WONGA is on the brink of collapse after being inundated with compensations claims.
Here’s what we know about the situation the payday loan giant’s current predicament.
PA:Press Association
Will Wonga collapse?
The company was kept afloat three weeks ago thanks to a £10million emergency cash injection from shareholders.
But sources say it merely encouraged a new wave of compensation claims for alleged unfair debt collection practices.
Wonga has been accused of targeting vulnerable customers and charging sky-high interest.
Administrators are understood to be on stand-by to take over the loans giant if it is declared insolvent.
Insiders say news of the lifeline only spurred fresh legal…
Read the full article at: https://www.thesun.co.uk/news/7114820/wonga-collapse-founded-compensation-payday-loans/