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Wonga on brink of collapse

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  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    I don't really understand the desire to always find a way to blame struggling people for their own problems, why is it important that it always be their own fault? Does it make it easier to imagine that it could never happen to you?
    I was not "blaming" anyone, I was merely answering your question pertaining to obtaining free second hand merchandise.

    This is a money-saving site after all :)
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,053 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I don't suppose Wonga will be the only payday loan company brought to the brink by paid out claims on legacy loans but they have been lending irresponsibly for years. They suck desperate people into a vicious debt spiral with exorbitant interest rates. Unfortunately that does mean people with bad credit histories will be completely stuck but maybe credit unions will expand to encompass the very poorest.

    I cannot really comment on why people are so desperate to go to these companies but a massive financial education programme is needed in this country about the dangers of taking out debt and teaching budgeting skills.

    High cost of housing, utilities, transport and food and low wages are another reason why people struggle enough to go to companies like Wonga as a last resort. I cannot imagine anyone being daft enough to go to them to buy expensive gadgets as someone above cited.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • D_M_E
    D_M_E Posts: 3,008 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Wonga is now in administration.
  • 30 seconds ago there was a wonga advert on "dave" , the 5% cashback (think) 6 mth one

    17:12 30/08/2018


    perhaps wonga should have told "dave"
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    D_M_E wrote: »
    Wonga is now in administration.

    How sad...It feels like the fabric of society is disintegrating before my very eyes...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • robin58
    robin58 Posts: 2,802 Forumite
    D_M_E wrote: »
    Wonga is now in administration.

    GOOD! How many lives has this company ruined?

    They made it too easy to borrow money with really no checks if the person could pay back the loan at thier original 4000% loan rates before they were reigned back.

    Now for the rest of these 'licenced' loan sharks.
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • robin58
    robin58 Posts: 2,802 Forumite
    How sad...It feels like the fabric of society is disintegrating before my very eyes...

    You start to learn as you get older that the fabric of society has actually been disintegrating since the day your born!
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!! ;)
  • D_M_E
    D_M_E Posts: 3,008 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Wonga administration: this is my take -

    1. If you are trying to claim off them via a claims managemet company then read the terms and conditions of the company and see what you have signed up for - no win no fee or a fixed percentage of any winnings or a fixed fee payable to the CMC, so check and check again what you have to pay, nothing or a lot of money.

    2. Any loans pending and not yet granted - would expect these to be cancelled.

    3. Ongoing loans - these should continue to be paid BUT if they still have a lot of payments to be made then wait a week or two and try a full and final settlement offer of what you think the administrator would accept - since the administrator will want as much as possible in a short time they may well accept.
  • Back to loan sharks and knee capping.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Ain't nothin' like a good knee-cappin'. I also enjoy electro-shock therapy cos it's a buzz
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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