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.
Wonga writes off £220 million of debt
Pay-day lender Wonga will write off £220 million owed to it, but the company will only feel the loss of £35 million as the rest is interest on the debts of the 330,000 customers.
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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.