The administration of WDFC, the legal company who operated the Wonga brand, was completed in August 2020.
The company was finally dissolved in December 2020.
See Companies House records for details.
Background to the administration – rising complaint numbers
A payday loan is “unaffordable” if repaying meant you had to get into more debt, by borrowing again or getting behind on bills or other debts. So you may have repaid all your loans but still have a good claim for a refund of the interest you paid.
When Wonga went under there were over 200,000 people with current loans from Wonga – many of them had a good case for the interest to be removed from their balance so they only repay what they borrowed.
The Administrators proposals set out the reasons why Wonga went into administration. These were the increasing number of affordability complaints, especially from Claims Companies, and the decision by the Financial Ombudsman that FOS could look at loans over 6 years old, going back to 2007.
There were 24,000 affordability complaints awaiting a decision by Wonga and 9,500 complaints against Wonga with the Financial Ombudsman when Wonga ceased trading on 30 August 2018.
Details on the Administration
The Administrators have made various progress reports (available from Companies House) and statements during 2018-20:
- in October 2018, the Administrators published their Proposals, detailing how they planned to handle the administration. Creditors voted to approve these Proposals.
- progress report to end February 2019;
- Witness Statement in April 2019;
- progress report to end August 2019.
An online claim page was set up in April 2019 for Wonga customers to submit claims for refunds. The deadline for sending in a claim was 30 September 2019.
The Administrators assessed all claims using an automated tool. This took account of:
- all loans, including those over 6 years old
- how large a loan was compared to a customer’s income;
- how often someone borrowed without significant gaps;
- whether there were indications of hardship such as missed payments;
- if there is a balance outstanding for the right of set-off.
Where it decided one or more loans were unaffordable, it calculated how much interest should be refunded and added statutory interest at 8%.
In August 2019 the Administrators starting sending emails to people saying whether their claims have been successful or rejected.
In September, the Administrators sent an update on progress up to end August 2019. Key points include:
- at end August, 389,621 claims for unaffordable payday lending have been accepted by the administrators;
- the total value of these claims is c £460million – an average of c £1,200 a claim.
- £23m of outstanding loans have been collected. The Administrators say that outstanding loans are being taken into account and given the right of set-off where the customer has a claim for unaffordable loans.
- The remaining loan book will not be sold to a debt collector.
At this point the Administrators were saying that payments would be made by 30 January 2020.
29 January 2020 – administrators announce 4.3p in the pound
On 29 January 2020, the Wonga administrators announced that they will be paying 4.3p in the pound to unsecured creditors, including all the 400,000 people who are owed a refund for unaffordable lending.
The administrators have now given the final numbers:
- they assessed 401,202 claims as being valid;
- of these 358,129 are being paid 4.3% of their assessed compensation value;
- the remaining 43,073 also owed a balance on a loan to wonga, so their compensation has been used to clear or reduce that balance.
What happens next:
- the money should be paid within the next 4 weeks. This has come as a surprise as people had been told it would be paid by the end of January;
- the loans that are being refunded should be removed from your credit record in the next 6 weeks.
My comment – ripped off by Wonga and now let down by the regulators
The administrators told people they would get “significantly less” than that amount as there would not be enough money to pay the claims in full.
But many people will have been hoping for more than 4.3% and are very upset.
It is not the administrators’ fault there is so little money to be divided between so many people. It is the fault of the regulators – first the OFT and then the FCA – that they allowed Wonga to break the rules saying that affordability should be checked
And now the regulators have failed to ensure that these Wonga victims get the compensation they should have. When a PPI firm went under, the Financial Services Compensation Scheme stepped in and people with PPI claims got paid in full. But the FCA has not extended the FSCS to cover payday lenders.
This isn’t just a problem for the hundreds of thousands of Wonga victims. Borrowers from many payday lenders have been unable to get proper compensation after the lender has had to close. This will apply to QuickQuid, the money shop, Payday UK and Payday Express borrowers as well.
The FCA needs to rethink this and provide a safety net for people who were mis-sold unaffordable loans.
Readers comments – Shock and disappointment
This a brief overview of the hundreds of comments below this article.
Some people are happy to be getting anything:
- “I am only getting just shy of £25 but for the sake of completing a 30 second form it’s not too bad.”
- “I will be getting £79.93 of the £1854.17 I was owed. Better than nothing!”
- “£35 out of a possible £800. I wasn’t expecting much anyway. I’m more interested in having the 25 wonga loans removed from my credit file.”
The administrators had said people would get “significantly less” than the claim, but many people were hoping for at least 10%:
- “I got mine £88.67 – claim was £2057.05 – I was expecting at least a couple hundred.”
- “Claim was 3034, getting 130. By considerably less I didn’t think it would be over 95% of it. That is ridiculous.”
- “To receive £44.10 from a claim of £1023.00 is insulting to be honest.”
- “Owed £1499, getting £63…what an absolute joke!”
- “4.3% is an absolute disgrace. Although people are trying to be positive they shouldn’t have to. The people who made all the profit here would spend the biggest payout anyone has received on an evening out and not think twice about it.”
- “Gutted…. was hoping for at least the 10% speculated.”
This reader blamed not just Wonga but the regulators:
- “Over £11k accepted reduced down to £480 – my job, my marriage and 4 years of desperation followed by years of rebuilding my life – that’s what the regulators consider that to be worth! Shame on everyone involved in Wonga and the lack of regulation of lenders like them !”
Some are just are delighted that Wonga has gone under:
- “Heads up everyone…We have won in the end! They can no longer be a hindrance to any of us any more!”
- “Mines going to charity. Best thing to have happened is for them to have gone bust”
- ”Thank you Wonga you paid me to continue gambling, I lost everything. Good riddance.”
Many people are also disappointed and shocked that they aren’t being paid by the end of January. Some people getting these refunds are still in difficult financial circumstances and had planned to use the money to pay a bill or some debts.
February 2020 – some clarifications from the administrators
The remaining loans
The administrators have confirmed that no further payments are being accepted and the debts will not be sold to a debt collector. So you don’t have to worry about being taken to court or bailiffs.
But the debts are not technically being written off. They will remain on your credit record for 6 years from the default date on your credit record. If you don’t know what this date is, I suggest you check it now.
In practice, now the company in liquidation, if you contact a credit reference agency and say your Wonga debt is incorrect, you can ask the credit reference agency to “suppress” the record as Wonga can no longer say what the right entry should be. See How to correct credit records if the lender has gone under for details.
