Reposted from the Indepedndent
I’m glad that the Financial Conduct Authority (FCA) have finally grown a pair and are sorting out these payday loan companies.
As far as I am concerned, Wonga, along with many other payday loan companies are barely legal
These firms play on the fact, that most people who take out these type of loans are not aware of their legal rights, the main one being :-
If you ever receive a so called debt collection/recovery letter purporting to be from a solicitor or firm of solicitors, then visit the Solicitors Regulatory Authority (SRA) where you can check if the solicitor/firm is genuine.