A government minister is expected to come under pressure to resign tonight — after an investigation by Political Scrapbook uncovered financial links between a Tory donor to his campaign, a controversial payday loan firm and a football club for which he brokered a sponsorship deal.
The karma fest for payday loan companies continues — with news that Wonga has been forced to go begging to regulators to continue operating.
Payday parasites Wonga have been subject to yet another ruling by the Advertising Standards Authority — for an ad claiming that consumers can “save money” with a 5,853% APR loan. The TV spot, which was subject to a complaint from the Citizens Advice Bureau, was slammed not only for conveniently failing to mention the punitive level of […]
With Wonga pushing to expand internationally, it was only a matter of time before the parasitical lender drew the ire of foreign financial regulators. Speaking of operations launched in five other countries across three continents, former chief exec Nial Wass told the BBC: “We are still refining our algorithms [the arithmetical rules underlying the lending decisions] […]
With legal loan sharks Wonga fined £2.6m for sending out fake letters from solicitors to 45,000 customers, questions are being asked about whether the company may have committed a criminal offence. Wonga were sending out threatening letters from the made up law firms “Chainey, D’Amato & Shannon” and “Barker and Lowe Legal Recoveries”. Here’s what Section […]
A former executive at a leading anti-payday loan campaign group has made a surprising career move…by taking a high profile PR job at Wonga. In a startling display of gamekeeper turning poacher, Delroy Corinaldi, who was director of external affairs at StepChange until last year, has joined Wonga as head of public affairs. StepChange, previously […]
Payday loan firm Wonga has had an advert banned in a damning ruling by the Advertising Standards Authority — and not because those puppets are really annoying. The TV spot featured an exchange between two of the firm’s elderly mascots discussing interest rates: “Right, we’re going to explain the costs of a Wonga short-term loan” “Some […]
With the Financial Conduct Authority (FCA) poised to take over the regulation of consumer credit — including payday loans — the new watchdog has retained M&C Saatchi to support its comms work: “Their extensive experience in developing behaviour-change communications will be critical in helping us reach and influence consumers when they are facing particular financial risks.” […]
Having trousered profits of £62 million in figures announced today, the boss of payday loan firm Wonga has compared getting a payday loan to buying a track on iTunes! Errol Damelin told ITV News: “This is not about people on breadlines being desperate … this is about us serving customers who want to take a […]
In addition to driving up queues at food banks, payday lenders such as Wonga also stand to profit from George Osborne’s seven day block on the newly unemployed claiming Jobseeker’s Allowance. A spokesperson from debt charity StepChange told Scrapbook: “If people don’t have a redundancy settlement then that seven day period will increase the risk of people taking […]