No deductions are being made for tax
The Administrators have said:
“the Joint Administrators have agreed with HMRC that the payment may be treated for tax purposes as set wholly against the interest and fees element first, and statutory interest second. As a result, where the distribution paid by the administrators to each customer does not exceed the interest and fees claimed by them, no withholding tax will be required to be deducted at source from payments made by the administrators in such cases.”
The simple version of this is:
- the administrators are not taking off any tax.
- there will, therefore, be no tax to have to reclaim.
- the vast majority of people will not have to pay any tax on any part of of the refund even if you are a higher rate taxpayer. The amounts don’t have to be declared if you complete an annual tax return eg if you are self-employed.
A small number of extra payments
A small number of customers were owed money by Wonga for a different reason, for example they may have overpaid on a loan. These extra amounts are also being paid out and you will get 4.3% of them too.
If you were not using a claims company, you should have received a single email at the end of January which mentions both amounts.
If you were using a claims company you should have received two emails, each about one of the amounts. If you have only received one email and it mentions a claim which is smaller than the amount you expected, you can contact the administrators, it may be this is the “extra” payment.
Bank account issues
I asked the Administrators why some people are still getting emails asking them to update their bank details. They say:
These emails will be in response to customers’ requests received by the Customer Care team prior to 29 January 2020 providing a secure method by which customers can update their bank account details. Customers should respond to these emails.
I asked the Administrators what will happen if they make a payment and it bounces back to them because the account is no longer open. They say:
Where updated information is available from customers we will attempt to reprocess bounced dividend payments via electronic transfer. Alternatively, we will issue a cheque to the address held on file.
A blogger contacted the Administrators on the 14th February to ask why she hadn’t been paid and was told:
“I can confirm that the joint administrators have commenced distribution of dividend payments to unsecured creditors, including those with redress claims. Given the volume of transactions that need to now take place, the administrators cannot guarantee an exact date when individuals will receive payment but are aiming to complete transactions within the next two weeks.”
February and March – payments started but with problems
I was told by the Administrators on Friday 28th February that 90%+ of payments have been made and they expect to make the rest of payments over the next two weeks by BACS. About 22,000 the following week, about 13,000 the week after. It looks as though the 22,000 group got their money. It’s not clear to me how many of the 13,000 group have.
Many people in the comments below this article were reporting probems. These included people whose bank accounts had never changes. Problems included:
- confusion over whether a claims company has been paid or they will be;
- Wongasaid payment was sent to a claims firm that hadn’t been used;
- Wonga said a cheque was sent to a house you no longer live it;
- Wonga said a payment has been made to your bank account but it hasn’t arrived ;
- Wonga has said a payment was sent to an old bank account despite new bank account details having been given and co0nfirmed as having been received.
On 2 March the Administrators said the payment process was taking longer than expected and payments would continue to about 40,000 people over the next 2 weeks:
The Joint Administrators have now attempted to make dividend payments to over 410,000 creditors… In addition to the payments that were not made we have had approximately 40,000 payments returned to us due to incorrect customer bank details recorded on file with Wonga. We will now begin contacting these customers whose payments were returned, by email, to obtain correct and up-to-date bank account details.
The dividend payment process is taking longer than anticipated and payments will continue to be paid during the next two weeks.
On 19 March the Admistrator’s announced:
The Joint Administrators have now attempted to make dividend payments to over 443,000 creditors representing 98% of the creditor population. This includes payments to creditors whose payments were briefly held back from the initial payment phase whilst additional validation checks were completed to new bank account and/or address details that were provided. The Joint Administrators now continue to focus on the remaining small population of unpaid dividends in order to complete the payment process.
From here on progress was very slow, impeded by lockdown.
End August 2020 – administration ends – do you still have a problem?
Have you not been paid?
The Administrators final report blames the payment problems of Wonga’s poor systems and on creditors who did not update their bank details when requested to. But as many comments below detail, people who had never changed their bank account or who had updated their bank details several times and had each confirmed also experienced prolonged delays.
At 28 Auguest when the administration ended, there were still c 49,000 payments with a total value of £632,000 that had not been made – an average about of £13 per payment. About 70% of these were for amounts owed before the administration, so not affordability complaints.
The Administrators have passed the £632,000 to the Insolvency Service. If any creditors want to claim an unpaid amount, they should email CustomerServicesEAS@Insolvency.gov.uk.
A problem with your credit record
If there is a problem with your credit record then you now need to contact the Credit Reference Agency where the problem is showing – Experian, Equifax or TransUnion. Say you can no longer get an answer from the administrators as the firm has been dissolved so you would like the CRA to “suppress” the credit records (list them) as they are inaccurate.
This problem could have been an error by the administrators, who failed to delete the record. It could be an error by Wonga before the administration: the loan date or balance or default date is wrong – you want the default date to be as early as possible so it drops off sooner – or Wonga may have failed to add a default date.
If the CRA refuses, send the CRA a formal complaint and this can be sent to the Financial Ombudsman. In practice people are getting these sorted with the CRAs without having to go to the ombudsman.
Refunds from large loans & car finance
Refunds from other payday lenders
Is your credit card limit too high?
K JJ says
I have recieved my email from them they have given me a redress amount, though I’m wondering how much it will be in pence in the pound that I Actually get
Aga says
The Moneyshop is also refunding their customers, and their most recent email stated to expect about 14p per pound. So im guessing Wonga actual refund will be no better
BK says
Im expecting between 10p-20p in the pound myself.
mark says
Does anyone know what the update on the grant Thornton website was today? I got an email but can’t find my login
Peter says
Ive had an email today but I cant open the link….. Did anyone else get this progress report today?
Administrators’ Progress Report
Dear Mr *****
Your case number: *********
The Administrators of WDFC UK Limited (trading as Wonga UK) have released their second six-monthly progress report. The report can be accessed by the link below:
WDFC UK Limited – Progress Report August 2019
If you have any questions or require any further information, please email customercare@wonga.com or call us on 0207 138 8330. The Customer Care team are here to help Monday to Friday 9am-6pm. We are closed on Saturdays, Sundays and Bank Holidays.
