Another Lender Bites The Dust - Piggybank, Quick Quid, Pounds to Pocket Under Administration

T-G-C

I am pleased to share the news that another legal loan shark under the name Piggybank went into administration on 5th December and can no longer take advantage of the vulnerable.

With their high interest rates, threatening collection efforts and previous record of irresponsible lending, I hope we can all celebrate the demise of another predator from the payday lending market :T

The list of surviving firms like these are getting shorter by the year

It also transpires that CashEuro's brands like Pounds to Pocket & Quick Quid also collapsed back in October. These were not the worst of the monsters, but monsters nevertheless.

Merry Christmas Piggybank and Quick Quid!

iolanthe07

T-G-C wrote: »

I am pleased to share the news that another legal loan shark under the name Piggybank went into administration on 5th December and can no longer take advantage of the vulnerable.

With their high interest rates, threatening collection efforts and previous record of irresponsible lending, I hope we can all celebrate the demise of another predator from the payday lending market :T

The list of surviving firms like these are getting shorter by the year

Merry Christmas Piggybank!

The demise of these lenders might drive some desperate people into the arms of illegal loan sharks, which would be much worse. Interesting that even with sky high interest rates these companies still cannot make a profit, presumably because so many don't pay back their loans in full and on time.

T-G-C

iolanthe07 wrote: »

The demise of these lenders might drive some desperate people into the arms of illegal loan sharks, which would be much worse. Interesting that even with sky high interest rates these companies still cannot make a profit, presumably because so many don't pay back their loans in full and on time.

It's a combination of unpaid loans / payment plans, compensation from claims against the business and a reduction of customers.

[Deleted User]

It's a pity they were not able to hand out insolvency forms to the re-dressed borrowers while they were at it.

With people now saying it's awful they have to pay back an advance on UC within a whole year, I'm sure we can see where the country is going. An increase on children starving. How many million in unsecure work or worse losing their job. Food banks popping up for the heck of it yeah things have never been in better shape!!

I'm not sure wiping people credit file and giving out possibly more money then was ever leant was the right way to go as I'm sure they will find out the perceived cash cows weren't exclusive.

twhitehousescat

amaizing how the likes of wonga can go bust at payout time , but yet within weeks reform in south Africa https://www.wonga.co.za/

but jet sell off there portfolia , for money and not give refunds , but allow other company to collect money

boo_star

twhitehousescat wrote: »

amaizing how the likes of wonga can go bust at payout time , but yet within weeks reform in south Africa https://www.wonga.co.za/

but jet sell off there portfolia , for money and not give refunds , but allow other company to collect money

Not really all that amazing.

The Wonga trademarks are owned by a separate company and licensed to the local "Wongas" so if one of them goes bust they can still use the name elsewhere.

I also think that these companies are separate legal entities, and from the looks of it Wonga South Africa has been around for a while. It doesn't appear that they've just set up shop elsewhere here, they were already there.

ReadingTim

T-G-C wrote: »

With their high interest rates, threatening collection efforts and previous record of irresponsible lending, I hope we can all celebrate the demise of another predator from the payday lending market :T

The list of surviving firms like these are getting shorter by the year

The lenders may have gone, but the borrowers haven't. Where are they going to go? I look forward to your thoughts on how to solve that problem.

Pay day lenders were the symptom, not the cause.

T-G-C

ReadingTim wrote: »

The lenders may have gone, but the borrowers haven't. Where are they going to go? I look forward to your thoughts on how to solve that problem.

Pay day lenders were the symptom, not the cause.

They will hopefully go no where, because they may suffer in the short-term but will benefit in the long-term when they do not have CCJ's out against them and debt collection agencies knocking on the door at 8am while the kids are having breakfast. Whilst loan sharks are very much still out there, they lurk in the shadows and can't be found through one Google search, unlike these legal sharks.

I sympathize with those who needed these loans to put food on the table, but getting a payday loan was only a temporary fix with more permanent consequences. There are agencies out there who can support those with children and are in financial crisis. Those who do not have dependents will find it much harder to receive support, granted, but there are also services available to them, it is not as if we are living in a country with no welfare system.

mcpitman

T-G-C wrote: »

I am pleased to share the news that another legal loan shark under the name Piggybank went into administration on 5th December and can no longer take advantage of the vulnerable.

With their high interest rates, threatening collection efforts and previous record of irresponsible lending, I hope we can all celebrate the demise of another predator from the payday lending market :T

The list of surviving firms like these are getting shorter by the year

It also transpires that CashEuro's brands like Pounds to Pocket & Quick Quid also collapsed back in October. These were not the worst of the monsters, but monsters nevertheless.

Merry Christmas Piggybank and Quick Quid!

Good riddance, absolute daylight robbery, preying on the financially "un"educated.

As for the people saying this will encourage loan sharks, it won't as they don't advertise on TV and you can't click away on a Sunday afternoon on Google to get the money from "Dodgy Bob down the local".

I have some empathy for the customers, but let's be honest these loans weren't taken to make ends meet and feed a family, they were taken by people who can't generally differentiate between need and want.