article_snippet.sent: ’s biggest payday loans firm, today revealed It racked up a £37.3million loss last year following a significant reduction in UK consumer lending while It attempts to clean up It tarnished image.
article_snippet.sent: Revenues declined to £217.2million in the period, down by almost £100million.
article_snippet.sent: Last year it took a £35million hit from writing off debts worth £220million owed by more than 300,000 customers.
article_snippet.sent: it was also ordered to pay £2.6million in compensation after sending fake legal letters between 2008 and 2010 to 45,000 customers who had fallen behind on their repayments.
article_snippet.sent: A charge of almost £20million will be incurred by the firm to cover compensation as well as legal and administrative costs.
article_snippet.sent: This will not be reflected in the figures released today, which cover last year.
article_snippet.sent: But the losses will include redundancy pay-outs, as Wonga is halving Wonga UK workforce, with the loss of 325 jobs.
article_snippet.sent: Today’s figures showed a slump in customers, after Wonga stricter affordability checks in October – ahead of changes enforced by the FCA in January.
highlights_snippet.sent: It comes as Wonga today revealed a £37.3million loss for last year .
  