Yours sincerely,
For and on behalf of WDFC UK Limited
martin g says
I got this and opened the link on mobile usually on PC I find files like this go to downloads folder quick Google solved this it simply goes to download folder for browser u are using on mobile opened it there its 50 pages long boring read
Gary Robertson says
I’m on it now, the amount of people eligible for redress is 389,621 as of August 31st
The value of all these claims so far is £460 million, that will go up with all claims in September not added in yet
Turtle says
Meanwhile Grant Thornton rake in £1.7mill for just year 1
Joseph says
Can Grant Thornton justify that £1.7 million bill? Can we complain about that? They’re basically robbing our rightly due compensation
Sara (Debt Camel) says
The Directors statement of Affairs estaimated there may be £41million to distribute . Even if it ends up being half that, tThe administrators fees won’t make much differnce to the figure.
the fluffy cat says
Grant Thornton are the cats that’s taken all the Cream
Mel says
Well, I don’t think that told us anything that we weren’t expecting. I think people should now be more concerned about getting their credit files updated rather than a 1 pence cheque.
Am I reading it correctly that they are still trying to sell off unpaid loans to debt collection companies? Surely they can only sell the debts of people with outstanding loans who aren’t entitled to any redress?
eddy says
to be honest from my side anything is a bonus.
i managed to get myself debt frr and live without this money for 5 years so im more than happy with just having my records removed.
luckily i managed to secure big payouts from others before the same thing happened to them
Sara (Debt Camel) says
They have decided they can’t sell off the outstabnding loans.
Where people have made claims,the administrators are taking account of the right of set off – that someone owing a loan and also being owed redress can use the redress to cancel out the loan first.
Yash says
This is the report released https://turnkeyinsolvencyservices.biz/Viewer/pdfViewer.aspx?sid=skxmeuowv2e1pr3umxkxlluw&did=9befc626-7261-492c-ae8d-f1b29857b9af
Sara (Debt Camel) says
that works for anyone using dropbox.
Richard says
Hi Guys,
Do we know whether Wonga will automatically remove the loans from our Credit Files or will this be something we will have to pursue?
Sara (Debt Camel) says
Wonga will either remove all negative marks or delete the loans which they have decided were unaffordable.
Lisa says
Hi,
I have recieved an email from Wonga saying they got my old bank details to change this i need to click a link and upload a photo of my bank card or statement (blocking out 16 dig number) and a photo of my driving licence or passport? has anyone else had to do this please?
Carl bareham says
They would not need a bank card.
Sort code and account is all they need.
Sounds fishy.
Andy says
I’ve had this because they said they can’t accept it in an email so I rang and they said there will be an email to follow with the link in the next few days
claireM says
be careful, there are similar emails going round claiming to be from ABTA about the Thomas Cook refunds on holidays, they are asking for the same information
Tracie says
Hi. I got the same and did as they say. It does read to cover your long card number.
With your sort code and account number someone can only set up a dd or pay money into your account.
I received an email a couple of days later from Wonga confirming that my bank details had been updated as requested this is not a scam
Louise says
Hi guys yes I got the same one but couldn’t upload to the page so I sent details via customer complaints email address. Got a reply saying they had received them and updated my account but no indication of when payment would be received? Has anyone got any idea when we’ll be paid?
Chris says
It’s probably not a scam as such, I reckon it is really them but I have to say (cynical though it might sound), all this “you need to send us passport or driving license photos and photos of your bank card” etc, sure would be a great way for these Wonga Administrators to delay sending someone what they are due and a great excuse to not pay up at all if someone doesn’t provide that info, just saying, hope I’m wrong.
Turtle says
So they owe at least £500 million to us but the provision is £45 million. Grrrreat. How do these crooks get away with it.
Carl bareham says
Total amount of redress due £460 million!
Reading through trying to find info, but having only noticed assets realised in the order 10’s of millions. Does not look good for pence in pound, more like pence in the thousand!
How the hell were they allowed to operate to this level?
Sara (Debt Camel) says
they haven’t given figures yet for some of the assets sold and the intercompany loans.
how they were allowed to operate is an interesting question. The directors estimated redress totals at £45m and we are so far at £460m and going up as not all claims yet in.
it sounds as though the directors were failing to account for the number of their customers that had good grounds for compensation. How many other payday lenders are doing the same?
Turtle says
I know getting someone stricken off as a director in the UK is quite the task but how do we complain about the directors behaviour as a creditor of Wonga? I’m sure there are more than enough people getting shortchanged to back this.
£500 million in unsecured creditors with hundreds of thousands of people likely to get a tiny percentage back is unacceptable. The people who were at the top of Wonga surely shouldn’t be allowed to run another company.
Matthew says
I’m guessing we’re looking at around 10%?
K JJ says
The total Redress amount is currentley at £460 million, that means that if we are lucky if we get 10p in the pound, probababally closer to 5p in the pound, but as I had written off getting anything its a bonus.
Matt stelgenson says
It’s time the government were lobbied to support those who have been robbed by wonga !
We should get some protection the rules need to change
Hazza the jazza says
Looks like being about 7p in pound
Itsme says
Im still waiting for my email to say how much i will “get”. Ive had the other email and i have a claim number so i know im on the system. Anyone else still waiting? Im worried now.
Jock thomas says
Don’t think anybody has been told what they’ll get back
BK says
No but based on total claims being around £460m and an estimation of their being less than 50m to actually distribute, fair to assume it will be around the 10p mark.
Sara (Debt Camel) says
There are some important figures missing from the latest update – both on the positive (what the foreign assets and intercompany transfers come to) and the negative (how many more claims are received) sides. Not the administrators fault as the numbers aren’t yet known.
I do think that people guessing at less than 1p have no basis for saying that.
ClaireM says
They have said the redress on my loans was £2500+ I am not expecting to even see £25.
Don’t forget we will be last in the ‘pecking’ order as well, Grant Thornton and financial institutions will be way ahead of us as creditors
ClaireM says
How can we even speculate what the payment will be, do we know what they will end up selling for, and we do we know what is owed to creditors ahead of us like financial institutes, liquidators, Administrators, Pensions, Staff etc. ? Having been an employee of a company that went into liquidation I know that we will be very much at the end of the queue for any redress.
Sara (Debt Camel) says
all unsecured creditor are treated the same. You will get the same percentage that the Financial ombudsman will get!
Lew says
Even though I’m on a forum about wonga I’ve generally given up and lost interest in them. I’ve had no email and my claims been in for nearly a year and a half. It does not take a year and a half to respond to a complaint. How this has been legal is beyond me.
Sara (Debt Camel) says
They have to allow time for all customers to put in a complaints – people are still doing that. they have to sell off foreign assets and collect as much as possible from the outstanding loans. It all takes time.
Hannah says
Looks like we won’t be getting as much as we thought we were.
£4000 for me. I guess £4
Rob the Riddler says
There’s something today that we have all just found, were all getting around 0.3 pence in the pound, some of us were expecting four figures and will hit the ground, but just remember when your cheque for 23 pence comes around, it’s 23 pence better off than you were so that will be sound.
