It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores. |
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I think we'd need to know a damn sight more about Wonga and its business model, especially how it spent/paid out the money it accumulated in the early days before we make out they were some kind of white knight helping the poor through their hours of need!
We'd need to see an accurate set of books showing who paid what, who defaulted and who took money out of the firm before anyone gets on their PERSONAL high horse and tries to defend yet another method of making money of the poor.
Those TV ads didn't come cheap and now they are facing multiple lawsuits re their predatory practices it neatly dodges having to pay back any money if the company has folded.  |
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By (user no longer on site)
over a year ago
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Now I admit I don't have the facts to hand, but I was listening to the recently which outlined that one if the factors in its collapse, was the number of compensation claims against the company?
Even unsubstantiated claims cost several hundreds of pounds to process thus contributing to the company folding. |
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"I think we'd need to know a damn sight more about Wonga and its business model, especially how it spent/paid out the money it accumulated in the early days before we make out they were some kind of white knight helping the poor through their hours of need!
We'd need to see an accurate set of books showing who paid what, who defaulted and who took money out of the firm before anyone gets on their PERSONAL high horse and tries to defend yet another method of making money of the poor.
Those TV ads didn't come cheap and now they are facing multiple lawsuits re their predatory practices it neatly dodges having to pay back any money if the company has folded. "
Wonga used to have a profitable business. In 2015, the FCA clamped down on that industry with regulations such as capping interest rates. It made a loss every year since then and is now bankrupt. Nobody wants its loan book (unsurprisingly) so the reality is that those kind of customers just don't get credit in future. |
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" Now I admit I don't have the facts to hand, but I was listening to the recently which outlined that one if the factors in its collapse, was the number of compensation claims against the company?
Even unsubstantiated claims cost several hundreds of pounds to process thus contributing to the company folding."
Small influence really. 2.5m.in a year they lost close to 40. But part of the clamp down that made their model unworkable. |
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By *uuLuuWoman
over a year ago
Watford |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores. "
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins. |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins. "
But wonga didn't have any profit margin, that's why it collapsed |
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"I’m glad to see the company fold. I see it as a massive company praying on the lower income band of people out there.
"
Well it wasn't massive but i certainly see the argument that it preyed on vulnerable people. I can't see how any other lenders are going to take up the slack so I'm torn between whether it's a good thing or not. |
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By *uuLuuWoman
over a year ago
Watford |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed"
Credit unions manage perfectly well and make a profit wongas business model was flawed. |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed. "
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending? |
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By *zamiWoman
over a year ago
LONDON |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed. "
 |
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By *uuLuuWoman
over a year ago
Watford |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending? "
Do you not know the answer to that? you surprise me. |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me. "
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan? |
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By *zamiWoman
over a year ago
LONDON |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan? "
I thought people would access wonga because banks wont lend to them and they are desperate |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
I thought people would access wonga because banks wont lend to them and they are desperate "
That would also be my assumption. Apparently the credit unions would have offered them lower rate loans, that's what's thrown me. |
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By *uuLuuWoman
over a year ago
Watford |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan? "
If you don't know why spout "The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates" as you clearly haven't a clue at all do you know how wonga raised their investment capital What dividends they paid out how can you say the business model isn't workable when you haven't any idea how wonaga operated? Well? |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
If you don't know why spout "The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates" as you clearly haven't a clue at all do you know how wonga raised their investment capital What dividends they paid out how can you say the business model isn't workable when you haven't any idea how wonaga operated? Well? "
That's a non-answer. I know there aren't over 400,000 people in the UK who got duped into using wonga because they just didn't know there was a credit union who would have lent to them at a lower rate. Unsurprisingly you can't explain it. |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
I thought people would access wonga because banks wont lend to them and they are desperate
That would also be my assumption. Apparently the credit unions would have offered them lower rate loans, that's what's thrown me. "
I think most people using wonga wouldn’t have been offered loans by credit unions .
