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02/10/2014
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place.
Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Borrowers who are experiencing financial difficulty, should contact Wonga to discuss their options.
Clive Adamson, Director of Supervision, said: "We are determined to drive up standards in the consumer credit market and it is disappointing that some firms still have a way to go to meet our expectations. This should put the rest of the industry on notice – they need to lend affordably and responsibly."
(CD/IT)
Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Borrowers who are experiencing financial difficulty, should contact Wonga to discuss their options.
Clive Adamson, Director of Supervision, said: "We are determined to drive up standards in the consumer credit market and it is disappointing that some firms still have a way to go to meet our expectations. This should put the rest of the industry on notice – they need to lend affordably and responsibly."
(CD/IT)
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30 September 2014
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
25 June 2014
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
01 September 2015
Contactless Card Payment Limit Increases To £30
The limit on contactless card payments has increased from £20 to £30, the UK Cards Association has announced. Payment terminals are being updated to accept the new limit from today Tuesday, 1 September. The move comes as figures reveal contactless spending rose from £287m in January to £567m in June. In total, £2.
Contactless Card Payment Limit Increases To £30
The limit on contactless card payments has increased from £20 to £30, the UK Cards Association has announced. Payment terminals are being updated to accept the new limit from today Tuesday, 1 September. The move comes as figures reveal contactless spending rose from £287m in January to £567m in June. In total, £2.
26 September 2013
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
13 January 2011
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
