Lender Wonga has long faced criticism for its high interest rates and debt collection tacticsGet money updates directly to your inboxSubscribeSee our privacy noticeThe company has lined up administrators and said it’s “considering all options” after reporting a rise in compensation claims relating to unethical lending in 2014.It comes just weeks after shareholders pumped million in a bid to save the payday business from going bust.Wonga has faced a barrage of criticism over the high interest it charges on its loans over the past few years, with the firm being accused of targeting those who are especially vulnerable.One man told us his friend took his own life after the firm emptied the 18 year old’s bank account leaving him penniless in 2013.”It’s just a shame it’s affected so many people” Wonga ‘on brink of collapse after mass compensation claims’The problem with payday lendersPayday loans are designed to tide you over until payday. The problem is that interest rates are often so https://www.replicabagonline.com high that the borrower is unable to keep up with repayments.Earlier this year, a report by comparison website Cash Lady identified NHS staff, council officials and gig economy workers among the most regular applicants for emergency payday loans. In the UK, around 300,000 people a month take out high cost short term credit.Last year, The Advice Trust told a parliamentary inquiry into payday loans that “when young people reach 16 to 24 and are thinking about borrowing, they are more likely to go for high cost credit than the mainstream alternatives”, purely because the marketing was so “slick” and the online experience so easy.Sarah Jayne Clifton, director of the Jubilee Debt Campaign, said the figures showed “we need the government to take urgent action, not only to rein in rip off lenders, but also to tackle the cost of living crisis and cuts to social protection that are Replica hermes driving people towards the loan sharks in the first place.”The surge in Wonga complaints(Image: PA)Earlier this month, Wonga said its struggles were due to a “significant” increase industry wide in people making claims in relation to historic loans dating 2014.The lender blamed claims management companies for the rise, but said it was making progress against a transformation plan set out for the business.Wonga said the number of complaints related to UK loans taken out before 2014 had “accelerated further”.In 2014, the firm introduced a new management team and wrote off million worth of debt belonging to 330,000 customers after admitting offering loans to people who could not afford to repay them.The FCA said Wonga had not taken adequate steps to assess customers’ ability to meet repayments in a sustainable manner.It put forward interest waivers and the lender was forced to write off debts for thousands as a result of talks with the regulator.
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