Wonga “mulls rebrand” in wake of loan write-offs

Payday loan company Wonga is considering a rebrand and name change as it aims to limit damage after writing off more than 300 000 loans, according to reports.

According to City AM, Wonga chairman Andy Haste has said he “wouldn’t rule out” a name change for the company.

He says: “These announcements on writing off customers debt and strengthening affordability are the start of a programme of long-term change designed to make sure Wonga always lends responsibly and transparently.

“I wouldn’t rule out a name change in the future, but at the moment it’s about real, customer-focused change at Wonga that shows we have a role to play in financial services – not a new name.”

The City AM report claims the Wonga name could be kept only for some products rather than the group, or dropped entirely.

Following an investigation by watchdog the Financial Conduct Authority, Wonga has agreed to write-off loans to approximately 330 000 customers who are currently in excess of 30 days in arrears.

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