Why does Wonga finally call it quits?

In the end, it just ran out of money, and an infusion of more from its investors only sped up the bleeding and Wonga was hit with costly complaints. Wonga was required by the FCA to appoint an administrator, but according to most reports, final authority on the decision was left to the Wonga board.

Do I still have to pay my Wonga loan back?

You should continue making your payments to the loan as normal. The administration process won’t affect the repayment term of your loan and if you miss payments you’ll be subjected to the firms standard debt collection process. If you have any questions, you can contact Wonga on 0207 138 8330.

What happens to my Wonga loan?

Your loan won’t be written off… It will still need to be repaid. In fact, your repayments will continue exactly as before until the loan is cleared in its entirety. While Wonga itself is no longer a going concern, the administration firm – in this case Grant Thornton – are in charge of managing its affairs.

How do I pay my Wonga account?

If you have the funds to repay your loan early, you can do so in a few simple clicks at any time of day or night. Just log in and follow the brief instructions. We’ll take the current balance right away and confirm the loan is settled. Alternatively, you are welcome to call our customer service team on 0861 966421.

What was Wonga’s APR?

Wonga displays a representative interest rate of 5,853% APR on its website. While it charges a 1% simple interest rate, the representative APR includes all other fees in order to provide a more accurate estimate of actual costs incurred by a borrower.

What happens if a payday loan company goes bust?

A company goes into administration when it has serious cashflow problems and becomes insolvent. If a creditor goes into administration, they’ll no longer offer new credit. However, if you owe money to them, any existing debt will still need to be paid.

Can payday loans send bailiffs?

Bailiffs need to provide you with at least 7 days’ notice of their first visit. Bailiffs DO NOT collect debts, such as payday loans, credit cards or overdrafts unless the creditor has taken you to court and got a County Court Judgment (CCJ) and you have failed to pay it.

Is Wonga a bust?

PAYDAY loan giant Wonga has gone bust after a £10million emergency cash injection from shareholders failed to keep it afloat.

Does Wonga loans still exist?

Despite an emergency cash injection from shareholders to prevent it becoming insolvent, the firm fell into administration on 30 August 2018, with Grant Thornton appointed to wind down the business, sell assets and identify creditors.

How much compensation will Wonga customers get?

People who were mis-sold loans by the payday lender Wonga have been told that they will receive just 4.3% of the compensation they are owed. Administrators have begun informing around 400,000 claimants by letter, some of whom have reacted in dismay.

How do I contact Wonga?

Call us on 0861-966-421, email us on [email protected].

Which bank does Wonga use?

We are only able to send cash to ABSA, Capitec, FNB, Nedbank and Standard Bank.