Britain’s biggest payday lender Wonga Group collapsed on Thursday, saying it had decided to put its UK operations into administration against a backdrop of widespread criticism for high interest rates and marketing tactics used by the industry.
Privately owned Wonga, which initially enjoyed rapid growth via its short-term, high-interest lending, often to troubled borrowers, fell into difficulty after regulatory scrutiny of so-called payday lenders led to a cap on interest rates.
Wonga said in an email that it had decided to place a number of its operations into administration, a form of creditor protection.
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Read more:
Britain's biggest payday lender Wonga halts new loan applications
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“The Boards of these entities have assessed all options regarding the future of the group and have concluded that it is appropriate to place the businesses into administration,” it said.
Wonga said its overseas businesses were not part of the announcement.
In its statement, the company said that its UK business would not be accepting new loan applications, but its customers could continue to use its services to manage existing loans.
“The FCA will continue to supervise Wonga once it is in administration and is in close contact with the proposed administrators with regard to the fair treatment of customers,” Britain’s financial watchdog said in a statement.
Wonga had just raised £10 million ($13 million) from investors amid a surge in compensation claims related to loans taken out before 2014.
Media reports had pegged Wonga’s valuation, before its fresh capital injection, at £23 million, a far cry from an estimated valuation of around $1 billion when it was considering a New York stock market listing.
Wonga shot to prominence in the years after the financial crisis, filling the gap left by big banks as they retreated from short-term lending. At its peak in 2012, it was making a pre-tax profit of more than £1.5 million per week.
But Britain’s payday lending industry has been heavily criticised by campaigners who say its high interest rates and marketing tactics have been unfair to vulnerable borrowers.
Wonga, founded by South African entrepreneur Errol Damelin, also ran into trouble because of its debt collection practices, including sending customers fake legal letters, which were exposed by Britain’s consumer watchdog.
The firm went on to appoint former RSA Insurance group chief executive Andy Haste as chairman in 2014. Haste vowed to overhaul the way the business was run, including a possible name change.
Wonga is now in the process of appointing Grant Thornton as administrators. The company’s most recent accounts show it made a loss of £66.5 million in 2016.
Company%20Profile
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
The five pillars of Islam
Company%20Profile
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Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Paris%20Agreement
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The%20stats%20and%20facts
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EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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The%20specs
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
COMPANY%20PROFILE%20
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5