Sohail Ismail, Litigation Executive and Team Leader for Consumer Debt Litigation, has furnished their viewpoint in the current collapse of Wonga following a 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 more than a million clients at one point.
On 30 August 2018, Wonga went into management carrying out a rise in payment claims produced by its clients, so that 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 regarding the Wonga site states as follows:
“Despite efforts to restructure business, including an injection of financing because of the Group’s investors the company ended up being struggling to be restored to profitability as a result of the standard of redress claims. Continue reading