Payday lender Wonga says it is putting in place new affordability checks and writing off debts for 330,000 customers.
The company, which has faced criticism for its debt collection tactics, says the new checks have been implemented after discussions with regulators.
330,000 customers whose loans would not have been made under the new checks will have their debts written off.
A further 45,000 customers will not have to pay interest on their loans.
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