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Wonga in administration - latest news

Have you received a Wonga loan settlement letter?

In August 2018, payday loan company Wonga entered into administration. They’ve not accepted new loan applications since then.

Independent administrators are now helping Wonga to settle their outstanding customer accounts.

From 8 October 2019, Wonga are contacting all of their former customers to offer a discounted settlement of existing loan amounts.

The discounted loan offer can only be accepted and repaid before the 22 November this year.

I was a Wonga customer and still have a debt with them. What will happen next?

If you agree to pay the settlement figure they offer this payment will be the final loan payment. The loan will then be closed, and Wonga will report the loan to credit reference agencies as having been paid in full. Customers who make this payment will no longer be considered to be in arrears with their Wonga loan. If Wonga had reported a default to your credit file, this will be updated to show the default has been satisfied.

I can't afford the discounted settlement offer. What should I do?

You should continue making your payments to the loan as normal. Wonga customers can continue using their services to manage their existing loans. The administration process won’t affect the repayment term of your loan and if you miss payments you'll be subjected to the firms standard debt collection process

If you have any questions, you can contact Wonga on 0207 138 8330. They’re open Monday to Saturday, 7am – 8pm and Sundays, 8am – 5pm.

I’m a StepChange client with a Wonga loan, what should I do?

If you can afford to accept Wonga’s discounted settlement offer, you should contact us straight away to let us know.

Your loan is still a qualifying debt and Wonga going into administration should have no impact on the success of your DRO.

Keep making your IVA or trust deed payment as normal. If you think you may be able to afford the discounted settlement offer, contact your insolvency practitioner straight away and they’ll discuss it with you.

Your Wonga loan can still be included in your bankruptcy or sequestration. Wonga going into administration shouldn’t impact your solution and your official receiver (OR) or Accountant in Bankruptcy (AiB) should be aware of the on-going situation.

I’m worried about my debt, what should I do?

If you’re worried about your Wonga loan or any other debts, you need expert debt advice. Our team of debt experts help 620,000 people a year to deal with their debt problems. Our free, impartial and confidential advice is tailored to your situation.