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.
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.
British consumers collectively have nearly £139bn in unsecured debts, according to a report from MoneySuperMarket.
Nearly one in five UK adults have taken on a second job to cope with the spiralling costs of running a household, research has revealed.
The UK's peer-to-peer lending sector (P2P) increased by 121% during 2013, new data shows.
Tesco Bank has reduced the interest rates on loans between £7,500 and £15,000.
The Financial Conduct Authority (FCA) has set out how it plans to regulate the consumer credit sector, including plans to restrict what payday lenders can say in adverts.
Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...
Payday loan companies routinely fail to treat their customers fairly and often encourage those struggling to repay the debt to extend their loan, according to the Citizens Advice Bureau.
Finding it difficult to get to grips with credit card lingo? Our jargon buster is here to help.
It's that time of year again to get your financial affairs in order.
Increasing numbers of people are struggling to cope with the burden of debt, regardless of their pay packet and social standing.
One in four credit card holders have no idea what a credit rating is and how it affects them, despite using plastic to cover the cost of purchases.
Brits blow a whopping £6.2bn on things they don't need or rarely use such as fitness equipment and doughnut makers.
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