Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

[Never-In-Doubt]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Blog entry -> http://forums.all-about-debt.co.uk/s...-MPs-questions

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Now Adam Freeman Mr Lender is asked whether he has any guidelines on how often they call customers? He claims if a customer asks you not to call them, they accept that. Mr Lender claims they do not phone someone ten times a day. They say they have policies and guidelines in place as to how often they contact customers. You only have to look at my PDL diary to check that this is rubbish.

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Quickquid say they use CPA instead of alternatives, because if there is a failed payment the customer does not pay a fee. Mr Lender saying there is a misunderstanding as to what CPA is, you can't dip into an account when loan is not due

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

CFA claim if accounts are raided and there is insufficient funds for priority debts the customer is refunded. Paul Blomfield MP asking all of the companies to provide details of refunds they have given to customers who had financial difficulties

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Different panel on now, CAB, Stepchange, Which and Moneysavingexpert

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Average debt for Stepchange £1600, average income £1200 irresponsible lending

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Payday loans are not doing what they can, they are doing what they feel they need to do. Large percentage of PDL revenue comes from Rollovers.Average rollover is £500. Tenfold increase in paydayloan problems to CAB.

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

FCA has to have a package that deals with people getting into a spiral of paydayloans. Which,CAB, Stepchange and MSE say a minimum of one or two rollovers should be put in place.

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Paydayloan Advertising on childrens TV. Kids now telling parents if they refuse to buy them something they will take out a Paydayloan. 7% of 18 to 29 year olds take out Paydayloans.

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

N Zahawi MP giving evidence from Consumer action of Customer who cancelled CPA, had no overdraft, but Mr Lender still took their money. In the earlier session Mr Lender claimed they do not do this.

[Riz]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

N Zahawi MP giving evidence from Consumer action of Customer who cancelled CPA, had no overdraft, but Mr Lender still took their money. In the earlier session Mr Lender claimed they do not do this.

Payday lender lying about their business practices? I'm shocked!

[Never-In-Doubt]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

Cecilia, thanks for your commentary. Appreciated

[MrsD]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

well what the hell is moneysavingdumplings doing there?

[cecilia]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

well what the hell is moneysavingdumplings doing there?

I thought Niddy and SnV would be there

[SaltnVinegar]

Re: Wonga, Quickquid and Mr Lender are summoned to appear before MPs tomorrow

I thought Niddy and SnV would be there

I have a face more suited for radio

They wouldn't actually have consumer representatives there who could embarrass and immediately expose the lies these people tell. It shows the arrogance these people have when they can sit infront of a panel of MP's and spout the bulls!te they do with a straight face.