article_snippet.sent: The firm has been hit by new rules on payday lending, as well as being forced to pay compensation to customers who were sent fake legal letters.
article_snippet.sent: New rules introduced this year are designed to clamp down on the costs of payday loans offered by companies like Wonga.
article_snippet.sent: Experts have warned that up to 99 per cent of payday lenders could be driven out of business by the rates cap, although Wonga is considered likely to survive because of Wonga high profile.
article_snippet.sent: Payday lenders are now significantly restricted in the interest rates Payday lenders can charge .
article_snippet.sent: The UK's biggest payday lenders are threatened with being put out of business after a damning report by the Office of Fair Trading uncovers evidence of 'widespread irresponsible lending'.
article_snippet.sent: The OFT refers payday lenders to the Competition Commission for a full-scale inquiry, saying The OFT has found 'deep-rooted' problems.
article_snippet.sent: Payday lenders face a new inquiry to see how sympathetic Payday lenders are when customers struggle to pay back Payday lenders debts, the Financial Conduct Authority announces.
article_snippet.sent: June 2014: the Competition Commission releases provisional findings from the Competition Commission competition investigation and says that payday loan borrowers are paying around £60 a year over the odds because of problems shopping around.
article_snippet.sent: the Competition Commission suggests setting up an independent price comparison website for payday customers.
article_snippet.sent: From July 1, payday firms have to include risk warnings in television advertising.
article_snippet.sent: payday firms are also banned from rolling over a loan more than twice.
article_snippet.sent: the FCA proposes a cap on payday lending, meaning that from January interest and fees on new loans, including those rolled over, must not exceed 0.8 per cent for each day of the amount borrowed.
article_snippet.sent: The CMA announces plans that will force payday lenders to sell payday lenders products through impartial comparison websites as part of a new clampdown by the watchdog .
article_snippet.sent: The Competition and Markets Authority says payday lenders will have to put payday lenders deals on comparisons sites, as Wonga reveals plans to sack one third of The Competition and Markets Authority workforce.
highlights_snippet.sent: New cap on payday loan interest rates is set to damage company further .