Frank ##croft , the independent MP and chair of the Commons work and pensions committee , has urged the administration of Canterbury to use the asset ##500 ( $ 10.14bn ) investment fund of the Church of finance ( CoE ) to purchase the debt book of Wonga , the payday loans company that recently went into administration . administrators expressed concern that administrators would sell Wonga ’s loans cheaply to debt recovery businesses . The CoE , which sold its indirect investments in Wonga some years ago , is considering the request . Field also asked Grant Thornton , which is leading the administration , to consider a church consortium bid for the loan book .
Frank Field, the independent MP and chair of the Commons work and pensions committee, has urged the Archbishop of Canterbury to use the £7.8bn ($10.14bn) investment fund of the Church of England (CoE) to purchase the debt portfolio of Wonga, the payday loans company that recently went into administration. Field expressed concern that administrators would sell Wonga’s loans cheaply to debt recovery businesses. The CoE, which sold its indirect investments in Wonga some years ago, is considering the request. Field also asked Grant Thornton, which is leading the administration, to consider a church consortium bid for the loan book.