The near future for the PayDay industry after the collapse of Wonga

The near future for the PayDay industry after the collapse of Wonga

Sohail Ismail, Litigation Executive and Team Leader for Consumer Debt Litigation, has supplied their viewpoint from the current collapse of Wonga after the news they have entered into management.

What/who are Wonga?

Wonga ended up being as soon as a prominent PayDay mortgage lender which burst on the “short-term loan” market at the beginning of 2006, and had been considered to have over a million clients at one point.

On 30 August 2018, Wonga went into management adhering to a rise in settlement claims produced by its clients, and also as of 31 August 2018, Chris Laverty, Daniel Smith and Andrew Charters of give Thornton British LLP had been appointed while the company’s joint administrators.

A announcement that is recent the Administrators from the Wonga internet site states as follows:

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