Almost 400,000 Wonga customers will only get a tiny fraction of the compensation the pay day lender owes them.
Wonga - who controversially sponsored Newcastle United's kits for four seasons from 2013/14 - faced heavy criticism for the huge interest it charged on loans and was accused of targeting those who were most vulnerable and would never be afford to pay them back.
Wonga collapsed in 2018, but in 2014 admitted it sold high-interest loans to customers who could not afford them.
As of 2019, Wonga's administrators received 389,621 eligible claims from customers who said they signed up to unaffordable loans, according to documents filed with Companies House.
But affected customers were told on Wednesday that they would only be paid less than 5p for every pound they are owed in compensation.
Wonga's administrators, Grant Thornton, said they would be paying all unsecured creditors 4.3% of their agreed claim over the next four weeks.
One customer's claim, seen by ChronicleLive, shows they will be paid just £90.48 of the £2098.96 that they are owed in compensation. Another will get just £25.23 of their £585.17 agreed claim.
The average agreed claim was for £1,200.
The 4.3% pay outs will be paid within four weeks, while loans that were refunded will be removed from customer's credit records within six weeks.
In the month before its collapse in August 2018, Wonga said its struggles were due to a "significant" increase industry-wide in people making claims in relation to historic loans.
In 2014, the firm introduced a new management team and wrote off £220 million worth of debt belonging to 330,000 customers after admitting making loans to people who could not afford to repay them.
