Wonga’s fallen soldiers: Errol Damelin, Tim Weller and Niall Wass – its lost chief executives November 20, 2014 To lose one chief executive may be regarded as a misfortune; to lose two looks like carelessness. Unfortunately, Wonga has just lost its third: today it emerged Tim Weller, who had been the company's interim chief exec since May, stepped down in October, according to filings at Companies House. Which just seems sloppy… So who are the [...]
Payday lender Wonga loses another chief executive as Tim Weller steps down after just six months November 20, 2014 Embattled payday lender Wonga has lost another boss. Tim Weller, who had been the company's interim chief exec since May, has stepped down, according to filings at Companies House. Weller was brought in as interim after Niall Wass left this May. The company's founder, Errol Damelin, stepped down in November 2013. Chairman Andy Haste, who [...]
We got it Wronga says Wonga: Payday loan firm vows to behave in future November 18, 2014 A top Wonga executive gave a grovelling apology in parliament yesterday for the way the firm had treated customers in the past. And he promised to work harder to do the right thing in future. The payday lender has written to 27,000 customers to offer redress for mistreatment – for instance, to make amends for [...]
Payday lenders like Wonga face new regulation as CMA proposes price comparison websites and clearer fees October 9, 2014 Payday lenders are facing a major shake-up after the competition watchdog laid out plans to curb the costs of loans for consumers. The Competition and Markets Authority (CMA) said lenders should make their products available on price comparison sites to increase competition among firms amid a number of proposals for reforming the payday loan market. [...]
Wonga and Poundworld scolded by ASA for misleading ads October 8, 2014 Troubled payday lender Wonga and value retailer Poundworld were rapped over the knuckles yesterday by the Advertising Standards Agency (ASA) for failing to include crucial price information in adverts. A Wonga advert failed to disclose the annual percentage rate on its loans, while Poundworld sells some items which cost more than a pound. Wonga has not advertised [...]
Wonga advert banned for failing to accurately show interest rate on payday loans October 7, 2014 Yet another Wonga advert has been banned from British screens for failing to show the true cost of borrowing. After a week in which the controversial payday lender reported a 51pc drop in net profit and decided to to write off the debts of 330,000 customers, the Advertising Standards Authority (ASA) has hit Wonga [...]
Payday lenders: Don’t tar us all with Wonga brush October 5, 2014 The Consumer Finance Association, which represents payday lenders, says all short-term lenders should not be tarred with the same brush. The CFA was responding to suggestions that all lenders may be required to compensate customers. The calls came after online payday lender Wonga was accused of irresponsible lending and was forced to write off more [...]
Payday lender regulations to leave Wonga among the 1pc still standing October 4, 2014 A shocking 99 per cent of Britain's payday loan companies face oblivion next year under new guidelines. The Financial Conduct Authority (FCA) is bringing in a new cap on credit under new, stricter guidelines. The tough new approach has already forced Wonga to write off the debts of 330,000 customers. Wonga saw its profits halve [...]
Wonga mulls name change as it agrees to write off worst loans October 2, 2014 Online payday lender Wonga yesterday agreed to tighten up its lending criteria, and to write off more than 300,000 of its worst loans. And the lender fears its name is so damaged it could scrap the brand, or keep it only on some products rather than for the whole group. The firm has come under [...]
Wonga to write off debt for 330,000 customers October 2, 2014 Wonga is determined to clean up its image. The payday lender has announced that it will write off the debt of 330,000 customers, following discussions between new chairman Andy Haste and the Financial Conduct Authority (FCA). Customers who would not have had their loan applications approved under the new system, and have been in arrears [...]