Cant repay Wonga loan

LogicBear · 13 June 2011 at 9:30AM

Hi there,

Ive taken out a Wonga pay day loan but cant afford to pay it back, over the past few months ive been struggling financially and am close to having nowhere to live as i cant afford rent.

Ive been searching for jobs but to no avail and now i need some advice as im worrying to beat the band.

KingElvis · 13 June 2011 at 9:48AM

If you want to escape these guys you MUST straight away change your bank account or they will just come and get what you have anyway.

Once you've done that, you need to contact them and a rrange to pay what you can afford.

dixieboy12 · 13 June 2011 at 10:13AM

try emailing balanceoffer@wonga.com ,stating what you can afford,i done this yesterday and within a few hours they had set up a repayment plan which is affordable to me.Good luck

Apples2 · 13 June 2011 at 10:20AM

As above, there is a good chance Wonga will pop into your account and withdraw the whole amount outstanding.

The good news is that they will then be off your back so you will not be fighting an ever increasing debt to them.
The bad news is that it will leave you with no money in the bank.

If it is in anway possible, go for this option as the fees and charges will mount rapidly, there is no escape from it.
If you can sell stuff..do so. Cancel any subscriptions you are not held under contract for (Sky, Mobiles, Gyms etc.).
Talk to Utility companies (and Council Tax) and see if you can stagger their payments whilst you clear the PDL trap.

The only other option is to open a new account NOW and move your earnings into the new account.
This is a disastrous move as you incur many fees and charges from Wonga against an account with no money in it. The calls and letters will also attract fees. Disastrous as it is, it is the only way to ensure you can keep Wonga's money in your account.

You can rollover your debt to Wonga but you would simply be delaying the inevitable, the amount you owe will continue to grow until it all collapses around your ears.
You credit rating will be shot to bits (if it isn't already).

Get selling, get cancelling, swallow your pride and ask family or alternativley, open a new bank account RIGHT THIS SECOND!!!

EDIT: Be careful of payment plans. They are voluntary agreements. Wonga are seen as one of the better PDL companies but it is entirely common for PDL companies to renage on the agreement and still go in for the kill and withdraw the whole lot.

KingElvis · 13 June 2011 at 10:41AM

dixieboy12 wrote: »

try emailing [EMAIL="balanceoffer@wonga.com"]balanceoffer@wonga.com[/EMAIL] ,stating what you can afford,i done this yesterday and within a few hours they had set up a repayment plan which is affordable to me.Good luck

They will be back for the lot regardless of what they agree/

vax2002 · 13 June 2011 at 10:47AM

You have taken the Devils cup, now its time to pay for it.
These pay day loans are a sign that you are really in trouble and need to do something before you take that drink of free wine.
Solution: Hold a fire sale, everything goes at whatever you can get, cancel anything but food and essential bills and pay the damn thing back, before they start.

dixieboy12 · 13 June 2011 at 10:47AM

so now im looking for advice,i set up a plan yesterday but i have cancelled my debit card and paymkents are bot going through just now,so will they still be able to take money and how do i pay to the payment plan without giving bank details.any help would be great.

vax2002 · 13 June 2011 at 10:55AM

You can visit the bank and ask for your account to be placed in administration as you are in severe difficulties, this means no DD payments are paid, and none are set back up which is more important.
No cheques are cashed and you can only withdraw cash to an agreed amount via the cash machine and anything else you agree.
This wont help the debt, but it may stop them causing more untold misery of bank charges.

KingElvis · 13 June 2011 at 11:04AM

Basically, no matter what they agree, they will be back.

Open another account at another bank, a basic bank account would do if you've got issues. If you don't, they will be back and clean you out for what you owe.

Loads of people have been on here claiming they've been cleared out after coming to an "agreement"

Apples2 · 13 June 2011 at 11:12AM

dixieboy12 wrote: »

so now im looking for advice,i set up a plan yesterday but i have cancelled my debit card and paymkents are bot going through just now,so will they still be able to take money and how do i pay to the payment plan without giving bank details.any help would be great.

Doesn't matter, you authorised the payment before cancelling your card.

Nothing to say they WILL go in for the lot, but many PDL companies do.

xgingerx · 13 June 2011 at 1:48PM

Hi, just a word of warning, if you are going to open a new bank account and get your salary paid into it, transfer all your SO , Direct debts etc, then thats perfect, BUT if your old account is a current account with Debit Card, you need to empty the account and then CLOSE the account totally, this is because Payday companies will start high in the amounts they take and work there way down until they get results, now my Bank LLoyds TSB, will authorise transactions upto £50 WITHOUT an overdraft, so if I had empty my bank they could still take £50 if I left the accout open, and then would get charged unauthorised OD with the bank, and Lloyds i think charge daily upto a max £90 in a month, so £90 + the £50 they took, could leave you in more of a mess, also remember cancelling your card will not work as this will still be linked to your account and the PD co will have your authorisation to take the money so bank wont be able to stop it.

Hope this is clear

Cant repay Wonga loan

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