My heart bleeds and i hope its the first of may that are finished.
Wonga is on the brink of collapse after mass compensation claims from customers, it is claimed.
Thousands have demanded cash from the controversial payday loans firm over astronomical interest rates.
Wonga had charged up to 5,853% before being ordered to stop.
The Financial Conduct Authority imposed a cap on payday lending charges in 2014 and ordered firms to make amends to borrowers charged sky-high rates on short-term loans.
But the Mirror revealed recently millions of pounds in payouts has yet to be claimed with lenders such as Wonga accused of dragging their heels on paying back customers.
An FCA investigation found between 2008 and 2010 Wonga sent threatening letters to customers in arrears from non-existent law firms.
At one point the firm was charging an annual percentage interest rate of up to 5,853%.
But it is on the brink of collapse, despite raising £10million from shareholders in a bid to stay afloat.
Labour’s Stella Creasy, who has led a campaign against payday lenders, said: “Wonga’s demise shows these businesses were built on exploiting cash-strapped Brits and why regulation was needed to protect them.” Vincent Vernon of Pay Day Refunds has said it is handling 32,000 customer claims, a quarter of them from Wonga.
He added: “There could be in excess of a million customers who have suffered from irresponsible lending and are owed money. Three of the poorest- responding lenders are Wonga, Curo and Quick Quid. They are continuing to ignore UK consumer rights. They’re fast to lend and extremely slow to repay.”
https://www.mirror.co.uk/news/politics/wonga-payday-lending-firm-on-13144211
Wonga is on the brink of collapse after mass compensation claims from customers, it is claimed.
Thousands have demanded cash from the controversial payday loans firm over astronomical interest rates.
Wonga had charged up to 5,853% before being ordered to stop.
The Financial Conduct Authority imposed a cap on payday lending charges in 2014 and ordered firms to make amends to borrowers charged sky-high rates on short-term loans.
But the Mirror revealed recently millions of pounds in payouts has yet to be claimed with lenders such as Wonga accused of dragging their heels on paying back customers.
An FCA investigation found between 2008 and 2010 Wonga sent threatening letters to customers in arrears from non-existent law firms.
At one point the firm was charging an annual percentage interest rate of up to 5,853%.
But it is on the brink of collapse, despite raising £10million from shareholders in a bid to stay afloat.
Labour’s Stella Creasy, who has led a campaign against payday lenders, said: “Wonga’s demise shows these businesses were built on exploiting cash-strapped Brits and why regulation was needed to protect them.” Vincent Vernon of Pay Day Refunds has said it is handling 32,000 customer claims, a quarter of them from Wonga.
He added: “There could be in excess of a million customers who have suffered from irresponsible lending and are owed money. Three of the poorest- responding lenders are Wonga, Curo and Quick Quid. They are continuing to ignore UK consumer rights. They’re fast to lend and extremely slow to repay.”
https://www.mirror.co.uk/news/politics/wonga-payday-lending-firm-on-13144211
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