FabSwingers.com forum: Wonga scum...

By (user no longer on site) OP
over a year ago

Just read an article on Wonga, the pay day lenders, who sent letters to customers threatening legal action from law firms they'd simply made up, and charged some for it!

Scandalous, I know payday lenders will have their uses for some people, but overall they are so bad!

Wonga have been fined a few million, hopefully legislation will make it hard for many pay day lenders to start up and turn profit.

Just thought I'd share that - I've recently dealt with a lot of families who have struggled to cope with payments to payday lenders etc.

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By (user no longer on site)
over a year ago

The government said back in November 2013 they would cap and legislate them, still nothing been done. Whilst government (tax) make money from these company`s will be a long time before anything is done..

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By *eavenNhellCouple
over a year ago

carrbrook stalybridge

Also the cheeky Gits took £76 off us just for filling in their form never actually applied just filled it in ! . Legally the max they can charge is £5 cheeky robbing cunts

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By (user no longer on site) OP
over a year ago

Apparently there are less these days, but the big ones are making some fair old profits apparently.

I wouldn't mind but the people who lend off them are usually in unfortunate poor ions financially and they struggle with the repayments, it does take advantage of their desperation a lot of the time.

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By (user no longer on site)
over a year ago

I own a loan shop and despair at the amount of people who use Wonga etc. Legislation is tighter but loopholes still make possible for these companies to do as they please. In my shop we talk to people, we find out thier real needs and dont excede that x

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By (user no longer on site)
over a year ago

All pay day loan companies need to be banned,its nothing more than loan sharking made irresistable to vulnerable people

This wonga stuff happened between 2008 - 2010,they're still going though

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

I'm not keen on this sort of thing. They appear to prey on the vulnerable and exploit them.

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By (user no longer on site)
over a year ago

So people didn't pay back the money they had agreed to.

But the lender is the baddy for trying to get their money back?

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By (user no longer on site)
over a year ago

its wong so wong

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By (user no longer on site)
over a year ago

Its not that its the way they are going about it. Making up fake law firms then charging the customer for sending out a fake letter.... If people cant afford to pay them back on time or the full amount what good is it keep adding to the bill!!!! Should be banned all payday lenders

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By (user no longer on site)
over a year ago

1586% interest. Some ridiculous figure like that - these companies need to get rid.

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By (user no longer on site)
over a year ago

[Removed by poster at 25/06/14 12:45:05]

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By (user no longer on site)
over a year ago

I'm pretty certain that most if not all banks use in house debt collection agencies and in house solicitors. This practice isn't unique to Wonga or payday loans. I suspect the difference is Wonga didn't register the company's correctly.

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By (user no longer on site)
over a year ago

Maybe people should start being smart and only borrow money they can afford to repay?

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By (user no longer on site)
over a year ago

Any company that's had to chase a debt will have some sympathy, albeit not a great deal for this particular company.

I don't have much sympathy for the victim culture either though.

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By (user no longer on site)
over a year ago

With intrest rates of over 1500% they are no better than the gangland loan sharks of old. There is no way you can get out of the hole once you are into them and have difficulty. I have been in dept in the past and took me over 15 years to claw my way back! never again!! No wonder some people turn to crime these days

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By *himanMan
over a year ago

chichester

There nothing more than loan sharks

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By *nnyMan
over a year ago

Glasgow

At least Wonga don't send people round to break your legs.

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By (user no longer on site)
over a year ago

"I'm pretty certain that most if not all banks use in house debt collection agencies and in house solicitors. This practice isn't unique to Wonga or payday loans. I suspect the difference is Wonga didn't register the company's correctly. "

I think the approach with banks and loan companies is different ie interest rates and support offered from banks who use bailiffs as a last resort

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By (user no longer on site)
over a year ago

It is not the real wonga company but a fake one posing as wonga I had my bank account hacked by these people and I have never took a loan out in my life. At the moment my account is blocked and it is being investigated by the fraud team. Loads of people have been scammed so please be careful xxx

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By *obandruthCouple
over a year ago

wolverhampton

My son had a letter from the above named company saying he owes £546 , and he hadnt taken out a loan with them , after a few phone calls and threatening them with the police and tradeing standards it was sorted , there theving robing gits , the moto of this story is if you havnt had the loan , dont pay it .

