interestrateripoff Posted April 20, 2015 Share Posted April 20, 2015 http://www.independent.co.uk/news/business/news/wonga-dives-into-red-after-scandals-and-crackdown-10188520.html Wonga, the biggest payday lender in the UK, has plunged deeply into the red after being hit by a flurry of scandals that some believe may threaten its very existence. The lender will this week report that revenues have collapsed by a third to a little over £210m, with losses spiralling to £35m. The losses come on top of a slide in profitability in the previous year as Wonga booked into its accounts the cost of reimbursing customers sent threatening letters from fictitious law firms. The figures are also not expected to include the cost of the 325 job losses recently announced by the new executive chairman, Andy Haste. Parasitical lender in trouble. Quote Link to comment Share on other sites More sharing options...
darwin Posted April 20, 2015 Share Posted April 20, 2015 HAHAHAHAHAHAHAHAHAHAHA Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted April 20, 2015 Share Posted April 20, 2015 HAHAHAHAHAHAHAHAHAHAHA Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted April 20, 2015 Share Posted April 20, 2015 (edited) They can borrow from QuickQuid. Edited April 20, 2015 by sPinwheel Quote Link to comment Share on other sites More sharing options...
XswampyX Posted April 20, 2015 Share Posted April 20, 2015 HAHAHAHAHAHAHAHAHAHAHA Quote Link to comment Share on other sites More sharing options...
righttoleech Posted April 20, 2015 Share Posted April 20, 2015 Good news at last. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted April 20, 2015 Share Posted April 20, 2015 This is what happens to financial companies when they lose the backing of the state. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 20, 2015 Share Posted April 20, 2015 Who'd a thunk that. Now, throw the CEO in some kind of debtors prison. Quote Link to comment Share on other sites More sharing options...
billybong Posted April 20, 2015 Share Posted April 20, 2015 They'll be threatening to leave the UK next Quote Link to comment Share on other sites More sharing options...
renting til I die Posted April 20, 2015 Share Posted April 20, 2015 Ha Ha! Quote Link to comment Share on other sites More sharing options...
Steppenpig Posted April 20, 2015 Share Posted April 20, 2015 Are we sure they're not too big to fail? Could bring down the whole system. Quote Link to comment Share on other sites More sharing options...
Austin Allegro Posted April 21, 2015 Share Posted April 21, 2015 Couldn't the government take them over? 'National PayDay Loans' has a nice ring to it. Taxpayer's money could be used to subsidise low interest rates. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 21, 2015 Share Posted April 21, 2015 Good, these firms feed off the disadvantaged, the lowly, desperate and needy.....they are unethical and immoral.....what goes around comes around as they say....good riddance to bad rubbish. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 21, 2015 Share Posted April 21, 2015 http://www.independent.co.uk/news/business/news/wonga-dives-into-red-after-scandals-and-crackdown-10188520.html Parasitical lender in trouble. Parasites lending to parasites is a model that will always blow up...one has no morals to lending and the other has no morals to repaying. A bit like Greece and Germany really. Quote Link to comment Share on other sites More sharing options...
billybong Posted April 21, 2015 Share Posted April 21, 2015 (edited) Government Help to Wonga - for hard working families. It must be in the pipeline. Edited April 21, 2015 by billybong Quote Link to comment Share on other sites More sharing options...
ThePiltdownMan Posted April 21, 2015 Share Posted April 21, 2015 At least they keep to the letter of the law if not the spirit. By cracking down on legal lenders people unwilling or unable to manage their finances may well resort to black market lenders. Quote Link to comment Share on other sites More sharing options...
Assume The Opposite Posted April 21, 2015 Share Posted April 21, 2015 That just made my day Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted April 21, 2015 Share Posted April 21, 2015 At least they keep to the letter of the law if not the spirit. By cracking down on legal lenders people unwilling or unable to manage their finances may well resort to black market lenders.I'm not sure whether sending threatening letters from fictitious law firms is sticking to the letter of the law, but hey ho. Quote Link to comment Share on other sites More sharing options...
spyguy Posted April 21, 2015 Share Posted April 21, 2015 Lending money to people without money is a bad business. At least in the legal,above board case. No matter how high your APR, you borrowers will spend the money. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 21, 2015 Share Posted April 21, 2015 Tesco, Wonga...who will make up the last piece of the unholy trinity? To my amazement 118 118 are now money lenders. jog on. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.