just a few? Surely not.

[ummmm]

Pay day loans work for people who have control of their finances.

The problem is that they lend to people that have no way of paying back.

[Quizmonster]

http://www.independent.co.uk/news/uk/politics/top-tory-funder-runs-highcost-loans-company-8656356.html
The above link relates to an Independent article from a couple of years back. Reading just Para 5 will reveal precisely why the Tories have done nothing about Wonga for five years.

[mikey4444]

Thanks QM...I had forgotten about him !