The Wonga loans and compensation debate has started over on Twitter. Upset and annoyed folk who were owed compensation due to being missold loans, have now found how much they’ll get paid. However, it’s not good news.
Game Over
Promises of thousands are resulting in mere tens of pounds. Unfortunately, moaning on social media won’t change the fact that administration means you’re pretty much done. In other words, it’s game over. There were over 40,000 claims submitted in March of last year which is a lot of claims!
You can slag off the bosses who walked away with millions but Wonga doesn’t exist anymore. Those bosses are long gone after taking advantage of people in need! Administration means that everything that Wonga had has now been sold to pay those who are owed. If you aren’t happy with what you get, you can’t do much about it. It’s done. If a retailer owes you something and they go into administration, you’ll likely receive nothing. For instance, this is why I avoid holding onto gift vouchers or gifting them at Christmas time. If the retailer goes bust, you’re let with zilch!
Pennies Not Pounds
I’m reading that for every pound that people are owed they’re getting just over 4p. If you’d been promised £100 compensation, you’ll get less than a fiver. £1000 compensation would be under £50 and so on.
One thing I want to say is please don’t let it consume your life. There is nothing you can do about it, it’s happened, it’s time to move on. Whilst it’s not nice knowing that you have been ‘mugged off’ or ‘walked over’ by a corporation and it’s major stakeholder, getting angry is never going to change things.
Moving Forward
Wonga loans did many things wrong and the APR they charged was utterly crazy. People were desperate to turn to them. I saw a tweet from someone saying they’re receiving £35 of what they were owed. They’re donating that money to foodbank because there are people out there in worse situations than they are. This is a heartwarming outlook on a negative experience. Above all, let’s learn from this and move forward. In addition, demand better customer experience across the board, contracts which are iron clad for the customer not the retailer.
