Does this mean they'll stop showing those TV adverts as well?
Payday lender cancels over $350 million in debt
The biggest payday lender in the U.K., under fire from regulators, says it is changing its ways: As a first step, it has forgiven over $350 million worth of consumer debt. Wonga will walk away from the debts and interest payments for roughly 330,000 customers who were getting behind on repaying their loans. Another 45,000 people will have the interest wiped off their loans and given more time to repay their debts. The move is part of an agreement with the country's financial watchdog to tighten lending standards and only give loans to those who can reasonably afford to pay them back. The U.K.'S £2.5 billion ($4 ... (full story)