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  • #1

    Wonga hires No.10 insider to lobby against payday curbs

    Wonga hires No.10 insider to lobby against payday curbs

    This is a duplicate of the Blog Entry made on 30th October 2012 18:53.

    *......as critics slam lender's 'cosy' relations with ministers * Wonga has hired one of the Prime Minister's senior advisers to lobby on its...

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    Tags: 2012, act, apr, cab, claim, consumer, consumer credit, consumers, credit, debt, funding, list, loan, loans, marketing, ministers, newcastle united, october, offers, oft, parliament, payday, public, repay, results, senior, size, unlawful, wonga
  • #2
    Re: Wonga hires No.10 insider to lobby against payday curbs

    Corruption at the highest level, I wonder what crap they will come out with this time? The PM decided the country was in such debt we will be in talks with Wonga in the near future




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    • #3
      Re: Wonga hires No.10 insider to lobby against payday curbs

      I have been stating for a long time that this has been going on behind the scenes, now its just blatant and in our faces.

      Ministers being schmoozed in 'speed dating' style 'business workshops', lobbyists in parliament, are just whats out in the open.

      With Wonga sponsoring Newcastle United, TV Programs, funding CAB surveys, they are putting a glossy public image out there as a 'mainstream' lender.

      Unfortunately my experience, and many others, of how they operate is anything but glossy, regardless of whether they claim they are cleaning up their act.

      Simple fact is a loan which is advertised at 4,000% APR plus is going to be aimed at those who cannot get loans elsewhere.

      With that fact, take into consideration the following business practices that the OFT considers unlawful and should not be carried out by those 'fit' to hold a consumer credit license when it comes to 'non status loans' :
      • Offers of inappropriate loans that fail to take into account the consumer's ability to repay, sometimes with catastrophic results.
      • Marketing or targeting loans explicitly at consumers in debt.
      "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.!!


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