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By (user no longer on site)
over a year ago

Why on earth folk do not use credit unions baffles me interest is minimal.

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By (user no longer on site)
over a year ago

"My son had a letter from the above named company saying he owes £546 , and he hadnt taken out a loan with them , after a few phone calls and threatening them with the police and tradeing standards it was sorted , there theving robing gits , the moto of this story is if you havnt had the loan , dont pay it .

It is more that they share information with third parties and they charge administration fees £69.99 being taken out of account every time several weeks when I literally had no money to live on as they had taken it all it is easy for these companies to get personal details if you shop online etc. Robbing bastards x

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By *obandruthCouple
over a year ago

wolverhampton

I think they where doing a scam as they where on television a few weeks before , for the same thing , they where sending these letters out threatening court action , or the balif and people where paying up , more fool them , I know my son did not take this loan out , and there was no way they where getting money from, him.

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By (user no longer on site)
over a year ago

"its wong so wong"

I see what you did there,well done

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By (user no longer on site)
over a year ago

"Why on earth folk do not use credit unions baffles me interest is minimal."

I have gone back to the old school with Rainbow savers they are brill and post office account and pay my bills at the paypoint no direct debits and I keep a book budgeting and ticking everything off surprising how much I save when sticking to the budget the little I do save is for Christmas and child benefit is for clothing, shoes and school uniform.

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By (user no longer on site)
over a year ago

"Maybe people should start being smart and only borrow money they can afford to repay?"

Maybe they should be smarter and not borrow money at all,that won't ever happen though

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By (user no longer on site)
over a year ago

"Maybe people should start being smart and only borrow money they can afford to repay?

Maybe they should be smarter and not borrow money at all,that won't ever happen though"

The whole country is living on borrowed money

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By (user no longer on site)
over a year ago

"Maybe people should start being smart and only borrow money they can afford to repay?

Maybe they should be smarter and not borrow money at all,that won't ever happen though

The whole country is living on borrowed money "

Lend me a bullseye until I get me night boat.

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Credit unions are the way forward...companies like Wonga, bright house and other high interest prey on the most vulnerable of society who for whatever reason find them self in a situation where they need financial assistance whether they have had their hours reduced or due to separation on redundancy and where their bank won't lend them anything further..I do believe that this sector needs to be better regulated and also people need to take responsibility for responsible borrowing...I've had an overdraft for years and I can count 3 times where I've had to dip into it...

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

"Credit unions are the way forward...companies like Wonga, bright house and other high interest prey on the most vulnerable of society who for whatever reason find them self in a situation where they need financial assistance whether they have had their hours reduced or due to separation on redundancy and where their bank won't lend them anything further..I do believe that this sector needs to be better regulated and also people need to take responsibility for responsible borrowing...I've had an overdraft for years and I can count 3 times where I've had to dip into it... "

I was using bright house as an example to obtain goods I know they don't provide loans

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By (user no longer on site)
over a year ago

I was using bright house as an example to obtain goods I know they don't provide loans

But why go to these companies and doorstep loans if you cant pay back the interest is more than the loan why do people need brand new things and massive TVs when they cant afford gas, electric and food these people need a reality check. What is wrong with second hand, charity, freecycle and there are loads of swap and sell pages on facebook.

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By *edangel_2013Woman
over a year ago

southend

In the last 4 days I have had over 50 texts from payday loan companies offering me between £100 and £1500.

I believe it is 3 that has sold my mobile number, but can't be sure, but I have never had a payday loan.

I'm deleting them as they arrive, blocking the number if there is one to block. But they are all different companies, there seems to be hundreds out there.

And seriously, if I could pay back £1500 next payday plus whatever interest, would I really need a payday loan in the first place!!

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By (user no longer on site)
over a year ago

"In the last 4 days I have had over 50 texts from payday loan companies offering me between £100 and £1500.

I believe it is 3 that has sold my mobile number, but can't be sure, but I have never had a payday loan.

I'm deleting them as they arrive, blocking the number if there is one to block. But they are all different companies, there seems to be hundreds out there.

