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  • FIRST POST
    • timbo86
    • By timbo86 24th Jun 09, 3:48 PM
    • 159Posts
    • 131Thanks
    timbo86
    Avoid Wonga at all costs
    • #1
    • 24th Jun 09, 3:48 PM
    Avoid Wonga at all costs 24th Jun 09 at 3:48 PM
    Took a payday loan out with wonga and was informed the other day my payday would be altered from the 25th of the month to the 1st as soon as i found out got in touch with wonga by phone was promised a call back nothing arrived so i decided to email them. I asked if i could change the repayment date back by 1 week as i wont have the money in my account with my payday altering.

    Here is the full transcript:

    Me:
    Hi, i have found out that my payday has altered from the 25th of each month to the 1st of each month with immediate effect. Could you please alter this for my loan as there wont be enough money in my account until payday.
    Thankyou

    Wonga:
    Hi,
    Please extend your loan online at www.wonga.com <http://www.wonga.com/> in the My accounts section by making a partial payment at least one working day before your loan is due.

    Me:
    Hi there

    My problem is i dont have the money to extend it and would like to pay the full balance off on July 1st my new payday. Could you put this into operation for me please?

    Wonga:
    Hi ,

    Unfortunately, since you cannot extend the loan by making partial payment, there is nothing more we can do to assist you at this time.

    We will attempt to take payment on the 25 June 2009, as planned. If funds are not available, there will be a £10 fee added to the balance of your loan.

    Once a loan defaults, it is sent to a third-party agency for collection. Defaults can also put negative marks on your credit history which will not only affect your ability to borrow from Wonga again, but it can also affect your ability to borrow with other companies as well.

    We hope you can sort something out by your promised repayment date

    Now is this me over reacting or are they just been completely unhelpful. I certainly wont be using them again should the need arise urgently.
    Save £1000 in 100 days 20th july - 22 oct - so far 25.00
Page 1
  • woody01
    • #2
    • 24th Jun 09, 4:24 PM
    • #2
    • 24th Jun 09, 4:24 PM
    They are not being unhelpful.
    Payday loans are just that and you agree a date to repay.

    I know its a git but these people dont budge.
    • fozmcfc
    • By fozmcfc 24th Jun 09, 4:32 PM
    • 2,994 Posts
    • 2,182 Thanks
    fozmcfc
    • #3
    • 24th Jun 09, 4:32 PM
    • #3
    • 24th Jun 09, 4:32 PM
    It doesn't make sense your payday was originally the 25th, but they moved it to the 1st.

    You ask to have the payday moved back to the original 25th. They say they will attempt to take payment on the 25th, so where's the problem, they are going to take the money out on the 25th which is what you wanted.
    • theartfullodger
    • By theartfullodger 24th Jun 09, 7:46 PM
    • 8,905 Posts
    • 11,757 Thanks
    theartfullodger
    • #4
    • 24th Jun 09, 7:46 PM
    • #4
    • 24th Jun 09, 7:46 PM
    According to the FLA's code of conduct (Wonga's site states they are members & I'm sure they adhere to these... copy available at...
    http://www.fla.org.uk/fla/consumerfi...ofPractice.riv
    )
    (extract of full code,,,"
    We will....
    .
    ● help you when you need information and guidance, including explaining how
    the products will affect your finances;
    ● act honestly and try to make sure that credit brokers, and all other suppliers
    of goods and services we do business with, do the same;
    ● correct mistakes, handle complaints quickly and sympathetically, and tell you
    how to take your complaint forward if you are still not satisfied;

    "
    .. and I'm sure they will help you.. If you need to get in touch directly, according to the OFT licence that Wonga hold their details are (from website at..
    http://www2.crw.gov.uk/pr/default.aspx
    "
    Licence Number:0611974
    Licence Status:Current

    Current Applicant / Licensee:

    Business NameCompany Registration Number Wonga.Com Limited6374235

    Categories:

    Consumer credit Credit brokerage

    Right To Canvass Off Trade Premises:No


    Trading Name(s) (Current):

    wonga.com

    Issued Date: 04-Jan-2008
    Expiry Date: 04-Jan-2013


    Legal Formation:

    Body Corporate (incorporated inside UK)

    Current Individuals that run the organisation:

    NamePosition Errol Damelin Jonty Hurwitz Philip Wright

    Nature of Business:

    Credit Agreements/loans (linked)

    Current Address(es):

    Address TypeAddress Correspondence28-32, Wellington Road, London, NW8 9SP, United Kingdom Principal Place Of Business28-32, Wellington Road, London, NW8 9SP, United Kingdom Registered Office88, Crawford Street, LONDON, W1H 2NA, United Kingdom
    "
    samedaycash appear to be owned by a company called Quickbridge.

