Posts tagged ‘Wonga’

The cost of a letter

The SLC also admitted that around 309,000 customers had been sent letters using the Smith Lawson brand in the last nine years.

Using Wonga’s average of £50 repayment per customer as a baseline, I reckon that the State needs to cough up about £15.5m to cover the cost of the Student Loan Company’s actions between 2005 and the present day.

The Archbishop, the banker and the loan shark

“The Most Rev Justin Welby has approached Sir Hector [Sants], who also led the Financial Services Authority throughout the financial crisis, to drive payday lenders such as Wonga out of business and create a new way of thinking about finance.”

Driving the poor into the arms of loan sharks by shutting down legitimate lines of credit hardly seems like a ‘new way of thinking about finance‘…