Average compensation amount should have been £1,200 but will now be only £64 each

Hundreds of thousands of Wonga customers who were mis-sold loans by the collapsed payday lender will only receive 4.3p for every £1 they are owed in compensation, administrators have confirmed.

The payout means more than 358,000 claimants who were owed a collective £460m, according to the last administrators’ report, will share less than £23m.

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