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 Wonga) to purchase the debt portfolio of the Church of England (CoE, the payday loans company that recently went into administration. Field expressed concern that administrators would sell the Church of England (CoE’s loans cheaply to debt recovery businesses. The CoE, which sold its indirect investments in the Church of England (CoE 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.