London(27 Feb/2019): At the end of summer 2018,
It’s reported that legacy conditions by which customers were previously approved for loans leading up to 2014, which have since been revised, have opened the lender up to a large number of compensation claims over the last year. These ‘legacy loan compensations’ took a significant toll on the company’s ability to be profitable.
Despite attempts earlier in the summer to bailout the lender with a rallying 10 million pounds from shareholders WDFC UK Ltd went into official administration. on the 30th of August 2018.
What of Wonga worldwide?
Wonga South Africa reports that it’s ‘business as usual’ with all current and future South African customers unaffected by any proceedings in the UK.
Wonga continue to operate in both Spain and Poland without being affected by the administration of the British brand.
Wonga Canada ceased trading trading in 2016 and there is no presence of the brand in North America.
The brand also had plans to move into India, however it is unlikely that any future venture will be made now with the current collapse.
Wonga also provided business loans under the moniker ‘everline’, but they sold the business to Ezbob in 2015.