T: 023 8086 4500 | M: 075 4532 5209 | E: dharrison100@aol.com

T: 023 8086 4500
M: 075 4532 5209
E: dharrison100@aol.com

Councillor Davod Harrison

Wonga – A Modern Morality Tale?

Wad Of Money - fund raising
Wad Of Money

Few people will shed real tears at the news that the money lending company “Wonga” has crashed.

It seem to me that a large number of their customers, (but not all), would fall into two categories, the vulnerable and the stupid.

Isn’t is shameful that the Tory government, or any government, would allow a money lending company to charge interest rates of 1,500%?

This has to be one of the biggest downsides to a capitalist system, in which the rich simply get richer but the poor are sometimes forced to do desperate things.

In some cases, I am sure people have behaved irresponsibly, either not caring or understanding the consequences of doing this sort of business.

In other cases, genuinely vulnerable people, not even capable of understanding how this all works have fallen victim to this vulture like money lending practice.

It seems like there is some sort of justice in that Wonga has collapsed because of the high number of compensation claims following a court decision that it behaved illegally.

The irony is that, another type of vulture, the lawyers and Compensation Claims Companies have all been piling in to register claims against Wonga, to the extent that they have forced it to collapse completely and most will now recover nothing!

What a wretched state of affairs this is.

Wonga was a greedy company, with little in the way of a moral compass.

No doubt some of the customers too were greedy “wanting things now” rather than waiting until they had saved up, or going without.

The compensation chasers have been so greedy that the entire enterprise has come crashing down.

The moral of this sorry state of affairs is that this is what can happen when the free market is allowed to run riot, without regulation or constraint.

There will always be a role for government to control things, setting laws that mean fair trading and protection for the most vulnerable.

I wonder how many politicians had shares in Wonga? Serves them right!

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