Wonga rebrand

Wonga has clarified it's position on ditching its name after the brand was tainted by a series of revelations.

Andy Haste, chairman of the payday lender, said overnight: "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"

Wonga announced yesterday that it would write off the debts of 330,000 borrowers who were behind on their repayments.

It had not checked properly whether they could afford the loans.

In June the lender was fined for sending debt collection letters emblazoned with the names of fake legal firms.