Toonpack 6766 Posted September 8, 2013 Share Posted September 8, 2013 Could it equally be said that Wongas profits are going through the roof because a. theyre attracting more customers due to their frequent adverts on national tv and b. those people are now on the debt treadmill, meaning they'll be in hoc to wonga until they die or are declared bankrupt? More customers=more folk into huge spiralling interest payments. Forever. Nice work if you can get it. At least you seem to understand some people are blameless and get into trouble through no fault of their own. Ant on the other hand seems to have a sideline writing leader columns for the Daily Mail. I do, for the first 10 years of my working life, I worked in debt collection dept of one of the major utilities, I very well know the difference between the can't payers and won't payers. I strongly suspect it's the latter who get into trouble with Wonga and their ilk, I also suspect many of the former actually benefit from having the likes of Wonga around in getting over short term hurdles because a lot of those folks aren't thick and actually would know what they're getting into and would do it based on a rationalised decision. As for "no fault of their own" I absolutely know that happens, was almost at the brink myself many many years ago during a legal case as the plaintiff, which I've described on here before, and the "institutions" were less than fucking sympathetic (despite preceding years of exemplary track record). To be honest, a Wonga back then would have been a godsend, on a couple of occasions, and would have been used properly and would have saved a lot of the shit and stress we went through for a period. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted September 8, 2013 Share Posted September 8, 2013 http://www.theguardian.com/business/2012/mar/01/wonga-real-cost-payday-loan According to this, it's usually those with nowhere else to turn that use them. They may not use a baseball bat to collect their debts but the principle is the same; once you're tied into their system you're likely to be theirs forever. Credit unions would appear to be a better option, but am not sure if even they'd lend to those on benefits or if they'd say they were a better option than a student loan @ 1.5% after your graduation and are earning in excess of 22k? a year. When I moved to London in 98 I was on an academic research salary of £18k a year, the same salary as one of the lads in that article. All my mates were earning tons more than me or were living rent free. We used to go out to clubs etc and being young and reckless I would get fucked, withdraw money thinking 'fuck it' and then run out of money at the end of the month. There was a pay day lender at the bottom of Kilburn High Road and when I realised I couldn't borrow money off mates to sort myself out, I went there. At the time it was probably stupid but I had faith in myself and faith in my future. I only did it a few times and it was, stupidly, just for going out and getting fucked but it was worth it because it gave me the freedom to do what I wanted. Admittedly my future was bright at the time so the risks of longer term problems was probably low but i can see how you could get into a viscious cycle. For me it served its purpose at that period in my life and I guess I am lucky I was not in a dead end or whatever. Link to comment Share on other sites More sharing options...
The Fish 8946 Posted October 1, 2014 Share Posted October 1, 2014 Wonga set to ditch its Newcastle United sponsorship deal after crash in profits Tweet Share Share Share by Tim Wallace October 1, 2014, 2:00am Wonga’s poor performance means it might drop its sponsorship of Newcastle United Wonga is considering scrapping its Newcastle United sponsorship deal and might never go back into TV advertising, after a major fall in profits last year. The online payday lender had a meteoric rise powered by catchy adverts, but profits crashed last year. It is paying customers £2.3m in compensation for sending debt collection letters from fictional lawyers, and is investing an additional £12m in better trained finance staff, helping pull profits down 53 per cent to £39.7m. Revenues rose two per cent on the year to £314.7m, while operating costs shot up 56 per cent to £133.7m. New chairman Andy Haste wants to clean up the firm’s reputation, in part by stopping adverts to children. The TV adverts were pulled over the summer and might never return. And the lender is considering ending its football sponsorship deal, just two years into a four-year deal. Newcastle United said it was not yet in talks with Wonga over any change to the contract, but the club has come to similar arrangements in the past – sponsor NTL sold its advertising setup to Northern Rock a decade ago, mid-way through a deal. Removing the adverts will slow the firm’s growth. Wonga said yesterday it will “be smaller and less profitable in the near term”. Another part of the strategy is to focus on overseas growth – loan volumes rose 15 per cent last year, largely driven by foreign loans, with new units in Poland and Spain. Link to comment Share on other sites More sharing options...
trooper 940 Posted October 1, 2014 Share Posted October 1, 2014 (edited) http://www.google.co.uk/#q=sports+direct+logo&facrc=_&imgrc=5iUJj3yZ-sNo8M%253A%3Bundefined%3Bhttp%253A%252F%252Fwww.firstartist.com%252Fwp-content%252Fuploads%252F2013%252F05%252FSports-Direct-News-Logo.jpg%3Bhttp%253A%252F%252Fwww.firstartist.com%252F2013%252F04%252F03%252Fboateng-pleat-speak-to-sports-direct-news%252Fsports-direct-news-logo%252F%3B600%3B400 Probably have this instead of Wonga on the shirts Edited October 1, 2014 by trooper Link to comment Share on other sites More sharing options...
