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Wonga.com, also known as Wonga, was a British payday loan firm that was founded in 2006. The company focused on offering short-term, high-cost loans to customers via online applications, and began processing its first loans in 2007.
Jan 30, 2020 · Former customers of the collapsed payday lender Wonga have been offered only 4.3% of the compensation they are owed for mis-sold loans. The FCA said it could not cover payday loans under the Financial Services Compensation Scheme.
Feb 27, 2019 · The Treasury Committee criticises the lack of protection for customers who may have been mis-sold loans by the payday lender that went into administration last year. Many have given up hope of getting compensation, while Wonga blames a surge in claims for its failure.
Sep 30, 2019 · Payday lender Wonga mis-sold loans to hundreds of thousands of people who will only receive a fraction of the compensation payments they are owed.
Aug 31, 2018 · Payday lender Wonga has collapsed into administration, bringing down the curtain on one of Britain’s most controversial loans companies. The firm’s collapse has put 500 jobs at risk and comes ...
Oct 9, 2019 · Wonga administrators have reportedly said only £41m has been put aside for the compensation claims from hundreds of thousands of customers who were missold loans by the company. The collapsed payday lender had planned to sell its loan book to the Church of England, but the deal was scrapped.
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Controversial payday loan provider Wonga has announced that it is to go into administration. A prolonged government crackdown on the sector, as well as a raft of compensation claims from customers, had diminished the company’s financial viability.
