Customer Or Victim?

[AlwaysConfused]

Wonga are writing off debt for more than 300,000 customers. Do you perceive this as irresponsible lending or irresponsible borrowing? http://uk.reuters.com/article/2014/10/02/us-wonga-lending-britain-idUKKCN0HR0QT20141002

[FrogNog]

I just wish I'd borrowed some.

[AlwaysConfused]

I'm thinking that now, FrogNog!

[jim360]

A bit of both, probably.

[tamborine]

If its all interest, I agree.

[tamborine]

Nearly £6k interest.....thieves!

http://www.thisismoney.co.uk/money/cardsloans/article-2487799/Wonga-defends-5-853-rate-MPs-accuse-lender-causing-real-pain.html

[Bazile]

Irresponsible lending - they knew that these people couldn't afford to pay off these loans .

99 % of those who go to these companies are in a desperate financial state and are taken advantage of , by these companies

[rsvp]

At the risk of being pilloried I think that any company which doesn't have proper financial advice in place and resorts to money lenders (usurers) is not on the road to success.

[Old_Geezer]

Can it not be both ?

Ah scrolling down I see that's been asked.

It's less irresponsible lending though as the chances are, taking into consideration the risks, I'm sure they made an overall profit as they expected to do.They aren't concerned with whether one or other individual gets themselves into the mire.

It may be immoral lending though. Taking advantage of the desperate or the daft, neither of which have a government prepared to protect them, due to ideological reasons..

[tamborine]

Skynews. Only interest is being written off debts.

[bednobs]

not true.

[starone]

It has always amazed me that anyone would be so stupid as to take out a loan with any such company unless they did not understand the rate of interest they would be expected to pay in addition to the amount they had borrowed. Or, of course the intention was never to pay back any part of it. I knew a man who told me it was his ambition that when he died he would be deeply in debt. He said he would get money any way he could, beg, borrow or even steal it and it was the other person's responsibility to get it back from him if they could. He was an expert at this. He would get taken to court time after time and always seemed to win. Or sometimes to delay things over and over again. Wish I knew his secret! Perhaps he is running Wonga?