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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, [2] and began processing its first loans in 2007. [3]
Aug 30, 2018 · Payday lender Wonga has announced its intention to go into administration after losing its battle to stay afloat. The company said in a statement that it had assessed all options and had decided...
- What Caused Wonga to Collapse?
- Will Outstanding Claims Still Be paid?
- What Happens to My Debts?
Earlier this month, the lender said its struggles were due to a “significant” increase industry-wide in people making claims in relation to historic loans. The rise came after a 2014 ruling by the Financial Conduct Authority that ordered Wonga to pay out to consumerswho had slipped into a worse financial situation as a result of irresponsible lendi...
Wonga is understood to have a backlog of claims from customers who say they are owed compensation due to misconduct. Now the company has gone into administration, former customers will join a queue of other creditors attempting to get their money back. It is not currently clear whether or not individuals would still get their compensation in the ev...
Any debts are, unfortunately, still real. Administrators will take over the day-to-day running of the company and your debt would be passed on from Wonga to the new owners. One way that the payday loan company could raise funds is by selling your debts onto a different company.
Aug 30, 2018 · Wonga, the UK’s largest payday lender that survived an industry cull, is to file for administration after it was overwhelmed by a surge in complaints from former customers.
Aug 30, 2018 · Payday lender Wonga has announced its intention to go into administration after losing its battle to stay afloat. The company said in a statement that it had assessed all options and had decided...
May 11, 2023 · Wonga has been hit by an unexpected surge in customer compensation claims linked to loans it made before 2014. That year, an FCA crackdown prompted Wonga to write off £220m in debts and interest for 330,000 customers. But claims management firms that are targeting payday lenders have set off a renewed torrent of complaints.
People who were mis-sold loans by the payday lender Wonga have been told that they will receive just 4.3% of the compensation they are owed.
