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Wonga compensation claimants may lose out due to automation plan

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There is a very real risk those who are owed money by Wonga in compensation for having been lent money irresponsibly may be chased by creditors for this money, whilst losing access to the compensation to which they are entitled.

 

https://www.msn.com/en-gb/money/news/wonga-compensation-claimants-may-lose-out-due-to-automation-plan/ar-BBPkdZX?ocid=spartandhp


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Stella Creasy MP

 

She said: “There is a very real risk those who are owed money by Wonga in compensation for having been lent money irresponsibly may be chased by creditors for this money, whilst losing access to the compensation to which they are entitled.

 

“It’s time the government stepped in to oversee this process to ensure this legal loan shark doesn’t keep ripping off customers even after its demise.”

 

There has been significant interest in acquiring assets from the administration which include its technology, equipment and loan book. Some 60 parties have expressed an interest in the assets, while 27 have signed non-disclosure agreements in order to inspect them more thoroughly, according to the documents.

 

Any buyer of the loan book would not be liable for the compensation claims which sank Wonga, but would be entitled to chase its former customers for debts.


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