Glad to see lender run out of wonga
The imminent collapse of payday loan firm Wonga due to compensation claims will put a smile on the faces of those they ripped off.
However, the real culprits are the Tories who have instigated the worst pay freeze in recent times.
As a result, many families struggle to even put a loaf of bread on the table these days and homelessness and child poverty have hit record levels. The problem is the distribution of wealth in this country. The rich get richer by the week, the poor poorer.
Top executives in today’s Britain “earn” millions in pay and perks, while thousands are on zero-hours contracts, many not even receiving the minimum wage.
Wonga and other payday loan sharks represent the unacceptable side of capitalism which gets worse every week the Tories retain power.
Bill Cook, Teignmouth, Devon
Wonga became the face of payday loans at a time when many were suffering financial hardship. It was despicable to take advantage of the most vulnerable in society and charge exorbitant loan fees. Now Wonga has got its comeuppance and may go under itself due to scores of compensation claims. Let this be a lesson to other firms that leech off those who are struggling in life.
Diane Silva Lytham, Lancs
These payday lenders prey on the most vulnerable in our society who are forced to take out loans at exorbitant rates just to get by. In my view they should be outlawed altogether as they have no place in a civilised society.
For many trapped in the cycle of debt, getting a payday loan is the only way they can pay the monthly bills, but then their money problems come back a thousand-fold. It’s immoral and despicable.
George Singleton, Manchester
Moneylenders always prosper under Tory regimes. It’s daylight robbery when banks bailed out by the public can charge 25% APR on loans and credit cards, and pay only 0.5% interest on savings. Anything over and above the 25%
Michael Elias Carmarthen, Carmarthenshire
should be illegal anyway and 5,000%, which is what Wonga charged at one point, is ridiculous.
Great news about Wonga. These legal loan sharks are a blight on our society. We should have more credit unions, they would be a far better option for people who are struggling to make ends meet.
Colin Davies, Liverpool
Reading about the possibility of Wonga going to the wall is poetic justice. We need a Labour government now and ditch the Tories who believe there is nothing wrong with
insatiable greed.
Eric Thorpe, Salford, Gtr Manchester
While it’s welcome news that Wonga and rival payday lenders may collapse, what are the odds they will reintroduce themselves under a different guise?
Colin Williams Edgbaston Birmingham