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  • #1

    Wonga responds to OFT’s payday report

    Wonga responds to OFT’s payday report

    This is a duplicate of the Blog Entry made on 7th March 2013 10:41.

    Online lender Wonga has agreed with the need for tighter controls in the payday lending sector to “stamp out” the worst practices, in response to...

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    Tags: action, bank, banks, cards, competition, complaints, con, consumer, consumer credit, cra, credit, credit cards, debt, director, fos, game, interests, lenders, lending, letter, loan sharks, loans, money, oft, overdrafts, payday, payday loans, pdl, sharks, small, wonga
  • #2
    Re: Wonga responds to OFT’s payday report

    Maybe start by stamping themselves out eh?
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    • #3
      Re: Wonga responds to OFT’s payday report

      I like the "Not bothered" comment at the end by David Fisher.
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      • #4
        Re: Wonga responds to OFT’s payday report

        Originally posted by rizzle View Post
        I like the "Not bothered" comment at the end by David Fisher.


        David Fisher, director of consumer credit at the OFT, told Credit Today: “The point I want to make is there are 50 lenders we have warned.

        “Each one will get a detailed letter setting out our concerns and will have 12 weeks to provide evidence that they have turned things around. I am not bothered whether they are unhappy about it.”
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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        • #5
          Re: Wonga responds to OFT’s payday report

          Wonga do make a fair point about the fact that bank overdrafts and credit cards should also be under the spotlight but thats about they only fair point they make.

          Wonga are currently playing a political game so have to be very careful about how they conduct themselves as the 'white knight' of this industry.

          I think what is damning is that over half of complaints made to the FOS are upheld. I would suggest that less than 10% of people with issues over the conduct of payday loans have gone as far as the FOS, as this is the proportion of the people with PDL that I have helped.

          The fact that the OFT have taken these steps, and referred the entire industry to the competition complaints commission is indication enough of the amount of complaints the OFT have received.

          This is all good, and strong words from the OFT, but strong words HAVE to be followed through by strong action.

          I'll look forward to seeing some strong action in 12 weeks time, but won't hold my breath.
          "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.

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          • #6
            Re: Wonga responds to OFT’s payday report

            OFT will woss out, to many vested interests, all they will argue that it's better to go to them for small loans than the loan sharks out there.

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            • #7
              Re: Wonga responds to OFT’s payday report

              I dont care what wonga or any of the others say, they know what they are doing.

              There was a gap in the market for low amount loans because banks werent given them, and these PDLs jumped in, they stuck their stupidly high interest rates on because they know full well, you wont be able to go anywhere else, most who apply cant afford to repay after 30 days, so the high interest covers the risk, and the bonus is they earn more money.

              If they really cared they would check CRA's before accepting the loan, but we all know they wont, because they dont want to really earn 27 quid interest on 100 quid loan. They hope you cant pay and turn it in to 400 or 500 quid.
              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.

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