The administrators have finally provided the last figures: information on the Administration

• they evaluated 401,202 claims to be legitimate;
• among these 358,129 are increasingly being compensated 4.3% of the evaluated settlement value;
• The 43,073 that are remaining owed a stability on that loan to wonga, so their settlement has been utilized to clear or reduce that stability.

Wonga stopped lending and went into management on 30 2018, unable to pay refunds on all the payday loan affordability complaints it was getting august.

The Administrators are making different progress reports (available from organizations home) and statements during 2018-19:

• in 2018, the Administrators published their Proposals, detailing how they planned to handle the administration october. Creditors voted to accept these Proposals.
• progress are accountable to end February 2019;
• Witness Statement in 2019 april;
• progress are accountable to end 2019 august.

An claim that is online had been put up in April 2019 for Wonga clients to submit claims for refunds. September the deadline for sending in a claim was 30.

The Administrators evaluated all claims utilizing a automatic device. This took account of:

• all loans, including those over 6 years old
• how big a loan had been in comparison to a customer’s income;
• how many times somebody borrowed without significant gaps;
• whether there have been indications of difficulty such as missed re re payments;
• when there is a stability outstanding for the proper of set-off.

It calculated how much interest should be refunded and added statutory interest at 8% where it decided one or more loans were unaffordable,.

In August 2019 the Administrators starting delivering e-mails to people saying whether their claims have now been successful or refused.

In September, the Administrators delivered an up-date on progress up to get rid of August 2019. Tips consist of:

• at end August, 389,621 claims for unaffordable lending that is payday been accepted by the administrators;
• The value that is total of claims is c ВЈ460million – the average of c ВЈ1,200 a claim. (My remark: ВЈ460m will be a lot a lot more than the ВЈ45million that your Wonga directors had believed);
• ВЈ23m of outstanding loans have already been gathered. The Administrators state that outstanding loans are now being taken into consideration and because of the proper of set-off where the consumer features a claim for unaffordable loans. The loan that is remaining will never be offered to a financial obligation collector.

The Administrators expected that re payments is created by 30 January 2020.

Many people nevertheless owe Wonga money. At this time it is really not understood exactly what will occur to these balances because the Administrators are no longer using payments and have actually stated before they are not very likely to market the loans up to a financial obligation collector.

The administrators sent out confirmation emails with people’s bank accounts on 10 January.

The administrators announced the dividend of 4.3p in the ВЈ saying it would be paid in the next four weeks on 29 January. This is a shock that is major those who had anticipated to have the payout in January.

The administrators issues a new update saying the payment process was taking longer than expected and payments would continue to about 40,000 people over the next 2 weeks on 2 March

The Joint Administrators have experimented with make dividend re re payments to over 410,000 creditors… In addition towards the re payments that have been not made we now have had about 40,000 re payments gone back to us because of customer that is incorrect details recorded on file with Wonga. We are going to now start calling these clients whose re payments had been came back, by e-mail, to get proper and up-to-date bank-account details.

The dividend re payday loans in Illinois payment procedure is using longer than expected and re re payments will still be compensated through the next a couple of weeks my bold.