Wonga has to make immediate ‘significant' changes to its affordability assessments and will write off over 300,000 loans following an investigation by the Financial Conduct Authority (FCA).
Wonga's 2013 results are expected to show a 40 per cent fall in pre-tax profits from £84.5m to £50m, a report from Sky News has claimed.
An unhealthy credit report is a common financial conundrum for many people at some point in their lives. James Benamor of Amigo Loans has five tips to help you remedy the situation.
The Financial Ombudsman Service (FOS) has received over 10,000 complaints since the start of the year about payday loan brokers taking money from consumers' accounts without providing a loan.
The average estimated student debt has increased 14 per cent from last year and now stands at more than £19,000.
Three quarters of students who have applied to start university this year plan to study a vocational subject like nursing or engineering, according to research from HSBC.
Even a small interest rate rise could put the record number of people choosing to deal with debt via individual voluntary arrangements back in danger, accountants warn.
The Financial Conduct Authority (FCA) has proposed restricting the amount borrowers using payday lenders can be charged in interest and fees, in a move which estimates suggest could cost providers £420m in revenues.
Less than half of Brits know that banks penalise consumers for repaying personal loans ahead of schedule, according to new research.
Ocean Finance enters the credit card business; HSBC offers students a £3,000 interest-free overdraft; A raft of providers increase their NISA rates.
High street banks are using Wonga-style bullying letters to chase customers for payments.
The City of London Police is to consider further action against payday loan firm Wonga following its misleading legal letters scandal.
Whether you are looking for credit to make vital home improvements or pay for a holiday, you will probably have two main options: take out a personal loan or apply for a credit card.
The news of Wonga's questionable practices this week has once again shone a spotlight on the lack of responsible loan options on offer to struggling adults.
A lack of price competition could be adding £5 to £10 to the average cost of a payday loan, according to the industry watchdog.
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