Wonga walloped by OFT after nasty letters sent to debt-riddled customers
Some see them as the cute face of the stellar-interest payday loan industry but Wonga have been slapped about the face slightly by the Office Of Fair Trading over their attitude towards debtors.
The threat of a £50k fine has also been waved in the Wonga mush by the OFT, after ‘questionable debt-collection practices’ were discovered following an investigation. These included sending aggressive letters and emails to customers who had asked their card providers to reverse payments that had been made to Wonga, with some customers openly accused of being fraudsters. Nice.
The offending letters and emails were also sent out to punters who had started debt management plans in an attempt to stop themselves getting deeper into the financial mire.
David Fisher, the OFT's director of consumer credit, said: "We have acted to ensure that Wonga does not behave this way again. I would like to make it clear to businesses that they must not adopt aggressive or misleading practices with their customers." As mentioned earlier, there could be a £50,000 fine coming their way if it happens again. Goodness knows how much that’ll escalate to if the OFT bang a Wonga-esque 4,000% APR on top of it.