Have you ever taken out a payday loan with Wonga? If so, you might be eligible to claim your money back. Wonga was once a successful payday lender, but the company’s practices were called into question in recent years. Customers reported being misled, charged excessive fees, and falling into a cycle of debt due to Wonga’s irresponsibility. But now, Wonga has closed its doors for good, and the Financial Conduct Authority (FCA) has ruled that eligible customers can claim compensation for the harm caused by Wonga’s lending practices.
If you were a Wonga customer, you might be wondering how to get your money back. The process can be tricky, but it’s definitely worth investigating. Depending on your situation, you could be eligible for a full refund of the interest and charges you paid, or a percentage of the outstanding balance on your loan. This is especially true if Wonga didn’t properly assess your ability to repay the loan before lending you money. But be warned: the process isn’t as simple as clicking a button or filling out a form. It may take some effort to get your money back, but it could make all the difference in your financial situation.
To learn more about the process of claiming money back from Wonga, it’s essential to do your research. This article is a great place to start, but it’s up to you to take the necessary steps to get your money back. Remember, you don’t have to face this alone. There are many resources available to help you navigate this process and claim what’s rightfully yours. So don’t wait any longer – find out if you can claim money back from Wonga today.
What Is Wonga?
Wonga is a former British payday loan company that operated between 2007 and 2018. The company offered short-term loans with high-interest rates, with the amount lent typically ranging between £50 and £1,000. Wonga was one of the most visible and well-known payday loan companies in the UK, thanks to its eye-catching advertising campaigns and quick online application process.
However, Wonga was also subject to intense criticism for its high-interest rates and aggressive lending practices, with many accusing the company of exploiting vulnerable customers who were not able to pay back their loans on time. These accusations led to regulatory intervention, which eventually forced Wonga to cease operations and begin the process of compensating its customers.
Reasons To Claim Money Back From Wonga
Wonga was once one of the biggest payday loan companies in the UK, lending money to millions of people. However, they have been found guilty of unfair practices and mis-sold loans, resulting in many customers being eligible to claim compensation. Here are some reasons why you may be entitled to claim money back from Wonga:
- Mis-sold loans: Wonga has admitted to lending money to people who couldn’t afford to repay it, often without properly assessing their creditworthiness or their ability to make the repayments. If you were given a loan by Wonga that you couldn’t afford to repay, then you may be able to claim your money back.
- Unfair charges: Wonga was known for charging high penalty fees for missed or late payments, which meant that customers often ended up owing much more than they had initially borrowed. If you were charged excessive fees by Wonga, you may be able to make a claim.
- Continuous payment authority (CPA): Wonga used CPA to take money out of customers’ bank accounts without their permission or knowledge. If Wonga took money from your account without your explicit permission, then you may be able to claim compensation.
It’s worth noting that even if you have repaid your loan, you may still be entitled to claim compensation if you were mis-sold the loan or if you were charged unfair fees. Wonga’s collapse in 2018 means that you will need to claim compensation through the Financial Services Compensation Scheme (FSCS).
If you think you may be eligible to claim money back from Wonga, then it’s important to act quickly. There is a deadline of 31 January 2020 for submitting a claim to the FSCS, so don’t delay. You can find out more information about how to make a claim on the FSCS website.
How To Claim Money Back From Wonga
Claiming compensation from Wonga can be a daunting process, but it’s important to take action if you think you may be entitled to a refund. The following steps can help you to make a claim:
- Gather evidence: You will need to provide evidence to support your claim, such as bank statements, loan agreements and correspondence with Wonga.
- Contact Wonga: If you haven’t already done so, contact Wonga to make a complaint. You can do this by phone, email or letter.
- Submit a claim to the FSCS: If you are not satisfied with Wonga’s response or if they don’t respond within eight weeks, then you can submit a claim to the Financial Ombudsman Service (FOS). If Wonga is no longer trading, then you can claim through the FSCS.
- Wait for a decision: The FOS or FSCS will investigate your claim and make a decision. If your claim is successful, you will receive compensation.
Remember, there is a deadline of 31 January 2020 for submitting a claim to the FSCS, so make sure you act quickly if you think you may be eligible for compensation.
