Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k custs

[Mr $quanda£ot]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

At one point they claimed to have an agreement with the Metropolitan Police!

It's very simple: never ever use payday lenders!

[Amethyst]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

At one point they claimed to have an agreement with the Metropolitan Police!

It's very simple: never ever use payday lenders!

Really ? Where was that?

[EXC]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

A quite amusing article from the Editor in Chief of the Law Society Gazette. He's not too impressed with FCA.

http://www.lawgazette.co.uk/analysis...041846.article

[Nibbler]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

Really ? Where was that?

https://www.google.co.uk/search?chan...itan+Police%22

[Mr $quanda£ot]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

On their website in 2009. Shame I didn't take a screenshot

[Captain Haddock]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

Think this Proves Wonga have friends in high places No Procecution no Justice
Take them before the Courts

Don't they have investors who are close to the Tories?

I enjoyed watching the current UK boss squirming under questions on CH4 News tonight!

[Wombats]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

A quite amusing article from the Editor in Chief of the Law Society Gazette. He's not too impressed with FCA.

http://www.lawgazette.co.uk/analysis...041846.article

Yes - see post 28!

[Mr $quanda£ot]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

Yes - see post 28!

That's exactly the very root of the problem.

I have really lost it with the Tories. Former Tory voters like myself are now voting for UKIP, could probably vote for the Greens. Unfortunately I could never support a left-wing party. That's where a real problem lies. When a large portion of the society has had enough, something dramatic happens. History tends to repeat itself.

Why did the Russian revolution happen in 1917? Precisely for the same reasons what's wrong with the British society today. I hope that the Tories (or any other party in power after the next GE) realises that a chosen few simply cannot continue to abuse the majority forever. If they don't, what could happen is not pretty.

[Captain Haddock]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

The thing is, no-one, from government to the civil service down to the lowliest solicitor in the UK wants to upset Big Business. And until that changes firms like Wonga and Vodafone, ad nauseam will continue to act with impunity.

[Amethyst]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

A quite amusing article from the Editor in Chief of the Law Society Gazette. He's not too impressed with FCA.

http://www.lawgazette.co.uk/analysis...041846.article

Excellent article, well worth reading

[Wombats]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

Very well written indeed.

If the UK does not want to target executives who preside over - and profit from - bad practice (and it doesn’t, does it?), then perhaps Europe might give it a shove.

I particularly like the sentence above. The bit in parentheses shows 'the Old Boys' Network view of issues superbly, and there's simply too many of them.

We have some fantastic legislation in place in the UK, there's arguably not that much wrong with it. One of my favourite beefs is the Consumer Protection from Unfair Trading Regulation (CPUTR) - a superb piece of legislation on paper. The thing is that it is so very rarely used, and even when it is, the penalties imposed are negligible.

What is the point of giving legislation teeth if you have no intention of exercising its jaws occasionally?

Let's see some of this legislation really biting and hitting these companies where it hurts.

Do we not want to target executives who preside over - and profit from - bad practice? I don't believe 'we', the general public, do. The powers that be should do something (possibly after withdrawing their shares in Wonga!)

[Nibbler]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

http://www.itv.com/news/update/2014-...to-the-police/

[Captain Haddock]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

http://www.itv.com/news/update/2014-...to-the-police/

Excellent news!! I'm not holding my breath for HMP bringing a case, though.

[Nibbler]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

Afraid you are correct.

http://www.itv.com/news/update/2014-...osecute-wonga/

[Captain Haddock]

Re: Wonga to pay redress for unfair debt collection practices – FCA - £2.6m to 45k cu

As expected.

Sometimes, I don't understand how the police force work. Several times in my life I have supplied them with details about individuals and companies who are breaking the law and they have deigned not to act on it. When it comes to white collar crime, they are rarely seen to be doing much.