Payday loan company was struggling under a welter of customer compensation claims
Wonga, the payday lender that became notorious for its extortionate interest rates and was a toxic symbol of Britain’s household debt crisis, has collapsed into administration after it was brought down by a welter of compensation claims.
Its collapse on Thursday leaves an estimated 200,000 customers still owing more than £400m in short-term loans. But borrowers were told to continue making payments and administrators are expected to sell Wonga’s loan book to another lending firm.
Related: Are you a Wonga customer? Share your experiences with us
Wongas customers need to be first in queue for protection for the administrators - and believe me amigoloans, Vanquis, Oakum et al...you are all in my sightline to hunt down… https://t.co/5EsOuBEas3
Related: Where did it all go wrong for Wonga?
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