Wonga close to administration, do not lose out.
The top headlines this week have been awash with the news that Wonga is ‘on the brink of collapse’ due to a surge in compensation claims.
Between the years 2005 and 2015 Millions of people within the UK took out a payday loan of some sort and alike other similar suppliers, Wonga are now responsible for paying mis-sold funds back in the form of compensation.
With the firm’s future now looking bleak, it is vital that those who opted for payday loans to cease the opportunity to submit a claim in order to be repaid the money you may be owed before both time and funds run out.
The british legion reported a 450% rise in personal unmanageable debt within the armed forces. With a reported 11k members of the armed forces classed as having unmanageable debts between 2007 and 2011.
Due to the complex and ever changing nature of such an industry, sudden changes in legislation can mean reclaims across the board are diminished overnight. Who would have predicted this time last year that an organisation as large and as successful as Wonga would be on the brink of closure?
In addition to payday loan compensation, it’s also time to take ownership of your potential military tax rebate, how would you feel if the five minute form you’ve been putting off was no longer available and with it thousands of pounds of your owed money is no longer obtainable.
To combat the mis-selling of such loans, law firms have now started to work on a no win no fee basis to reclaim interest and fees on these loans. At the moment www.paydayloanfightback.com are processing 100s of compensation claims a month.
The firm currently attain an average refund of just over £1k for their clients, and an increase in people coming forward to take action against payday loan lenders is occuring.
With an estimate 25k payday loans issued to military personnel between 2005 and 2015 there is potential for millions in unclaimed compensation.
While no one can predict how long the claims will be available, it’s time to take action and claim what’s yours.