Who is wonga owned by

This article is more than 3 years old. Justin Welby says church has decided not to participate in buyout of payday lender.

The archbishop of Canterbury, Justin Welby, has been in talks all week with financial investors. Wonga was bad, says Michael Sheen. But even worse lenders could now move in. Wonga had already been struggling following the introduction by regulators in of a cap on the interest it and others in the industry could charge on loans.

But a cap on the fees claims management firms can charge in PPI complaints and an approaching August deadline to submit those claims have driven many to shift their focus toward payday loans, Marshall said. Wonga is not the only payday lender to be hit by an increase in complaints since N and operates brands including QuickQuid and Pounds to Pocket, has also seen a significant increase in complaints since Hours before confirming their collapse, Wonga announced it had stopped taking new loan applications.

A statement on Wonga's website read: "While it continues to assess its options Wonga has decided to stop taking loan applications. IF you think you are owed compensation from a payday lender then here's how to claim according to Money Advice Online:.

You'll need to prove that you couldn't afford to take out the loan, so look at your bank statements from the time that you took out the loan and look to see if you could have been able to pay back the loan, as well as pay your rent, bills and other debts. If you took out more than one loan close to each other then this indicated that you couldn't really pay it back.

Make a list of the loans you took out, when. Log in to your online account with the lender to double check the paperwork.

Write detailed letters or emails to each lender, citing "unaffordable loans" and ask for a full refund of the interest and charges you paid, plus the 8 per cent Ombudsman interest on top. Wait up to eight weeks for the reponse. If you're not happy with the answer, contact the Financial Ombudsman. Four years ago, the city watchdog, the Financial Conduct Authority, ordered doorstep lenders like Wonga and Quick Quid to compensate borrowers who slipped into more debt as a result of irresponsible lending before a cap was brought in in