Doesn’t seem like they are getting a good deal back. Perhaps time these things were regulated in the same way as PPI regarding compensation.
Did Wonga deliberately mis-sell? Or was it more ‘obfuscation’? Subtle difference maybe?
I think they were primarily guilty of selling to those who were unable to afford it, or were vulnerable and taking out loan after loan (or both).
Basically irresponsibly lending.
I’m getting a fiver from my claim value of £138 a nice gift from 18 year old me
One of my friends has a claim value of £3,500 odd and she’s getting £132 or something back.
I’m getting £3
I’ve been hearing the admins are also writing off debts pretty easily.
The banks were the ones paying PPI they had the resources to do it. Wonga went bust and so has very little to distribute. If a bank had gone bust before paying out PPI it would have been similar.
The 4.3% is interesting. I only ever took a couple of small loans out, but i think my last one I didn’t repay, it must have been near the end for them - I never got chased up, though once I logged in and saw loads and loads of fees had been added. My payment of £99ish is because my ‘balance’ was £2.3k - I’d never have taken that much from them.
That’s a little sad to hear
I wonder how much the administration team made