Restitution News & Legal Insights

Wonga has finally collapsed – good riddance

HOME / NEWS / Wonga has finally collapsed – good riddance

How you manage to go bankrupt when you are charging interest with an advertised APR over 1000% per annum is difficult to work out, unless you factor in greed and disingenuity.

Lending vulnerable members of society money at usurious rates is very little different, in my mind, to stealing from poor people.

It has been distasteful to see that some members of the press regret the loss of the cuddly TV animated characters who introduced the unsuspecting to being ripped off. Even more distasteful are the expressions of apparent sorrow for the losses incurred by the backers. Nor can I muster sympathy from the erstwhile workforce, they cannot have believed in their product or been other than aware that their employer’s practices were shoddy and unethical.

Both the FCA and the government come out of this badly. It simply should never have been possible for this product to have been launched on unsuspecting but needy customers. Regulatory reaction was slow, the FCA should have moved as soon as Wonga ads hit our TV screens.

Claims management companies are credited/blamed with finishing Wonga off. Claims management companies are often unloved but, if true, they clearly serve a purpose.

Bring back the usury laws?

We have an affiliate company which buys debt, leaving on one side that we do not deal in consumer debt, from an ethical standpoint, we would never assist a company of this nature.

Contact Restitution by clicking here or email us direct at info@restitutionlimited.com

Restitution and How to Obtain It

Litigation, like warfare, can have perilously high financial and human costs. Despite this, many litigants plunge into the process without a clearly defined aim. If you want to go to court to seek restitution – the repayment of financial damages or losses – but are put off by the cost and time involved or concerned […]

2 MIN READ - VIEW ARTICLE

Private Sector Supremacy – Debt Recovery

In a recent article in The Times, the Small Business Commissioner is reported to have revealed that he has only managed to recover £2.1m in unpaid invoices on behalf of small companies in the year since he was appointed. He has also refused to disclose how many companies have been assisted. I remember being in […]

3 MIN READ - VIEW ARTICLE

How to Throw Away £5 Million

In the world of debt recovery, Restitution has long been a name associated with excellence and precision. We are known for our relentless pursuit of financial justice, and this story is no different. In this article, we unveil a case where we were called upon by two London traders to recover a substantial debt of […]

5 MIN READ - VIEW ARTICLE

< BACK TO ALL NEWS