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  • #1

    WONGA & THEY ARE STILL TRADING???

    BC Business Live

    • WONGA COMPENSATION10:38:
      The Financial Conduct Authority says payday lender Wonga will not face criminal action after being found to have invented fictitious law firms and sent letters threatening legal action to customers in arrears. Wonga must pay £2.6m in compensation.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: act, action, apr, backing, bank, bank account, bbc, charges, companies, compensation, con, cpa, criminal, customers, debt, debtors, employees, executives, fake, fca, financial, fine, firms, government, interest, investigation, jail, justice, law, legal, licence, list, misconduct, money, mp's, oft, pay, payday, phone, pressure, stop, wonga
  • #2
    Re: WONGA & THEY ARE STILL TRADING???

    I dont understand how doing this still permitts them to have a licence. Remove their licence and stop them from trading, full stop. They won't though, the government probably get far too much money out of them for them being able to trade.


    TibetanMonk
    On Debt Row

    AAD has so much to offer and wants so little back. Take advantage while you can.

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    • #3
      Re: WONGA & THEY ARE STILL TRADING???

      Wonder if debtors are allowed to use fake details too, when corresponding with Wonga....

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      • #4
        Re: WONGA & THEY ARE STILL TRADING???

        They have the backing of Corporation and MP's and thus can escape Justice and IS why they not even got a fine

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        • #5
          Re: WONGA & THEY ARE STILL TRADING???

          I think it is good to see a hefty fine. If you read around it seems that although Wonga were very bad they have cleaned up their act and there are far worse payday companies and debt collection people . Start stripping away the worst and work up to the likes of Wonga.

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          • #6
            Re: WONGA & THEY ARE STILL TRADING???

            Originally posted by Pat View Post
            I think it is good to see a hefty fine. If you read around it seems that although Wonga were very bad they have cleaned up their act and there are far worse payday companies and debt collection people . Start stripping away the worst and work up to the likes of Wonga.
            But they have not been fined and the compensation they have to pay out is small fish and only to 45,000 customers when there are likely to be many more.

            They got off very lightly.

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            • #7
              Re: WONGA & THEY ARE STILL TRADING???

              Good to see the legal profession are taking Wonga's *felony* more seriously than the FCA. In Germany they send these kind of financial rogues to prison apparently. This blogger on the Law Society Gazette sums it up nicely:

              http://www.lawgazette.co.uk/5041846....aign=GAZ250614

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              • #8
                Re: WONGA & THEY ARE STILL TRADING???

                Yes, the Gazette were quick on this one!
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: WONGA & THEY ARE STILL TRADING???

                  What they have done should have been subject to a criminal investigation - it's that simple.

                  Instead they have got nothing more than a light spank on the pants.

                  They have had to put aside a compensation pool, and people who 'may' have been affected have to contact them. Now if you have gone to all the trouble of changing your phone number etc to stop Wonga and you still may have an outstanding debt with them what do you think is going to happen?

                  If you average the compensation that works out at a little less than £60/complainant.

                  So you get nothing, they knock £60 off the outstanding balance, and then because you've had to give them your updated contact details to get the compensation then you start to get hounded again for an outstanding balance. Don't forget that they would have added interest (at 5,000% APR) for 60 days as is standard per the t&c's.

                  Their collection department have been guilty of far worse conduct to put pressure on debtors, or get updated contact and financial details. I have evidence of Wonga employees informing a debtor that they were due a refund, but they could only pay it if updated bank details were provided (the debtor concerned has closed down the bank account to prevent Wonga from taking money via CPA).

                  The only way for this to stop is for executives of these companies, and the employees found to be guilty of this gross misconduct to face criminal charges and jail time.
                  "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                  The consumer is that sleeping giant.!!


                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment

                  • #10
                    Re: WONGA & THEY ARE STILL TRADING???

                    I am concerned that the FCA have taken "action" against one of the highest profile lenders but seem to do nothing against the firms that are at the bottom of the PDL pond. These offences from Wonga are several years ago and from what I hear they have made significant improvements . There are many others who are still acting in ways that make the old Wonga look good and nothing has been done about it. On the old OFT register minicredit have a minded to revoke entry but they are still trading with no apparent action taken. There is a post on another forum where the FOS have ordered them to repay a sum and they are offering a much lower amount

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