Wonga goes into administration - what it means for you & Martin Lewis's view

Former_MSE_Callum

News article updated.



Wonga goes into administration - what it means for you & Martin Lewis's view...

Read the full story:
'Rumours about Wonga's future swirl - what you need to know'

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chanz4

Just remember, those that have used in the past you options will become more limited so not all good news.

twhitehousescat

wonga are NOW in administration

robin58

Just to think that in 2012 this multinational company considered floating on the stock exchange for $1 billion dollars.

As they say, how the mighty has fallen.

big_saver35

Does anyone know what this means for people with currently ongoing compensation claims?

Willing2Learn

It means you, as a creditor, will go to the back of the queue….there will be other high priority creditors who will get their share first...

D_M_E

Wonga administration: this is my take -

1. If you are trying to claim off them via a claims managemet company then read the terms and conditions of the company and see what you have signed up for - no win no fee or a fixed percentage of any winnings or a fixed fee payable to the CMC, so check and check again what you have to pay, nothing or a lot of money.

2. Any loans pending and not yet granted - would expect these to be cancelled.

3. Ongoing loans - these should continue to be paid BUT if they still have a lot of payments to be made then wait a week or two and try a full and final settlement offer of what you think the administrator would accept - since the administrator will want as much as possible in a short time they may well accept.

ceredigion

What ever happened to the concept of personal responsibility.

jimbo747

Not a fan of payday company's but love the fact by doing this they've given a big f*** you to all the chancers trying to claim compensation for their stupidity, greed and lack of responsibility. And as above, this could cost them even more depending on terms and conditions of these claims companies. Any claims company worth their salt would base their cost on the amount awarded not when the amount is paid.

[Deleted User]

chanz4 wrote: »

Just remember, those that have used in the past you options will become more limited so not all good news.

Totally. Nothing to throw a party over.

I have my bank finally offering help - of course, just when interest rates have gone up...(and when they would be really most silly too).

A home loans company with a leaflet at advertised 756.5% APR dropped off within last 3 months, a brand new pawn shop opened in my town in recent weeks, other lenders with a better marketing campaign and more of a presence over what was Britain's largest lender eventually - easy to see how time was up now but the need for those that were in genuine need won't go away.

I didn't appreciate W!nga were fined heavily by FCA for fake lawyer letters before the 2014 claims outrage. Oh well, hope it will say something for the lenders who stay until the bitter end.

twhitehousescat

robin58 wrote: »

Just to think that in 2012 this multinational company considered floating on the stock exchange for $1 billion dollars.

As they say, how the mighty has fallen.

or how the UK government closed down another whole industry


could call it a "miner" victory