Wango.com, the UK's foremost pay-day lender, has posted losses for the current year of £37.3 million.
Confirmed reports suggest that this shock result is largely a direct result of the company taking out a pay-day loan itself during the last accounting period.
Company CEO, Randy Hoste,56, blamed the company's financial director for the dismal results.
'As part of our corporate intelligence-gathering, it has become normal practice for us to take loans from all of our major competitors at regular intervals during the year. We can then keep track of their operational procedures and if necessary we can establish whether our own processes and protocols are in line with the competition.'
He went on to explain,'Under normal circumstances the loans are paid off immediately, with minimal financial effect.'
It would appear, however, that a £100 loan from rival Quickbuck.com, was overlooked and remained unpaid at the end of the financial year when the oversight was discovered by the company's auditors.
By then cumulative interest and penalties had amounted to almost £40 million.
Threatening demands sent by Quikbuck.com had been shredded by Wango.com's Financial Director who was too embarrassed to admit to the oversight.
It is rumoured that Wango.com are currently looking for a new Financial Director, whilst the previous incumbent is currently looking for his testicles.