And seriously, if I could pay back £1500 next payday plus whatever interest, would I really need a payday loan in the first place!!"

Keep a record of the numbers and companies and make sure your bank are aware otherwise these companies will take administration costs direct from your bank they are all umbrella companies and instead of actual addresses they have PO box numbers and very hard to get anything back once they have took it.

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By (user no longer on site)
over a year ago

"In the last 4 days I have had over 50 texts from payday loan companies offering me between £100 and £1500.

I believe it is 3 that has sold my mobile number, but can't be sure, but I have never had a payday loan.

I'm deleting them as they arrive, blocking the number if there is one to block. But they are all different companies, there seems to be hundreds out there.

And seriously, if I could pay back £1500 next payday plus whatever interest, would I really need a payday loan in the first place!!"

If you are getting a lot then contact your provider. It won't be them who passed it on though but you may have voted for something or sent a competition text or a charity one they are the worse for getting inundated.

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By (user no longer on site)
over a year ago

I worked in the financial sector for some time and I can tell you for fact that this practice is the norm. I guarantee you that 99% of initial letters from lenders claiming legal action and headed by a legal firm will be a department within that company.

I read the article myself and I think the BBC must be short on stories this week as they could have picked any lender in the uk who practice this way. Obviously they pick Wonga because they are the biggest!

The 'legal' fee they usually charge is actually an admin fee for sending out late payment notices. If they were to engage with solicitors at that stage the cost of late payment would be an awful lot higher.

The moral of my comment is that the press seem to create stories with the intention of stirring up public anger when in reality it's a non issue and the alternative is far worse.

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

I was using bright house as an example to obtain goods I know they don't provide loans

Because second hand is not fashionable in some people eyes...some want to compete with the Jones next door...most people live within their means some live a footballers life on a minimum wage life

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

"I worked in the financial sector for some time and I can tell you for fact that this practice is the norm. I guarantee you that 99% of initial letters from lenders claiming legal action and headed by a legal firm will be a department within that company.

The moral of my comment is that the press seem to create stories with the intention of stirring up public anger when in reality it's a non issue and the alternative is far worse."

Is there no issue here?

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By *ittle_brat_evie!!Woman
over a year ago

evesham

"Maybe people should start being smart and only borrow money they can afford to repay?

Maybe they should be smarter and not borrow money at all,that won't ever happen though

The whole country is living on borrowed money "

I'm not

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By *ittle_brat_evie!!Woman
over a year ago

evesham

wonga are not forcing people to take money off them. Yes they advertise their services and make it look attractive but then so does every other company out there.

The interest rate is so high because it is a cumulative thing. You pay. 1% of your balance per day. You are told exactly how much you are expected to pay before you agree to the loans.

I have worked on their customer service team and know that when.I worked there that they were lenient with customers who had issues paying back the money. They set up payment plans for people, they would remove late payment charges on occasion but at the end of the day they are a business and they want to be profitable.

Some of the people I spoke to on the phone didn't understand the concept of a loan. One person actually asked why they had to pay back more than they borrowed

some of the priorities shown by people who couldnt pay were unbelievable....one said she couldn't pay the extra interest shed accrued because she wanted to use that money to buy a rabbit!! And not the fun kind lol

The problem is some people want everything but are not prepared to pay for it.

I personally would never use them or any other payday loan company as I can't see how they are a solution but people are not forced to use them. If they don't want to be harassed fir their money, don't borrow in the first place!

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By (user no longer on site)
over a year ago

"I personally would never use them or any other payday loan company as I can't see how they are a solution but people are not forced to use them. If they don't want to be harassed fir their money, don't borrow in the first place!"

Wise words, unfortunately these companies only exist because of unwise people, wise people would not take out a loan with 100% APR let alone 5,853%

I don't know if "inventing" companies claiming to be solicitors is common practice or not, but Wonga just got forced to pay £2.6 Million compensation for doing it, and a police criminal investigation has been started so there is the risk of more fines or maybe even jail time, so I bet any other companies doing it will stop pretty quickly.

