Embattled payday lender Wonga yesterday announced the appointment of Latvian insurance expert Tara Kneafsey as its UK consumer loans managing director in a bid to clean up its image.
Wonga has been bringing in new management, including new chairman Andy Haste, who joined in July following anger over its sending of threatening letters to customers from non-existent firms appearing to be law firms.
Kneafsey, who will take up her post later this year, will be in charge of leading Haste’s review of Wonga’s customers to make sure it lent to people who could reasonably afford to make the repayments on loans which had an average APR of 5,853 per cent. Haste said: “Tara…will be instrumental in returning Wonga to its original vision – providing short-term loans to the right customers in a responsible and transparent way. Her appointment marks a major step in the changes we are making to the group.”