Mr worldwide!
Carl bareham says
Why is 2/3 of the loan book still uncollected after a year? This is a SHORT term lender.
Whilst I fully appreciate that there will be some borrowers that feel they should not pay anything back as they are owed redress, it would be interesting to know how many claimants fall into this group and how many people are simply not paying.
Sara (Debt Camel) says
When Wonga went into administration, the open loan book was worth £77m. Of this £56m was already in arrears, with the administrators commenting that much of this was 6 months in arrears. Many of these lans were of course in arrears because they were unaffordable…
Anyone who had a balance owed who also had an affordability complaint would have been badly advised to pay the loan balance, as the “set off” is their best chance of getting a good refund.
Sara (Debt Camel) says
Ihave deleted some comments saying that people will get nothing. That is not what the report says.
Shirley says
Hi.. just a quick question..
That upload of bank details thing. Do you literally just upload the items or do you have to log in to do it?
Has anyone else done it? And is it real and safe?
Sorry if this has been asked before..
Claire says
I had to click a link, you uploads the photos and then I had a mail a few days later to confirm they had been received. The link also expires after a few days as the link I used is no longer valid
Shirley says
Thanks claire:)
That’s what I did so I think I did right then.
Adz says
I’ve still had no email regarding my complaint, I put it in last July, I’ve had the administrators reports but that’s it, checked the claim portal and says I’ve already submitted a claim. Anyone else not had anything yet?
ClaireR says
Same here, Claim sent to FOS a week before they went bust.
Asked for an update about 3 weeks ago via Wonga site,
and was told
“We are writing to inform you that we have now fully validated the claim you submitted, case reference: ********
The Joint Administrators will assess your claim in due course. No further action is required by you at present.
The Joint Administrators will email you following the assessment of you your claim.
GimmeMyMoney says
Almost exactly the same timescale as me and the same response.
Victoria Thomas says
I put my complaint in at the beginning of August 2018 and I also have heard nothing apart from an update in July 2019
Lew says
I put mine in December 2018. Still nothing
David Bird says
I had also had nothing until this earlier today.
“Thank you for your patience. We would like to inform you that the claim assessment process has recently started.
The Joint Administrators will email you with the outcome of your claim as soon as the assessment has been completed.
Please note: Due to the high volume of claims, we are unable to provide updates before this. We will continue to keep the website and our FAQs updated with any significant updates.”
Adz says
I got the same email this afternoon too
Kieran says
They should be being independently monitored! Who really knows what the figures are and how much they keeping aside!
Adam says
They are. Their costs are set out at the start of the process and they have to show how much work (hours) they have done regularly. If you read the document properly it even shows that.
Mark james says
Yes but I’m sure they’ve added a few extra hours on here and there…….
Lew says
It says on page 6 they’ve been doing 12 hour night shifts
Sara (Debt Camel) says
What would the independent monitoring cost? Because if that was introduced it would almost certainly be a priority debt for the administrators to settle, reducing the amount available to other creditors… And who would then monitor what the independent monitoring costs are?
Mark james says
It’s not possible….. they get away with it and they know they can.
Let’s just say an electrical company does a “call out” to a council house. The electrician that turns up realises it’s just a switch on the breaker and is in and out in 1 minute. But the company the electrician is working for then adds a few extra sneaky hours on and bills the council for say “5 hours”
It always happens in most companies. I’m sure if grant Thornton say there’s 20 people doing 12 hour days in reality there’s probably on like 10 people doing 8 hours a day……
This is how companies make money.
It’s completely scandalous and wrong. Sadly there isn’t anything anyone can do about it…. but that’s what happens in the real world.
Bee says
The exact same thing has happened with the MoneyShop scheme. They lied and said they put £20M aside just for payments to claimants and when the claimants vote to go ahead with the scheme they took back £10M claiming it was for administration of the scheme and on top of that they then claimed there was only £18M to begin with. Basically, all of these companies are getting away with murder. They are aware that the whole country and all the politicians are distracted with Brexit so they will probably get away with it. It’s lose lose for the victims of this theft. Why on earth were they allowed to charge 3000% + interest in the first place? Frankly, theres no appetite for the government or the ombudsman to fix it now.
Matt stegendpm says
Very well said and I totally agree !
We should have protection and the government need to step in a support us all !
People on here seem happy to get 2p in compensation ? after paying thousands in interest
Sara (Debt Camel) says
Oh I doubt anyone here is happy. the question is, what can you do about it? You can lobby your MP. Or be prepared to speak out to a journalist – but few people are willing to do that. I’m not criticising anyone who doesn’t want their name in the papers – perfectly understandable! – but it’s going to be hard to get much publicity without this.
Ian says
What about all the comments on here cant these be used they are more or less anonymous anyway if you dont use your last name
Sara (Debt Camel) says
Most newspapers want “real people” to talk to and use a picture of.
I do suggest newspapers can use comments as quotes, but they will rarely do this and when they do it doesn’t get a lot of prominence, see this recent example: https://www.thesun.co.uk/money/10011015/wageday-advance-borrowers-compensation-mis-sold-payday-loans/. That would simply have been a better story for the paper with a real person to talk to. It would have been given more coverage, have been shared more on social media and would have got a lot more attention.
BBC Radio will sometimes interview someone on an anonymous basis. One reader was interviewed about guarantor loans on You and Yours a couple of months ago. Sometimes the BBC website will talk to someone and use their story anonymously.
FAZZA says
I was invited over by ITV to share my wonga story the day they went bust.. it was aired on prime time telly.. I even had confirmation from wonga saying they have refunded my acceptance but they never did.. so media coverage doesn’t do much as I found out.. still waiting to hear from wonga in regards to my claim on the portal
Matt stengelson says
Hi Sara
Appreciate your view and ideas but let’s hope after today the real picture will be painted and the MP’s and ombudsman step up to the plate on this basically criminal practice that wonga got away with
We had no protection
Regards and thanks again
Chris Fysh says
If this is going to be 14p in the pound, this is truly awful and disgraceful. based on £500 this would only give compensation of £70.
This needs to be challenged by the Financial Ombudsman to allow vulnerable customers like myself to achieve some justice against these profiteering companies.
Sara (Debt Camel) says
The Financial Ombudsman can’t challenge this. The Ombudsman will also be getting the same small percentage back that you all are as FOS is owed a lot of fees by Wonga.
I think you will be lucky to get 14p, but I don’t know enough to guess at the final amount.
