Wonga offers short term high cost credit (STHCC) loans at interest rates starting at over 1,200% per annum, became aware of a problem last week but did not realise until Friday that data could be accessed externally. It alerted the authorities and started to contact borrowers offering a dedicated customer services phone line for those affected.
Wonga said it was “urgently investigating illegal and unauthorised access” to the personal data of some of its customers in the UK and Poland; It is understood that the breach could affect up to 270,000 current and former customers.
The company would not disclose where the breach had taken place.
If you are travelling in the EU then make sure you have a current EHIC – European Health Insurance Card. These are free, you can apply yourself and should not pay an agent to obtain it for you. Learn more and apply using the official site here.
It said some of the poorest people in the UK are being charged interest rates of up to 94% a year to buy TVs or washing machines.
The All Party Parliamentary Group on Debt and Personal Finance now wants the regulator to take action.
First, Carney suggested base rate would edge up in small increments over the mid-term, so barring any massive hiccups to the system we don’t expect rampant rate rises. Second, as a borrower it depends if your loan is fixed or variable.