Varrooma in administration.

peteuk

I received an email this morning as a previous customer, advising me that Varooma have entered administration and that there may be a cause for redress.

I know this is either unlikely or will be pence rather than pounds.  But it is another high risk lender going in to administration.  

Although good for being debt free, but not ideal if you are high risk and need a loan.

sourcrates

peteuk said:

Although good for being debt free, but not ideal if you are high risk and need a loan.

Thing is though, a lot of those who applied for these loans, should not have needed too in the first place.

Debt remedies have existed for years, yet still those in debt tended to think that further borrowing was the answer to their problems, when clearly time and time again, it has been shown that is never the case.

If those in debt had chosen to talk to a debt charity, as a first response, rather than a payday lender as a last resort, the whole situation may have been very different.

peteuk

sourcrates said:

If those in debt had chosen to talk to a debt charity, as a first response, rather than a payday lender as a last resort, the whole situation may have been very different.

Totally agree, however circumstances sometimes point to debt.  We weren’t in Debt in 2019, but couldn’t get a decent loan having lived abroad.  So our only options to buy a car was Amigo and George Branco.

I was high risk, and knew what i was doing.  At the time could afford the loan so was stuck somewhat.  Thankfully both paid off early.