Julie says
I submitted a claim about 2 weeks ago after seeing Martin Lewis do a 13 claims article. I’ve just had my email confirming they accept that my claim is in excess of £2000 however I will get a significantly smaller amount back as they don’t know the extent of the claims until 30/09/19
Lu b says
Currently got my email. Its so depressing when you see the amount of claim acceptance and then the highlighted italic bold font stating you will receive significantly less. Thought Christmas had come early for a few seconds. Lets all hope we get more! We bloody deserve it!!!
leigh says
£6750.00
joke what we maybe getting back
Jaqueline says
I’m seeing regularly people who’ve only applied in last 6 months getting answers …. I previously commented that I’ve waited over 3 years as mine was put on hold by FOS at that time … talk about make an already angry & difficult time more so ! And I was told in the beginning that if we are in financial crisis it would be looked at quicker …. makes no sense and is very annoying !
Marc Jacobs says
Same. My claims been in since September 2016.
So wrong that other people are getting there claims first.
At least they’ll only Be getting 5p per pound
Sara (Debt Camel) says
Everyone will paid at the same time and get the same percentage.
Becci says
Well we will all get the same percentage so we will all receive either 3p in the pound or 10p whatever it may be, whether the complaint was put in yesterday or 2016.
I’ve given up now and am just waiting it out to hear from them.
GimmeMyMoney says
Granted. It just seems to fly in the face of all customer complaints (I know we aren’t GT customer) that someone who complained two weeks ago has heard and those people who complained a year or more ago have had nothing.
I know this isn’t a FOS issue. But in my professional capacity I have often dealt with them and we’d never pick more recent complaints to deal with first.
K says
Hi.
Do you know if there is a deadline for Wonga to contact people about the redress?
I do read the updates and comments on here, and like so many am waiting for an answer.
I’m not being impatient, I just wondered if there was any information of a timescale.
They have a plan to make payouts by end Jan 2020, so they must have some sort of cut off for contact?
Thanks
K
Sara (Debt Camel) says
The only published date is the end Jan one for payment.
Chris wilson says
Inside sources have revealed they are going to push back the payments for redress from January 2020 6 months to Aug 2020 to allow for the sale price of their other foreign subsidiaries.
It’s also speculated there will be around 4 pence in the pound
Leon says
Robbing gits. 4p in pound.
Lee says
Not to sound rude, but how accurate is your information?
Ian says
Wonder if the administration firm are getting paid 4p in pound!?
Laura says
No it’s 1.7million. No point getting angry with them. If there were no administrators nobody would get anything. Don’t loose track of the real issue. If there ends up Being 400,000 of us the whole administration process costs is £4.25 each. It’s the £460 million pounds unaffordable interest that’s been paid is the real issue
Michael myers says
460million pounds unaffordable interest .where has it went
Ian says
The real issue is we are getting a pittance to what we are really owed its laughable this is allowed to happen shame the government wont step in but when its just joe bloggs on the street they dont care
Turtle says
For me, the directors should be disqualified.
I’m currently chasing Grant Thornton’s “insolvency practitioner” (via the Manchester office) to advise them they need to be talking to the insolvency service about investaging this clear misconduct.
GimmeMyMoney says
So you want to delay things and cause more disruption?
Well done
turtle says
Yea you’re right. Let’s make sure they get away with it.
GimmeMyMoney says
What exactly are they “getting away with”?
Turtle says
Really?
Maybe something to do with the company company they are directors of irresponsibly lending over £300 million to over 300,000 people who couldn’t afford to pay it back.
Maybe something to do with them not having the money to pay redress creditors anywhere near what they are owed.
Maybe something to do with dismal and completely understated redress repaid in 2014 no where near as much as they should have refunded in line with guidelines.
I don’t know about you but this is a completely unacceptable way to run a company.
Do you think the people who ran Wonga are fit to run any other company? Misconduct of this scale should result is being disqualified as a company director.
Christopher says
I would wait another 12 months if it meant the difference between having 200 quid or 4 grand. The problem is; the money isn’t there to give us, so even if the directors were found guilty of misconduct, they arent going to be able to retrieve the 400 million they are short to pay us all in full. We have all been stitched right up, vulnerable people have been taken advantage of, and then offered pennies back as if that will make everything ok. I don’t think any real justice has or ever will be served to these people. Good luck though, Turtle.
GimmeMyMoney says
Turtle, thats nothing to do with GT.
Turtle says
I think you’ve misunderstood my post. It’s GT’s job to investigate the behaviour of the Wonga directors as they are in administration. I want GT to investage them and report them to the insolvency service so they are banned.
GimmeMyMoney says
Are people aware that GT had absolutely nothing to do with the practices employed by Wonga? They are simply cleaning up their mess. Yes they’ll be paid for it, but I’m not sure how someone who works for a third party is supposed to magic £400m out of thin air. We all would like the full amount, but the simple fact is the money isn’t there.
Ollie says
Hi All,
Ive had a claim in against these load of Jokers since 2018 when they first went bust. I have a reference number and they said its being processed bla bla bla I have all the updates from the administrators but I have no email by 30th September about a refund of any kind or wether I even qualify :| im confused as everyone else seems to have one
AST says
Same here Ollie, complaint went in April 2018. Chased them in August 2019 and told won’t hear anything until after the 30th September. Emailed again today asking for an update. Never received anything from administrators to this date.
Becci says
lots of us haven’t yet, especially those who have had offers made pre administration. The only email I have had in the past few months was an email to say that my claim was fully validated and they would be in touch later in 2019.
Lew says
Anyone still had no email? Laughable
Kellz says
Me. Waiting since 2017
Col says
Me , maybe we ain’t getting Anything 🤷🏼♂️
Harry says
Wouldn’t worry about it. Even the people with claims accepted aren’t getting anything.
Imagine if you had a 10k claim in….
4 p in the pound……
At the very very most your getting £400.
And although 400 is still £400….. in the grand scheme of £10,000…. £400 is a pittance.
£5000 = £200 payout
£2500 = £100 payout
Hardly life changing money.
Mine is 2000…. my payout is going to be £80.
I don’t really want the words “WONGA” to appear on my bank statement. If I was getting thousands back I’d certainly let it slip. But I’m not sure I want the words wonga to appear on my statements for a proxy £80
Sara (Debt Camel) says
I wouldn’t worry about your bank statement. It may well say something such as WDFC UK Ltd – the name of the UK company that owned the wonga brand.