Credit unions are places in local communities where they lend money to those who would benefit the community . Perhaps that answers the question .... |
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By *uuLuuWoman
over a year ago
Watford |
"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
If you don't know why spout "The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates" as you clearly haven't a clue at all do you know how wonga raised their investment capital What dividends they paid out how can you say the business model isn't workable when you haven't any idea how wonaga operated? Well?
That's a non-answer. I know there aren't over 400,000 people in the UK who got duped into using wonga because they just didn't know there was a credit union who would have lent to them at a lower rate. Unsurprisingly you can't explain it. "
No it wasn't and neither is yours but then you clearly haven't the slightest clue how Wonga and similar loan companies operate opposed to a credit union.
Wonga spent millions upon millions in advertising from the TV to adverts in papers to sponsoring football teams credit unions do not
Wonga paid huge dividends to inverters credit unions do not.
Wonga paid huge wages to their execs credit unions do not.
People who are desperate for money often are not the brightest many don't have a clue what interests rates mean they just see an add on tv and ring up. Credit unions don't have lavish overheads they get most clients through word of mouth or through citizens advice.
So you see Surprisingly I can explain I hope you are educated now and you know where you can stick your sarcasm.
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
I thought people would access wonga because banks wont lend to them and they are desperate
That would also be my assumption. Apparently the credit unions would have offered them lower rate loans, that's what's thrown me.
I think most people using wonga wouldn’t have been offered loans by credit unions .
Credit unions are places in local communities where they lend money to those who would benefit the community . Perhaps that answers the question ...."
Agreed. So what's your view on the collapse of wonga? Goodbye to a predator company or feel for the people who won't get loans now? |
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores.
Thats not true credit unions lend to this sector of the public all the time at lower rates they just don't go for high profit margins.
But wonga didn't have any profit margin, that's why it collapsed
Credit unions manage perfectly well and make a profit wongas business model was flawed.
But why did wonga have any customers if credit unions were offering much better rates? There must have been some difference in the lending?
Do you not know the answer to that? you surprise me.
I don't know. Please educate me why someone would choose a high interest loan over a low interest loan?
I thought people would access wonga because banks wont lend to them and they are desperate
That would also be my assumption. Apparently the credit unions would have offered them lower rate loans, that's what's thrown me.
I think most people using wonga wouldn’t have been offered loans by credit unions .
Credit unions are places in local communities where they lend money to those who would benefit the community . Perhaps that answers the question ....
Agreed. So what's your view on the collapse of wonga? Goodbye to a predator company or feel for the people who won't get loans now? "
I think Jeremy Kyle will have twice as many new people wanting to be on his show now , even if only to have a free nights accommodation and a bar bill paid by ITV .
So it’s goodbye to a predatory company , and you have to feel sorry for the poor souls who won’t be able to get on to Jeremy Kyles show as they won’t have the funds to phone the show now that wonga have gone .
Who am I trying to kid ?
As if they would use the wonga loan to phone ITV  |
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By (user no longer on site)
over a year ago
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"It's interesting to see all the preaching going on about wonga. Quite literally preaching, Englands greatest tea party, The Church of England, is apparently considering buying it.
The bottom line is that the financial collapse of it, proves that there isn't a workable business model that involves lending to those customers at lower interest rates. So when those on their high horse criticise wonga for their interest rate, they are effectively saying that there's a segment of society unworthy of credit. Maybe that's true, but i wish they'd just say that instead of pretending that those customers are deserving of lower risk scores. "
With the mistakes I've made, I'm totally unworthy of credit |
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"I read in one of the papers, that a ten day Wonga loan was cheaper than most banks fees for their overdrafts! Don’t know how true that is. "
It sounds correct actually. I think most of the problems came when people didn't pay it back and then started getting all sorts of charges added on as they try and recover the debt. Which i can understand because it costs money to send people knocking doors, but the net result was that people were owing thousands of pounds on loans that started as hundreds. |
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