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I have recently noted that the Wonga ads on TV no longer show the MASSIVE APR that is attached to their loans!

 

Should they show the expected APR on their ads? Is it legal to omit the APR? and if they are in default what can be done?

 

Legal folks please look in and advise!!

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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My complaint to the Advertising Standards Agency is as follows:

 

The most recent WONGA loans advertisements do not show any detail of the APR which will be applied to any loan. This is misleading to any potential client requiring a loan service. There must be a clear indication of any APR attached to any loan as is required on any credit agreement for bank loans etc.

 

The WONGA loan ads used to show the APR but for some reason this has now been removed and I believe this is in contravention of the ASA rules. Any unsolicited approach to individuals for credit agreements or loans should show the APR which will be attached to the product.

 

WONGA seem to be failing in their legal responsibility to advise prospective borrowers of the APR they can expect to be applied to any loan they sign up to.

 

The ADS should be removed from the media, amended to show the APR so consumers are aware of the MASSIVE interest rates that will be applied to any loan or better still banned from advertising such a derisory product during the current financial situation which is driving many to the point of desperation. I wonder if that is the reason the APR has been removed from the WONGA add?

 

They may see this as an opportunity to gain more clients without supplying the mandatory information to prospective clients. This surely is against the regulations of the ASA and should be stamped on immediately. Loan companies should not flout the law.

 

If a bank or building society etc attempted to get custom without advertising all the relevant facts on loan APR, Mortgage APR there would be a huge outcry and this should be the case with loan companies such as WONGA and many others.

 

Please check out the WONGA ads on TV and if they do not advise on the APR to be attached to their loans, tell them to change the ads or remove them. Thank you for allowing me to voice my complaint. I hope you will consider my complaint seriously and take the appropriate action against this loan company who seem to be flouting the law whilst advertising in what I consider to be an oppressive and illegal manner during the current climate of austerity.

 

 

This loan company along with others should in my opinion not be allowed airtime when people are struggling to make ends meet due to the current fiscal climate. These companies are basically legal loan shark companies being allowed to prey on those who are struggling to make ends meet and will have even more of a struggle if they sign up to loans with the likes of WONGA and Co.

Edited by citizenB
spacing

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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I seem to recall that these ads were targetted because of the way the "small print" was usually so tiny or obscured or flashed on and off the screen. I understood that it was necessary to include the APR.

 

It will be interesting to see the response from the ASA, aa :)

Edited by citizenB

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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This article dated January 2013. It seems as though PDL money shop has been

 

 

http://www.choose.net/money/guide/news/payday-money-shop-advertising.html

 

 

A payday lender has been censured by the Advertising Standards Authority (ASA) for failing to include its loans' high rates of representative APR in a recent TV ad.

 

 

Under regulations including the Consumer Credit Directive (covered here), advertisers must include a representative APR when offering borrowing to those who may have restricted access to credit products.

 

The ASA upheld the complaint and banned the advert from reappearing in its current form.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Here is the response from Advertising Standards Agency

 

"YOUR COMPLAINT ABOUT WONGA.COM LTD

 

Thank you for contacting the ASA. Our role as an organisation is to help ensure that advertising is legal, decent, honest and truthful. We can intervene if an ad that has been broadcast appears likely to be in breach of the UK Code of Broadcast Advertising by, for example, being likely to cause serious or widespread offence, being materially misleading or risking causing significant harm. How many suicides are required because of spiralling debt that there is no way out of??:-x

 

We note that you object to the advertiser not displaying the APR applied to their loans during the ads. We recently published an adjudication following an investigation into similar complaints relating to this aspect of Wonga’s advertising. These complaints were ultimately not upheld and it was determined that although we considered it desirable for ads for short-term high cost credit products to alert viewers clearly to what was on offer, we concluded that the ad was unlikely to mislead viewers by omission of material information concerning the rate of interest. If you would like to read the decision in full, the adjudication is published on our website here. The link came up error 404 not found...http://www.asa.org.uk/ASA-a_ction/Adjudications/2012/7/Wonga,-d-,com-Ltd/SHP_ADJ_165605.aspx

 

 

On the basis of this decision, we consider that the ads are unlikely to breach the Code for the reasons you suggest and we will not be taking any further a_ction on this occasion

 

I realise this may not be the outcome you were expecting, but thank you nonetheless for taking the time to contact us with your concerns. If you would like more information about our work, please visit our website, http://www.asa.org.uk."

 

Up against a brick wall it would seem. Until Laws are changed it seems we are stuck with legal reprehensible loan companies and Legal gambling ads. This will do a lot to pull the economy back from the brink!!

 

Rant over :shock::jaw:

Edited by alanalana
additional information added

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Link to post
Share on other sites

And the laws are unlikely to change for a few reasons. Especially with this government we have now who are more concerned with what big business wants to do, more than respecting the citizens and making sure they are not taken advantage of.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Thank you for the correct link :-)

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Link to post
Share on other sites

December 2012 - Newsletter

 

CAG Newsletter for December above, featured mostly PDL articles. Two of which are linked below. 1 - That PDLs might be capped - I do hope so and a map in the 2nd link showing what the rest of the world charge - were

 

http://www.consumeractiongroup.co.uk/forum/content.php?931-Payday-loan-rates-to-be-capped

 

http://videos.icnetwork.co.uk/m4/loanmap1.jpg - Map of the world showing PDL rates, almost all other countries have a cap on PDL rates.

.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Share on other sites

I agree, a very disappointing response from the ASA.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Share on other sites

People know my thoughts on why theres no cap set by the government. however theres no concrete proof as its done behind the scenes

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

Link to post
Share on other sites
December 2012 - Newsletter

 

CAG Newsletter for December above, featured mostly PDL articles. Two of which are linked below. 1 - That PDLs might be capped - I do hope so and a map in the 2nd link showing what the rest of the world charge - were

 

http://www.consumeractiongroup.co.uk/forum/content.php?931-Payday-loan-rates-to-be-capped

 

http://videos.icnetwork.co.uk/m4/loanmap1.jpg - Map of the world showing PDL rates, almost all other countries have a cap on PDL rates.

.

 

Hey CB we need a ban more than a cap. I see the legalised loan sharks are taking advantage if the current financial mess and targeting those less well off even more. Quite a despicable attitude IMO but they are not in the game for welfare JUST A MASSIVE PROFIT. These loan companies have no heart, no compassion, no understanding (oh yes profit) and most definately no conscience. (wikipedia "Conscience is an aptitude, faculty, intuition or judgment of the intellect that distinguishes right from wrong".

 

These organisations are the only ones that will have a survival rate in the current recession. Sad thing is they have no effect on the more affluent in our society only the less well off.

 

another rant over :censored:

 

aa

Edited by alanalana

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

Link to post
Share on other sites
People know my thoughts on why theres no cap set by the government. however theres no concrete proof as its done behind the scenes

 

Hey renegadeimp,

 

keep on posting and spread the word about these companies. Steer clear or suffer. There are better ways to survive.

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Share on other sites
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