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Failed Lender Reaching ‘From Beyond The Grave,’ MPs Warn

Law360, London (February 27, 2019, 12:42 PM GMT) -- Failed payday lender Wonga is damaging the finances of thousands of customers “from beyond the grave” because they cannot seek redress for allegedly missold loans as the company was not covered by Britain's bankruptcy compensation scheme, a parliamentary committee warned Wednesday.

The collapse of Wonga has left more than 10,000 borrowers to “fend for themselves,” the Treasury Committee has said. The failed short-term lender was targetted by demonstrators in 2014. (AP) The Treasury Committee said that Wonga has left 10,500 borrowers to “fend for themselves” because their complaints about poor practice at the U.K.’s biggest payday lender — which collapsed in...

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