02/10/2014
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place.
Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Borrowers who are experiencing financial difficulty, should contact Wonga to discuss their options.
Clive Adamson, Director of Supervision, said: "We are determined to drive up standards in the consumer credit market and it is disappointing that some firms still have a way to go to meet our expectations. This should put the rest of the industry on notice – they need to lend affordably and responsibly."
(CD/IT)
Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Borrowers who are experiencing financial difficulty, should contact Wonga to discuss their options.
Clive Adamson, Director of Supervision, said: "We are determined to drive up standards in the consumer credit market and it is disappointing that some firms still have a way to go to meet our expectations. This should put the rest of the industry on notice – they need to lend affordably and responsibly."
(CD/IT)
Related UK National News Stories
Click here for the latest headlines.
30 September 2014
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
Profits Plunge For Payday Lender Wonga
Payday lender Wonga has announced its profits have fallen by more than half. It said in the year to end of December 2013, its profits fell by 53%, to £39.7m. The firm put the loss down to "remediation costs". In other words, money it had to pay back to customers as a result of the firm's own errors. In June 2014, the firm was ordered to pay £2.
25 June 2014
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
Payday Loan Firm To Pay £2.6m For Fake Legal Letters
Payday lender firm Wonga is to pay customers over £2.6 million for unfair and misleading debt collection practices. The Financial Conduct Authority said around 45,000 customers in arrears were sent letters from non-existent law firms threatening legal action.
08 October 2014
ASA Ban Wonga Advert
A television advert by payday loan company Wonga has been banned by the Advertising Standards Authority (ASA). It is understood that the Citizens Advice Bureau lodged a complaint over the ad, claiming that it breached regulations by not revealing the loan's interest rate.
ASA Ban Wonga Advert
A television advert by payday loan company Wonga has been banned by the Advertising Standards Authority (ASA). It is understood that the Citizens Advice Bureau lodged a complaint over the ad, claiming that it breached regulations by not revealing the loan's interest rate.
26 July 2013
Church Of England Investment Funds Used For Wonga
It has been revealed that the Church of England invest indirectly in online loan company Wonga. It follows the news yesterday the Archbishop of Canterbury had set out a battle plan to try and force Wonga out of business.
Church Of England Investment Funds Used For Wonga
It has been revealed that the Church of England invest indirectly in online loan company Wonga. It follows the news yesterday the Archbishop of Canterbury had set out a battle plan to try and force Wonga out of business.
25 July 2013
Church Of England Go Into Business Against Wonga
The Church of England is set to go to battle with online payday loan company Wonga. The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.
Church Of England Go Into Business Against Wonga
The Church of England is set to go to battle with online payday loan company Wonga. The Archbishop of Canterbury, Most Reverend Justin Welby, has announced a plan for the CoE to expand credit unions as an alternative to payday loan vendors.