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Wonga victims warned they face a long wait for compensation and may get nothing at all

Daily Mail logo Daily Mail 12/09/2018 City & Finance Reporter for the Daily Mail

Wonga victims warned they face a long wait for compensation and may get nothing at all © Getty Wonga victims warned they face a long wait for compensation and may get nothing at all Victims of Wonga have been warned they face a long wait for compensation – if they get anything at all.

Families who were mis-sold loans with interest as high as 5,853 per cent will join a queue of the payday lender’s creditors and are likely to recover at best a fraction of what they are owed.

Even those who have already won a compensation claim could get nothing because there might not be any money left to pay them. 

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Wonga victims warned they face a long wait for compensation and may get nothing at all © Getty Wonga victims warned they face a long wait for compensation and may get nothing at all Administrator Grant Thornton has been tasked with winding up the business – officially called WDFC UK – after it collapsed last month under the weight of surging compensation claims.

Mayfair hedge fund Kreos Capital, which is thought to be owed £10million, is first in line for any cash that can be recovered under the terms of a deal signed with Wonga. 

But those who borrowed have been ordered to carry on paying their bills as normal.

Wonga no longer: What happened? (Provided by: Sky News)

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