Wonga to write off £220 million

In a pretty one-side article, Techcrunch reports Wonga has written off the loans of 330,000 customers and forgave debt for another 45,000.  The FCA (Financial Conduct Authority), which sounds a lot like the British version of the CFPB, came down hard on Wonga for what they allege providing loans that borrowers could not adequately pay back.

Personally, does not make a lot of sense.  This logic would invalidate the majority of people that carry credit card balances.

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