Wonga on the brink of collapse

Written by Adam Cadle

Payday lender Wonga is on the brink of collapse, according to latest reports, following a deluge of customer compensation claims.

According to Sky News, the firm has lined up Grant Thornton to act as administrator if its board decided in the coming weeks that it is unable to avoid becoming insolvent.

The latest decision to use administrators comes three weeks after Sky News revealed that the company had received an emergency £10m cash injection.

Executives from Wonga are in detailed talks with the FCA to discuss the company’s options.

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