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News Tag: Wonga

December 17, 2012

Wonga launches Paylater loans on retailer website

by Jan Harris
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to "buy now, pay later" will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A spokesman for Wonga said: ...




September 17, 2012

Banks refusing to cancel pay-day loan payments

by Jan Harris
Banks refusing to cancel pay-day loan payments
The BBC has reported that some banks are refusing to cancel payments to payday loan companies when asked to do so by their customers. Bank customers have a legal right to cancel payments from their accounts under the 2009 Payment Services Directive. However some banks believe that they do not have to cancel certain types of payment. Speaking to Radio 4’s Money ...




June 8, 2012

Wonga planning to offer savings accounts

by Jan Harris
Wonga planning to offer savings accounts
Wonga, the payday loan company, is planning to increase its range of financial products this year with a move into the online savings market. Wonga’s chief executive Errol Demelin confirmed the firm’s expansion plans at a meeting of the Albion Society, which brought together brands considered to be spearheading innovation in the personal finance market. Mr Demelin said that the traditional model ...




May 22, 2012

OFT warns Wonga over debt collection methods

by Jan Harris
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company also made the allegations in phone ...




January 12, 2012

Wonga causes outrage by targeting students

by Jan Harris
Wonga causes outrage by targeting students
Payday loan company Wonga has removed an article from its website which suggested that students should take out a payday loan rather than a Student Loan. The article suggested that student loans, which charge around 5 per cent, encouraged students to live beyond their means. With Wonga charging around 4,000 per cent for its loans, the article provoked protests from education groups, ...




November 22, 2011

Government fails to tackle loan sharks

by Jan Harris
Government fails to tackle loan sharks
The Government’s failure to act against legal loan sharks yesterday has angered pressure groups. As part of its review on consumer credit, the Government announced a voluntary deal for High Street stores to stop offering discounts to tempt customers to sign up for store cards. However, it failed to cap the interest rate charged on store cards, which can be as high ...