Colin says
Had forgotten all about this claim I put in, apparently my accepted value is £866.65, not sure what kind of percentage I’ll see of that come the new year!
Gaz d says
Well no offence to you but it is widely believed and expected to be around the 5p in the pound mark. I think the figures are clear that we’re not going to get even close to 10p in the pound.
460 million by the end of August, let alone the final month…..
This is speculation but I think it’s very likely.
At 5 pence and a redress of £866 I believe you will see around £44
Robert says
They are due me almost ten grand. The thing that annoys me most is that I got a small refund from Wonga years ago, about £300 and I assumed thats all they owed me in terms of irresponsible lending. To find out the real figure and to know I’ll see hardly any of it now they are in administration, is heart breaking.
Turtle says
Exactly the same here. £11k owner and they send me £400 when they “investaged” in 2014. Con men
Hazza the jazza says
My accepted claim value was £15,967, I know I can’t do diddly squat
StevieC says
Just received my email this morning of my redress. Redress of 32/35 loans accepted comes to a total of £12,396. Mad at myself for not claiming sooner although was in such a horrible payday loan place. Thanks to my partner I eventually faced up to all this last year. Nearly clear of it all now thankfully.
Ags says
Also received an email this morning with over £3000 accepted including interest. There are very clear on saying that the actual amount will be significantly lower but don’t say how much lower.
I feel gutted, it is a second loan company that went bust (in my case) as soon as complaints started coming in and it looks like I will be getting fraction of what I should be getting. If I was going to received all compensations as they were accepted I would have been debt free, instead companies are going bust and I am getting an email saying how much I should have been paid and I will continue on paying off my balance for the next 5 years. Hey, at least I have an email to say how much I should get!
Gareth says
Hi,
Just received a response from wonga regarding my complaint. Quicker response than I thought. Complaint upheld and due a sum of £5792. I know I won’t see much of it but be glad to get any of it back. Fingers crossed I suppose. Thanks to your website I have had nearly 10k returns to me.
Lynn scott says
I also have had a response from Wonga Refund offered £774.02 Thanks to all the Help from Debt Camel. Im still waiting on a Response from Lending Stream.
Dave says
I’ve just had my email back from the administrators saying that they’ve partially upheld my claim, 92 out of the 95 were upheld.
I had an outstanding balance of a couple hundred quid, they contacted me about putting in a complaint through the portal several months ago and I just got the outcome email yesterday.
They are wiping off the outstanding balance of around £288 which technically I still owe, so my accepted claim value is now £734.
In the email, it also says that they are removing all the loans from my credit file that that were deemed to be missold, This for me is worth more than any refund, it essentially wipes any negative things off my credit file that would not come off for another 3 years, the three that were not upheld have already come off my credit file as they are older than 6 years.
I’ve read on here that people are speculating that the refunds are going to be low, between 4-10% of the accepted value, if that’s the case for me the £35-73 is better in my pocket than theirs an it’s just a added bonus for having the debts removed from my file and essentially a fresh start, money can’t buy that.
Lindsay Morrison says
I’m in a similar boat – had most of my loans upheld bar a few at the start of my borrowing just received the email today.
While I would love the amount that they were quoting, I think getting my credit file in better shape will have value as well and if I get something even if just a small amount it’s more than I expected I guess!
Morca says
Can anyone remember how happy everyone was when Wonga went under administration?They went under administration because they had run out of money to repay the claims. Why are we surprised now that the company doesn’t have money? I didn’t expect much either!!
Sara (Debt Camel) says
I think people were happy that Wonga would no longer be able to harm future customers. No one was happy for previous customers.
GimmeMyMoney says
Well quite. From a selfish point, I wanted them to stay afloat just long enough for me to get my money. I honestly wish I’d complained years ago. But that’s on me. I at least got something from the MoneyShop before they went under
Ollie says
Got my email finally this morning.
Accepted is 3k although I know it’ll be nowehre near that. They seem to have rejected any loans in before 2011 and any loans after 2016, is there a reason for this? There is 15 showing as rejected all the ones inbetween them years have been accepted for redress :|
Ollie
Joseph says
Finally had my email!!! 39/48 of loans accepted = £979.36/£1,352.52 I am due back. They’ve rejected some strange loans, sometimes in the middle of a bulk of accepted ones – I could appeal it but because of the actual expected percentage back I don’t think it’s worth it – If people are right with them 4/5% I could get back £44! Might have a night out with drinks on Wonga with that
Harriet says
When I look at how many individuals this has affected its literally appalling. I received my email today, £2700. This sun would have literally changed my life. Kind of wish I’d never known as it’s more depressing to know it will be nothing in the end. But I have to accept that I took out the loans in the first place and that I didn’t realise sooner to make a claim. It took me 5 years to repay my debts and get back on my feet. I never once paid late but continuously had a loan for 2 years while having to take on the vicious cycle and borrow more. Wonga was my first ever pay day loan. Hard lesson learnt but regardless there should be some punishment for the owners of this company for the thousands of people it gave unaffordable loans to and an investigation into its conduct. I will continue to work hard and forget the period of my life I had to struggle so hard!
Sara (Debt Camel) says
Did you use other payday lenders? You may still be able to make a claim against them and be paid in full! See https://debtcamel.co.uk/payday-loan-refunds/
Harriet says
Thank you. I’ve had 3 successful claims with other payday lenders. Unfortunately Wonga was the one I used the most and had the highest amount of interest and fees :/ Glad its out of business!
Fitz says
Finally had my email based on 5% if we are lucky I may get £145 back better than a kick in the crackers 🤪
Robert says
Hi sara, I have just been reading a few comments and am wondering what’s your opinion on what % of a claim wonga will pay out on. I have just had my email off them saying am owed £9763 in total. 5% would suck but obviously still better than nothing!!
Sara (Debt Camel) says
It could be 5%. It looks very unlikely to be more than 10%.
GimmeMyMoney says
I know someone who submitted a claim through the portal on the 29th that has had their claim approved and notified of the full amount that they would have been eligible for ( all usual caveats apply).
How utterly mind bending that over a year on from my complaint I’ve still not heard a peep. My frustration that if GT can organise a portal that can identify how much someone is due inside a week, why was I say waiting around for months while Wonga were still trading.
Absolute shambles.
Jaqueline says
Many like myself have been waiting since 2016 claim put into the FOS so seeing that someone received an answer so quick makes me and likewise others I’m sure livid ….. personally I’ve stressed about it for so long – has not helped either my health or my finances
GimmeMyMoney says
I’ve recently spoken to them and was told “you should receive feedback within a week”
Could mean anything if we are honest.
