Mis-sold Wonga customers to get 4.3% of compensation claims
Those who were mis-sold payday loans by Wonga before it collapsed will receive just 4.3% of the compensation they're owed, according to the firm's administrators.
Around 360,000 former customers of the payday loan giant, which went into administration in 2018, are due money back.
Administrators Grant Thornton had previously warned that payouts would only be a fraction of what claimants were owed – and it's now confirmed that customers will get less than 5% of their agreed claims.
The administrators say that eligible claimants will be paid their compensation "over the coming weeks" by bank transfer or cheque.
While claims for mis-sold Wonga loans are no longer being accepted, if you've been mis-sold a payday loan from another firm you could be owed £100s or £1,000s back. See our Reclaim payday loans for free guide for full help.
Martin: 'Those who ran Wonga are long gone'
Martin's been deluged with tweets from former Wonga customers – here's his view:
'It's a kick in the teeth, but there's nothing we can do'
Many Wonga customers have reacted with dismay after being told the size of their final payouts. Here are some of the reactions we've seen:
What do the administrators say?
A spokesperson for Grant Thornton UK LLP said: "As the joint administrators have explained throughout the course of the administration, the final dividend payment is significantly smaller than accepted claim values, owing to the fact that the total value of all accepted claims significantly exceeded the money available to be shared out."