Appreciate the info
@SP007I don’t think anything of this is surprising. Wallet wizard, at the end of the day, is a subprime lender which happens to have much better rates than any of its peers.
It achieves this with lower costs to deliver (corporate debt are prime, no brick and mortar, scale), and superior analytics through understanding this segment of customers better than most - by being Australia’s largest debt collector. Of course it won’t get every occasion correct and it caters for this with a ~20% upfront provision charge. So it’s important to view things holistically vs an anecdotal instance.
I’m also unsure that CCP being left holding BNPL bag being the correct conclusion. When Wallet Wizard is unable to collect the debt, they’ll leverage Australia’s largest debt collector. Afterpay currently has no debt collection process and it’s only recourse is to ban the user from its platform. Not exactly sure of a customer’s psyche when stuck in this unfortunate situation - but the path of least resistance would appear to be letting your BNPL account lapse.
(20min delay)