What To Do If You Are Struggling With Debt
If you are struggling to repay debt, then don’t bury your head in the sand. There are ways to get help and support. The following organisations can provide free debt advice:
| Organisation | Contact Details |
|---|---|
| StepChange Debt Charity | 0800 138 1111 |
| National Debtline | 0808 808 4000 |
| Citizens Advice Bureau | Find your local bureau on the Citizens Advice website |
These organisations can help you to work out a manageable payment plan, negotiate with your creditors and provide emotional support. Don’t suffer in silence – seek help today.
Eligibility Criteria To Claim Money Back From Wonga
Wonga, a UK-based online payday lender, was one of the most popular lending companies until it went into administration due to misconduct in lending practices. If you have taken out a loan from Wonga and faced difficulties in repaying, you can make a claim to get your money back. However, you need to know the eligibility criteria to make a successful claim.
- You must have taken out a loan from Wonga.
- You should have faced difficulties in repaying the loan amount.
- Your loan application should have been approved without verifying your financial information or determining your ability to repay.
If you meet the above criteria, you are qualified to proceed with the claim. Now, let’s dive into the detailed explanation of each criterion.
Firstly, you must demonstrate that you have taken a loan from Wonga. You need to provide proper documentation, such as the loan agreement and loan statements, to prove it. Without substantial evidence, your claim may get dismissed.
Secondly, you must have faced financial difficulty in repaying the loan. The idea here is to challenge Wonga’s lending practices, which approved loans without considering your financial stability. If you faced additional financial difficulties due to the high-interest rates and charges imposed by Wonga, it strengthens your argument. You can use your financial statements, wage slips, and other documentation to support your claim.
Last but not least, to strengthen your claim, you must provide evidence to show that Wonga did not conduct proper checks before approving your loan application. The lender should have checked your credit score, your income, and other necessary information to determine your suitability for the loan. If you have evidence that Wonga approved your loan without verifying this information, it further strengthens your claim.
Once you have met the eligibility criteria, you can start the claim process by contacting Wonga administrators and submitting a claim online or via email. The administrators will scrutinize your claim and decide on the appropriate plan of action.
It’s essential to navigate the claim process carefully, meticulously document your evidence and be patient. It may take time for your claim to get processed, and you must cooperate with the administrators to expedite the process.
| Eligibility Criteria | Explanation |
|---|---|
| Taken a loan | Provide loan agreement and statements as proof |
| Financial difficulty in repaying the loan | Evidence of financial statements, wage slips, and additional financial difficulties |
| No proper checks done on loan application | Evidence of Wonga approving loan without verifying credit score, income or other necessary information |
The eligibility criteria for claiming money back from Wonga may seem simple at a glance, but there are many intricacies involved in the claim process. It’s wise to seek legal advice and consult with the administrators before proceeding with your claim.
Remember, it’s essential to have a well-documented claim that strengthens your argument and helps you to receive your money back without much trouble.
How To Claim Money Back From Wonga?
If you were one of the numerous individuals who were caught up in Wonga’s predatory loan policies, there is hope for you yet. If you’re wondering whether you may reclaim your overpayments or seek loan forgiveness, the answer is yes. Reclaiming your money from Wonga is a straightforward process that can be done in a few easy steps.
- Step 1: Gather Your Information: Begin by gathering all the necessary info, including the loan details, identification, and any documents that support your claim.
- Step 2: Submit A Formal Complaint: Submit a formal complaint to Wonga by phone, email, or letter. State clearly the reasons for your complaint and the amount you are owed. You may receive a response within eight weeks.
- Step 3: Approach The Financial Ombudsman: If you do not receive a response from Wonga or are dissatisfied with the response, you may approach the Financial Ombudsman Service (FOS). The FOS, an independent body, will investigate your complaint and render a final decision. You can do this quickly and easily using the online complaint form.
If you believe you have been a victim of inappropriate lending or if Wonga has made mistakes or failed in its responsibilities, you can complain.
Legal Action
If your grievance is not resolved by making a complaint to Wonga or the FOS, or if you disagree with the FOS’s decision, you may take legal action to recover your money. You may go to court if necessary and pursue a claim for either breach of contract, unfair treatment, or systematic malpractice by Wonga.
