Wonga...finally On Its Way Out ?

[mikey4444]

http://www.bbc.co.uk/news/business-29530615

Regulars on here will already know my opinions on this dreadful company but they do appear to be on the way out, at last. This is a company that charges eye-watering high rates of interest and it also thinks that its the done thing to advertise on the TV during breaks in childrens programs.
( I wonder if that is the reason that they chose such childish adverts ? )

Following quickly on from committing fraud by sending out letters pretending to be from Solicitors, they are now having to write-off £220 million of loans.

I simply can't understand why the financial authorities haven't regulated this fraudulent and cynical loan shark company out of existence.

[janbee]

They are ,WERE, a large donor to the Tory party so they were maybe protected at all times. I hated the company and it's ridiculous ads.

[Old_Geezer]

Oh I quite like animations.

[Cloverjo]

My OH thought it was a spoof when he saw the ridiculous interest rates at the bottom of the screen.

[weecalf]

What did Wonga mean Was it..... While Others Need Greeds About . ...

[mikey4444]

Shysters...all of them.

[weecalf]

Who was the actress who played the granny in the advert was she in leastenders or boranation street. That old guy who played the guitar seen him somewhere a fore too.

[kvalidir]

I despise them, they cause havoc. You need a lender with a less rigid lending criteria or poor people can't ever in some cases get out of poverty, but not with the interest rates they charge. I can think of a couple of people who have succeeded in using them to better their situation and about 30 who ended up owing us rent because they got into trouble with them. If they go I think it will be a happy day, but I would like to see a Govt scheme or locally run schemes along the lines of a co-operative or you'll just find the good old fashioned local loan sharks will take their place again. You just never heard about those very much.Never leave a vacuum.

[ToraToraTora]

I'm no fan of these lenders but none of these companies would exist without human stupidity - just a thought, it's not a one sided affair.

[youngmafbog]

So will you still be gloating when there is an increase to real loan sharks and limbs start getting broken?

The way they operated needed curtailing but there is little doubt they were a useful service to many who are simply not creditworthy.

So where will these people go now, are you going to lend them the dosh Mickey?