Payday lender Wonga collapses into administration amid deluge of customer compensation claims

Britain's biggest payday loan company Wonga has collapsed and begun the process of appointing administrators.The firm's folding confirmed Sky News' report on Sunday that the company was on the brink of collapse following a deluge of customer compensation claims.Wonga's descent into administration also comes weeks after Sky News reported that the loans company had received an emergency £10m cash injection from a consortium of high-profile technology investors.