Common Reasons For Compensation
Wonga charges interest rates up to 1500%, resulting in many people being forced to roll over their loan or take out another one to pay off the first. Many Wonga customers may be entitled to compensation due to various factors, including the following:
| Reasons for Compensation | Eligibility Criteria |
|---|---|
| Charging an individual unreasonable or unaffordable loan rates. | You couldn’t afford to make payments because the loan amounts and repayments were unreasonable. |
| Rolling over of loans in succession. | If you had to roll over your loan several times to make your payments, you may be eligible for compensation. |
| Not carrying out due diligence checks. | Wonga may have lent to you without performing adequate checks on your capacity to pay. |
| Failing to provide clear and comprehensive information. | If Wonga did not provide you with clear information about the fees and charges associated with the loan. |
To claim compensation, you will need to submit evidence that demonstrates that you experienced harm as a result of the violations listed above.
Different Ways To Contact Wonga
Wonga is a UK-based online lender that provides short-term loans to consumers. If you have borrowed from Wonga in the past and are looking to claim money back, there are a few different ways you can go about it. Here are the different ways to contact Wonga:
- Call Wonga Customer Service: You can call Wonga’s customer service line on 0207 138 8330. This number is available between 8am and 10pm from Monday to Friday and 8am to 8pm on Saturdays and Sundays.
- Email Wonga Customer Service: You can email Wonga’s customer service team at customercare@wonga.com. Wonga aims to respond to emails within 48 hours.
- Write to Wonga Customer Service: If you prefer to write a letter, you can send it to Wonga’s customer service team at Wonga Group Limited, 88 Crawford Street, London, W1H 2EJ.
If you want to make a claim for a mis-sold or unaffordable loan, you can do so by contacting Wonga through their online claims form. This is a simple way to get in touch with Wonga and start the claims process.
When making a claim, it’s important to include as much detail as possible about the loans you’ve taken out with Wonga. This may include the amount you borrowed, the interest rates charged, and how much you paid back. Providing evidence of the loans you took out, such as bank statements or loan agreements, can also help to support your claim.
Contacting Wonga’s Administrators
If you want to make a claim against Wonga but they have already gone into administration, you will need to contact the administrators directly. The administrators of Wonga are Grant Thornton UK LLP.
You can contact the administrators through their website or by emailing them at customercare@wonga.com. You can also call the Wonga customer service team on 0207 138 8330 to get more information about the claims process.
Wonga Contact Details
If you need to get in touch with Wonga for any reason, here are their contact details:
| Phone Number: | 0207 138 8330 |
| Email Address: | customercare@wonga.com |
| Postal Address: | Wonga Group Limited, 88 Crawford Street, London, W1H 2EJ |
By using these different methods to contact Wonga, you can get the information you need to make a claim or get support for any other issues you may have.
Alternatives To Consider If You Can’t Claim Money back From Wonga
If you are unable to claim money back from Wonga, there are several alternatives you may want to consider. Here are some of them:
- Debt Management Plan: This is a debt repayment plan that helps you to pay off your debts over a period of time. Debt management companies can work with you to create a plan that fits your budget, and they will negotiate with your creditors on your behalf.
- Debt Settlement: Debt settlement is a process of negotiating with your creditors to settle your debts for a reduced amount. This option is best for those who are in serious financial trouble and cannot afford to make regular monthly payments.
- Bankruptcy: Bankruptcy is a legal process that can help you to reduce or eliminate your debts. It is a serious decision that should not be taken lightly, as it can have a long-term impact on your credit score.
If you are still struggling to pay off your debts, you may want to speak with a financial advisor or credit counselor to explore your options further.
Credit Counseling
Credit counseling is a service that helps individuals manage their debt and improve their credit score. A credit counselor will work with you to create a budget and develop a debt repayment plan. They can also provide advice on how to improve your credit score and manage your finances.
Credit counseling can be useful if you are unable to pay off your debts on your own or need assistance in managing your finances. However, make sure you do your research before choosing a credit counseling agency. Look for an agency that is reputable and accredited by a national organization such as the National Foundation for Credit Counseling (NFCC).
Loan Consolidation
Consolidating your loans can help you to simplify your debt repayment and reduce your overall interest rate. With loan consolidation, you take out a new loan to pay off your existing debts. This leaves you with a single monthly payment to manage.
| Pros | Cons |
|---|---|
| Lower interest rate | You may pay more in interest over time |
| Easier debt management | You may have to pay fees to consolidate your loans |
| Better credit score | You may be tempted to take on more debt |
Before consolidating your loans, make sure you understand the terms and fees associated with the new loan. Be sure to compare the interest rates and terms of several lenders before making a decision.
