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Thousands and thousands of individuals who had been mis-sold payday advances will get a small fraction of this settlement they’ve been eligible to after a lender collapsed.

WageDay Advance had offered loans to about 800,000 individuals but went into management early in the day this season.

The demise of Wonga, the company folded after being hit by a wave of compensation claims for mis-sold loans in a case that mirrors.

Clients are now actually emails that are receiving explain just how much they owe or are owed.

But, now the business is in management, those individuals who have reduced loans but they are eligible for payment have grown to be creditors that are unsecured. They could just expect a portion for the compensation payout that is full.

‘I’m not holding my breathing’

Michael Ingram no further owes cash to