Readers will doubtless have heard that usurers Wonga have been sending out fake legal letters to victims of their greedily high interest rates of up to 5,853% per annum, to scare them into paying up, and charging some for the deceit.
The letters were revealed by the Financial Conduct Authority (FCA) and were claimed to be from “Chainey, D’Amato and Shannon” or “Barker and Lowe Legal Recoveries”, neither of which exist. As a result the FCA has ordered them to pay a paltry £2.6 million in compensation to those deliberately misled by the firm.
The treatment of its vulnerable customers by Wonga, who claim in their advertising, marketing and PR to be a responsible, fair and compassionate lender of “straight-talking money”, has attracted the attention of the police, who are considering a criminal investigation.
One beneficiary of Wonga’s activities, and its dirty money, is Blackpool Football Club, which it sponsors.