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    Wonga's Henry Raine And The Public Accounts Committee Can't Do Maths

    Henry Raine, head of regulatory and public affairs at the payday loans company, defended

    his business to the House of Commons Public Accounts committee, where he was grilled by

    chair and Labour MP Margaret Hodge on the effectiveness of consumer credit regulation.

    Raine said the company had handed out around six million loans, and 85% of people pay

    back on time.

    The MPs also struggled to work out how many late loans that would add up to, with Hodge

    suggesting one milllion, before the commitee settled on the correct number - 900,000.

    Wonga's representative insisted that the process was transparent, even for those with poor maths skills.

    "We want to show people what they will owe in pounds and pence, not APR. People can't calculate

    APR. I can't calculate APR."

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