Archbishop of Canterbury to lead Wonga rescue effort

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Welby to rally non-profit group to try to protect borrowers after loan firm collapsed

The archbishop of Canterbury is to lead a not-for-profit attempt to buy the £400m Wonga loan book after the company collapsed under a welter of compensation claims, the Guardian can reveal.

The Most Rev Justin Welby will next week convene investors and charitable foundations at Lambeth Palace to explore a bid for the loans in an effort to protect about 200,000 borrowers who could otherwise be forced to pay back their debts at high rates by a commercial lending firm.

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