Wonga Chief Defends Company Practices

The chief operating officer of payday loan company Wonga has defended its practices as it released a film telling the stories of 12 of its customers.

Niall Wass told Sky News that Wonga decided to make 12 Portraits to dispel the "negative" image of the company, as MPs prepare to grill three payday loan companies as part of a crackdown on the short-term lending sector.

The film was made by an independent director who picked 12 customers from the company database and followed their decision to take a loan from Wonga.

He said: "We felt the need to release it because we felt that the voice of the customer, really the silent majority of people using our service, was not being heard.

Wonga will appear with two other lenders in front of MPs later on Tuesday

"Generally you hear a lot of criticism about our service out in the media and actually the super positive stories that we see every day from our customer feedback are not being heard, so we wanted to redress that balance and allow their voice to come out.

"We didn't think it was fair the characterisation of some of our customers, so we want people to reconsider, judge for themselves have a look at our site have a look at those videos and see what you think."

Representatives from Wonga, QuickQuid and Mr Lender - three of the largest payday lending firms - will appear before the Business, Innovation and Skills Select Committee on Tuesday.

MPs are expected to follow up on a damning report by the Office of Fair Trading (OFT) that found "deep-rooted" problems in the way payday loans attract and treat customers.

Lenders have come under intense scrutiny from the Competition Commission and the Financial Conduct Authority (FCA) since the report was published in September.

New curbs proposed by the FCA in October will force lenders to place "risk warnings" on promotions and advertising, urging customers to "think" before taking out a payday loan.

Representatives from Which? and the Citizens Advice Bureau will also address the committee.

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