The Church of England has eliminated purchasing the loan book of failed UK payday lender Wonga to be able to protect borrowers.

Wonga – which made short-term loans at high rates of interest, becoming the UK’s biggest lender that is payday went into administration final month, after a huge number of payment claims from clients and tougher federal federal government guidelines when it comes to sector. Its assets consist of that loan book worth around £400m (€450m).

Church leaders came across charitable fundamentals along with other investors this week to go over a buyout that is potential.

In a statement released on 21 September, Church Commissioners for England – which runs the church’s investment profile – said it could maybe perhaps maybe not take part, “having determined that they may not be because in a position as other people to just just simply take this forward”. Continue reading →