    Quickbridge also appear to own WONGA.COM..

    And, according to the CEO gentleman's website at.//...

    http://www.erroldamelin.com/

    " The company is committed to responsible lending "

    Well, now we know!

    It is surprising to many that an organisation can advertise interest rates of 2,500%+ (just seen 2689% on their website) and expect people to be sympathetic with the lender.

    As far as I can tell they are a bunch of blood-sucking evil b****ards who need taking round the back of the bike-sheds for a good kickin'.

    Cheers and best wishes to all, including those who don't agree with me!

    Lodger
    Last edited by theartfullodger; 24-06-2009 at 7:52 PM.
    • kilasuit
    • By kilasuit 24th Jun 09, 7:52 PM
    • 651 Posts
    • 705 Thanks
    kilasuit
    • #5
    • 24th Jun 09, 7:52 PM
    • #5
    • 24th Jun 09, 7:52 PM
    It doesn't make sense your payday was originally the 25th, but they moved it to the 1st.

    You ask to have the payday moved back to the original 25th. They say they will attempt to take payment on the 25th, so where's the problem, they are going to take the money out on the 25th which is what you wanted.
    Originally posted by fozmcfc
    the OP's payday was on the 25th but the company he works for moved it to the 1st.

    he got a loan from wonga and asked to repay it on the 25th as he believed there would be funds to cover it from then

    however since his actual payday has changed he'd like to change the date of repayment to wonga but they are saying no

    To the OP

    Theres not alot you can do unfortunatley other than get a similar loan to pay wonga off and then on your actual payday pay this 2nd loan off
    • fozmcfc
    • By fozmcfc 24th Jun 09, 8:20 PM
    • 2,994 Posts
    • 2,182 Thanks
    fozmcfc
    • #6
    • 24th Jun 09, 8:20 PM
    • #6
    • 24th Jun 09, 8:20 PM
    Ah sorry thanks I read it several times and still read it wrong LOL.

    Sorry all.
  • Snakeeyes21
    • #7
    • 24th Jun 09, 8:41 PM
    • #7
    • 24th Jun 09, 8:41 PM
    I think these companies why provide payday loans provide quite a good service, even if it is at a high interest rate. Alot of people dont have the friends, family or credit to help them get by. Being able to borrow a couple of hundred quid no question asked, to get you through till payday is great, the problems come when payments are missed or when these loans are extended.
    Last edited by Snakeeyes21; 24-06-2009 at 8:46 PM. Reason: Spelling
  • Guroo
    • #8
    • 15th Jul 09, 1:28 PM
    • #8
    • 15th Jul 09, 1:28 PM
    Are Wonga the best payday company out there?

    Im really put off by the 2500% plus APR on there loans

    I like the idea of a payday loan, im often short on Cash come the end of the month but begrudge paying an APR of that!!
  • Snakeeyes21
    • #9
    • 15th Jul 09, 2:23 PM
    • #9
    • 15th Jul 09, 2:23 PM
    wonga arent the cheapest but they charge interest daily, pay it back early and you pay less.
    Dont take any notice of the APR thats just a legal requirement which certain people and the media tend to focus on.
    Payday loans are meant for short term borrowing i.e up to a month.
    What you have to look at is what the actual cost of borrowing for the month is, wonga charge about 30% over the month, others charge 25%, but as i said earlier if you pay wonga back early you pay less interest, as they charge interest daily at around 1% of your balance, other companies add all the interest from day 1.
    Wonga also has one the fastest payment times, with money in your account within an hour.
    Last time i got one from them i applied at 3am it was in my account at 3.45am.
    God knows how they do it, they must have balances with every bank, then their loan goblins just transfer the money to you.
    So all in all yes i think wonga are the best out there, well the best of a bad bunch anyway.
    If its your 1st loan from them go via quidco for £10 cashback
    Last edited by Snakeeyes21; 15-07-2009 at 2:27 PM. Reason: spelling
  • Guroo
    Yeah Wonga's Apr is a stagering 2689%, just checked there site!

    Payday Uk are 1737%

    Payday Financial are 1355%

    Same Day Money advertise 1286%

    I cant see anything on these sites to say that they pay it early then you get charged, you just have to arrange the day you want to pay it back

    Has anyone used any of these?

    Wonga does seam like it is fast but looks like you have to pay more for the priverlidge of being fast!
    • chuckley
    • By chuckley 17th Jul 09, 12:51 PM
    • 4,352 Posts
    • 1,675 Thanks
    chuckley
    when did u find out about the date change?? surely ur place of work has to give u sufficient notice??

    unless u can borrow the 20% u owe by the 7th day b4 its due ur stuffed...
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