Loan Introducer
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog
  • Commercial
  • Residential
  • Secured
  • Short Term
  • Unsecured

Time: 0:0

Wonga writes off £220m

02 October, 2014

By: Robyn Hall

category: Short Term, Unsecured

0

Wonga has been forced to write off £220m in loan debt to 330,000 customers after consulting with the Financial Conduct Authority.

The FCA said Wonga was not taking adequate steps to assess customers’ ability to meet repayments after requesting information about its lending rates. The pair have now agreed an approach for remedial address.

The payday lender has introduced interim lending criteria while it is working to put a permanent lending decision platform in place. The FCA will also appoint a skilled person to monitor the Wonga’s new lending platform.

Clive Adamson, director of supervision at the FCA, 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.

“It is absolutely right that Wonga’s new management team has acted quickly to put things right for their customers after these issues were raised by the FCA.”

The 330,000 customers who are having their debts written entirely off were in excess of 30 days arrears, while a further 45,000 up to 29 days in arrears will be asked to pay off their loan balance within four months without owing Wonga any interest.

Wonga will notify customers on whether they are part of a redress scheme by 10 October, and customers should continue making payments unless they are told to stop by the firm.

The FCA will continue to work with Wonga to identify whether there is any other remedial action required in future.


Tags: FCA, Financial Conduct Authority, lending, loan, loans, Wonga

Recent News

Second charge lending up £13.4m

24 November, 2021

Selina Finance ups second charge LTV

22 November, 2021

Pepper Money completes largest second charge securitisation

18 November, 2021

Ryan McGrath exits The Loans Engine

03 November, 2021

Comments are closed.

Polls

Will the next six months see an increase in second charge business?

View Results

Loading ... Loading ...
BACK TO TOP

Blog

Morwell Pokies Opening Hours - 24 Pokies Casino No Deposit B...

20 August, 2021

  • 0

Uptown Pokies No Deposit Codes 2021 | Casinos related to Upt...

20 August, 2021

  • 0

The Top Online Pokies And Casinos In Australia | 5 dragons p...

20 August, 2021

  • 0

Tags

  • ‘The LM Experience’
  • £50m
  • 1st HomeLoans
  • 1st Stop Group
  • 247Moneybox
  • 360 Lifecycle
  • 75% LTV
  • 85% LTV
  • Aaron Noone
  • ABC
  • Abhai Rajguru
  • Access 4 Finance
  • Access4Finance
  • Accord
  • acquisition
  • Adam Tyler
  • Adelle Rhule-Martin
  • Adrian Moloney
  • Advertising Standards Agency
  • Advertising Standards Agnecy
  • Home
  • News
  • Latest Issue
  • Mortgage Rates
  • House Price Centre
  • Blog

© CEDAC Media Limited | Terms & Conditions

Advice to readers

While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.


© CEDAC Media: Our Privacy and Cookies Policy

www.mortgageintroducer.com
www.investmentinternational.com
www.homebuying.co.uk
www.propertywire.com
www.everyinvestor.co.uk

Close

Enter the site

Login

Password

Remember me

Forgot password?

Login