Wonga - gone in to administration
Discussion
sidicks said:
Ok. From where are those people who previously used Wonga for short-term financing, going to borrow instead?
It’s not exactly an under served market ..........Sunny
QuickQuid
Pounds to Pocket
Satsuma
Lolly
UncleBuck
118118
To name but a few.
Wonga seems to be a victim of a cavalier attitude to corporate governance which underpinned its early years and eventually bit it on the bum.
Brooking10 said:
QuickQuid
Remind me, are they the one with the advert of a professional woman living in a fancy home, in a upmarket neighbourhood but is unable to pay her local car garage for a repair bill until Payday?Said woman's prayers are answered when QuickQuid comes to the rescue, hallelujah all her problems are solved.... until next time. Screw saving for rainy days, QuickQuid is here!
Ah, yes .... the boiler on the brink ad:
https://www.youtube.com/watch?v=N-Nl1WhjBIs
JaredVannett said:
Remind me, are they the one with the advert of a professional woman living in a fancy home, in a upmarket neighbourhood but is unable to pay her local car garage for a repair bill until Payday?
Said woman's prayers are answered when QuickQuid comes to the rescue, hallelujah all her problems are solved.... until next time. Screw saving for rainy days, QuickQuid is here!
Ah, yes .... the boiler on the brink ad:
https://www.youtube.com/watch?v=N-Nl1WhjBIs
I know someone like that... it's a bit tragic. Couple both earning reasonable salaries. Maybe £70k total. Fairly modest mortgage and outgoings.Said woman's prayers are answered when QuickQuid comes to the rescue, hallelujah all her problems are solved.... until next time. Screw saving for rainy days, QuickQuid is here!
Ah, yes .... the boiler on the brink ad:
https://www.youtube.com/watch?v=N-Nl1WhjBIs
And yet, no contingency for when things like their boiler broke down recently. Talk about making life harder than it needs to be....
Simpo Two said:
Exploiting stupid people is not new.
I detect a new wave of TV adverts for equity release; is this the next misselling malarkey that will give some people a new job for their white chargers?
No, the selling process is incredibly robust and carefully carried out (by reputable firms complying with ERC guidelines).I detect a new wave of TV adverts for equity release; is this the next misselling malarkey that will give some people a new job for their white chargers?
Of course there will be some people (family members) who will seek to claim ms-selling so as to try and obtain money that doesn’t belong to them.
sidicks said:
No, the selling process is incredibly robust and carefully carried out (by reputable firms complying with ERC guidelines).
Of course there will be some people (family members) who will seek to claim ms-selling so as to try and obtain money that doesn’t belong to them.
Agreed. And companies who offer to help them get that money. And there will be schemers who ignore guidlelines to make a quick buck/exploit little old ladies. The history of financial services is unfortunately littered, you must agree, with such people, which is why the industry is under a burden of more and more regulation. Poacher and gamekeeper in an eternal dance.Of course there will be some people (family members) who will seek to claim ms-selling so as to try and obtain money that doesn’t belong to them.
EddieSteadyGo said:
JaredVannett said:
Remind me, are they the one with the advert of a professional woman living in a fancy home, in a upmarket neighbourhood but is unable to pay her local car garage for a repair bill until Payday?
Said woman's prayers are answered when QuickQuid comes to the rescue, hallelujah all her problems are solved.... until next time. Screw saving for rainy days, QuickQuid is here!
Ah, yes .... the boiler on the brink ad:
https://www.youtube.com/watch?v=N-Nl1WhjBIs
I know someone like that... it's a bit tragic. Couple both earning reasonable salaries. Maybe £70k total. Fairly modest mortgage and outgoings.Said woman's prayers are answered when QuickQuid comes to the rescue, hallelujah all her problems are solved.... until next time. Screw saving for rainy days, QuickQuid is here!
Ah, yes .... the boiler on the brink ad:
https://www.youtube.com/watch?v=N-Nl1WhjBIs
And yet, no contingency for when things like their boiler broke down recently. Talk about making life harder than it needs to be....
dxg said:
1270% APR. I've seen others up at 1500% I struggle to see how even the most financially inept can ever countenance that...
APR is meaningless for short term loans like this.What do you consider a fair £ charge for borrowing £50 for a week?
Edited by sidicks on Thursday 30th August 22:06
Simpo Two said:
Agreed. And companies who offer to help them get that money. And there will be schemers who ignore guidlelines to make a quick buck/exploit little old ladies. The history of financial services is unfortunately littered, you must agree, with such people, which is why the industry is under a burden of more and more regulation. Poacher and gamekeeper in an eternal dance.
There will always be a few people who try to break the rules, just as there were always be a few corrupt police officers and a few teachers who have inappropriate contact with their pupils.That’s quite different than expecting a wholesale mis-selling scandal.
sidicks said:
There will always be a few people who try to break the rules, just as there were always be a few corrupt police officers and a few teachers who have inappropriate contact with their pupils.
That’s quite different than expecting a wholesale mis-selling scandal.
Indeed; it's the few who bring the rest into disrepute - and the media loves a story so it will be overblown.That’s quite different than expecting a wholesale mis-selling scandal.
sidicks said:
Brooking10 said:
Which one do you work for / does your firm have as clients ? 
How much do you know about the sales process for equity release mortgages?
I think you’re asking the wrong chap, I haven’t mentioned them and they don’t cause me any concern. Neither do short term loan companies. As I said earlier Wonga was a badly run and cavalier outfit in its early days chasing revenues to support its massive dot com style startup costs and that’s what, deservedly in my book, caught it out, nothing to do with meaningless attention grabbing apr rates as you say.
I meant which “large financial services company” not specific equity release outfit. Just interested as to whether you are on the institutional or industry advisory side of FS.
sidicks said:
dxg said:
1270% APR. I've seen others up at 1500% I struggle to see how even the most financially inept can ever countenance that...
APR is meaningless for short term loans like this.What do you consider a fair £ charge for borrowing £50 for a week?
Edited by sidicks on Thursday 30th August 22:06
sidicks said:
dxg said:
1270% APR. I've seen others up at 1500% I struggle to see how even the most financially inept can ever countenance that...
APR is meaningless for short term loans like this.What do you consider a fair £ charge for borrowing £50 for a week?
Edited by sidicks on Thursday 30th August 22:06
Buying them two pints (say £11) is about 1200% IIRC.
Edited by p1stonhead on Friday 31st August 07:36
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