With How I will look back in Wonga

LIKE many people, I will not be mourning the fate of payday lender Wonga.

The firm has collapsed because it did not have the cash to pay for a surge in compensation claims.

These came from customers who say it gave them loans at rip-off rates they could not afford.

Back in 2013 I investigated Wonga, a probe which included an interview with one of its bosses.

Some of my findings were astonishing. Wonga agreed to clean up its act after my report.

I was delighted when bosses did indeed make positive changes but those did not go far enough.

Wonga continued to charge extortionate interest rates and lend money to people who really could not afford the repayments.

Let’s hope this week’s news means this is one brand of payday lender that will soon disappear. And may others follow.

This type of lending is not good for those in financial trouble and can blight whole communities.

If you are a Wonga customer here is what you need to know: 1 What does it mean when a firm goes into administration? company is found, it is normal for the company to then go into liquidation and effectively disappear. 2 Why did Wonga go into administration? Wonga has reported the primary reason has been due to increasing customer claims for compensation over mis-sold loans. 3 I have a claim, should I still pursue it? a complaint with the free Financial Ombudsman Service. 4 Do I need to continue to pay my loan?