High-cost credit companies exploiting Wonga’s woes, says Stella Creasy

High-cost credit companies exploiting Wonga’s woes, says Stella Creasy

MP claims ‘consumers continue being exploited by these types of lending’

brand New loan providers are exploiting the space on the market kept by the decrease of Wonga, based on the Labour MP Stella Creasy, whilst the previous cash advance giant teeters regarding the brink of collapse.

Wonga is grasped to own arranged administrators through the accountancy company give Thornton after it had been revealed during the week-end that the rise in compensation claims might lead to it to collapse. The firm has stated it is “considering all options”, simply months after it raised a crisis £10m from investors to truly save the ongoing business from going breasts.

Within the wake of Wonga’s economic woes, Creasy composed towards the secretary that is economic the Treasury, John Glen, on Tuesday to alert that the “high expense credit industry” was evolving to “evade regulation”. (Pokračování textu…)