Church of England pulls out of Wonga rescue effort

Justin Welby says church has decided not to participate in buyout of payday lenderThe Church of England has pulled out of an attempt to buy the loan book of the collapsed payday lender Wonga following a week of talks led by the archbishop of Canterbury, Justin Welby, aimed at protecting the interests of vulnerable borrowers.The move creates fresh uncertainty for around 200,000 borrowers who could now be forced to pay back their debts at high rates by a commercial lending firm. Continue reading..