Wonga.Com - unlawfully charging for statements

opinions4u

vax2002 wrote: »

Most people dont pay them back and there is only so many times you can re-sell a non paying debt before it becomes valueless.
They wont last.

You really do talk more nonsense than most on this site.

bigadaj

Just reported as asbokid as spam, as the only reason I can think of going on about wonga this much is for advertising.

malkyh

Wong'a Wong'a we love Wong'a

Peelerfart

I promise never to use Wonga.

Thanks

Assbo

System

Doesn't it fail sect 1c. There are no instalments. The repayment is a single transaction. If you don't repay it then it defaults to a debt collection action and not part of the original agreement

asbokid

!!!!!! wrote: »

Doesn't it fail sect 1c. There are no instalments. The repayment is a single transaction. If you don't repay it then it defaults to a debt collection action and not part of the original agreement

Completely untrue.

We should note that Wonga also provides no online history for the customer.

An astonishing omission for a company that operates entirely 'online'.

Again this lack of information has nothing to do with shoddy management.

It is obviously by design: to deceive the borrower over the scale of his debts.

System

asbokid wrote: »

Completely untrue.

Explain please?

jonnyd281

asbokid wrote: »

Completely untrue.

We should note that Wonga also provides no online history for the customer.

An astonishing omission for a company that operates entirely 'online'.

Again this lack of information has nothing to do with shoddy management.

It is obviously by design: to deceive the borrower over the scale of his debts.

I have to agree with !!!!!!,

(1)This section applies to a regulated consumer credit agreement—

(a)which is for fixed-sum credit,
(b)which is of fixed duration,
(c)where the credit is repayable in instalments by the debtor, and
(d)which is not an excluded agreement.

That reads like an AND statement to me, ie all the criteria have to be met, and since I believe all payday loans are paid off in one lump sum not installments (note the plural) then since section 1c doesn't apply the whole of 77B would not apply.

bbfc

asbokid wrote: »

Completely untrue.

We should note that Wonga also provides no online history for the customer.

An astonishing omission for a company that operates entirely 'online'.

Again this lack of information has nothing to do with shoddy management.

It is obviously by design: to deceive the borrower over the scale of his debts.

I'm getting the feeling that you dislike Wonga?

asbokid

jonnyd281 wrote: »

That reads like an AND statement to me, ie all the criteria have to be met, and since I believe all payday loans are paid off in one lump sum not installments (note the plural) then since section 1c doesn't apply the whole of 77B would not apply.

interesting argument. it would imply that there could be no automatic "roll-over" and that on default, the credit agreement automatically closed.

of course in practice the exact opposite is what happens.

But let's formally invite wonga to show us the terms and conditions of its standard consumer credit agreement. It's time for the lawyers and the general public to decide where the truth lies..


Open Call to Wonga.Com :

Stop being so bloody devious!

publish the FULL terms and conditions for your standard consumer credit agreement...