Wonga no longer?
UK-based payday lender Wonga is close to collapse, according to various media reports.
“Filthy tosspots great day for this nation if you go bust”
Sources such as the BBC and ITV, say the firm has said it is “considering all options” just weeks after shareholders pumped £10 million in a bid to save it from going bust.
Wonga has not yet officially gone into administration and customers are advised to keep up with their payments.
According to Wonga’s website: “You’ll have three days to repay before we charge you a missed payment fee of £15.”
Consumer advice website Which? told ITV: “We don’t have any formal advice but would suggest customers of Wonga continue as usual with paying back their loan until (and if) they are advised otherwise, to check their contract to make sure that nothing about the terms of their loan and repayment schedule will change in the event of their loan being sold on to another company as part for the administration process.”
There isn’t an official announcement on Wonga’s site as of today (28 August).
While the firm is keen on charging high interest rates, it has little interest in offering news. The last update on its site was on 15 February 2017.
On Twitter, Wonga made no official announcement. However, comments from Twitter users on the firm’s other tweets were acerbic – ranging from the brief “Good riddance” to the lengthier “Filthy tosspots great day for this nation if you go bust”.
According to Sky News, Wonga has earmarked financial services firm Grant Thornton to act as administrator in case the lender’s board decides it cannot avoid insolvency.
The only side of the business that will be affected is the lending of money.
Loans will need to be paid back. Instead of owing Wonga, users will be paying the new creditor.
