No criminal inquiry over Wonga letters.
POLICE have ruled out a criminal investigation into payday lender Wonga over the scandal in which it chased customers with fake legal letters to pressure them into paying up.
City of London Police said that, after a "thorough review", it has concluded "there is not sufficient evidence to progress a criminal investigation".
Last June, Wonga agreed with the Financial Conduct Authority (FCA) to pay PS2.6 million in compensation for the letters it sent to 45,000 consumers from non-existent law firms. It has also emerged thousands who are in line for a payout are yet to receive their compensation offer from Wonga.
About three-quarters of the 45,000 people impacted have received their compensation offers so far and the company expects that the remaining quarter will have received their offers by April this year.
A Wonga spokesman said: "Our focus remains on putting things right for customers affected by this historic issue."
Wonga is Britain's biggest payday lender, with more than one million active customers. After the compensation announcement was made last summer, City of London Police confirmed it would reassess whether Wonga should be subject to a criminal investigation.