Overall, there are several alternatives to consider if you cannot claim money back from Wonga. It is important to explore all your options and choose the one that is right for you and your financial situation.
What To Do After Receiving Money Back From Wonga?
Getting your money back from a company like Wonga feels like a victory, but it is important to remember that this is not the end of the process. In fact, it is just the beginning of a new process that involves handling the money you have reclaimed. Here are some things you should do after receiving money back from Wonga:
- Create a repayment plan – If you took out a loan from Wonga, chances are that you were struggling financially. Now that you have some money back, it is important to create a repayment plan for any other debts you may have. Prioritize your debts and create a realistic plan that will help you pay off everything you owe.
- Save for emergencies – Having an emergency fund is important for anyone, but it is especially important for those who have struggled with debt. Start putting some money aside each month so that you have some savings to fall back on in case of an emergency.
- Invest in yourself – Use the money you have reclaimed to invest in yourself. This could mean taking a course or training that will help you advance in your career, or investing in your health by joining a gym or hiring a personal trainer.
It is also important to remember that just because you have received money back from Wonga, it does not mean that you are in a completely stable financial situation. Use this as an opportunity to make positive changes in your life, and get on the path to financial stability.
Resources to Help You Manage Your Finances
If you are looking for resources to help you manage your finances after receiving money back from Wonga, there are a variety of options available. Here are a few resources that might be helpful:
- Financial advisor: If you are struggling to manage your finances, consider working with a financial advisor who can help you create a plan to pay down your debt and save for the future.
- Debt management program: A debt management program can help you consolidate your debts and create a plan to pay them off over time.
- Budgeting apps: There are a variety of budgeting apps available that can help you track your spending and stick to a budget.
By utilizing these resources and taking steps to improve your financial situation, you can create a better future for yourself and your family.
What Not to Do with Your Refund
While receiving a refund from Wonga can be exciting, it is important to remember that this money is not free. Here are some things you should avoid doing with your refund:
- Spending it all at once: While it may be tempting to blow your refund on something fun, it is important to be responsible with your money. Remember that this money is intended to help you get back on track financially.
- Ignoring other debts: While it may be tempting to focus solely on the debt you owed to Wonga, it is important to remember that you may owe money to other creditors as well. Make sure you prioritize all of your debts and create a plan to pay them off.
- Investing in high-risk ventures: While investing your refund can be a good idea, it is important to avoid high-risk investments that could end up costing you more money in the long run.
By being responsible with your money and avoiding these common pitfalls, you can put yourself on the path to financial stability.
| Do | Don’t |
|---|---|
| Do prioritize your debts and create a repayment plan. | Don’t spend your refund all at once. |
| Do save for emergencies. | Don’t ignore other debts you may owe. |
| Do invest in yourself. | Don’t invest in high-risk ventures. |
Receiving money back from Wonga can be a turning point in your financial journey. Take advantage of this opportunity to make positive changes in your life, and use the resources available to you to create a better future.
Can You Claim Money Back from Wonga – FAQs
1. Who can claim money back from Wonga?
If you have taken out a loan from Wonga that you believe was unaffordable or if you were lent money that you could not repay, you may be eligible to claim money back from Wonga.
2. How much money can I claim back from Wonga?
The amount of money that you can claim back from Wonga will depend on the individual circumstances of your loan arrangements and the amount that you borrowed. You can work out how much you may be able to claim back by using a Wonga calculator.
3. Is there a deadline for making a claim against Wonga?
Yes. The deadline for making a claim against Wonga has now passed.
4. What if I still owe money to Wonga?
If you still owe money to Wonga, any compensation that you are awarded will be used to pay off any outstanding debts.
5. Who do I contact to make a claim against Wonga?
You can make a claim against Wonga through the Financial Ombudsman Service. Alternatively, you may wish to seek legal advice.
6. Will making a claim against Wonga affect my credit rating?
No. Making a claim against Wonga will not affect your credit rating.
Thank You For Reading
We hope that this article has been helpful in answering your questions about claiming money back from Wonga. Remember, the deadline for making a claim has now passed. However, if you have any further questions or concerns, don’t hesitate to seek advice from the Financial Ombudsman Service or a legal professional. Thanks for reading, and please visit our site again for more helpful articles.