The announcement that high cost credit provider Wonga has gone into administration is a sign that the Just Finance Foundation's work is having a real impact. The rates charged by Wonga for their loans have been one of the criticisms of the Archbishop of Canterbury, Justin Welby, who wants to see a fairier credit landscape for all. In 2013 he announced the church would compete Wonga out of business by supporting more ethical credit unions.
Canon Paul Hackwood, Executive Director of Church Urban Fund and Trustee of Just Finance Foundation says:
'Today we are seeing the result of the much-needed tougher financial regulations starting to bite. The Just Finance Foundation (JFF)- the Archbishop's charity focused on fostering a fair financial system- is working to promote financial health, of many struggling with debt right across the social spectrum, and particularly among those for whom making ends meet is a daily struggle.'
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