Gerry says
Also today heard from Wonga Administrators , they have also agreed to pay off interest and advised a potential £1200 , however they
also advised in same email that i would only get a substantial reduced amount on this as the Pot still has to be decided on what assets are available for sale , so even if i get literally nothing this is still a win for me , just a pity they are bust ,but there are over 40-70,000 creditors
all trying to get a slice of the pie , im sure there will be an update on this site about it and what it means , they said any payment would be made by Jan 2020 so just need to wait and see
So the other claims i am still waiting on , but the above were the big ones and i am glad there has been a positive response from FOB
so dont give up people , there is hope just keep plugging away….
G
Anon says
I have had my email today – I made my original complaint June 2018 – accepted 25 out of 35 loans. I don’t understand why these have been rejected as all of them are taken out the month before or after an accepted loan. My accepted claim value £1093.42, I would like to say I wish I had made my complaint earlier, however from reading above that doesn’t seem to matter – anything is better than nothing and the removal of these loans from my credit file is worth a lot more. it would be lovely to get this amount of redress but I am not expecting much back
Gill says
Put complaint in early August 2018 just before Wonga collapsed so my complaint didn’t reach the FOS. Got the email today from Wonga administrator. Partially upheld – 14 out 21 loans upheld. Total value £3,204. Trying not to think about how good it would have been to get full amount but 10% would be better than nowt! Wonder when they’ll start paying out.
Jilly says
Mine is in value of £3985, not expecting much at all.
Col says
I received my email today paying just over 1k , so don’t expect much at all but it has made me realise how stupid I was getting myself into this situation , not only with Wonga but other robbing lenders . I only have myself to blame and in theory shouldn’t be given anything back
Bev says
Has anyone been asked for bank details yet or received payment ?
M says
No, the administrators have said they expect to pay back all creditors by 31st January 2020. It’ll probably be around this time.
Jay says
Hi, received an update from Wonga today. £2K on my favour, but stated payment will be significantly smaller. I guess anythings better than nothing, is 5% to be expected?
gerry says
I got the same email about £1200 for me , people are also saying it can be as low as a few pence per pound on this so I may only end up with a few quid on £1200 owed
Lisa says
Hi Sara
Thank you for the advice you give on this website you are very appreciated!
Got my e mail yesterday and my redress amount would have been £5552.36 this money would have literally changed our lives. I can’t believe that people have been stranded by the government and there is no help available to us. I understand that we took out these loans on our own back and that we made the decision to use this company but at the time I had no other choice and once I had taken the first loan I couldn’t stop taking a loan every month without missing mortgage payments etc. This money was not spent frivolously it was necessary for us to get by. I would never have got into this situation if the government had kept companies from praying on desperate people. Wonga new exactly what they were doing.
I know it’s probably too late for us but would it help if we all contacted our MPs to ask them to pressure the FCA to change its rules to cover a wider range so to include companies like Wonga. So that if this happens again there is help available for people?
Sara (Debt Camel) says
Contacting your MP is a very good idea to get the rules changed to prevent this sort of injustice. See https://www.writetothem.com/.
Joseph says
I’ve just emailed to my MP now Lisa, let’s collectively do the same and try and do something about this!
Aggie says
Hi Sara,
I need some advice from you. With recent emails related to redress payments from Wonga, I was advised that my payment is totaling to £3,342,27. I am still having a balance of £137 to repay (I am making monthly payments via DMP) towards it but this figure was not taken into the account in the email.
I have just contacted Wonga and asked if I still have to continue repaying and they said yes, as any balance I pay towards it will be taken into final calculation of my redress payment. I don’t understand why and how they are planning to do it. I am thinking in the way that if I stop making payments now, at least I will have £137 back from them as guaranteed figure. Otherwise I may get recalculated redress payment of £30 (hypothetically) and still be paying of the rest of my balance because £30 won’t clear my final balance. Why the administrators won’t allow people to stop making any payments if their redress payment is much higher than the remaining balance?
What are your thoughts on it?
Many thanks,
Aggie
Sara (Debt Camel) says
I don’t know why they are telling you to carry on paying it. The Administrators recent report says on page 16 of the pdf https://turnkeyinsolvencyservices.biz/Viewer/pdfViewer.aspx?sid=skxmeuowv2e1pr3umxkxlluw&did=9befc626-7261-492c-ae8d-f1b29857b9af
“As part of the claim adjudication process, the automated assessment tool recognises outstanding loans and will set these off against the customers redress claims.”
That doesn’t seem to have happened for you if you have been set the calculated figure but it does not refer to set off.
I suggest you tell your DMP firm you want to stop payments to this. For every pound you pay off the balance, you may only get a few pence back in redress.
I suggest you sent Wonga a complaint by email saying you would like your case looked at again as the set off has not been taken into account.
Aggie says
Hi Sara,
I am glad I have asked! Thank you, I will do both things as suggested. The person I was chatting to mentioned that if I stop making payment is may affect my credit file…so it could get any worse ;)
Have a nice day!
Aggie
JD says
So finally had an email from Wonga stating my redress totals just over £6k. After everyone else has been paid off, after Grant and Thornton and leeched the funds, I’ve heard there will be very little left. Does anyone know what percentage will be paid out? I’ve been hearing it’s in the region of 5-10%. So that’s between £300-£600. Ridiculous.
Rich Barter says
I have a claim via a Claims company (I know I should have done it alone) , I thought that may be the reason I haven’t heard anything other than the recent ‘update’. I called Wonga today and was told my claim hasn’t even been looked at yet but that they were aiming to have all claimants emailed with their gross claim amount by the end of October. I know that’s not new info but reassuring to know that’s still the aim. Does anyone else have a claim through a Claims company that has had their claim amount emailed? My claim began January 2018
Nadia says
Hi, yes I went through a claims company and have have had an email today to say what the claim is!!
KEP says
I’ve had an email through not long ago from the administrators at Wonga to say my previous claim I sent in last year has been partially accepted. 25 loans were accepted, 9 were rejected. In short my total claim amount comes just shy of £3,000, but they have stated in the email what I will receive will be “significantly,” less than this but they’re not able to say what sort of a percentage will be received. Has anyone had similar or have any thoughts on this? I realise we can’t go to FOS with wonga.
Thanks
Sara (Debt Camel) says
It doesn’t really make any difference, does it? Wonga have your claim. It will get decided at some point. Everyone will get paid out at the same time.
