Pestel analysis for Wonga

Conservative ministers agreed to hold meetings with the controversial payday loans company Wong in exchange for payments to the party. Wong was censured for employing “aggressive and misleading” debt collection practices by the Office of Fair Trading earlier this year. Http://www. Telegraph. Co. UK/finance/personalization/borrowing/loans/9613729/Lola n- firms-Wong-buys-the-ears-of-ministers. HTML ECONOMIC Deed Mainland attacked Britain’s “Wong economy’ on Tuesday as he seized on payday enders as the latest target in his crusade against the cost of living.

The Labor leader said payday lenders were responsible for a “quiet crisis” that left thousands of families trapped in debt. The truth is, [Wong] wants us to stay silent about a company where in one year alone their bad debts reached El mom,” he said. “An industry where seven out of 10 customers said they regretted taking out a loan, with half saying they couldn’t pay it back. Http://news. Sky. Com/story/1164167/deed-mainland-takes-on-the-Wong-economy SOCIAL Wong prides itself on being quick and simple to apply, however this accessibility has perhaps opened the door to criminality.

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This was highlighted in a BBC Watchdog programmer investigating fraudulent withdrawals from bank accounts across the country. More than 800 posts mentioned fraudulent activity in relation to Wong during the past three months. Wong has a long history of attracting bad publicity. In early 2012 it was branded ‘morally offensive’ for targeting students. This led to a campaign by Money Saving Expert’s Martin Lewis.