Not so much Wonga

Controversial payday lender Wonga has announced a £37.3 million pre-tax loss for 2014 – almost completely reversing the £39.7 million profit they made in 2013. The largest UK payday lender, Wonga has been forced to overhaul its business following a crackdown on the industry by the UK regulator, the Financial Conduct Authority (FCA).

Why some debt is good debt

When it comes to your credit rating, some debt is good debt. Of course, it has to be the kind of debt which is easily kept under control, but having a ‘thin’ credit file can end up making life difficult for you.

Payday lenders slammed for ‘unacceptable practices’ by FCA

Payday lenders have been slammed by the UK regulator for failing to treat customers in arrears fairly by using ‘unacceptable practices.’ The Financial Conduct Authority (FCA) has concluded a year long thematic review of the sector and says it found ‘serious non-compliance and unfair practices’ in every firm it investigated.

Why some debt is good debt

When it comes to your credit rating, some debt is good debt. Of course, it has to be the kind of debt which is easily kept under control, but having a ‘thin’ credit file can end up making life difficult for you.

FCA clamps down on payday lenders

The Financial Conduct Authority has clamped down on Britain’s payday lenders with a series of measures designed to put an end to ‘spiralling payday debts.’ The UK regulator has introduced a new price cap plan which includes both interest and fees.  The new measures will come into force in January.