Outrage As Wonga Borrowers To Receive Tiny Amount Of Compensation

Some of those affected have branded it "disgusting".

Thousands of people owed mis-sold loans by defunct payday lender Wonga will get less than 5% of the compensation they are owed, administrators have said.

Nearly 400,000 eligible claims were lodged against the lender, which collapsed in 2018.

Wonga’s administrators, Grant Thornton, said they would be paying all unsecured creditors 4.3% of their agreed claim over the next four weeks.

Those who took out money with the payday lender have expressed outrage and frustration at the funds they are now due to receive.

@GMB £484.30 I’m owed from Wonga.. My actual offer !!! £20.88 🤬 Absolutely shocking

— Col (@Col82x) January 30, 2020

So let me get this right when a huge corporate company like wonga illegally obtains money from someone they only have to pay 4% back? Anyone wanna start a company with me and legally steal money from the poor? #reverserobinhood #wonga

— Ted Betts (@TedBetts) January 29, 2020

Wonga OWE ME £2354! Imagine if I owed them that! Would it be ok to pay them less than 200 quid back? It’s disgusting

— sineadovoxo❄️ (@sineadreanne) January 29, 2020

Wonga had faced a barrage of criticism over the high interest it charged on loans and was accused of targeting those who were most vulnerable.

In 2014, the firm introduced a new management team and wrote off £220m worth of debt belonging to 330,000 customers after admitting making loans to people who could not afford to repay them.

Just had an email regarding the #Wonga #refund - 4.3p in the pound from an 11k claim! Utterly disgusting to say the least

— Ross Ferguson (@RossFerguson) January 29, 2020

Me: "Ooo, My #Wonga compensation Email has arrived."

Wonga Compensation Email: pic.twitter.com/4WfoZiNmSH

— Alexander Jones 🇬🇧 ❤️ 🇪🇺 (@BigAlexJones) January 29, 2020

Administrators had received 389,621 eligible claims from those said to have been sold unaffordable loans as of August 2019, according to documents filed with Companies House.

Got £35 when my claim was worth over £800 😂 Gonna donate it to the foodbank, I’m thankful I’m not in that lending circle anymore and £35 is a weeks shop for some people, hopefully it might help someone else survive until payday instead of turning to shitty payday loans... #wonga

— Dani-Mia ❤️ (@Mia54378897) January 29, 2020

@MartinSLewis Question. Can you appeal against a claim amount from Wonga? I was owed £800 in compensation, and today was told my settlement fee is going to be around £30! I don't think that's right at all. Any advice welcome.#wonga

— Josh Sherwin (@joshsherwin12) January 29, 2020

In the month before its collapse in August 2018, the company said its struggles were due to a “significant” increase industry-wide in people making claims in relation to historic loans.

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