The Fish 8946 Posted October 1, 2014 Share Posted October 1, 2014 Probably have this instead of Wonga on the shirts Wouldn't be surprised. Any of the Finance Fanciers know how much Wonga paid up front (if anything) and if the projected return from the sponsorship has already been counted towards our figures? Link to comment Share on other sites More sharing options...
Howay 12447 Posted October 1, 2014 Share Posted October 1, 2014 Getting ditched by Wonga Link to comment Share on other sites More sharing options...
Ayatollah Hermione 12733 Posted October 1, 2014 Share Posted October 1, 2014 Thank god for that. Looking forward to getting seeing which morally reprehensible company we jump in with next. Link to comment Share on other sites More sharing options...
The Fish 8946 Posted October 1, 2014 Share Posted October 1, 2014 Thank god for that. Looking forward to getting seeing which morally reprehensible company we jump in with next. Link to comment Share on other sites More sharing options...
Meenzer 13932 Posted October 1, 2014 Share Posted October 1, 2014 They're already the right colours. Let's get them on board. Link to comment Share on other sites More sharing options...
Asprilla 96 Posted October 1, 2014 Share Posted October 1, 2014 Why aye-sis Link to comment Share on other sites More sharing options...
Toonpack 6766 Posted October 1, 2014 Share Posted October 1, 2014 Why aye-sis With them we'd at least beheaded in the right direction Link to comment Share on other sites More sharing options...
Meenzer 13932 Posted October 1, 2014 Share Posted October 1, 2014 With them we'd at least beheaded in the right direction Link to comment Share on other sites More sharing options...
ClubSpinDoctor 0 Posted October 1, 2014 Share Posted October 1, 2014 Even harsher on Journalists than big Mike! Link to comment Share on other sites More sharing options...
ohhh_yeah 2759 Posted October 2, 2014 Share Posted October 2, 2014 Wonga will write off the outstanding debts of 330,000 people who are more than 30 days in arrears, and let a further 45,000 people who are less than 30 days in arrears as of 2 October to pay back their loans without interest or charges. The customers affected will be notified by 10 October. Wonga estimated that the writeoffs will cost it about £35m as it has already taken provisions against many of the loans. http://www.theguardian.com/money/2014/oct/02/wonga-writes-off-customer-debt Link to comment Share on other sites More sharing options...
The Fish 8946 Posted November 17, 2014 Share Posted November 17, 2014 Wonga removes logo from children's Newcastle football kit Continue reading the main story Business of SportGiant awakes Beautiful game? QPR stadium consultation begins Gymnast says lesser sports need funding Payday loans company Wonga has agreed with Newcastle United football club to remove its logo from children's kit and training wear. But Wonga said that due to kit production schedules this would not be until the 2016/17 football season. The firm's new chairman, Andy Haste, said on his appointment in July that he would review the company's marketing. Payday loan companies have been criticised for lending practices and are to have their charges capped. Wonga has already ended its puppets advertising campaign in the UK. Mr Haste has said he wants to ensure that its marketing does not inadvertently appeal to the very young or vulnerable. Darryl Bowman, Wonga's marketing director, said on Friday: "As a responsible lender we believe removing our logo from children's replica shirts and training wear is the right thing to do. We appreciate the club's support in this matter." Newcastle United's managing director Lee Charnley said: "We understand and respect Wonga's position and are happy to support their decision." Last year, Newcastle's association with Wonga upset striker Papiss Cisse, a Muslim who objected to the shirt sponsor on religious grounds. He eventually agreed to wear the shirt after discussions with Islamic teachers. Earlier this year, Wonga had to pay £2.6m in compensation after chasing struggling customers with fake legal letters designed to press them into paying up. Mr Haste has admitted that Wonga made "serious mistakes". Link to comment Share on other sites More sharing options...
Kid Dynamite 5881 Posted November 17, 2014 Share Posted November 17, 2014 Due to kit production schedules it can't be done for a year and a half? Bollocks Link to comment Share on other sites More sharing options...
trooper 940 Posted April 18, 2015 Share Posted April 18, 2015 http://news.sky.com/story/1467657/wonga-crashes-to-35m-loss-after-torrid-year Set to announce a £35 million loss last year. Link to comment Share on other sites More sharing options...
ohhh_yeah 2759 Posted May 21, 2015 Share Posted May 21, 2015 "The company revealed losses of £40m on Monday, along with job cuts. They have ended their sponsorship deals with Hearts and Blackpool. Newcastle are expected to be next." ::Martin Hardy:: Link to comment Share on other sites More sharing options...
Kitman 2188 Posted May 21, 2015 Share Posted May 21, 2015 good Link to comment Share on other sites More sharing options...
ewerk 26143 Posted May 21, 2015 Share Posted May 21, 2015 Would that be just when they plan to take their logo off the kids tops? Link to comment Share on other sites More sharing options...
The Fish 8946 Posted May 22, 2015 Share Posted May 22, 2015 "The company revealed losses of £40m on Monday, along with job cuts. They have ended their sponsorship deals with Hearts and Blackpool. Newcastle are expected to be next." ::Martin Hardy:: Would the sponsors have paid up-front to have their out of date logo on our shirts? Link to comment Share on other sites More sharing options...
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