Tom says
Hi, Just got my email decision today, they have accepted 16 loans as mis-sold but rejected a further 12 more as being ok. For me it is more about them being removed from my credit file and the email confirms they will do this for the accepted loans.
Mark taylor says
Offered today via the administrators £27 for £16700 in loans.
Sara (Debt Camel) says
really? Had you had an amount written off before?
James says
Hi all
Just had , 31 loans of 44 accepted by Wonga … total redress £6184… completely gutted I won’t see that money.. I owed them £350 though which has been wrote off & I guess my credit file will be updated..
Possibly I’ll get £500 better then a kick in the teeth…
James
Mark Simmonds says
Emails from administrator started today. So far the ones I’ve seen (actually seem the evidence) …………..
Sara (Debt Camel) says
Happy to talk to someone in the business if you use a real name and company email. Otherwise, no.
Luke J says
What we’re the email’s regarding? Percentage of payout?
Sara (Debt Camel) says
No, everyone will be told that at the same time.
Ian says
Im reading all these comments and the amounts of redress 6k here 8k there majority of loans claims accepted some within weeks i wonder if thes GT hadnt been involved how many lies wonga would have told so not to pay people like someone said one process took 1 week where as i was waiting over a year before they went into administration mind blowing what they can do when forced to
Steve says
Just had my mail, and had a figure of just over 11k. I suppose we should be lucky to get anything as I had given up hope, if I do happen to get 10% it will be better than nowt.
Will have to wait a couple of months now, lets hope its before Xmas!!
Ryan T says
It’s definitely not before Christmas.
It’s stated several times end of January
Luke Jobson says
Yes, it’s stated several times “by the end of January” that’s not a payment will be made at the end of January.
Lu says
It stated all payments will be made by the end of January and speaking to them they confirmed this hopfully they will start paying people by December. Lets hope! They have many people to pay all depends how far down the list you are.
Jade Viles says
Hello everyone
I got told by Wonga they owed me 900 pound in refunds. Then they went bust. I got passed to grant thorntun.
All my friends who made claims after me have received emails with confirmed refund amount and that will be paid by end of January 2020.
I have not had no email or anything. Are they emailing everyone one by one and maybe I’m just on the waiting list? Is there anything I can do? I can’t remember my login for the grant thorntun ?
eddy says
no one has a confirmed refund amount so your friends arent being honest! people have their claim value but no one knows the percentage yet!
Lu says
I think your friends probably were told the claim amount for refund however this wont be correct as we dont know the percentage of how much to the pound wonga will be able to offer e.g. 15p for ever £1
Martin D says
Seen in various online articles we could only be getting 10% of our money back, any truth in this?
H says
They are only guesses, no official percentage figure has been released yet.
I’m guessing we will get an email confirming percentage in December as they are expecting to make payments by end of January 2020
H
ClaireR says
Finally had my email from administrators.
Partially upholding on 26 out of 39 loans.
Total value of claim being £1,932.63
Oh well will see how many pennies that is worth come end of January.
Tracy says
Has anyone appealed the findings of their redress? Asking because I got my email today, over 4K, the money or what we will finally get I understand. They have agreed 27 out of the 33 loans I had, the 6 they rejected were taken out monthly in the six months exactly prior to the 27 that they agreed. I feel that perhaps only the very first Loan maybe considered as affordable as it was low amount and taking into account proportionate checks etc, but when that first loan was cleared and the second was taken out days after the first was cleared and that pattern then repeated throughout my borrowing history with them, then on principle I don’t believe any but the very first would be affordable. My view is that of the six they rejected 5 should be included as agreed and removed from my credit file. Close to closure of an appalling period in my life and the credit report would then reflect that. I’m concerned though that if I appeal those it may further delay the removal of them from my credit file. Thoughts appreciated
Sara (Debt Camel) says
Deleting old loans will make no significant difference to your credit record. Unless the loans were very large it hardly seems worth the bother. A pattern or repeat lending doesn’t normally start at loan 2.
Tracy says
Hi Sara, loans 1-6 were at a monthly interval or less between and ranged from 200 – 600, the went straight into the 27 loans they’ve agreed, which were between 500 – 1000. I guess my biggest concern is after six years of financial hell with your advice from this site, I’ve successfully won unaffordable loan complaints with Satsuma and sunny so most are gone from my credit report and wonga was by far the biggest amount and number and I’m now at a stage where I want to get a mortgage again after selling my home to clear debts, and want the best possible chance of approval for that, the connotations attached to payday loans if a lender looks into my credit file may be impact their decision or interest rate? My score is good now, just very aware that lenders may look below that? I’m 57 so a later mortgage with smaller repayment term I just think every little helps? Thanks Sara
Jackie says
I have received my email and to be honest, I don’t really understand the calculations shown in the table. The final figure titled “Remaining loan balance potentially due to Wonga” shows £0.00. Does this mean that although my claim has only been partially accepted, there was sufficient redress to offset against my outstanding balance ?
Is it still possible to log onto the Wonga website and check that my balance is in fact zero ? The last arrears email I had from them showed a sum outstanding of £1669.96 but this figure isn’t mentioned anywhere in the calculation table.
Sara (Debt Camel) says
Could you put in the rest of the figures from that table?
Gemma says
Recieved my email yesterday, I’ve had all loans upheld apart from 4. My accepted claim value is £17,058.79. Obviously getting nowhere near that amount, but anything is better than nothing.
X says
I have received an email today stating the amount of redress £1,839.96. I know this will be significantly smaller and I am not all to bothered about the refund. I was just wondering if anyone knows roughly when the loans will be taken off my credot report. 39 out of 52 loans are due to come off which I am pleased about. I have spent the last couple of years rebuilding my credit score and have now got a Good or Excellent rating with 3 of the main Credit Reports. To see some of these loans drop off would feel like a huge achievement and worth 2 years of going through complaint processes and Financial Omburdsman etc.
Lucretia Brindley says
The only answers I have had with regards to credit removal is it would take a matter of months.
Vickie says
Hi Sara, the joy of this process! So I have an email from the administrators who tell me they feel my claim value is £5,235.31, they don’t accept 4 of my remaining loans which works out at £1145 & £296.30 in interest. They say I can counteract this and submit ‘evidence’ yet all of the ones that haven’t been considered are outside of the 6 years. Is it worth challenging them? They also point out I won’t receive the full amount, no surprises there, but any idea what the final amount might be?
Sara (Debt Camel) says
It isn’t likely to be as much as 10%. Could be around 5%.
But it’s going to be normal for a few loans to be rejected. The Ombudsman usually awards refunds after the first few loans.