The Government had every opportunity to clamp down on such loan companies as wonga.com who posted massive profits and the appalling pay day loan and door step loan companies but they chose not to on the grounds it would bar certain sections of our society from credit.

These companies offer loans to people who are not eligible under normal loan criteria or as is coming more popular people who are in well paid jobs with little if any savings and horrendous levels of credit and are in reality up to their necks in debt , so go cap in hand to these companies for a few hundred quid loan for an emergency over a few weeks, No responsible lender would give to them but these in general will.

People as this government have stated do not need to go to these companies , however desperate people make desperate and often silly mistakes and going to these parasitical companies rely on that .

Many of these people will end up going bankrupt to get out of the situation this seems now an all to common course of action that's seen as "OK" what we are now forgetting we all end up paying in the long run for these peoples mistakes who go bankrupt and irresponsible lending has caused the current climate we in the UK find ourselves in .

The government should ban this form of credit as it is just legalized loan sharking and perhaps Home financial management should be taught in our schools, ,just because you can have access to unlimited amounts of credit does not necessarily mean you can afford it .

Teach people to live within their means whats the problem with that?? a recent report stated the average family only have £1,600 in savings but up to £45k in unsecured debt, in a society where the chances of being made redundant every 4-6 years is a reality and where wages will be frozen for years to come surely the debtor is being irresponsible to keep borrowing and the lender to keep on lending??.

They're regulated by the FSA and are filling a gap in the market normally occupied by illegal loan sharks. It's up to people who use the service to manage their personal economic situation and understand the risks.

Few facts - Wonga only loan for monthly periods - thefore the apr which has to be advertised by law - Is pointless to moan about.

- And infact thet provide a service which helps many people - When they choose to log on and borrow money they do so at there own risk, they select the amount, they select how long they want to borrow it, and if they stryuggle to pay back, Wonga even work out an interest free payment plan, and ask before the payback date if everything is ok? Now how many banks do this???? thats right none.

- If you were to borrow 300 from wonga, you will be paying less monthly interest than if you were buying a used Volkswagen Golg froma main dealer

Few facts needed here -

- When people choose to borrow money from Wonga ( who is a regulated lender - and governed by the FSA - unlike many of the other pay day lenders ) The customer selects how much they want to borrow, and how long for, and Wonga ask if everything is ok near to the payback date. Should the customer struggle, Wonga will even offer to set up an interest free payment plan. How many banks do this??? none.

- The APR that everybody moans about is a pointless moan. Wonga lend money on a monthly basis - So the APR is irrelevant - ( but has to be advertised by law ) And if you think Wonga rip you off...did you know that If you borrowed 300 from wonga, you pay less interest than if you were buying a used VW Golf from a main dealer......

- Wonga is a service which no one is forced to use, I have used wonga once and it got me out of a very tight situation, and found them to be more than fair. You have a choice..

So mr Dipper....just remember - Your high street banks are far more criminal than Wonga?? You need to be directing this argument to more worty culprits such as Barclays......

The solution seems to be - take out a Wonga loan and buy lots of Wonga shares!

As I recall, it was Sub-Prime lending such as this which was the initial cause of the financial collapse we are now in. If you are in debt and have a poor credit rating there is no way you'll get out of it by borrowing more from sharks like these. If your pay packet doesn't stretch to the end of the week you are either being exploited by an unscrupulous employer or living above your means. It's what living under capitalism is all about, get used to it!!