Have you ever taken out a pay day loan before? If you have, and it was through Wonga.com, we have some news that might just save your bacon. Wonga.com are to write off £220 million worth of debt, that has been accumulated by customers that were not assessed for affordability. After being likened by many to a "loan shark" due to their extremely high interest rates, and not receiving any payments back, because these borrowers cannot afford it, Wonga.com have come up with this astonishing plan.
For 330,000 people who are currently in arrears with their repayments, under the previous Wonga debt regulations, will have their debt written off. Approximately 45,000 customers in arrears will have interest frozen. Any Wonga borrower affected will be notified around the 10th of October.
Wonga are putting in place new regulations, to ensure any loan applicants can afford the actual debt repayments. Who knows, this might be the start for many other pay day loan companies, to follow suit.
Anyone that finds themselves in debt can seek impartial advice from National Debtline, here, and for residents of Scotland, here.
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