PayDay Lending firm WONGA is now in Administration

[arista]

https://news.sky.com/story/wonga-on-brink-of-collapse-after-customer-compensation-claims-deluge-11482720

Just reported on SkyNewsHD
from Mark Kleinman, City editor


Wonga soon to be bankrupt

[Wonga's decision to explore the appointment of administrators
comes three weeks after Sky News revealed that the company
had received an emergency £10m cash injection to keep it afloat.]


Sign Of The Times

[Scarlett.]

I guess they fell behind with their repayments.

[Cherie]

Good!

[Ammi]

http://www.generationscrewed.ca/media/2015-Generation-Screwed-2nd-place-Meme-Samuel-Hammond.png

[Ammi]

...ooops I might need a spoiler for that...that’s a massive debt...

[Ammi]

...can’t even find the edit button it’s so big...

[arista]

I guess they fell behind with their repayments.


Yes what comes around.......................................

[smudgie]

What a shame :idc:

[arista]

...can’t even find the edit button it’s so big...

Yes it takes time
well done.

Wonga rip folks off,
Some wonder if Admin
will still force the cash to come in.

High Interest Rates on Loans

https://e3.365dm.com/18/08/750x563/skynews-wonga-money_4380241.jpg?bypass-service-worker&20180804122752
Demo back in 2014

(loans made before new rules were introduced in 2014 had triggered a big rise in compensation payouts.)

[Kizzy]

Its a start, there are companies just as exploitative out there charging 4000%+ interest.... time to tackle those now.

[arista]

Its a start, there are companies just as exploitative out there charging 4000%+ interest.... time to tackle those now.


Yes that is wrong.


From all reports they are saying Admin
will carry on taking the cash

[arista]

Wonga has now stopped
giving any loans.


Ref: Bloomberg


Also any with Claims
due in the next few months,
may not get a penny.............................................

[arista]

SkyNewsHD Live

Wonga is Now in Admin.
(Mark Kleinman, City editor)

https://news.sky.com/story/wonga-to-call-in-administrators-confirming-collapse-fears-11485818

[arista]

https://storify.com/services/proxy/2/ckD5xkNL1Nd0wbV3QjEYkw/https/d2kmm3vx031a1h.cloudfront.net/y5Zt7cEmQZiTYWzFJHuO_the%20guardian.JPG

[Daniel-X]

Good, I hate these sort of businesses. Just pure exploitation.

[arista]

Good, I hate these sort of businesses. Just pure exploitation.


Very True
DX.

[user104658]

Protip/ you can "payday borrow" from yourself for a week using PayPal, and it's interest free. These Wonga "legitimised loanshark" type things are surely majorly outdated, I feel...