Wonga shows its true colours
Written by Michael Coyle on 25 June 2014« Return to Reading Room
"While the people are drowning in debt, the capitalists are drowning in profits that they've expropriated from the masses". So said Mr Anonymous.
Clive Adamson, director of supervision at the FCA, said: "Wonga's misconduct was very serious because it had the effect of exacerbating an already difficult situation for customers in arrears. We are pleased Wonga has been working with us to put matters right for its customers and ensure these historical practices are truly a thing of the past."
And what does Wonga have to say for itself, well up step Tim Weller, Wonga's interim chief executive, who said "This is not the proudest day in Wonga's history ... We would like to apologise unreservedly to anyone affected by the historical debt collection activity and for any distress caused as a result. The practice was unacceptable and we voluntarily ceased it nearly four years ago."
How can these people be allowed to get away with such activity and for so long? Well true Wonga's activity was historical and there is no evidence of similar activity in 2014. But these debt collection companies are on the increase and will continue to bleed the more unfortunate amongst us dry.
A full review is required and legislators need to step in.
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