The Church of England has now pulled out of its planned rescue of the collapsed payday lender, Wonga. But Archbishop of Canterbury Justin Welby is still calling for an ‘ethical lender.’ Does the industry need one? Or are the current lenders already meeting customers’ needs? By Mark Richards. At the beginning of last week, we [...]
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Last month the most high profile name in the short term loans industry went into administration. What does the collapse of Wonga mean for the industry and its customers? And if there are no regulated short term loans, what are the alternatives to Wonga? By Mark Richards. Wonga was founded in 2006 and – at [...]
By Mark Fairlie. Recent reports have suggested that Wonga, the payday lender, is on the verge of closure because of the costs invoiced with handling a large increase in compensation claims made against them. Sky News has reported that Wonga has placed Grant Thornton as an administrator if the firm does become insolvent, suggesting that [...]
By Mark Fairlie. Yesterday, Sky News revealed that two investors, Balderton Capital and Accel Partners, had joined Wonga’s group of investors in a bid to fund compensation claims made against the payday lender. Both investors have agreed to give a further £10M ($13M) in an attempt to save the company from what seems to be [...]
Author Mark Richards Wonga is the latest in a long line of companies to suffer a ‘data breach.’ Should we now just accept that they are inevitable? Wonga – the payday lender that has been in the news for all the wrong reasons lately – had some more unwelcome headlines earlier this week when it [...]
By Mark Fairlie. Smartphone-based financial technology start-up, Monzo, is considering a move into the “Wonga segment” of the market, its chief executive Tom Blomfield told James Cook of the Telegraph. Describing Wonga as the “least worst” of the high-cost credit companies, Mr Blomfield said that “if you’ve got a doorstep lender…with a baseball bat, Wonga [...]
By Mark Fairlie. The National Audit Office (NAO) has reported that the government’s weak approach to dealing with personal debt could be raising costs for taxpayers. The NAO made this claim after revealing that people who can’t repay their debts are much more likely to need state-subsided housing. Additionally, those struggling with debt often experience [...]
By Mark Richards Last week’s admission from Facebook CEO Mark Zuckerberg has made many people wonder what the personal data they divulge online is being used for. Are there any steps we can take to protect our data and to take back control? It has not been a good week for Facebook. Caught up in [...]
Author Mark Richards The Financial Conduct Authority has published some ‘performance’ tables on the banks. ‘Lack of performance’ might be a better description when looking at the complaints about banks... The financial services industry loves its league tables. “Look,” says the eager young salesman, “This table shows that we are top out of 18 household [...]
Author Mark Richards The short-term loans industry has come under increasing pressure: but it needs protecting, in order to give 600,000 borrowers the protection they need. High-interest, short-term credit solutions – often called ‘instant loans’ – have always been good news for the headline writers: Loan sharks charge 4,000% interest Payday lenders use fake solicitor’s [...]