Took out a loan with Wonga? Shouldn’t have had the loan?
If you’re one of the thousands of people in the country who took out a short term, payday loan with Wonga, the chances are you shouldn’t have been given the money in the first place.
We’ve had many (too many) loans from Wonga in the past…and they start to form a pattern:
- Was it unaffordable?
- Did they give you loan after loan and it was clear you weren’t managing the money?
- Did you miss repayment dates?
If it’s a yes, you can look to claim compensation from Wonga – even now they are in administration.
You will get back interest and charges if they agree with your claim.
Had a loan with Wonga just as they went into administration? Read up on what happens next.
Here’s what you need to know about Wonga compensation claims.
If you’ve already put a complaint into Wonga, once it’s been assessed (and they agree to refund you interest payments), you are going to need to wait a while to get paid.
The administrator of Wonga has now confirmed that all claims must be submitted by 30 September 2019 or they may not be considered for payment.
It may, however, be worth following the process below (it takes two minutes) to put in a complaint again using their new portal.
Do not for one second think that Wonga going into administration means you won’t be able to put in a redress claim.
Back in September 2018, not long after they went into administration, Wonga was telling people to put in an affordability claim.
“Those customers with redress claims should continue to approach the company in administration. These claims will then be assessed and if valid dealt with as unsecured creditors of the administration estate.”
And, people did.
In fact, the administrators for Wonga, accountants Grant Thornton, have found that people have been claiming – by the bucket loads!
By February 2019, four times the amount of people have put in a complaint than they had expected … and they’ll be more to come.
Grant Thornton set up a portal for customers so you can make a claim online, rather than having to put the complaint in writing (via email is fine).
The portal went live on 11 April 2019.
Don’t write or email to Wonga to ask for a refund. Instead, take a look at how to easily get a Wonga refund.
Please, please do not go to a claims management company to do this. Even Wonga and Grant Thronton say not to use one. It will cost you money to use them, and it won’t speed up the process.
All claims must be submitted by 30 September 2019 or they may not be considered for payment.
It’s super simple to put in a claim to Wonga yourself.
Just complete the form on the claims page. It takes about two minutes.
You’ll need to give them the following information:
- Your name (and name (if different) from when you took the loan out)
- Your email address used on your account
You no longer need to give them any details about your complaint. Previously you had to make clear that you were making an unaffordable loan complaint – and tell them why you couldn’t afford it (late payments, repeated loans). However, this new form takes all that away.
After you’ve completed, they will be able to match if you were a Wonga customer and you need to take no other action.
If you complete the form and it is unable to match you as a Wonga customer, you’re able to try again with different details.
You will get an email to confirm your claim has been submitted.
Again, this is going to take some time for it to go through their process before you get any money back, but it’s well worth doing.
It is expected that payments to accepted claims will be made within four months of 30 September 2019 (so by 30 January 2020).
There have been hundreds of thousands of people apply for payday loans with Wonga, and I’m sure so many of them were not really affordable. I know I’m one of those people.
Please do not let this unethical company get away with making profits for running a business that targeted financially vulnerable people.
Please do get back some of the money back you deserve.
If you’ve already had redress (compensation) from Wonga in the past then you won’t be able to make a second claim.
They would have already looked at your historic loans and considered that you needed to receive a refund.
However, if you took out new loans since you got redressed, then you are able to put in a new refund claim if you believe they were unaffordable.
Yes, it’s great that so many people are putting in complaints and it just goes to show how badly Wonga was at doing business.
However, this does leave an issue about the compensation itself.
Wonga not only have people looking to claim compensation but likely have creditors who are owed money too.
The more people make a claim, the share of the pot for compensation will just get smaller.
Read next: Alternatives to payday loans
Naomi knows the burden of living on very little and became debt free by learning from past mistakes and following her own money saving tips and tricks. She is studying a Level 2 Certificate in Awareness of Mental Health Problems and is a Youth Mental Health First Aid Champion.