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Wonga confirm final payout on #WongaWednesday

wonga

WONGA Payout 14th February 2020

I spoke to the administrators today, just to see if I could gather any more clarity over the payment situation. I haven’t as yet received my money. Due to the volume of people who are being paid out. They are submitting in batches and will be paying everyone within two weeks. Their response is recorded below. (Hits *REFRESH* on bank account).

A spokesperson for Grant Thornton UK LLP said: “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. During this period, the Customer Care team will be available on customercare@wonga.com or 0207 138 8330, for any further questions.”

WONGA Payout Update 13th February 2020

Wonga today started their first batch of payments this afternoon. Debt Camel first announced the news this afternoon. Wonga confirmed they have started to pay in batches. The first of which is going out today, but they caveated that they have until the end of February to payout in full. When I say in full, I mean the 4.3p in the £ they promised.

Watch this space! I have been pressing REFRESH on my account for the last few hours…!

WONGA Payout Update 29th January

*Claim Update* Finally! Wonga sent emails to all of us claimants today. On what will now be known as #WongaWednesday

Check out my personal email below from Wonga for more details. The Joint Administrators have declared a first and final dividend of 4.3p in the £.

Important information about your claim with Wonga
For your security:
This is an official Wonga email for
Marie Ellis
Important update about your Wonga Claim

Dear Marie Ellis

Case Number: xxxxxx
Third Party Reference:

WDFC UK Limited – In Administration (the Company)

The Joint Administrators are now in a position to declare a first and final dividend of 4.3p in the £.

You will receive a payment of £94.42. Your payment represents 4.3p in the £ on your agreed claim value of £2190.44.

Please note, if you are represented by a CMC/Third Party and have provided us with instructions that your CMC/Third Party representative should be paid on your behalf, the above amount will be paid to your CMC/Third Party representative directly.

As you will be aware from previous correspondence to you, the payment you will receive is significantly smaller than your Accepted Claim Value. This is because the total value of all accepted claims for customers/creditors significantly exceeds the money available to be shared out.

As per our previous assessment email, we have also taken steps to update your credit file in accordance with the outcome of your assessment. All credit file updates in association with this claim should be completed within approximately 45 days of this correspondence.

If you are being represented by a CMC/Third Party, a copy of this email has been sent to your CMC/Third Party representative.

When will I receive my final dividend payment?

As a result of the volume of dividend payments due to customers/creditors, you will receive your payment within four weeks of this email. Please note that if you have recently provided your bank detail updates to the Customer Care team, your payment may take longer to receive while your updates are processed.

The Wonga Customer Care team are no longer able to accept any bank detail updates. If you do not receive your payment within four weeks, please contact the Wonga Customer Care team using the details provided below.

For more information in relation to the dividend payment, please visit our FAQs.

If you have any urgent queries that are not answered by our FAQs, please contact the Wonga Customer Care Centre at customercare@wonga.com or on 020 7138 8330.

It is important to note that the Customer Care team will be experiencing higher than usual volumes of calls and emails. Therefore it may take them longer to respond.

A copy of the Joint Administrators’ receipts and payments account to date and dividend disclosure can be found by accessing the link below:

Link: Joint Administrators’ receipts and payments account and dividend disclosure

Yours sincerely
for and on behalf of WDFC UK Limited

The Joint Administrators
wonga.com
customercare@wonga.com
Wonga soon to pay out!

Update on our Wonga claims

Today I received an update email from Wonga about my claim, which is sitting now with their administrators. Anyone who took out a Wonga loan previously had until the 30th September to submit a claim with their administrators. Due to the demand from people who like me had taken out Wonga loans, all claimants will not get the money owed in full. Something they have communicated from the start of this process. A copy of the email has been provided below, confirming their indication to pay out, and asking for people to confirm their bank details are correct.

Wonga logo

Dear Miss Ellis

Case Number: #######
Third Party Reference:

We previously emailed you in relation to your successful claim in the Wonga administration. At the end of January, we will communicate by email the amount you will be due to receive as a dividend.

Please be aware, the payment you receive will be considerably smaller than your accepted claim value.

We will make an electronic payment (bank transfer) to your bank account. The account number we have on file for you ends with these 4 digits: ****####

If these 4 digits are correct, there is no need for you to do anything.

If these 4 digits are incorrect, please contact us immediately by sending an email to customercare@wonga.com . We will reply to you with a secure link to upload your new details. Don’t forget to include your full name, date of birth and claim case number.

