P J Posted April 29, 2015 Report Share Posted April 29, 2015 This loan shark company just posted losses of over £30 million quid. Turns out it lent itself a fiver a year ago and with their exorbitant interest regime they are now well in the mire. 2 Quote Link to comment Share on other sites More sharing options...
Freeborn John Posted April 29, 2015 Report Share Posted April 29, 2015 Those loveable sponge pensioners (well, that pair of loveable Israeli businessmen really, take a bow Jonty Horowitz and Errol Dammelin) seem to have bitten off more than they can chew with that 5,800% interest rate. They'll be back, there's just too much profit in stoopids. 2 Quote Link to comment Share on other sites More sharing options...
P J Posted April 29, 2015 Author Report Share Posted April 29, 2015 I think legislation will see them off Quote Link to comment Share on other sites More sharing options...
Freeborn John Posted April 29, 2015 Report Share Posted April 29, 2015 Legislation would rely on the support of the people who allowed this overt highway robbery in the first place, don't hold your breath. Quote Link to comment Share on other sites More sharing options...
P J Posted April 29, 2015 Author Report Share Posted April 29, 2015 Think it's already in place, hence the losses Quote Link to comment Share on other sites More sharing options...
asperity Posted April 30, 2015 Report Share Posted April 30, 2015 If you post losses, am I right in thinking you don't have any tax to pay? Or am I being a tad suspicious? Quote Link to comment Share on other sites More sharing options...
P J Posted April 30, 2015 Author Report Share Posted April 30, 2015 If you make a loss you don't need to avoid paying taxes Quote Link to comment Share on other sites More sharing options...
asperity Posted April 30, 2015 Report Share Posted April 30, 2015 What I'm hinting is that the loss could be "on paper", meaning that no tax is payable and Wonga keeps on lending to financial illiterates. Quote Link to comment Share on other sites More sharing options...
P J Posted April 30, 2015 Author Report Share Posted April 30, 2015 A lot of the loss was writing off loans they made to people in no position to pay it back. Quote Link to comment Share on other sites More sharing options...
Evil Sid Posted April 30, 2015 Report Share Posted April 30, 2015 So they made 30 million less than the last finacial statement. doen't mean they lost money just that they did not make as much. eg if last time they made 180 million and this time they only made 150 million then in their eyes that is a 30 million loss. Quote Link to comment Share on other sites More sharing options...
P J Posted April 30, 2015 Author Report Share Posted April 30, 2015 No Sid, They made losses totalling 37 million pounds, not less profit, operating losses. 1 Quote Link to comment Share on other sites More sharing options...
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