Wonga will write down 330,000 customersвЂ™ loan balances following the FCA found proof the payday loan provider had been failing woefully to acceptably evaluate customersвЂ™ capacity to fulfill repayments.
This year, the FCA requested information about the volume of WongaвЂ™s relending rates after taking over regulation of consumer credit in April. The regulator states the details it received recommended that Wonga вЂњwas perhaps perhaps maybe not using sufficient actions to evaluate customersвЂ™ capacity to fulfill repayments in a sustainable mannerвЂќ. Because of this, Wonga has entered right into a requirement that isвЂњvoluntary contract which will see it make significant modifications to its business structure. Continue reading “Wonga will compose down 330,000 customersвЂ™ loan balances following the FCA discovered proof the payday”