It is your responsibility to update your bank details if they are not correct.

Kind regards,

The Joint Administrators

wonga.com
customercare@wonga.com

PAYDAY Loan Reclaim

Payday Loan companies go bust

Wonga has to be one of the most well-known payday loan companies. I wrote back in September of news that the company had gone into administration. What was so surprising about Wonga going bust, was that they were looking to expand and advertising was abundant. The company raised a £10 million rescue package but it just wasn’t enough to save them going under.

However, the financial climate changed as government legislation clamped down on companies that were giving loans which were unaffordable and payday loan companies were no longer able to charge such exorbitant fees.

Wonga’s payday loans were the crack cocaine of debt – unneeded, unwanted, unhelpful, destructive and addictive

Martin Lewis
Money

What can we expect back?

When a company goes into liquidation, the company who oversees this process will look at all of the company’s debts, before determining how much everyone is owed. Unfortunately, there is only a finite amount of money left to go around, and so their job is to distribute what’s left to all creditors.

Sara Williams, a debt adviser whose website has free templates for asking for refunds from payday loans, guarantor loans, and other sorts of high-cost credit is covering all the news about the Wonga administration here: Wonga – Latest News about refunds

I asked her how many people were getting the email I received. She said “The Administrators haven’t yet said how many borrowers had made a Claim that has been accepted – but it’s expected to be over 400,000. And I think they will all be getting this email as a check that Wonga has the right bank account to pay out to them. The payouts should be by the end of the month, so we should know by about January 27th what percentage of people are going to get paid. Don’t hold your breath – it’s not going to be large.”

Why is Wonga paying out?

The reason why people have been able to claim against Wonga is that and only when the loans are deemed ‘unaffordable’. Just because you took out a loan with Wonga, does not mean you are automatically guaranteed a payout. All ‘affordable’ loans do not fall under this ruling. I submitted a number of claims, but any ‘reasonable amount’ which I would have been able to pay back was discounted. Any loan repayment in excess of a third of my salary was accepted as a valid claim.

Wonga advised that ‘Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. The expected total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of Wonga’s assets have been sold or realised and certain costs and deductions have been taken into account.’

Guide to eligibility for refunds

Wonga’s administrators notified me that I am eligible for a refund on some of my loans, which exceeded my affordability to pay back. Not all of the loans I took out were accepted.

What was the assessment criteria?

Loans have been assessed against a number of affordability criteria, which I have written about in a former article. To summarise, Wonga is only obliged to pay out if it is ruled that the loan was unaffordable.

Will they remove them from my credit file?

Wonga has stated that they will remove these claims from your credit file. They have caveated that due to the number of claims they are expecting to receive, this may take a number of months after you have received your assessment.

The payout will be taxed!

I noted that payouts are taxed. According to Wonga, ‘If your claim is accepted, we are required by law to withhold 20% tax from the 8% statutory interest element of the claim amount.’ Ouch.

My claim – watch this space!

I have noted below, my claims that have been accepted and those that have been rejected as a guide to anyone else who is expecting a payout.

Accepted loans

Loan Start DateLoan AmountPaid Interest and FeesAccepted/Rejected
25-06-2011£517.00£128.73Accepted
18-07-2011£589.00£169.68Accepted
15-08-2011£759.00£58.28Accepted
23-08-2011£800.00£188.23Accepted
17-09-2011£1047.00£285.18Accepted
17-10-2011£1000.00£279.51Accepted
16-11-2011£1083.00£155.80Accepted
15-12-2011£1000.00£142.25Accepted

Rejected loans

Loan Start DateLoan AmountPaid Interest and FeesAccepted/Rejected
10-02-2011£150.00£13.17Rejected
22-02-2011£280.00£62.84Rejected
21-03-2011£400.00£99.49Rejected
19-04-2011£400.00£87.92Rejected
23-05-2011£400.00£89.17Rejected

Summary

The overall claim value I have been told is £2,190.44. It clearly states that I will not receive this in full. Watch this space for how much I will receive from Wonga on 30th January.

What's next?

Wonga payout update 2020

Wonga’s Joint Administrators gave everyone a timeline in which they were going to look into all claims, which was 30th January.

Claimants were given until 30th September to submit a claim. Once all claims against the company were collated, the administrators would then go through the process of allocating monies.

What’s next…

Hopefully, I will get something back! Although it is yet to be seen how much of a percentage we will receive from the administrators at the end of January. Will keep you posted!

If you have any questions, do post below!

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