The long term for the PayDay industry after the collapse of Wonga

Sohail Ismail, Litigation Executive and Team Leader for Consumer Debt Litigation, has supplied their viewpoint in the current collapse of Wonga following a news that they have entered into management.

What/who are Wonga?

Wonga had been when a prominent PayDay mortgage lender which burst on the loan that is“short-term market during the early 2006, and ended up being considered to have more than a million clients at one point.

On 30 August 2018, Wonga went into management carrying out a rise in settlement claims created 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 whilst the company’s joint administrators. Continue reading