Discussion in 'General Chat' started by When In Rome, Aug 27, 2018.
UK's biggest payday lender Wonga 'on the brink of collapse'
Although the mods on the classifieds may think differently Oh, and the Pope.
A bit like Newcastle United. The sooner they get that stupid name off their shirts the better.
I wonder what happens to the customers? Usually when a company goes bust the customers are left out of pocket, owed stuff that they will never see (like products that haven’t been delivered, refunds that are due, gift vouchers that can’t be used). In this case it is the customers that owe the company - bet that won’t be written off - bet their debts will be sold on to other companies.
Although I thought it might have been House Of Fraser... or Sports Direct... oh hang on...
We recently faced hardship and considered selling the family pet dog. Yes it's true, we nearly called in the retriever.
Thank you and kindly leave the planet
Maybe they could take out a loan.
Noticed that Wonga still had there adverts showing on Sky yesterday.
Pre booked no doubt but still
i'll loan them £10 at 1569% APR
Twelve months interest up front?
It would be interesting to know if the £10m that was pumped in a few weeks back was some kind of preference or charge based finance so that those 'investors' get first rights to all the assets.
I'm pretty sure it'll get some kind of pre packed liquidation followed soon after by a phoenix rebirth as something like Wronga.
If they go totally bust, will people still owe the debts they have with them?
of course, if they dont pay i'll send the sheriffs round.
Depends if someone buys it I would have thought.
Our mortgage was with Northern Rock when they collapsed. Sadly, it wasn't written off.
The debts are one of the company's 'assets'.
I don't or ever have taken a loan from Wonga but I hope so much they go under and somehow, people get out of owing the money. More often than not it's hard working people who struggle to make ends meet month to month just trying to provide for their families
The only people I feel sorry for are the employees , the company is nothing more than a legal loan shark
And yet even tonight they are still running adds on tv ! How is this possible ?
See my post #6. The man on the street never benefits when a business goes bust. Usually, it is the company that owes them product, service or money and they are told “tough, you are at the bottom of the pile you won’t see a penny”. In this case the customers owe money so I’m prepared to bet good money that the receivers will either try to call their debts in or, more likely, sell them on to another money lender.
Wonga collapses into administration
It's not nice when anyone loses their job but it's hard to find sympathy for an organisayion like Wonga,
Apparently the average loan they dealt with was £250 to which they charged £150 pay back until the regulator stepped in.
Wonga could not meet the demand of eventual compensation claims and so it asks the question; where has all the profit money gone?
Presumably to the fat cat directors on yachts in the Bahamas.
And share holders?
Or not Top tech investors stand to lose millions if Wonga collapses
Not now no but depending how long they have been holders they will have had dividends.
Impossible to say as it's a private firm. Dividends come out of profits of which there haven't been any recently. I notice that over 3/4 of the shares are owned by venture capital firms who will presumably be pretty hammered by this collapse.
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