Ever taken out a Wonga loan? Martin Lewis has an urgent announcement

He gave the advice on Friday's This Morning

Have you ever taken out a loan with Wonga? Or, indeed, any other payday loans company? If so, Martin Lewis has an urgent announcement that you need to hear.

Related: Martin Lewis recommends this easy bank switch that will earn you £150

‘Wonga reclaims close on Monday,’ our favourite Money Saving Expert explained on Friday’s This Morning, emphasising that it’s vital you act now or lose out.

Martin-Lewis-Wonga-loans-warning

Image credit: Simon James/Getty Images

We know a payday loan can be tempting. If your boiler’s broken down or your washing machine’s stopped working, it’s sometimes difficult to see a way to live without said appliance, and in desperation you take one out. However, Martin would ALWAYS advise against it.

‘Payday loans are a flawed concept that I’ve campaigned about for years,’ Martin says. ‘Many people that had them were mis-sold them – for two big reasons.

‘First of all, you were given the money but couldn’t afford to repay and they didn’t check that. Secondly, the cost of the repayments wasn’t fully explained. If you were mis-sold, you can get back ALL the interest you paid and there are free tools and help online.’

‘Paul emailed me: “I was paid back £3,800 from two lenders, all sorted in six weeks – thanks”.’

Reclaiming Wonga payday loans

Image credit: David Giles

‘Yet, specifically for Wonga as it’s in administration, the administrators have set up a special page online – but you have to fill that in by Monday or it CLOSES.’

‘Just fill in your info – you don’t have to explain why you were mis-sold. They will look at the claim and work it out for themselves. However, only expect pence in the pend back, because the company is in administration.’

Related: Martin Lewis says now is the best time to switch to THIS energy tariff

So if you have ever had a Wonga loan, visit the Online Claims Portal, set up by the administrators and answer a few straightforward questions about your loan. According to the site, it should take just a few minutes – so we think its well worth your time.

And if you have ever taken pout a payday loan with a different company, we advise you check Money Saving expert’s guide to reclaiming payday loans for free.

You could get £100s, if not £1,000s, back!

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