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

[Wombats]

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.

I'd endorse that feeling. I've also reported a range of issues from definite criminal action to reports to the DWP for people working full time cash in hand while claiming benefits and bringing home a small fortune. I am not aware that any of my reports have been acted on.

Not enough man power seems the common excuse.

[ODC]

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

Surely this brings up the issue of what is the actual point on DCAs passing your alleged debt between different desks within the same office. For instance Lowell Farcical passes it to Red Debt who then pass it to Hampton (Wick) Illegal. IMHO the sole purpose of this is purely to intimidate and this to me is no different to what Wonga have done. Surely this widespread practice is also worthy of investigation

[PAWS]

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

I agree ODC. When Arrow buy a bundle of debts in most cases the initial and often the only contact the debtor gets is from Dryied up un-fairF**** solicitors. Straight in with a steam roller. Most people who suddenly find they are dealing with a solicitor assume that the DCA has already begun legal action. :scared:

[Captain Haddock]

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

[QUOTE=ODC;446022]Surely this brings up the issue of what is the actual point on DCAs passing your alleged debt between different desks within the same office./QUOTE]

It's as andy58 stated earlier and which I concur with: the purpose is to apply psychological pressure upon - and instil fear in - the customer into thinking legal proceedings are afoot. The difference with Wonga is that it has used fictitious legal firms to put pressure on late payers, etc.

It's as clear as day here that a corporate offence has been committed, in particular section 24:
- http://www.legislation.gov.uk/ukpga/...-as-solicitors

[Nibbler]

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

Listen from 6 mins in.

http://www.bbc.co.uk/programmes/b047c9xm

[PAWS]

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

Good spot Nibbler. The bit that gets my goat is when they think nothing of slapping on a £50 charge as though it was a few pence but think that that is enough to ‘buy off people’ who have been driven to the edge by their terrifying letters. They added almost £1000 in charges etc to what that chap owed and then think £50 measley pounds is ‘a lot of money to those people. :mad2:
I am fuming. Better go for a ciggie!:hat:

[Captain Haddock]

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

Just Tweeted City of London Police asking why they're not investigating Wonga.

[Amethyst]

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

Here's a typical WONGA statement of account



ie. 903 borrowed - repaid £3716.80

3 years works out about 257% APR

[Captain Haddock]

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

It's robbery, isn't it? I cannot fathom, after all that has happened in the last ten years or so, how these companies are allowed to operate!

[Amethyst]

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

So has anyone got an actual letter yet ? The press were going nuts yesterday trying to get hold of one.

[PAWS]

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

Thanks Amethyst –That is soooo bad. Never mind a ciggie; Isit too early for a G & T !!!!!!

[Nibbler]

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

Several emails. No letters so far that I've seen.

[Amethyst]

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

Pity, I could only find emails yesterday too. Lots of thread of people who'd received the letters panicing about losing their homes, having bailiffs sent round and the like, but no one has actually uploaded one.

[Nibbler]

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

Martin was a bit angry here:

http://www.itv.com/thismorning/hot-t...-wonga-letters

Also asking for copies of the old letters.

[Guest]

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

Good old Martin