A appearance straight straight straight back at a few of the present turbulent reputation for payday financial institution Wonga.
What exactly is Wonga? Wonga is a british payday financial institution providing short term installment loans to its clients at high interest levels. It had been initially started by Errol Damelin, A south african business owner, in October 2006. Wonga is regulated and authorised because of the Financial Conduct Authority (FCA). Its current history happens to be clouded with an amount of controversies.
Commercial collection agency techniques In July 2014, the Financial Ombudsman Service warned that complaints about payday loan providers had doubled in the last couple of years. In June 2014, Wonga ended up being directed to pay ВЈ2.6m in compensation for вЂњunfair and misleadingвЂќ business collection agencies techniques. The techniques were found after a study launched because of the working office of Fair Trading and taken on because of the FCA. In some instances, Wonga had added fees to consumer reports to pay for management charges for giving letters that are erroneous.