New website to make claiming for mis-sold Wonga loans simpler - MSE News

MSE_Chris_D
MSE_Chris_D Posts: 31 MSE Staff
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Wonga customers will be able to claim for being mis-sold payday loans later this month by using a dedicated website set up by the failed company's administrator, Grant Thornton...
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'New website to make claiming for mis-sold Wonga loans simpler'
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  • System
    System Posts: 178,089 Community Admin
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    How can you claim from a company that has gone bust with insufficient assets to pay any compensation? Sure you'll win a claim but you'll likely never see a penny of it.
  • sourcrates
    sourcrates Posts: 28,825 Ambassador
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    If it’s been set up by the admistrator, then it suggests wonga may have had assets after all.
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  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
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    Tarambor wrote: »
    How can you claim from a company that has gone bust with insufficient assets to pay any compensation? Sure you'll win a claim but you'll likely never see a penny of it.

    https://en.wikipedia.org/wiki/Wonga.com:
    On 4 August 2018, the company received an emergency £10m cash injection from shareholders because it was at risk of becoming insolvent due to a surge in customer compensation claims. It went into administration on 30 August 2018 and Grant Thornton were subsequently appointed as administrators, to wind down the business, selling assets and identifying creditors. Compensation claims had increased fourfold to over 40,000 in March 2019, from 10,500 when entering administration.

    I'd guess much of the £10 million is available.

    And there was probably additional income from Wonga's loan book.

    The fact £10 million wasn't enough wonga to settle compensation claims suggests punters will only receive a small fraction of what they're entitled to.
  • antrobus
    antrobus Posts: 17,386 Forumite
    sourcrates wrote: »
    If it’s been set up by the admistrator, then it suggests wonga may have had assets after all.

    It certainly suggests that Wonga has sufficient assets to pay the additional administrator's fees for dealing with the anticipated deluge of small claims.

    Grant Thornton needs to make a few quid somehow.

    P.S. Wonga's assets are largely in the form of err, payday loans. :)
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