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Wonga to pay £2.6m in compensation for 'unfair and misleading' practices

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    Wonga to pay £2.6m in compensation for 'unfair and misleading' practices

    Will be interesting to see if a fine of this size has an impact on Wonga.

    It's worth knowing that for a lot of mortgage lenders, they will instantly decline an application if they see a pay day loan on the credit file even if it has been satisfied.



    Wonga to pay £2.6m in compensation for 'unfair and misleading' debt collection practices

    #2
    Originally posted by Martin@AS Financial View Post
    Will be interesting to see if a fine of this size has an impact on Wonga.

    It's worth knowing that for a lot of mortgage lenders, they will instantly decline an application if they see a pay day loan on the credit file even if it has been satisfied.



    Wonga to pay £2.6m in compensation for 'unfair and misleading' debt collection practices
    If I was waiting on compensation I would charge them 1000% until I got it.

    Comment


      #3
      my understanding they also levied charges for services from these non existent firms that sort strikes me as almost fraudulent?

      why weren't Wonga penalised more harshly?

      Maybe we should all send Wonga a bill from 'Collection Accounts Services House' worst case we have to pay them back later?
      Always forgive your enemies; nothing annoys them so much.

      Comment


        #4
        It's ran by a bunch of muppets anyway.

        Last edited by CloudWalker; 25 June 2014, 13:55.

        Comment


          #5
          Originally posted by vetran View Post
          my understanding they also levied charges for services from these non existent firms that sort strikes me as almost fraudulent?

          why weren't Wonga penalised more harshly?

          Maybe we should all send Wonga a bill from 'Collection Accounts Services House' worst case we have to pay them back later?
          I read something about the people in charge wanting the case to be settled quickly so that the conned customers could get compensation quickly. If they'd dragged it out to include criminal charges then the compensation would have been delayed for years.
          ContractorUK Best Forum Adviser 2013

          Comment


            #6
            Originally posted by Clare@InTouch View Post
            I read something about the people in charge wanting the case to be settled quickly so that the conned customers could get compensation quickly. If they'd dragged it out to include criminal charges then the compensation would have been delayed for years.
            well one hopes they ride them hard from now on!
            Always forgive your enemies; nothing annoys them so much.

            Comment


              #7
              Originally posted by Clare@InTouch View Post
              I read something about the people in charge wanting the case to be settled quickly so that the conned customers could get compensation quickly. If they'd dragged it out to include criminal charges then the compensation would have been delayed for years.
              Surely the people affected could have got a pay day loan?

              Pity there aren't criminal charges against the whole industry.

              Comment


                #8
                Originally posted by BrilloPad View Post
                Surely the people affected could have got a pay day loan?

                Pity there aren't criminal charges against the whole industry.
                It was inevitable once they legallised loan sharks, the blame should lie with parliament for allowing it
                Socialism is inseparably interwoven with totalitarianism and the abject worship of the state.

                No Socialist Government conducting the entire life and industry of the country could afford to allow free, sharp, or violently-worded expressions of public discontent.

                Comment


                  #9
                  Originally posted by MicrosoftBob View Post
                  It was inevitable once they legallised loan sharks, the blame should lie with parliament for allowing it
                  I'm all for limiting the maximum interest rate to say 20% + base on all loans to individuals. If you need to charge more than that the loan is too risky. Would also stop credit card / store card rip offs.

                  If the base rises then existing loan stays at old rate.

                  charges should also be similarly controlled and sensible.
                  Always forgive your enemies; nothing annoys them so much.

                  Comment


                    #10
                    Originally posted by vetran View Post
                    I'm all for limiting the maximum interest rate to say 20% + base on all loans to individuals. If you need to charge more than that the loan is too risky. Would also stop credit card / store card rip offs.

                    If the base rises then existing loan stays at old rate.

                    charges should also be similarly controlled and sensible.
                    I'm against the loan sharks but that wouldn't make much sense for a loan of 3 weeks duration. There should perhaps be a maximum one-off fee (the greater of a fixed sum or % of loan value) plus a maximum interest rate + base.
                    The material prosperity of a nation is not an abiding possession; the deeds of its people are.

                    George Frederic Watts

                    http://en.wikipedia.org/wiki/Postman's_Park

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