Wonga victims warn that they have to wait a long time for compensation and may not receive anything at all
City & Finance Reporter for the Daily Mail
Victims of collapsed payday lender Wonga may be left out of the pocket
Victims of Wonga have been warned that they have to wait a long time for compensation – if they get anything at all.
Families who had incorrectly sold loans with an interest rate of no less than 5.853 per cent join a waiting list of creditors of the payday borrower and will probably receive a maximum of a fraction of what they owe.
Even those who have already received compensation can not receive anything because there may be no money left to pay them.
Administrator Grant Thornton is charged with completing the company – officially called WDFC UK – after having collapsed last month under the weight of rising compensation claims.
Mayfair hedge fund Kreos Capital, which is thought to owe £ 10 million, is first eligible for cash that can be repaid under the terms of a deal signed with Wonga.
But those who have borrowed must continue to pay their bills.