Wonga.com

It is an offence under Section 21 of the Solicitors Act 1974 to impersonate a solicitor.

Given the fact Cameron has close links to the Company, its founder Errol Damelin and his backer (provided the start up capital for wonga.com) an Adrian Beecroft (substantial donor to the Tory party) what are the chances of charges being laid anytime soon?

http://www.bbc.co.uk/news/business-28015456

Payday lender Wonga must pay £2.6m in compensation after sending letters from non-existent law firms to customers in arrears.

The letters threatened legal action, but the law firms were false. In some cases Wonga added fees for these letters to customers' accounts.

The City watchdog, the Financial Conduct Authority (FCA), said 45,000 customers would be compensated.

Wonga has apologised and said the tactic ended nearly four years ago.

The City regulator has told the BBC it has sent a file to the police.

Not to mention...
http://www.telegraph.co.uk/news/pol...senior-adviser-leaves-to-lobby-for-Wonga.html

The Prime Minister's adviser on digital strategy, Jonathan Luff, is leaving Downing Street to become a a lobbyist for Wonga, the controversial payday lender.

Earlier this month the Daily Telegraph revealed that Conservative ministers agreed to hold meetings with Wonga at the Tory party conference in exchange for payments to the party.

Business executives were charged £1,250 for face-to-face meetings with ministers at which they were invited to help “develop” business-friendly policies

Can 21st Century Britain be compared to African banana republics? Sort of a slimmed down version where political opponents are not dissapeared in the dead of night?

Leaves a bit of a nasty taste doesn't it. Government supports Wonga who in turn exploit the poor.
 

jarrod248

LE
Gallery Guru
I really don't think people on benefits should be allowed to take out loans, they're paying interest with other people's money.
Interest rates for loans should be capped as these companies cannot behave. Years ago you'd to prove to a bank manager you could afford to pay a loan back.


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The Banks have a lot to answer for as they won´t give people money even though they get it off the Government nearly free,1%(?),I used to sell insurance in Peterborough in 1980-81 and most families couldn´t even get a bank account so had to borrow money off the `Man from the Prudential´for horrendous interest fees,he pocketed about 20% of what he collected at the door IIRC.He was a regular visitor to our house as well as like Wonga etc you always got your money to tide you over or buy some carpets,but woe betide If you didn´t pay it back quickly.
I´ve the same problem here in Germany,If I want money off my Bank they´ll want me to start useless but lucrative for them saving schemes so getting into the Wonga league by `Stealth´methods.
I wonder how many big Banks are connected to Wonga etc,nothing surprises me with these parasites in striped suits,I sincerely hope that they choke on their money!
 
I really don't think people on benefits should be allowed to take out loans, they're paying interest with other people's money.
Interest rates for loans should be capped as these companies cannot behave. Years ago you'd to prove to a bank manager you could afford to pay a loan back.

Anyone on means tested benefits who takes out a Wonga loan needs their head felt.
They can get the same amounts, interest free, over a longer period direct from the benefit agency.

Edit:- They're also, frankly, unlikely to get loans off the likes of Wonga who will be looking for a relatively large lump sum repayment in short order.
 
I do some voluntary debt counselling, and it's good to see that the FCA are taking this sort of thing seriously. Targeting payday lenders is good, but I wonder when they'll look at the the high street banks and other lenders who've been doing this stuff for years.

For example, people owing money to Lloyds Bank may get letters from a firm called Sechiari, Clark and Mitchell Solicitors(I don't know if the acronym SCaMS was intentional!), that doesn't show up on the Law Society's database, and whose staff all have Lloyds Bank email addresses.

HSBC use DG Solicitors, which is based in HSBC's offices, and all of whose staff are employed by HSBC. The banks at least do employ some solicitors in-house.

Most of the banks also use dormant companies as fronts for their in-house debt collection teams. Some have more than one, so they can mislead people into thinking matters have escalated. Again, their staff are bank employees, which is how they get round dormant companies not being allowed to trade. They are clearly set up to deceive.

The other common practice is solicitors allowing debt collectors to use their name and letterhead; the Law Society take a dim view of this, and a couple have been struck off for it, but it's still a widespread practice.
 

