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oh dear: Wonga 'on the brink of collapse'

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    oh dear: Wonga 'on the brink of collapse'

    Britain’s biggest payday lender, Wonga, is teetering on the brink of collapse following a surge of customer compensation claims in recent weeks that could cause it to call in administrators.

    The short term loan provider has reportedly lined up Grant Thornton the accountancy firm, to handle a potential administration of the company should its board believe it is unable to avoid falling into insolvency. The report from Sky News said Wonga could appoint Grant Thornton as soon as this week.

    The flood of claims facing the company relate to loans taken out before 2014, when Wonga was the poster child for outrage in the payday lending industry that resulted in rules capping the cost of borrowing. Campaigners claimed the firm and others in the industry fleeced consumers with high interest rates and targeted vulnerable customers with slick marketing.

    Wonga has shown signs of mounting difficulties in recent weeks. Earlier this month, it emerged the company received a £10m emergency cash injection from shareholders to save it from going bust. At the time, a spokesman said the firm was facing “a marked increase in claims related to legacy loans, driven principally by claims management company activity”.

    Should the company fall into administration it would signal a remarkable fall from its previous status as one of the fastest-growing financial companies in the UK. The company was once touted for a stock exchange listing that could have valued it at more than $1bn (£780m) but was recently reported to be worth just $30m.

    https://www.theguardian.com/business...nk-of-collapse

    Even loan sharks can't survive Brexit, DOOMED!!!

    #2
    Originally posted by AtW View Post

    Even loan sharks can't survive Brexit, DOOMED!!!
    Yeah, that's right, Brexit has killed off loan sharks.

    Next week, Brexit destroys <insert random event here>

    You have joined the ranks of the Brexit obsessed s haven't you?

    Comment


      #3
      Originally posted by AtW View Post
      Even loan sharks can't survive Brexit, DOOMED!!!
      Hurry! Get on the Wonga bus....

      Comment


        #4



        covers it!
        Always forgive your enemies; nothing annoys them so much.

        Comment


          #5
          Not even loan sharks can survive pre-Brexit

          Comment


            #6
            Originally posted by AtW View Post
            Not even loan sharks can survive pre-Brexit
            Hardly likely to get worse if it actually happens then eh?

            Comment

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