payday loan - wonga.com

kcross

I took out a payday loan (yes I know most of them are rogues, please don't chastise me I think I've learned my lesson), with wonga.com for £317 (I had extended this loan once or twice by 'rolling it over' and just payming interest. They tried to collect January's payment on 20 January when they KNOW my salary isn't credited until 23rd every month so the collection failed (at first). They sent me a nasty email the following day - I still have a copy - saying they had added £25 interest and that I now owed £540.29!!! So from attempting to take the interest money from my account on 20 Jan, they had added over £200 to my original bill in one day???!!!

They then tried to take payment on my debit card again and deducted the completely random amount (not previously agreed) of £137.67 from my account. And they still say I owe them £452!

I contacted them by telephone (spoke to 'Amos') who was extremely rude demanding to know why I couldn't make full payment. However he couldn’t supply any breakdown of charges just said it was all 'interest'. He is demanding £100 from me next week and the full amount owing the following month even though I would like to make smaller more affordable payments as I'm in financial difficulties. But he didn’t want to hear of it and is employing bully boy tactics by his telephone manner and bombarding me with text messages to phone them immediately.

All I am asking and trying to get agreement for, is my offer of monthly repayments until the loan is clear. They have already had £137.67 this month alone - and they wanted to know why I couldn't pay more! I realise there is no control over the interest charged - which is extortionate to say the least - but I do object to the amount owed increasing so rapidly. But I would like the company to show some compassion and accept smaller repayments. I am not refusing to pay merely saying I cannot pay large amounts in one go.

Does anyone have any advice? I might add I've never signed anything with this company it was all done viw the internet.

gratefulforhelp_2

Not really sure that payday loans are regulated? Someone will be along shortly who does know, I'm sure.
Maybe post on debt-free wannabe, they may advise you put an SOA up.

Tassotti

Isn't it strange that a finance company can help you out of the situation, you are more than willing to take it up, but , paying it back!! Oh!I'll try and find a way out of it.

PAY THEM BACK

Morglin

kcross wrote: »

I took out a payday loan (yes I know most of them are rogues, please don't chastise me I think I've learned my lesson), with wonga.com for £317 (I had extended this loan once or twice by 'rolling it over' and just payming interest. They tried to collect January's payment on 20 January when they KNOW my salary isn't credited until 23rd every month so the collection failed (at first). They sent me a nasty email the following day - I still have a copy - saying they had added £25 interest and that I now owed £540.29!!! So from attempting to take the interest money from my account on 20 Jan, they had added over £200 to my original bill in one day???!!!

They then tried to take payment on my debit card again and deducted the completely random amount (not previously agreed) of £137.67 from my account. And they still say I owe them £452!

I contacted them by telephone (spoke to 'Amos') who was extremely rude demanding to know why I couldn't make full payment. However he couldn’t supply any breakdown of charges just said it was all 'interest'. He is demanding £100 from me next week and the full amount owing the following month even though I would like to make smaller more affordable payments as I'm in financial difficulties. But he didn’t want to hear of it and is employing bully boy tactics by his telephone manner and bombarding me with text messages to phone them immediately.

All I am asking and trying to get agreement for, is my offer of monthly repayments until the loan is clear. They have already had £137.67 this month alone - and they wanted to know why I couldn't pay more! I realise there is no control over the interest charged - which is extortionate to say the least - but I do object to the amount owed increasing so rapidly. But I would like the company to show some compassion and accept smaller repayments. I am not refusing to pay merely saying I cannot pay large amounts in one go.

Does anyone have any advice? I might add I've never signed anything with this company it was all done viw the internet.

I don't know much about them, but this site may have links to follow:

http://www.paydayloanadvances.co.uk/Regulatory_Bodies.asp

Lin

GonzoAston

Well, for starters I would call your bank up and tell them you've lost your card, or stolen. Whatever you need to say to get a new card with new numbers on.

That is just for them taking random ammounts of money out. Until you have it all cleared and in writing how much you owe. So they cant take what they want, when they want.

Obviously you'll have to pay them back. But get some advise first and see what you signed upto, i.e interest charges etc.

DO you still have the copy of your contract with them??

kcross

I didn't have a 'contract' as such it was done via the internet.

And to Tassoti - thanks for your comments - NOT. There's a saying about people in glass houses not throwing stones. People's circumstances can, and do change all the time and I just hope that God forbid if you ever find yourself in a down situation someone doesn't post a useless remark such as yours!

If you read carefully you'd see I have no objection to paying!

Limey

Just had a read of their FAQ and OUCH!!!!!

1% interest per DAY. APR of 2334%._pale_

The sudden hike in debt may be because they've passed your account over to their 'collection partner', which sounds like an excuse for charging even more.

What happens if I don’t repay my loan?
If our automatic collection attempts are declined by your bank (because you haven't ensured there are sufficient funds available), you'll have broken your promise and will incur a £10 administration fee for a failed collection.
If you don't contact us and break your loan agreement your account will then be passed to our collections partner and you'll be liable for further default fees, which could total up to £105, to cover the cost of the collections process. Your failure to repay the loan as promised may also go on your credit history, which will make it difficult for you to gain credit in the future. Finally, you probably won't be able to borrow from Wonga again.
In a nutshell, please don’t take a Wonga loan if you think you might struggle to pay it back! It’s really not worth getting a black mark against your credit history for a few hundred pounds.

Sorry I can't give any advice but it seems like the additions to your loan are covered in their FAQ. They don't give people any second chances if a payment is missed and from the looks of it seem to attempt to generate a situation where they can add charges.

Sorry to see you're in this situation, I think some legal advice may me required but without a contract and agreement in writing as to when the payments were to be taken it's going to be tough to get their charges reversed.

chuckley

never roll over a payday loan. if you cant afford it on your payday you are already in trouble.

did they authourise a 3rd roll over?! maybe thats why they tried with random amounts?!

also yes you do 'sign' for wonga. you cant get out of claiming you didnt take it out!

Jackie235

Please too all who use this site -

Do not touch Payday Loans with a barge pole,

They are intended to get vulnerable people into debt and they charge vast amounts of interest, they tout around the internet trying to get people who are short of cash to take their loans. Once your in your stuck.

Borrow from a friend or relative but dont take these loans.

And to those like Tassoti, Keep your opinions to yourself and I hope you are never in a situation where you are looking for help as comments like that are not required!:mad:

muchus

I'm actually going to defend Wonga. :eek:

Yes I know they're interest rate is very expensive, but because it's meant as a very short term loan, it still works out cheaper than going overdrawn and getting charged £25 a pop.

I use them when I have to, but make sure that I take out the minimum I need to get through the month, and always have the loan repaid on payday.

Obviously I'd advise never needing to use anything like this, but such is life.
It's there for life's little emergencies.

But to get in a situation where you can't afford to pay it back when you agreed is financial suicide.

However, they should really help in sorting it out rather than make it worse.
Thats just giving an industry which already has a bad name, an even worse name.

Robert_Sterling_3

I looked up a Wonga loan

£100 loan for 5 DAYS charge 10.70 for Fees + Interest.

I make the APR about 1670% per annum

If you know of a loan with a higher APR let me know.