What’s going to occur to your Wonga financial obligation as a result of its collapse and exactly what are the payment claims?
The payday loan provider has confirmed its closing meaning administrators will take on the debts
Pay day loan giant Wonga moved breasts after a Â£10million emergency money injection from shareholders didn’t afloat keep it.
Just what exactly does which means that for the debts? Will they be written down? Listed here is our guide.
Why has Wonga gone bust?
In 2014, the firm introduced a management that is new and wrote off Â£220million worth of debt belonging to 330,000 clients after admitting offering loans to those who could perhaps not manage to repay them.
Wonga ended up being processing tens of thousands of settlement claims after it had been accused of irresponsible financing, focusing on vulnerable clients and recharging sky-high interest.