payday loan - wonga.com

twistedeagle

What if that £100 enabled a Direct Debit to go out rather than getting a £38 charge? Makes it look far more appealing than just looking at APR!

chuckley

muchus wrote: »

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.

in a nutshell! you only get problems when you dont pay on said date, and to be fair WHY borrow such a loan that u cant pay back on payday?!

if KNOW you cant afford it when due. DONT take it out!

chuckley

twistedeagle wrote: »

What if that £100 enabled a Direct Debit to go out rather than getting a £38 charge? Makes it look far more appealing than just looking at APR!

exactly!!!

Robert_Sterling_3

chuckley wrote: »

exactly!!!

An excellent example :T :A :j :A :T :A :j :A :T

crazyfj

Tassotti wrote: »

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

Where does the op say they will not pay it back?

This site is terrible for people juding and talking down to people that need help.

chuckley

crazyfj wrote: »

Where does the op say they will not pay it back?

This site is terrible for people juding and talking down to people that need help.

its the way OP ended their problem with tryna mention that they never 'signed' anything so thinks it could be a way out?!

either way OP is in a very bad situation and needs to contact them ASAP.

Jinos

Wonga only lends a maximum of £200 to someone for their first loan, so presumably the OP has had a loan from them in the past and therefore know about how they work? They openly say on their website that they are expensive if looking just at APR, but on the other hand the loan is intended for 1 month maximum.

I've borrowed £100 for a week off them previously (I'm self-employed and some invoices were being paid late), cost was £7 (1% interest a day) plus £5.50 charge for getting the money to my bank account within an hour, so £12.50 in total. A lot less than the £24 the cc people would take as charges for missing the payment + overlimit charge, not to mention the £30 that my bank would charge for bouncing the DD!! Also they let you pay back early and then only charge interest up to the earlier date.

Obviously not a good idea to have to keep using a company like this but I have to say I think they're miles better than the other 'Payday' loan companies that are around!

Sorry to the OP that they are in difficulties with this, but Wonga do say on the website about the £25 charge for non-payment, and to be honest they let you roll over the loan a couple of times too... hope you manage to get it sorted.

J

Jinos

Actually, I've just checked the Wonga site for cost/charges and found this:

>>>>>>
Failure to stick to your side of the deal

The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you ask us to change your repayment date, or don’t ensure sufficient funds are available for the automated collection.
If we can’t collect payment from your debit card on the day you selected you'll have broken your promise and will incur a £10 administration fee towards the cost of a failed collection. Interest will also continue to accrue.
If we are declined by your bank a second time and haven't heard from you, you'll have failed to honour your loan agreement. We will hand your account to a debt collection partner and may add additional default charges, totalling up to £105, towards the costs of our collections efforts. Sustained failure to repay a loan will also lead to a black mark on your credit record and potential legal action, both of which could make it very difficult to gain credit in the future.
None of these things are worth risking over a few hundred pounds, so if you have doubts about whether you'll be able to repay a loan within 30 days, please don't apply in the first place.
>>>>>>>

So £105 + the interest on £317 for a month at 1% a day is roughtly £137, the amount they tried to take as payment??
J

Edit: Sorry, that doesn't add up either does it? Interest actually would be ~30 days x 3.17 = £95.10/month wouldn't it? It would certainly add to the total if the OP has 'rolled it over' 'once or twice'...

tenmah

Tassotti wrote: »

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

READ THE OP properly before making a comment.

Don't be so judgemental.

Unfortunately I thanked you by accident because I really don't think you should be thanked by anyone.

You are just rude.

CHR15

Didn't you agree a date on which you would pay them back??

It seems strange when you say

kcross wrote: »

They tried to collect January's payment on 20 January when they KNOW my salary isn't credited until 23rd every month

Why would they take a special interest in your salary inputs??

I would imagine a simple machine sends the demand on the required date. Did they change the dates without telling you???

It mentions in Jinos' post they take money on the day YOU selected.