Payday Lender, Wonga, face a colossal slump in pre-tax profits predating the scandal earlier this summer wherein the lenders misled customers by demanding repayment on loans taken out, threatened further legal action and even added charges to customers’ accounts to cover the administration fees for sending the letters.

It was today revealed that Wonga are to publish annual results for 2013 showing a pre-tax drop in profits from £84.5million to £50million in 2013.

Following an investigation by the OFT and FCA, Wonga agreed to pay £2.6million in redress to customers that received one of the lenders’ fake law firm letters.

If you are struggling making repayments on payday loans, or are concerned about contact from your creditors, contact our advisers today.