Controversial payday lender Wonga has announced a £37.3 million pre-tax loss for 2014 – almost completely reversing the £39.7 million profit they made in 2013. The largest UK payday lender, Wonga has been forced to overhaul its business following a crackdown on the industry by the UK regulator, the Financial Conduct Authority (FCA).
When it comes to your credit rating, some debt is good debt. Of course, it has to be the kind of debt which is easily kept under control, but having a ‘thin’ credit file can end up making life difficult for you.
Payday lenders have been slammed by the UK regulator for failing to treat customers in arrears fairly by using ‘unacceptable practices.’ The Financial Conduct Authority (FCA) has concluded a year long thematic review of the sector and says it found ‘serious non-compliance and unfair practices’ in every firm it investigated.
Britain saw the biggest surge in consumer debt for seven years in November when we borrowed £1.25 billion in a single month on credit cards, loans and overdrafts. The news comes as millions of households await the arrival of their first credit card bills of the new year, detailing their Christmas spending. Consumer helplines are …
When it comes to your credit rating, some debt is good debt. Of course, it has to be the kind of debt which is easily kept under control, but having a ‘thin’ credit file can end up making life difficult for you.
The Financial Conduct Authority has clamped down on Britain’s payday lenders with a series of measures designed to put an end to ‘spiralling payday debts.’ The UK regulator has introduced a new price cap plan which includes both interest and fees. The new measures will come into force in January.
Payday lender Wonga has been ordered to pay £2.6 million compensation for chasing debt using fake law firms. An investigation by the Office of Fair Trading (OFT) found that Wonga had sent letters to customers in arrears threatening legal action to recover the debt, but the law firms were false – they did not exist. …
Continue reading “Wonga must pay £2.6 million for using fake law firms”
You do not need to use the services of a Claims Management Company like Money Management Team. You can contact the lender directly for free and if they are no longer trading, you can contact the Financial Services Compensation Scheme providing it falls within their remit. The Financial Ombudsman Service can be contacted free of charge, if you have approached your lender first and wish for them to review your case. You also have the right to seek further advice from other legal firms or consumer organisations, subject to any time limits within which a claim must be made