Wonga.com

Boeing Guy · 12-01-2012, 19:52

Fancy borrowing £0.00 for 30 days? It will cost you £7.13!

https://www.wonga.com/OnePageApp/BillPayment.aspx

To be honest I find it rather farcical these sods can get away with that.

gynn · 12-01-2012, 21:28

Quote:

Originally Posted by Boeing Guy

To be honest I find it rather farcical these sods can get away with that.

Do we know what wonga.com's recovery methods are? Do they send the boys round to look after your kneecaps? Because they are trading in the same market place as people who would do precisely that.....

ToffeeGuy · 12-01-2012, 23:02

If their adverts are anything to go off they'll send round a group of OAP muppets, so don't worry they can be paid off with a couple of Werthers Originals and a Vera Lynn CD.

cashman · 12-01-2012, 23:05

Yer barmy B.G. i'm gonna borrow sod all fer 14 Days n it will only cost me £6-26.

Boeing Guy · 13-01-2012, 06:22

Cashy, now that is a good deal!
I just think it is terrible the way these 'knee break if you don't pay' type finance companies have suddenly shot up. It's a sad state of affairs that we allow then to trade, I would mention it to my MP but....

heth · 13-01-2012, 07:29

There are loads of these adverts on now and I think its disgusting.

Alot of people out there are desperate for money at the minute and think that this is a good way out for paying a (gas or leccy) bill to stop them getting cut off but all they are doing is getting themselves into a hell of a lot of debt when they cant pay it back on time.

When you are desparate and have no-where else to turn people will use companies like this as at the time its the only way out.

jaysay · 13-01-2012, 09:20

Quote:

Originally Posted by gynn

Do we know what wonga.com's recovery methods are? Do they send the boys round to look after your kneecaps? Because they are trading in the same market place as people who would do precisely that.....

There was an item on the news last week gynn about somebody who borrowed £400 from one of these firms, she was unable to pay it back within the time limit her bill now stands at £4000, the apr on these loans is, in some cases over 2 thousand percent, does make you wonder how they get away with it

Ouber · 13-01-2012, 09:37

Its sites like this that gets unfortunate people who are struggling in money into even more trouble.

gynn · 13-01-2012, 13:25

The other cowboys to look out for are Logbook Loans who lend money secured against your car. They charge exorbitant rates of interest, and the form you sign is not a credit agreement as you think, but a sales agreement passing ownership of the car over to the loan company. They only enforce it if you don't keep up the payments.

I know someone whose son took out a loan on his dad's car, and the first dad knew about it was when he woke up one morning to find his car being repossessed.

Boeing Guy · 13-01-2012, 16:58

One of those Log book loan companies have been closed down.
The government is looking at outlawing them.
This should have been done a long time ago.
Maybe Graham could mention it in the house?
I am not being political about this, I feel it is simply wrong these firms can prey on those who can leas afford it.

Less · 13-01-2012, 18:40

Quote:

Originally Posted by Boeing Guy

One of those Log book loan companies have been closed down.
The government is looking at outlawing them.
This should have been done a long time ago.
Maybe Graham could mention it in the house?
I am not being political about this, I feel it is simply wrong these firms can prey on those who can leas afford it.

This has nothing to do with a dying breed of dog so I'm afraid his immediate response would probably be similar to this:-

"I am all for the outlawing of such companies and would vigorously pursue justice against them, unfortunately, 95% of the people that had their cars repossesed just aren't bothered."