Jonathan Kay Posted June 26, 2014 Share Posted June 26, 2014 FCA report, includes:The failings, which took place between October 2008 and November 2010, saw Wonga, and other companies within its group, use unfair debt collection practices which put customers under great pressure to make loan repayments that many could not afford. During this time, Wonga sent communications to customers in arrears under the names “Chainey, D’Amato & Shannon” and “Barker and Lowe Legal Recoveries”, leading customers to believe that their outstanding debt had been passed to a law firm, or other third party. Further legal action was threatened if the debt was not repaid. In fact, neither Chainey D’Amato & Shannon nor Barker & Lowe existed and Wonga was using this tactic to maximise collections by piling the pressure on customers.Nasty stuff, but did they commit a criminal offence? Analysis from UK Criminal Law Blog. Jonathan Edited by - Jonathan Kay on 26 Jun 2014 10:52:55 Link to comment Share on other sites More sharing options...
Roger Ford Posted June 26, 2014 Share Posted June 26, 2014 Two new threads in one morning? Is the search function broken? Link to comment Share on other sites More sharing options...
Red SLR Posted June 26, 2014 Share Posted June 26, 2014 Nasty.. I mean HMRC etal never do this!! Link to comment Share on other sites More sharing options...
Jonathan Kay Posted June 26, 2014 Author Share Posted June 26, 2014 Roger: I did try. Couldn't find anything about Wonga and the threads I found about Savile included comments about child abuse that may have been intended to be humorous. Jonathan Edited by - Jonathan Kay on 26 Jun 2014 11:27:57 Link to comment Share on other sites More sharing options...
Leadership Team Golf Juliet Tango Posted June 26, 2014 Leadership Team Share Posted June 26, 2014 Business bullying is becoming common these days. This is a splendid example and I am glad that they have been found out and convicted. Link to comment Share on other sites More sharing options...
TobyCoulson Posted June 26, 2014 Share Posted June 26, 2014 Didn't the new Archbishop of Canterbury get involved in this and the general damning of payday loan companies and was found that either his current employers or previous ones he worked for were in cahoots with Wonga? I'm not a fan of these companies but they do seem to fill a gap in the market that is needed but condemned by many. Link to comment Share on other sites More sharing options...
Jonathan Kay Posted June 26, 2014 Author Share Posted June 26, 2014 It's the Church Commissioners! Matthew 6:24 Jonathan Link to comment Share on other sites More sharing options...
TobyCoulson Posted June 26, 2014 Share Posted June 26, 2014 Quoting Jonathan Kay: It's the Church Commissioners! Matthew 6:24 Jonathan Unfortunately I'm not cogniscent with that religious manual. Link to comment Share on other sites More sharing options...
Leadership Team Golf Juliet Tango Posted June 26, 2014 Leadership Team Share Posted June 26, 2014 Quoting TobyCoulson: Didn't the new Archbishop of Canterbury get involved in this and the general damning of payday loan companies and was found that either his current employers or previous ones he worked for were in cahoots with Wonga? I'm not a fan of these companies but they do seem to fill a gap in the market that is needed but condemned by many.Archbishop Welby did condem the "payday lenders" for the interest rates that they charged and suggested that the Church could provide a competetive service, so that the Church might ‘compete them out of business’ with its own credit operation. He did use Wonga as an example because they are the largest and most prominent of these companies, however they are probably far from the least ethical in the field. (I have worked for the VC/PE company who finance Wonga, so have heard quite a lot of the inside story) Link to comment Share on other sites More sharing options...
Leadership Team Golf Juliet Tango Posted June 26, 2014 Leadership Team Share Posted June 26, 2014 P.S. the alliteration of "war on Wonga" is also an attractive turn of phrase, too. I'm not sure if the Archbishop used it or it came from the reportage (journalists and sub-editors have an eye for a nice headline). Edited by - Golf Juliet Tango on 26 Jun 2014 13:56:29 Link to comment Share on other sites More sharing options...
charlie_pank Posted June 26, 2014 Share Posted June 26, 2014 How is what Wonga did different to private parking firms sending fake parking tickets? Link to comment Share on other sites More sharing options...
TobyCoulson Posted June 26, 2014 Share Posted June 26, 2014 Quoting Golf Juliet Tango: Archbishop Welby did condem the "payday lenders" for the interest rates that they charged and suggested that the Church could provide a competetive service, so that the Church might ‘compete them out of business’ with its own credit operation. He did use Wonga as an example because they are the largest and most prominent of these companies, however they are probably far from the least ethical in the field. (I have worked for the VC/PE company who finance Wonga, so have heard quite a lot of the inside story) And of course the church is ethical. Link to comment Share on other sites More sharing options...
Leadership Team Golf Juliet Tango Posted June 26, 2014 Leadership Team Share Posted June 26, 2014 OK Toby, I don't believe it is entirely ethical either but at least it tries hard and hurts it's financial position in doing so. I would not say that of the "payday lenders". I don't think anyone or organisation qualifies as perfect but some are better and some are worse. Link to comment Share on other sites More sharing options...
TobyCoulson Posted June 26, 2014 Share Posted June 26, 2014 Quoting Golf Juliet Tango: OK Toby, I don't believe it is entirely ethical either but at least it tries hard and hurts it's financial position in doing so. I would not say that of the "payday lenders". I don't think anyone or organisation qualifies as perfect but some are better and some are worse. And the church is amongst one of the worst. Link to comment Share on other sites More sharing options...
Nov-07 Posted June 26, 2014 Share Posted June 26, 2014 Toby Evidence please. Link to comment Share on other sites More sharing options...
Guest Posted June 26, 2014 Share Posted June 26, 2014 I love it that those Wonga customers who were overcharged will get a refund plus interest of 8%. I would love it more if they got their money owed with interest of 5800% that Wonga charge on some loans. 😳 Link to comment Share on other sites More sharing options...
Jonathan Kay Posted July 5, 2014 Author Share Posted July 5, 2014 "Threatening legal letters from what appear to be solicitor firms are actually coming from a department of Lloyds or NatWest": Guardian article. Jonathan Link to comment Share on other sites More sharing options...
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