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The Church of England rejects Wonga: but not the Industry…

By |2019-07-12T12:52:29+00:00September 28th, 2018|Business, Personal Finance|

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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How Will the Collapse of Wonga Impact the Short Term Loans Industry?

By |2019-07-12T12:50:41+00:00September 17th, 2018|Business, Personal Finance|

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 [...]

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Will Wonga become insolvent after surge in compensation claims?

By |2018-12-14T09:30:22+00:00August 28th, 2018|Business, Personal Finance|

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 [...]

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“Cash-strapped” Wonga receive £10M to fund misselling claims

By |2019-10-07T15:07:38+00:00August 7th, 2018|Business, Personal Finance|

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 [...]

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Wonga Data Breach: Wonga’s Defences are Down

By |2018-12-14T09:35:59+00:00April 12th, 2017|Technology|

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 [...]

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Monzo exploring expansion into high-cost credit

By |2018-12-14T09:29:18+00:00November 27th, 2018|Business, Personal Finance|

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 [...]

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Critics claim government should change strategy to personal debt

By |2018-12-14T09:30:22+00:00September 6th, 2018|Business, Personal Finance|

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 [...]

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Complaints about Banks: The Worst Bank in the UK

By |2019-10-07T15:03:05+00:00May 1st, 2017|Banking|

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 [...]

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The Need for Short-term Loans

By |2019-07-12T12:58:44+00:00March 24th, 2017|Personal Finance|

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 [...]

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