You may know Wonga from their cheery TV ads featuring knitted OAPs. Hopefully you don’t know them from borrowing money off them, given that their APR gets up to 5853%. They offer payday loans at huge interest rates. While it may not be part of their official shtick, there is a general view that they target people who are the most vulnerable and cannot access finance from more mainstream financial institutions.
Well, they recently they got into a bit of trouble with the Financial Conduct Authority (FCA) for sending letters who were in arrears with their payments from organisations that appeared to be law firms. The names included ‘Chainey, D’Amato & Shannon’ and ‘Barker and Lowe Legal Recoveries’.
