Wonga - Please avoid this company!!

immoral_angeluk

tummy6 wrote: »

FSA would be interested because Treating Customer's Fair princples. One of them is the product should operate as excepted. If the payday loan was automatically taken out on the first instance and the communication was exactly the same, it is expected that this would occur on the second instance. You might want to write a FOS compliant, with the assistance of the CAB, to this effect. If you actually selected a different repayment options at the time of the payday loan, then you really have no defense.

True, but who's to say they didn't change their procedure in between loans? If it's in their terms and conditions that the loan is taken automatically then fair enough, otherwise it'd be difficult to argue.

chrisb1983

Ok, if you look at the original post properly my point is simple, the first loan was paid back out of my account automatically on the set day I chose. When I signed up for the second loan it displayed that it WOULD be paid back in exactly the same method, I also know that on that day there was over 1500 quid in the account, and the following day there was 1200 so there is no reason for the funds not to have been taken.

The reason I was unable to keep absolute track of the funds in my account is that there was additional money coming from ebay sales and money going out on car repairs and other bills.

Surely, the people saying that I did this to myself would not expect to be penalised for one of their direct debits failing even though there was sufficient funds, becuase thats how I see this...

fallen121

The interest rate charged by this people is something like 2698% APR. And no, I didn't miss out a decimal point. Check the TV advert next time it comes on. With rates like these even withdrawing money from a credit card using an ATM and paying cash advance fees seems cheap, eh?!!

benoit

chrisb1983 wrote: »

Ok, if you look at the original post properly my point is simple, the first loan was paid back out of my account automatically on the set day I chose. When I signed up for the second loan it displayed that it WOULD be paid back in exactly the same method, I also know that on that day there was over 1500 quid in the account, and the following day there was 1200 so there is no reason for the funds not to have been taken.

The reason I was unable to keep absolute track of the funds in my account is that there was additional money coming from ebay sales and money going out on car repairs and other bills.

Surely, the people saying that I did this to myself would not expect to be penalised for one of their direct debits failing even though there was sufficient funds, becuase thats how I see this...

If you look at my post my point is simple too. You assumed based on your last loan but didn't check properly, if you had checked your account on the day it was DUE to be taken (and not 2 weeks later) you would have noticed the mistake straight away & contacted them before the interest had accrued. Like i said - you've shot yourself in the foot.

Instead of complaining about the company 'ripping you off' i suggest you look a little closer to home and manage your finances a little more carefully. I have God knows how many payments going in & out of my accounts but i KNOW if something has not been collected by mistake because i check to make sure - i don't just assume.

There's an obvious lesson in this. Check your account more regularly if you are expecting money to be taken & don't make assumptions. Just move on and be a little more careful in future. Everyone knows how these loans work & you'd have to be mad to make any assumptions with the interest they charge.

Wutang_2

fallen121 wrote: »

The interest rate charged by this people is something like 2698% APR. And no, I didn't miss out a decimal point. Check the TV advert next time it comes on. With rates like these even withdrawing money from a credit card using an ATM and paying cash advance fees seems cheap, eh?!!

Nope - and thats a great rate for short term borrowing. They clearly tell you the APR and then its your choice whether you take it or not.

RobertoMoir

Beast wrote: »

Let's be honest - 'Wonga' doesn't exactly scream credibility does it?

I've got a rule not to deal with companies who have stupid, "cutesy" or unprofessional names. Hasn't really let me down yet.

RobertoMoir

chrisb1983 wrote: »

Perhaps I am a little disorganised and naive when it comes to my money, but the point in my post is that Wonga have clearly not collected the money purposely so they can try to justify adding more money on to the debt

I doubt they neglected to take payment as part of some dark conspiracy, but clearly the whole business model of short term loan companies revolves around getting payments in sharpish on time with stiff interest charges for going over the agreed period.

Whatever you want to blame them for, its also your responsibility to ensure you get things right in the kind of situation. If you choose to sup with the devil then you really do need to use a long spoon.

davidmevans

I think the last guys issue had been pretty well resolved. I also have an issue with wonga so thought I would ask for some advice.

I took out a small loan of £80 for less than 10 days. In the end I actually paid the loan back a day early. However Wonga took more money from my account than the agreed fee.

I called them, expained the situation. The person at wonga agreed, they informed me it was clear from their screen what had happened, it was their mistake and I would recieve a refund. I was pleasantly surprised. I waited for two weeks but recieved no refund.

I called again, the second person said they could see the first conversation was recorded and agreed that wonga had been at fault and I would recieve a refund.

After three more weeks (five in total) still no refund, I called again and had an almost identical phone call.

Two weeks later still no refund so I changed tactic and sent an email explaining the whole situation. I give times, dates and names of all my previous attempts at claiming my money.

My reply was a shocking. They now claim they do not owe me money and there is no record of the events on their system. I replyed stating that fault had already been accepted and I had been told 3 times I was owed and would recieve a refund.

They now will not reply to emails and phone calls recieve the same standard reply that is not acted on.

What can I do, I feel like they have stolen from me, the interest was expensive enough, we all know their rates but they then took an extra %50 on our agreed amount, not accounting for the fact I paid it back early! Is this theft?

Rick1980_2

Wonga, QuickQuid, Payday UK, Payday Advance. I have used them all and sometime running concurrently. Its taken nearly a year to get out of this trap. Paid off my last one last month. Never again.

Hughesy84

fallen121 wrote: »

The interest rate charged by this people is something like 2698% APR. And no, I didn't miss out a decimal point. Check the TV advert next time it comes on. With rates like these even withdrawing money from a credit card using an ATM and paying cash advance fees seems cheap, eh?!!

Yes but its abit pointless quoting the APR when the whole idea of this is to take a short term loan (usually less than 30 days)

Cant remember which one showed the examples but one site summed it up perfectly, you borrow a £3.50 DVD for 3 days, if you worked out the annual APR, then it too is Massive. The point is - your not borrowing it for the whole year, so why work out the whole APR.

Companies like this just stick to very clear rules - you borrow, you pay back - if you dont, you get hit!