Oh Mr Wonga, what shall we do...

  Quickbeam 21:14 26 Aug 2018
Locked

I can't say that i have any sympathy for these and similar loan shyster companies.

  rickf 22:32 26 Aug 2018

This is the wrong/ugly side of capitalism. Unfortunately many similar other businesses are allowed to thrived preying on the vulnerable.

  bumpkin 23:02 26 Aug 2018

Having financial difficulties are they, then good, a nice bit of Karma to my mind they have preyed upon others having problems to finance their own greed. I hope they go under and any of the similar loan sharks.

  Forum Editor 08:42 27 Aug 2018

There are dozens of other short term/Payday loan companies in existence, and that fact is an indication of the demand - large numbers of people depend on loans like these, thinking they will help to get them out of financial difficulties.

Take away the loan companies (and they exist in all countries) and you simply transfer the problem - people turn to the State for help, or descend into petty crime.

It's one of those problems without an answer. Society provides support for those who are living in genuine poverty, but it isn't enough - taxpayers don't react well to tax increases for any reason, and there's a general feeling in some sections of the community that goes 'they got themselves into this mess, let them work to get themselves out of it'.

If only it was that simple.

  Quickbeam 10:16 27 Aug 2018

It's the fantastically high interest rates they levy/extort that I can't believe is legal.

I won't use a credit card now with 15% because I could get 8% before the economic squeeze!

Yes, I know I'm lucky in that respect.

  Aitchbee 18:00 28 Aug 2018

I've never had a credit card and also know that i am lucky to have close family to help me out when I need some financial assistance but - who pays back the money to loan companies when someone dies with large sums of money still owing?

btw, my mum and dad used hire purchase cos they struggled to bring up 5 children. Remember 'em paying Radio Rentals about ten bob a week so's we could watch the telly as they couldn't afford a new one.

Some people are easily conned.

  oresome 18:26 28 Aug 2018

Wonga and other legitimate short term lenders meet a need at a high cost and that's because the risk of defaulting on the loan repayment is very high.

Fortunately I've never been in the position where I've had to borrow money at sky high interest rates, but it's difficult to see how it can help anyone get out of debt in the long term.

This thread is now locked and can not be replied to.

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