Payday loans, which charge indefensible interest rates, are a dubious line of trade at the best of times and thousands of people are dependent on them. But debates about whether the rates are reasonable or the marketing is fair now seem academic. Sending out fake letters purporting to be from a law firm is simply illegal. Used against people in financial trouble, it is a vile practice.
In a further stunning revelation, boss
We should remember these practices occurred during Wonga's years of fastest growth. Its success as a business, which has made multi-millionaires of its founders, is built on an attitude and a culture that showed contempt for customers and a ruthlessness that led some staff to think it was part of their job to illegally intimidate borrowers.
As for the victims, they will receive a small compensation payment. Many are probably short of money and might be thankful for small mercies. But one wonders how Wonga founder
Perhaps he would also be grateful for compensation of a few pounds. Or would he reach for his chequebook and pay a City law firm to sue for millions?
MEANWHILE, the difficulty that any company has in eradicating a poisonous culture has been shown once again by
In essence, the
Despite what I believe is a genuine desire on the part of
If 'St Antony' is having trouble cleansing
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