Tweet
Payday lender Wonga says it will cut 325 jobs - over a third of its staff.
Wonga says 325 posts are set to go in teams that support the UK business, affecting offices in London, Dublin, Cape Town and Tel Aviv that currently employ a total of 650 people. The Dublin and Tel Aviv offices will close. Wonga's chairman, Andy Haste, said the business could no longer sustain its high-cost base.
Payday lenders have faced a slew of new regulation since last year.
Wonga is the biggest and best-known of the payday lenders in the UK, with one million active customers. The industry has run into a number of controversies in the past year including, in Wonga's case, the use of fake legal notices to chase outstanding debts. Police recently ruled out a criminal investigation into the company over the scandal, which saw 45,000 customers pursued in this way. The Financial Conduct Authority (FCA) took over regulation of payday lenders last April.....Read more here
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.