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Thread: Wonga goes bust

  1. #1
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    Wonga goes bust

    ...hooray!!!

  2. #2
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    darlowolf64 is online now PTG Division 3 (North) Champion 2018/19 & 2019/20 (Hands up if you actually care about this)
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    I hope there is a queue of bailiffs round the block to remove anything of value from their offices...
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    Sad for the people who've lost or will lose their jobs,but not sad for the company,as of last night they were still advertising loans on the TV
    See post #5516 of ex wolf watch to find out why in my house,i hate Kenny Miller

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    Advertising while they stopped taking new loans at least three days ago. A shame as I planned to have a nice big loan from them just before they collapsed.
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    Probably best not to do that as the administrators will sell all the existing loans on to someone else
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    I know - and then christ knows who turns up being all unpleasant. It was a dream of a load of free cash...
    There are only two man-made objects that can be seen from space.

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    As said not good for those just earning a living with bills to pay and lives to live, but senior management no sympathy whatsoever a company solely praying on vulnerable people.

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    This appears below "Loan Watch 2018-2019" in my feed

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    Governments offered to bail them out at 2000% APR*





    *not really,nicked that off the have I got news for you Facebook page
    See post #5516 of ex wolf watch to find out why in my house,i hate Kenny Miller

  10. #10
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    For all the regulation we have in financial services putting these thieves out of business is a job well done

  11. #11
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    Easy to say when you have enough money to put food on the table.
    )

  12. #12
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    Its lazy claptrap thats why - if you're unemployed and you don't take a job you lose all your benefits. Morals or kids with no clothes and food - easy choice for you, but maybe not others.

    Its the same shite used to demonise sex workers too
    )

  13. #13
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    machin05 is offline MURDERS BADGERS. PTG Dogsbody and Spreadsheet MasterN3rd
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    Quote Originally Posted by tredman View Post
    Easy to say when you have enough money to put food on the table.
    +1
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    Quote Originally Posted by Metal_Warrior View Post
    I’ve not really got any sympathy for anyone that’s about to lose their job at that company, regardless of how far up the corporate tree they are. If your morals allow you to work for that outfit I’m afraid you’ve made your bed and you’ll have to lie in it.
    What even if they're the IT guy,or the part time cleaner,or a contracted electrician who did work for them? Nice bit of generalising there,saying everybody who worked for them is a shit and deserves unemployment
    See post #5516 of ex wolf watch to find out why in my house,i hate Kenny Miller

  15. #15
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    Kinda shameful people appear to be celebrating people losing their jobs. The staff who will be unemployed will not have been the driving force behind the company. They were people looking to feed their families.

    Wonga was a legal business. They may have had questionable ethics, but that is a subjective pov. Name me any business that is whiter than white? Why is the ire not aimed at gambling companies? Breweries? The tobacco industry? What about the numerous other banks and other lenders who are carrying on today?

    Whilst the APR was high, it was legal. It didn't meet the legal criteria for extortionate credit.
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  16. #16
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    Quote Originally Posted by lemonjelly View Post
    They may have had questionable ethics
    The fact they have gone bust due to having to pay out compensation, I would say their ethics were a bit more than questionable

    Not celebrating their demise and I do feel sorry for those caught up in it but that doesn't deflect that their business model was fucking rancid and it took the changing of regulations to bring them into check.

  17. #17
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    Quote Originally Posted by lemonjelly View Post
    Kinda shameful people appear to be celebrating people losing their jobs. The staff who will be unemployed will not have been the driving force behind the company. They were people looking to feed their families.

    Wonga was a legal business. They may have had questionable ethics, but that is a subjective pov. Name me any business that is whiter than white? Why is the ire not aimed at gambling companies? Breweries? The tobacco industry? What about the numerous other banks and other lenders who are carrying on today?

    Whilst the APR was high, it was legal. It didn't meet the legal criteria for extortionate credit.
    No company is and I’m sure we’ve all worked for bosses and organisations that treat their staff with zero compassion.
    By law Wonga didn’t do anything wrong still doesn’t wash with me and the attitude of well everyone else isn’t perfect so why should we bother is not something to be proud of.
    The attitude of people blaming those who use Wonga as being stupid is so narrow minded. Majority of people who use it are probably in a desperate situation.
    As I’ve said Wonga prayed on the desperate why on earth else would you risk going bankrupt?
    As you’ve said legally nothing wrong with them but ethically everything wrong.
    It’s sad for those who’ve lost their job but unfortunately it happens in the real world.

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    Quote Originally Posted by lemonjelly View Post
    Kinda shameful people appear to be celebrating people losing their jobs. The staff who will be unemployed will not have been the driving force behind the company. They were people looking to feed their families.

    Wonga was a legal business. They may have had questionable ethics, but that is a subjective pov. Name me any business that is whiter than white? Why is the ire not aimed at gambling companies? Breweries? The tobacco industry? What about the numerous other banks and other lenders who are carrying on today?

    Whilst the APR was high, it was legal. It didn't meet the legal criteria for extortionate credit.
    Did I just wholeheartedly agree with something you wrote ??? I feel dirty
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    I fucking hate all pay day lenders and their 1000% plus interest rates. Won't be sorry to see them all go! Sorry for those who lose employment but hope they will get New work.
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    Amigo make record profits with interest at 49.9% and a guarantor who could borrow at sensible rates to go after if the debtor can't

    Not sure that that's any more ethical
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  21. #21
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    Amigo make money using the "not quite as complete a bunch of cunts" business plan.
    There are only two man-made objects that can be seen from space.

    1. The Great Wall of China

    2. Low Hill at Christmas

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