Profits slump for UK payday lender Wonga

Controversial payday lender Wonga has reported a slump in profits as it counts the cost of a drive to clean up the image of the business.

Wonga said the 53% slide in profits to £39.7m in 2013 was in part due to a one-off charge in relation to a recent scandal over fake legal letters, which were used in order to chase struggling customers into paying up.