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Payday loan company to pay £35m in compensation

The Financial Conduct Authority have said that payday loan company, CFO Lending, are going to compensate over 97,000 customers, with nearly £35 million in funds. CFO Lending also traded as Payday First, Flexible First, Money Resolve, Paycfo, Payday Advance and Payday Credit, so if you've been a customer for any of those, someone will be…

FCA puts lender on the blacklist

The Financial Conduct Authority (FCA) has issued a warning about a company that they believe is carrying out consumer credit activities without their authorisation, as such, they've been blacklisted, which means that you need to approach with caution (or avoid altogether). Quick All Loans stated on their own website, that they believed in “responsible lending”,…

Wonga borrows £25m (wonder what the APR is on that?)

The FCA came down hard on payday loan companies, putting all manner of restrictions on them and issuing a number of fines and penalties. Wonga were hit hard, and tried a variety of things to try and soften their image. Things haven't been working out too well for the finance-company, and now, with irony that…

Money saving expert might challenge the government over student loans

The Money Saving Expert, Martin Lewis, has gathered together a team of legal experts to look at whether or not they can challenge the government over student loans, specifically, the new rules around the repayment of said loans. George Osborne said that he was freezing the level at which graduates pay back their debt at…

Wonga to try out 90-day loans

Wonga - remember them? Well, they're peering out from a cloud of trouble, fines, restructuring costs, and a lot of bad press, and looking to win customers over again with some new products. They're going to start testing a 90-day loan, so people can spread costs out over longer periods, and the idea is that…

The Money Shop owner looking at £15.4m customer payout

The owner of The Money Shop is going to be refunding £15.4m to 147,000 customers after the lender was investigated by the Financial Conduct Authority (FCA). It is owned by Dollar Financial UK, who as trade as Paydday UK, Payday Express and Ladder Loans. They are going to reimburse customers who have fallen foul of the way…

Sainsbury's drops cost of personal loans to 3.5%

Sainsbury's Bank have gone and hacked away at the interest rates for Nectar card havers for mid-sized personal loans. They've dropped it to 3.5%, which is very low indeed. This rate sees Sainsbury's undercutting Nationwide, M&S Bank, Cahoot, and First Direct, which were all the previous best-buys at 3.6%. There is a caveat of course, but it could…

Wonga: now serious and devoid of puppets

Wonga, after a hard year, are making a comeback and they've gone all serious and aiming their wares squarely at sensible, normal folk. The puppets are gone, replaced with a farmer, a dinner lady and a man who paints the lines on football pitches. They've decided that the new tactic should be aimed at Middle…

Mof  

Wonga to change their name?

Wonga to change their name?

Avid BW readers will know that Wonga is in a complete mess at the moment, and some fear that it could actually go under. They made a £37.3m loss in 2014. However, the payday lender might have a trick up their sleeve as they are weighing up a name-change as they look to replace their toxic…

Mof  

Deathwatch: Wonga

Deathwatch: Wonga

Wonga has dropped into the red, which will make any disgruntled ex-customers of theirs - especially those who received threatening, fake legal letters - hoot in derision. After a host of scandals, the company have been fined a number of times. New rules on payday loan companies are hammering the company, and advertising agencies have…

Mof  

Wonga to halve UK workforce

Wonga to halve UK workforce

Wonga have been getting it in the neck over all manner of things recently. There's been a clampdown on payday lending rules, as well as big payouts over sending threatening letters to customers from legal firms they'd made up. Then, the company that did their pensioner-based adverts said that they didn't want to work with…

Wonga are sending pensioners to Dignitas

Wonga's gang of wrinkly OAP puppets are having a pillow pressed against their faces, which means the payday loan company are going to have to find a new gimmick to help them sell debt to everyone. It isn't Wonga's decision though, as Albion - the company that came up with loan laden nana - have…

Wonga won't be facing criminal investigation for sending fake legal letters

Remember when Wonga sent out a load of fake legal letters to frighten their own customers for money? Well, they won't be facing a criminal probe, because the City of London Police said that, after giving the whole thing a 'thorough review', they decided that 'there is not sufficient evidence to progress a criminal investigation'. The…

Wonga cap loan rate all by themselves

Wonga have capped the costs of their payday loans at the maximum rate of interest allowed by the FCA. You may remember that, last month, the regulator said that they were introducing a cap of 0.8% and rules would come into play on the 2nd January. Well, Wonga have decided to implement these new rules…

£6,300 refund from Northern Rock anyone?

Roll up, roll up as thousands of borrowers are all set to get a very nice bonus from Northern Rock after the High Court in London ruled against them. Over 40,000 loan applicants are looking refunds after a legal test case questioned the wording in past loan documents, which means that there's going be be…