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By *ophieslutTV/TS
over a year ago

Central

There should be plenty of wonga staff facing fraud and deception charges banged up. Also the damages paid back should be at their interest rate squared, so several million percent. They should lose their license to trade financiall too and directors banned from running companies for life.

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By *nnyMan
over a year ago

Glasgow

Payday lender Wonga says it is writing off £220m of debts for 330,000 customers after putting in place new affordability checks.

The company, which has faced criticism for its debt collection tactics, says the new checks have been implemented after discussions with regulators.

Those customers whose loans would not have been made under the new checks will have their debts written off.

A further 45,000 customers will not have to pay interest on their loans.

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By *ouple in LancashireCouple
over a year ago

in Lancashire

as someone once said 'you can put lipstick on a pig'..

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By (user no longer on site) OP
over a year ago

Nice to see some sensibility here, fingers crossed this is a big enough message

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By (user no longer on site)
over a year ago

Ive used wonga a few times in the past and never had a problem. No hidden charges, interest was far from extortionate and the one time I did find I couldnt pay ontime I was allowed to spread it over 6 months with no extra charges or interest added. Now you tell me what other loan company is that fair?? I think you find with wonga if your good to them they are good to you.

As for the goverment not cracking down I think they have because I used to be able to get payday loans anywhere regardless of my debt problems and now although my problems are behind me and my credit score has started to rise more and more of the payday loan companies, including wonga, are now refusing me because they now have to credit check you as a pose to before when they didnt!!

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By (user no longer on site)
over a year ago

Wonga funds political parties

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By *nnyMan
over a year ago

Glasgow

Wonga Group will disclose in the coming days that it lost approximately £35m last year, ending a long run of profitability for a company which has become the target of sustained criticism by opponents of the short-term lending sector.

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By *eavenNhellCouple
over a year ago

carrbrook stalybridge

"Wonga Group will disclose in the coming days that it lost approximately £35m last year, ending a long run of profitability for a company which has become the target of sustained criticism by opponents of the short-term lending sector."
good !

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By *ere-for-my-convenienceWoman
over a year ago

Tenbury Wells

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By (user no longer on site)
over a year ago

Man its crazy hoe many unlos there are on old threads

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By *ittle_brat_evie!!Woman
over a year ago

evesham

"Man its crazy hoe many unlos there are on old threads"

Bet half of them are back on now lol

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By (user no longer on site)
over a year ago

Loads of people take advantage of the law, because nobody cares to question them or learn how the law actually works.

An ex slumlord i had tried to charge me £80 for my tenancy agreement, because it cost him £80 to have the first one drawn up so figured he could charge that every time anyone wanted a photocopy of that original. If i'd paid £80 for his piece of paper it would have been legal for him to do that, although a rip off.

The customers will pay for that fine anyway, Wonga won't give a shit, they'll just find other dodgy ways of taking peoples money.

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By *iss_Samantha_LovecockTV/TS
over a year ago

bmth /poole sometimes blandford

why do people use them surely they know the score

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By (user no longer on site)
over a year ago

"why do people use them surely they know the score"

People are idiots.

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By (user no longer on site)
over a year ago

"why do people use them surely they know the score"

No other choices.

Sometimes it's down to poor management of money but mainly it's down to needing things. Sad really, profitting from peoples poverty is one of the worst thing in my eyes.

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By (user no longer on site)
Forum Mod
over a year ago

"why do people use them surely they know the score

No other choices.

Sometimes it's down to poor management of money but mainly it's down to needing things. Sad really, profitting from peoples poverty is one of the worst thing in my eyes."

I totally agree

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By *edangel_2013Woman
over a year ago

southend

I haven't seen much advertising from Wonga since they agreed to write off a lot of debt.

Is it because I don't watch a lot of TV or have they stopped advertising?

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By *eavenNhellCouple
over a year ago

carrbrook stalybridge

"why do people use them surely they know the score"
people are desperarate

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By *illwill69uMan
over a year ago

moston

"Just read an article on Wonga, the pay day lenders, who sent letters to customers threatening legal action from law firms they'd simply made up, and charged some for it!"

Isn't impersonating a solicitor and charging for legal services without being a solicitor of the high courts of justice a criminal offense?

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