Shady practices from Wonga

[LUCAN 10]

If wonga and all the others start checking in exactly the same manner as the 'big' boys, they won't have any customers....Then people will have to turn to loan sharks....Which is far worse!

 

Next time, they might just steal from you. Think about that, the penny will soon drop!

 

the pennies are dropping but some people on this thread can't hear them falling.

 

On a side note, it's quite fun quoting yourself! i'm going to do it more often.

[PeteMorris 10]

the pennies are dropping but some people on this thread can't hear them falling.

 

On a side note, it's quite fun quoting yourself! i'm going to do it more often.

 

You slightly lost me there...are you agreeing with my post? Or disagreeing? lol

[LUCAN 10]

You slightly lost me there...are you agreeing with my post? Or disagreeing? lol

 

I totally agree with you. AND what's more, the very defaulters who take their refunds will be applying again as soon as their wonga balance is back at £0.00.

[PeteMorris 10]

I totally agree with you. AND what's more, the very defaulters who take their refunds will be applying again as soon as their wonga balance is back at £0.00.

 

Ah...but therein lies the problem...Wonga won't be 'able' to trade in the same manner it did previously....By which I mean the relaxed checking of affordability...So it's kinda hard to see how they will get customers again...

Edited October 6, 2014 by PeteMorris

[Cyclone 10]

I totally agree with you. AND what's more, the very defaulters who take their refunds will be applying again as soon as their wonga balance is back at £0.00.

 

And this time they'll have the loans refused.

 

---------- Post added 06-10-2014 at 15:59 ----------

 

What spurred Wonga into this surprise move?

 

It followed discussions between the payday lender and the FCA. The regulator said in a statement that Wonga “was not taking adequate steps to assess customers’ ability to meet repayments in a sustainable manner”.

 

Wonga is not doing this out of the goodness of its heart. These loans should never have been made in the first place, as they do not comply with the new lending criteria agreed with the City regulator, the Financial Conduct Authority (FCA).

 

The borrowers shouldn't have borrowed, but equally Wonga shouldn't have lent to them.

[PeteMorris 10]

And this time they'll have the loans refused.

 

---------- Post added 06-10-2014 at 15:59 ----------

 

 

 

 

The borrowers shouldn't have borrowed, but equally Wonga shouldn't have lent to them.

 

So that leaves Wonga's business model up the proverbial creek without a paddle....I can see the loan sharks rubbing their hands already!...

 

Their ethos was to provide loans to those who couldn't get money from elsewhere.....Now they will have to meet the same criteria as banks or buiding societies....ergo...No customers

Edited October 6, 2014 by PeteMorris

[LUCAN 10]

And this time they'll have the loans refused..

 

that's right, then what will happen?

 

It's taking an age for this thread to get to it's very obvious and sorry conclusion. Bottom line, the decision against Wonga is wrong, it's going to end bad for all concerned.

[Bonzo77 13]

So that leaves Wonga's business model up the proverbial creek without a paddle....I can see the loan sharks rubbing their hands already!...

 

Their ethos was to provide loans to those who couldn't get money from elsewhere.....Now they will have to meet the same criteria as banks or buiding societies....ergo...No customers

 

There's other pay day lenders out there that seem to be doing ok at the moment. I don't know whether the same might happen to them?!

 

If a person is struggling for money, they should go to their bank and talk to an expert; someone who is genuine and wants what's best for the customer, not the business.

 

Wonga will still continue to trade and make millions. The main selling point is still the fact that they can get money to your account quickly and they will still be lending to people with poor credit histories. Only from now on, the affordability criteria will need to be improved.

 

---------- Post added 06-10-2014 at 17:51 ----------

 

Bottom line, the decision against Wonga is wrong, it's going to end bad for all concerned.

 

The rules that Wonga have broken were put in place to stop this kind of thing happening. They knew their business model from the outset! They deserve what's coming to them!

[LUCAN 10]

If a person is struggling for money, they should go to their bank and talk to an expert; someone who is genuine and wants what's best for the customer, not the business.

 

I don't think you understand what a pay day loan actually is and why people use them in the first place. They are the lender of last resort. What do you think is going to happen when the lender of last resort declines their loans?

 

A bank is never going to lend to these people, are you crazy!

 

These people can't get a mortgage, a credit card, a loan, a store card or any other type of credit, that's why they went to Wonga! Quite catchy that actually, "went to Wonga", could make a good slogan!

 

They deserve what's coming to them!

 

Nothing is coming to them, well, not the founder of the company, he got out with £4,000,000, which I'm very happy about to be quite honest. I hate to see great entrepreneurs attacked for their genius, which is what he is. As for Wonga in general, they'll probably just introduce a nice fat admin fee to new applications or something.

 

I would advise those in the not so nice areas of the city to make sure they at least get a burglar alarm fitted if they haven't already done so.

[PeteMorris 10]

There's other pay day lenders out there that seem to be doing ok at the moment. I don't know whether the same might happen to them?!

 

If a person is struggling for money, they should go to their bank and talk to an expert; someone who is genuine and wants what's best for the customer, not the business.

 

Wonga will still continue to trade and make millions. The main selling point is still the fact that they can get money to your account quickly and they will still be lending to people with poor credit histories. Only from now on, the affordability criteria will need to be improved.

 

---------- Post added 06-10-2014 at 17:51 ----------

 

 

The rules that Wonga have broken were put in place to stop this kind of thing happening. They knew their business model from the outset! They deserve what's coming to them!

 

You really have to be kidding?...A bank? Concerned about the customer and wants the best for them?....Which planet are you on?....If you don't fit the banks lending criteria, it's a swift exit to the door....Even if you thought the 'banks' were being honest???

[Bonzo77 13]

I used to underwrite mortgages for HSBC. We declined customers if we could see that they'd used a payday lender, even if they replied the loan in time. We always advised them to contact the bank to talk to a debt specialist. People don't realise that there's more help than they think. They just apply for a loan, get rejected and think that they need to look elsewhere for help.

[janlizzy 10]

I used to underwrite mortgages for HSBC. We declined customers if we could see that they'd used a payday lender, even if they replied the loan in time. We always advised them to contact the bank to talk to a debt specialist. People don't realise that there's more help than they think. They just apply for a loan, get rejected and think that they need to look elsewhere for help.

 

Funny thing about banks bonz,is that when I had hardly anything in my account I couldn't get a loan but now they keep asking if I need one,40yrs too late.It taught me not to rely on anyone for financial help,so how anyone can use Wonga etc is beyond me.