Wonga to write off the debts of 330,000 customers
Wonga is to write off the debts of 330,000 customers whose loans would not have been made under new affordability criteria being introduced by the pay-day lender.
Archbishop welcomes Wonga debt write-off plans
Archbishop of Canterbury Justin Welby has welcomed Wonga's decision to write off the debts of 330,000 customers whose loans would not have been made under new affordability criteria.
He said the move was an effort to put right some of the things that have gone wrong in the past and the finance industry should be "a good servant not a bad master". But the head of the Anglican Church said the major issue was to create a reformed financial system.
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Headaches and questions for Wonga after mass write off
Wonga, under Errol Damelin, was lending irresponsibly on an almighty scale, 375,000 people is larger than the population of Cardiff.
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Three questions Wonga now needs to answer
After the payday lender admits it failed to properly check potential borrowers, it now faces a challenge to regain customers' trust.