The payday lender Wonga has agreed with the Financial Conduct Authority to make changes to how it lends to customers.
This means that Wonga will need to make sure its loans are affordable and customers are able to pay them back before loans are taken out.
In addition, Wonga has agreed to put things right for customers where this has not happened. Wonga will:
- write off all debts for affected customers who are more than 30 days behind with their repayments
- ask affected customers who are fewer than 30 days behind with repayments to pay the loan back but without any charges and give them an option to pay it back over four months.
Wonga will contact you if you’re affected by 10 October. Everyone should continue to make payments as normal, unless you have been contacted by Wonga and asked to stop.