Drivers_lag

On ROPS
On ROPs
Maybe but they´re still higher than having a Credit Card loan!I must admit that without my Credit Card I´d have been well in the crap quite a few times as my Bank of 20 years still treats me like shoite!
You struggle to get a bean in Ireland. Banks haven't got any money to lend, hardly. I don't think payday loans are allowed here - not sure.

I got a letter off Wonga about this, despite never having used them.

As you may have already read or heard in the press, following an announcement by the Financial Conduct Authority we have today issued a public apology. We are identifying the customers affected by a historical debt collection issue and certain system errors.
Following our internal investigations, we can confirm you have not been affected by the debt collection issue. You do not need to do anything but please read this email carefully.
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Historical debt collection issues

Between 2008 and 2010, we sent out letters to 44,556 customers claiming to be from companies “Barker & Lowe” and “Chainey, D’Amato & Shannon”. These letters were in fact from Wonga. They gave the misleading impression that customers’ outstanding debts had been passed on to a law firm (or other third party) with the threat of adverse consequences if the debts were not repaid quickly. Charges were added to some customer accounts as a result of this practice.

This practice was unacceptable and should never have happened. It ran contrary to the principle of transparency on which our business has been built.

System errors

Following an internal investigation we have also identified certain system errors, which resulted in the miscalculation of some customers’ balances. Some customers overpaid Wonga whilst a greater number underpaid, with the majority of those customers who overpaid Wonga, overpaying by less than £5.

All known balance calculation issues have been addressed. For existing customers, where they have overpaid Wonga this will be repaid with interest and those who underpaid Wonga will not be asked to pay the shortfall.

We are in the process of identifying the customers who have been affected by these system errors. We will be in touch directly with all customers who have experienced financial loss as a result of these errors.

Our apology

We apologise unreservedly to all of our customers. Although you may not be directly affected by these issues, we are working hard to do the right thing and earn back your trust.
 
Maybe but they´re still higher than having a Credit Card loan!I must admit that without my Credit Card I´d have been well in the crap quite a few times as my Bank of 20 years still treats me like shoite!

Indeed, but it is because the fact that most if not all of these people cannot get a credit card or normal routes for funding that they are forced to use the payday lenders.

Higher risk = a higher cost for the loan. But that doesn't excuse the dirty tricks of the likes of wonga and it's fair to say if they are at it they all are.
 
When I was a Cpl in 36 Eng Rgt, Maidstone we had a Sapper who had taken out a loan with a loan shark similar to Wonga although this was a long time before the days of Wonga.

The bloke couldn't keep up the repayments and before long a 50 quid loan turned into a 500 quid debt, with heavies knocking on his door and threatening his family. He went to see the padre, who encouraged him to talk to his Sqn 2i/c.

The 2i/c arranged a loan out PRI at no interest and asked me and Smudger Smith (who is now a copper in Maidstone) to visit the loan sharks office in Rainham and pay the loan off with the PRI money.

We went there and the loan shark, a middle eastern gentleman, protested that the loan was now 650 quid or something and demanded payment.

Smudger and I leaned on the bloke a little and after a little while he closed the loan account at 500 quid.
 
'Wonga', and ALL Pay Day lenders, including all those which advertise on 'Freeview' TV, the Internet, in the media etc and the normal TV channels; should be banned and criminalized. The operators/owners of these organisations should have any FSA licences revoked, and if they insist on operating, they should be dealt with in the same way as money launderers and criminals;- flogged in public!!

Hmm, Money Laundering - that means most of the big UK Banks and finance houses in London would need to be investigated for wrong-doing including the Bank of England and its associates.
 
'Wonga', and ALL Pay Day lenders, including all those which advertise on 'Freeview' TV, the Internet, in the media etc and the normal TV channels; should be banned and criminalized. The operators/owners of these organisations should have any FSA licences revoked, and if they insist on operating, they should be dealt with in the same way as money launderers and criminals;- flogged in public!!

Hmm, Money Laundering - that means most of the big UK Banks and finance houses in London would need to be investigated for wrong-doing including the Bank of England and its associates.

Sounds good but the alternative is eodmatt´s story of illegal lenders,at least they get shoved out of the system,the real problem is the self discipline of the lenders,or the desperation?
 

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