Mis-sold Wonga customers have been legally robbed.
Over 350,000 former Wonga customers, who were mis-sold payday loans, have received letters telling them they’ll receive a paltry 4.3% of what they were owed after it went into administration.
So, this is a wake-up call for anyone who may have been mis-sold a payday loan – DON’T WAIT to check if you’re due £100s or 1,000s, or it could be too late…
Why have Wonga customers received so little?
Wonga customers who were awarded payouts having been mis-sold their loans, are only getting 4.3p per £100 owed. In other words, due £2,000, get just £86.
I and others long campaigned for payday loan regulation, but when it came in 2015, that was far too late. These vultures had preyed on and profited from the vulnerable with impunity for years. Then when regulation finally came, enabling people to reclaim, some of these international firms declared their UK arms bust, so they weren’t liable, likely leaving some of the founders sitting on cushions of cash powered by usurious profits.
Yet ultimately, legally, UK Wonga doesn’t exist anymore – it’s a dead company. So (oversimplifying a touch) the administrators simply add up its assets and share them among those it owed money to – including those due mis-sold money back. Ultimately, I suspect the only thing you’ll be able to do now is spit, swear, stamp your feet then get on with life.
If you’ve been mis-sold put in a claim urgently.