Wonga borrowers have less than a week to submit their payday loan repayment requests

WONGA borrowers have less than a week to claim compensation for exorbitant loans, so we’ve put together everything you need to know about filing a complaint.

The payday lender was put in place in August 2018 after 24,000 people sought redress for an unfairly high loan.


Wonga clients have just one week to claim compensation for unfair loansCredit: Alamy

Anyone who thinks they’ve been mis-sold for a Wonga loan is allowed to claim compensation, but you only have until 11:59 p.m. on September 30 to do so.

He was allowed to do this so that he could fairly distribute the money left over to pay those owed in cash by the now defunct lender.

If you miss the deadline, you will no longer be able to apply and you will not receive any compensation for abuse.

Compensation is not guaranteed for everyone who asks, of course, but you will be added to the list of creditors to whom you owe money if you have a valid claim.

If you have already submitted a claim, don’t worry as the deadline will not affect your claim.

How to claim compensation?

Grant Thornton, who has been appointed administrator of Wonga, has set up an online portal to make complaints very easy.

All you need to do is provide your name and address, which will be checked against Wonga’s database.

The application will only take a few minutes.

All valid claims will be automatically assessed by the tool, which Grant Thornton says will provide redress to more people than if the company were to manually sort claims.

How To Check If You Have Been Mistakenly Sold on a Payday Loan

YOU can claim compensation from a payday lender if the loan was unaffordable, even if you have finished paying it off.

Before a lender gives you a loan, they must check whether you are able to repay it.

For a payday loan to be affordable, you need to be able to pay it off the next month as well as pay your other bills and debts.

The loan was unaffordable if:

  • you often renewed loans or borrowed again soon after repaying a loan;
  • your loans from a lender were increasing in size;
  • some reimbursements were late; Where
  • the loan was a big part of your income.

Ask the lender for a copy of your loan details, such as when you took it out and how much interest you paid.

Compare it to your bank statements from the time you took it out and see if you could have paid off the loan after paying your bills.

How much will I receive in compensation?

Grant Thornton will assess claims based on the amount of a loan versus your reported income, how long a loan has been held, and how many loans a person has.

It will also take into account other indicators of affordability, for example if you have fallen behind in loan repayments.

A father we spoke to was reimbursed over £ 3,750 including interest and late fees after getting a £ 600 loan he couldn’t afford to pay back.

But the administrator warns that people may receive less than they hoped for.

This is because a lot more people have requested refunds and there is not enough money to pay all the claims that have been submitted.

It’s too early to know exactly how much you might get, and Grant Thornton says the money will go to all successful claimants at the same time.

Payments are expected to be made within four months of submitting an application, with a possible final payment date of January 30, 2020.

WageDayAdvance and Juo also set deadlines for payday loan applications – here’s what you need to know.

Over 50,000 CTL clients, including all Juo borrowers, have been sold to Shelby Finance, which is owned by the Walrus Club.

But beware of payday loan recovery companies that “rip off” customers by taking almost HALF of the repayments.

Sun’s Stop the Credit Rip-off campaign wants to end exorbitant credit deals

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