Police probe into Wonga could lead to prison terms June 30, 2014 WONGA staff or ex-employees could face prison if the police investigation into the payday lender leads to successful prosecutions, after lawyers demanded a probe into the firm. Last week the City watchdog ordered Wonga to pay £2.6m in compensation to more than 45,000 customers after it discovered the lender sent threatening letters from made up [...]
Police reconsider Wonga criminal investigation over fake letters June 27, 2014 Police are considering whether to pursue a criminal investigation against Wonga after it sent out fake legal letters to customers. The City of London Police confirmed that it will look again at the appropriateness of an investigation after initially deciding it was up to the Financial Conduct Authority. The Law Society today called for Wonga to [...]
Wronga: Police called in over Wonga’s fake legal threat letters June 25, 2014 Wonga, which presents itself as the “straight talking” antidote to traditional payday lenders, was yesterday revealed to have bullied tens of thousands of vulnerable customers by sending fake letters from made up legal and debt collection firms. The City’s Financial Conduct Authority (FCA) is understood to have referred the case to the police, and lawyers believe [...]
Bottom Line: Leave its customers to discipline Wonga June 25, 2014 THERE’S only one word for Wonga’s actions between October 2008 and November 2010, when it sent fake lawyers’ letters to threaten late payers: shocking. The firm has rightly been ordered by the FCA to pay £2.6m in compensation to affected customers, and the matter referred to the police. The firm points out that it stopped [...]
Wonga to pay £2.6m to customers after sending debtors letters from non-existent law firms June 25, 2014 Payday lender Wonga has agreed to pay compensation to around 45,000 customers over what Britain's financial regulator has called "unfair and misleading debt collection practices". An Office of Fair Trading (OFT) investigation found that the lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Wonga sent letters from the [...]
Wonga boss Errol Damelin steps down June 13, 2014 Founder and chairman of payday lender Wonga Errol Damelin has stepped down from the company's board. The British-based entrepreneur co-founded Wonga in 2006 after setting up Supply Chain Connect. Wonga said in a statement: "Last November Damelin indicated to the Board that he wanted to begin an orderly exit from the Company after stepping down [...]
Wonga loses second boss in six months as Niall Wass quits May 22, 2014 Niall Wass, chief executive of Wonga, is stepping down. Chief financial officer Tim Weller is taking over as interim boss of the online lender – its third boss in six months. Weller is effectively on short term loan from his position as the firm's CFO, so the company is likely to have its fourth boss [...]
Why the Occupy Wonga campaign may want to check its sums April 30, 2014 Campaign group Occupy London is to mobilise this Mayday, in order to fight what they see as "the new economic fascists" – pay day loan companies. An email from the group, announcing the launch of "Occupy Wonga", states that "we see the most vulnerable people in society being charged immoral interst rates". So on 1 [...]
Tory MoneySupermarket Budget is the best foil to Labour’s Wonga economics March 17, 2014 AHEAD of the last Budget before the 2015 election, Britain’s political battle lines are being carved out. Voters will be tempted by alternative menus combining less debt, higher spending and lower taxes. Since no party can credibly offer more than two of the three, the Conservatives’ best chance of winning is to demonstrate that trimming [...]