Britain's largest payday lender, Wonga, has collapsed in administration following a wave of customer compensation claims, leaving more than 200,000 customers wondering what this means for their loans. The short-term loan provider hired the accounting firm Grant Thornton to take care of the administration. It will now seek to find a buyer for the company's loan portfolio. In recent days, customers have flooded the company's hotline, where an automated message says there are delays in responding "due to high volume of calls." I have a Wonga loan. Should I continue to repay? It is believed that there are around 220,000 Wonga customers. It is not a publicly traded company, so few figures are available, but its latest set of figures - now almost two years old - showed it had loaned out \u00a3 430million, with an average loan amount of 237 pounds sterling. Even though Wonga has collapsed into administration, the legal obligation for clients to repay their debts remains unaffected. Those who access the helpline are advised that if they fail to make a payment, their account will be transferred to a debt collection agency, with an additional fee to pay. by Wonga the website says: \u201cThe first time you miss a payment you will have three days to refund before we charge you a missed payment fee of \u00a3 15. " Wonga's main assets are the loans it grants. Photograph: Alamy Wonga's main assets are the loans it grants and Grant Thornton will seek to sell them to another company. This company will then have the legal right to sue Wonga borrowers for the outstanding balance. However, they don't have the right to change the terms and conditions of a loan - they can't increase interest or demand prepayment. But a buyer of Wonga's existing loan portfolio may take a more - or less - aggressive approach than Wonga to debt collection. I filed a compensation claim against Wonga. What will happen now? Until now, claims were either settled by the company or referred to the Financial Ombudsman Service (FOS). But now that Wonga officially enters administration, compensation claimants will join the list of creditors. Claims handling companies suing Wonga believe the chances of getting compensation will be almost nil. The FOS had warned that if Wonga went into administration, it would not do further compensation assessments, and clients are not entitled to claim against the. Financial Services Compensation Scheme. Are regulators doing anything to organize an orderly exit from the company? The Financial Conduct Authority has had urgent discussions with Wonga to ensure that clients' rights are taken into account. Why didn't Wonga take out a 4000% short-term loan to overcome his financial problems? Twitter is full of people making jokes at the expense of the business. "What's wrong with Wonga?" Did they lend each other a five? is typical. But others have thought of the 500 workers at the company who are laid off.