Wonga is offering write-offs to 375,000 of its current customers because its affordability assessments have been inadequate. This was agreed with its regulator, the Financial Conduct Authority (FCA) and announced on 2nd October 2014. Wonga has agreed to make significant changes to its business immediately to try to prevent these problems happening in future. Who is being compensated? The … [Read more...]
Articles about Wonga
Wonga used to be Britain's largest payday lender. It went into administration in August 2018. Around 400,000 customers had their affordability complaints upheld, but only receive 4.3p in the £ of the refund they should have had. The company was finally dissolved in December 2020.