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Liberal Party NEC Statement - Payday lender Wonga in Administration
The Liberal Party notes media reports that payday lender Wonga has now entered administration.
Although the company, as did similar entities, provided cash to those in distress, it did so at extortionate and exploitative rates, without proper thought for the long-term consequences of such lending which left many customers with spiralling debt.
The company was consequently ordered in 2014 to pay 2.6 million pounds in compensation to 45000 customers who were to have been subjected to unethical debt collection practises and to write off 220 million pounds of un-recoverable debt from a further 330000 customers.
The party sees no legitimate role for such companies in our society other than to provide unaffordable credit, and their existence only further highlights the consequences of deteriorating wage growth and stagnant standards of living now experience by many families in this country.
We see the concept of “not-for-profit” credit unions, owned as member co-operatives as a more sustainable and ethical means of helping those most in financial crisis.

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Liberal Party NEC Statement - Payday lender Wonga in Administration - by ReadingLib - 09-01-2018, 05:09 PM

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