........they will get.

  • Wonga went into administration in August 2018
  • Between April and August 2019 it received 390,000 successful complaints
  • Those due payouts after being sold unaffordable loans were told they would find out how much they will get at the end of January 2020
Almost 390,000 people who successfully complained about unaffordable loans from collapsed payday lender Wonga will soon find out their compensation. However, those affected could get back just 10 per cent of what they're owed. Those who made complaints to Wonga's administrators Grant Thornton were emailed earlier this month double checking they had given them the right bank details. They were also told the amount they would receive would be communicated 'at the end of January', according to the website Debt Camel. Grant Thornton confirmed to This is Money this morning that how much people would get back 'will be declared by the end of the month', meaning complainants should find out in the next few days.

According to the latest administrators' report from last October, between April and August 2019, 560,982 complaints were made about unaffordable loans issued by Wonga. Of them, 389,621 were successful and the complainants eligible for redress. The total redress, which took into account the interest and fees borrowers paid on unaffordable loans plus 8 per cent compensatory interest, stood at £460.2million, with the average claim £1,181. However, complainants could get back less than 10 per cent, with the administrators reporting the provision set aside for 'redress creditors' – those sold unaffordable loans – was £45million.

Source: This is Money