The beloved wonga.com that we all know.

swardean

mullen8627 wrote: »

I got a wonga loan years ago, got in to a spiral of lend, pay back, lend. i borrowed it for stupid reasons like going out etc. I paid it back and paid alot of interest but i wouldnt dream of asking for money saying i should never have got the loan. I should never have applied end of. My fault not theirs.

Indeed Mullen, you should not get this back, as you were not mis-sold. Nor should most, but some on this forum do need to recognise that some PDLs are issued inappropriately.

ConsumerWizkid

Pssh Wonga have set a bad example to the public with this refund milarkey.

One day there will be no bad credit lenders left as stuff like this increases the cost and risk of operating in that market.

Boohoo poor lenders of course I agree but the very people making all these claims of being incompetent at making financial decisions and blaming the lender will be the one's with no one to lend them money at all soon enough.

andyfromotley

Stevie_Palimo wrote: »

Again I make the point of people believe they are owed something in this day and age as opposed to actually being responsible for there own actions.


The only way I can see a miss sold loan is either by an under age person or someone with dementia or mental health issues, Anything else would not be looked at if I were in Wonga's shoes and people told to do one.

Nope,

if you have a business model that depends upon targeting people that are highly unlikely to be able to repay, and then lock them into a cycle of super high interest, charges and further loans purely to pay back an earlier loan that they couldn't afford, then you are misselling them, (ime it also makes them and their business morally bankrupt). These companies have a policy of preying on the poorest and most desperate people in our society, not with the intention of helping them in any way but with the DELIBERATE purpose of hooking them and then bleeding them dry for every last penny. Yuk Yuk Yuk.

Fortunately my view is in the majority, in general people and the govt and regulators are equally disgusted by this behaviour, hence the mass compensation now taking place. Hopefully we shall see them withdraw from the market and people in such dire positions will get more appropriate advice and assistance.

Stevie_Palimo

andyfromotley wrote: »

Nope,

if you have a business model that depends upon targeting people that are highly unlikely to be able to repay, and then lock them into a cycle of super high interest, charges and further loans purely to pay back an earlier loan that they couldn't afford, then you are misselling them, (ime it also makes them and their business morally bankrupt). These companies have a policy of preying on the poorest and most desperate people in our society, not with the intention of helping them in any way but with the DELIBERATE purpose of hooking them and then bleeding them dry for every last penny. Yuk Yuk Yuk.

Fortunately my view is in the majority, in general people and the govt and regulators are equally disgusted by this behaviour, hence the mass compensation now taking place. Hopefully we shall see them withdraw from the market and people in such dire positions will get more appropriate advice and assistance.

A load of tosh as I work in this industry and know for a fact that most reputable marketers only use data to market to a certain type of individual and you will find that the majority of customers with all of the lenders alike are people within full time employment that are able to afford to repay any loan on time in full.


The minority here are a few that deem it okay to attempt to avoid paying what they borrow and or roll loans over again and again but can now only do this once, Yes there are people and Company's that market to any data and do not care who takes a loan but the people I deal with and know are working towards cleaning the industry up as it a important service to a lot of people.


The same as any other sector out there at the moment you get the good the bad and the ugly but I still know for a fact that a lot of people who shout and scream about unfair charges should not be seeking a loan in the first instance and maybe want to look at themselves and budget better to live within there means.

swardean

It seems pretty hypocritical to me, that many on the posters be-moaning compensation claims for mis-selling of PDLs, are quite likely to be the same people who had no issues in reclaiming PPI (with dubious mis-selling claims)

[Deleted User]

swardean wrote: »

It seems pretty hypocritical to me, that many on the posters be-moaning compensation claims for mis-selling of PDLs, are quite likely to be the same people who had no issues in reclaiming PPI (with dubious mis-selling claims)

I'd have thought that they were the ones who DIDN'T jump on the PPI bandwagon.

CHR15

Our more likely, the people who could see through the ppi nonsense and turned it down so never were in a position to reclaim.

I would think it more likely the pdl miss sellers and the ppi reclaimers are one and the same.