Just what will occur to your Wonga debt as a result of its collapse and which are the payment claims?
The payday loan provider has verified its closing meaning administrators will just just just take within the debts
Cash advance giant Wonga went breasts after having a ВЈ10million crisis money injection from investors did not ensure that is stays afloat.
Just what exactly does which means that for the debts? Will they be written down? Here is our guide.
Why has Wonga gone breasts?
In 2014, the company introduced a management that is new and wrote down ВЈ220million worth of debt owned by 330,000 clients after admitting handing out loans to individuals who could maybe maybe not manage to repay them.
Wonga ended up being processing a large number of payment claims after it had been accused of reckless financing, focusing on susceptible clients and billing sky-high interest.
In August 2018 it absolutely was held afloat by way of a ВЈ10million crisis money injection from investors.
But Wonga stated the bucks injection only generated an influx of the latest claims therefore the company happens to be not able to deal with the need.