Wonga Claim Update 2020
Wonga have been in the news for all the wrong reasons over the last couple of years. They famously collapsed back in 2018, and since then it’s their administrators who have been dealing with the thousands of compensation claims from borrowers who believe they were missold their payday loans. It’s all pretty confusing stuff! Hopefully this Wonga claim update 2020 will answer some of the most commonly asked questions.
As a payday loan company, they were never the best option for people wanting to borrow money. But, as we know, people do desperate things during desperate times. Unfortunately, these types of loan providers can be the only option left for people who desperately need to find a sum of money in a hurry.
Claims for compensation from Wonga are no longer being accepted. However, if you believe that you have been missold a loan in the past, then you can use this guide from Money Saving Expert.
Wonga Claim Update 2020
In the last few days, administrators Grant Thornton have confirmed that Wonga compensation claimants will only receive 4.3% of the value of their total approved compensation claim. This is a real kick in the teeth for people who have been expecting to receive their full compensation amount.
What this Wonga Claim Update means
In real terms, this 4.3% means that for every £100 of your approved compensation, you’ll only actually receive £4.30.
What to do if you haven’t received the Wonga Claim Update email
If you haven’t yet received an email and you are expecting a compensation payment, then you can contact the administrators directly by emailing customercare@wonga.com or calling them on 020 7138 8330.
When will Wonga claim be paid?
This is perhaps the question on everybody’s lips. And the one that you’re most looking for the answer to.
Wonga’s administrators have said that payments will be made over the “coming weeks”. Whilst this isn’t particularly helpful, it does mean that you can expect to receive your payment sooner rather than later. As yet, I haven’t seen any reports of any payments being received from Wonga’s administrators. If you have received your payout, please let me know.
What will happen to Wonga loans?
Payments for Wonga loans are no longer being accepted. But what does this mean for the remaining balance of your Wonga loan?
The remaining debts will not be written off, but the administrators have stated that they will not be passed over to another provider either. This means that whilst you may not be required to pay off any outstanding amount, the debt will remain on your credit record for six years from the date of your first default. You can find out when this is by checking one of the free credit checkers.
If you had a successful compensation claim, but you still had an outstanding amount left to pay on your Wonga loan, then your compensation payment will be used to make payment towards that outstanding debt.
