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Wonga Dives Into Red After Scandals And Crackdown

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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.

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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. ;)

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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.

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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.

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