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.
