Everything you need to know now that Wonga has gone into administration:-
Q: I have a loan with Wonga, do I need to repay?
YES – it is important that if you have a Wonga loan you continue to make repayments in line with your agreement.
Even though Wonga has entered administration, your loan with them remains subject to the terms you agreed – failure to make payments could result in Wonga’s administrators taking action to recover the money you have borrowed.
Q: I had a loan with Wonga and have made a claim for compensation, will I receive any money?
We don’t know as yet. The administrators have said they will review the claims in due course. However, even if your claim is accepted, there may not be enough money to make a payment to you.
Q: I had a loan with Wonga or a loan with another Payday lender, am I entitled to compensation?
Some people have successfully raised complaints against Wonga and other Payday lenders and have received compensation/refunds.
You may be entitled to compensation if you can show that the lender did not treat you fairly when agreeing to lend you money, for example;-
- the lender did not tell you that a payday loan should not be used for long term borrowing or if you are in financial difficulty.
Also, if you’ve had problems repaying the loan, you can complain if your payday lender did not deal with you sympathetically, for example;-
- did not offer to freeze interest and charges
- pressurised you to extend the loan & did not explain how much this would cost
More information is available here:-