Jump to content


Wonga's losses double to £80m for 2015


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2887 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

The UK's biggest payday lender - Wonga - saw its losses double last year as tougher regulation in the industry continued to bite.

 

The short-term lender saw pre-tax losses grow from £38.1m in 2014 to £80.2m last year.

It has overhauled the way it assesses applications for credit, and extended the repayment term for some loans.

 

However, it suggested 2016 would be a "turning point" in its financial performance.

 

The company, along with other payday lenders, faces tougher rules from the regulator, the Financial Conduct Authority (FCA), which has ruled that customers must go through stricter affordability checks.

The regulator's main weapon is a cap on the cost of payday loans of 0.8% of the amount borrowed per day, which came into force in January 2015.

http://www.bbc.co.uk/news/business-36201486

Link to post
Share on other sites

Oh dear what a shame! My heart bleeds purple p**s for them. :whoo:

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

Link to post
Share on other sites

The problem witha 'regulated' short term lender going belly up is it will mean folk have to go to folk who aren't regulated.

Advice & opinions given by spartathisis are personal, are not endorsed by Consumer Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.:)

Link to post
Share on other sites

The problem witha 'regulated' short term lender going belly up is it will mean folk have to go to folk who aren't regulated.

 

 

Or they could face up to reality and try to manage their finances better. Credit Unions will give good advice and in some instances will offer short term loans at more reasonable prices.

Have we helped you ...?         Please Donate button to the Consumer Action Group

Uploading documents to CAG ** Instructions **

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

BCOBS

1: How can BCOBS protect you from your Banks unfair treatment

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Link to post
Share on other sites

Totally agree, but if that was the case there would be no need for overdrafts, small loans, nor the entry of firms like Wonga. It's not going to happen and in reality we all know that. There is no money to be made so they wil all pull out of the market.

Advice & opinions given by spartathisis are personal, are not endorsed by Consumer Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.:)

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...