Help to Clear Wonga Payday Loan

louie31

Hi all, im new to this forum not sure exactly how to get out of a loan with wonga so looking bit of good advise.

Yes i know im stupid arent we all for getting in this vicious circle.

I started my payday loans with wonga in december 2008 of a loan amount of £250, today im now owing the £1283 which includes interest.

Im due to pay them on 27th june but will have to pay interest only of £256 leaving my new loan balance of £1389.

I want to arrange a repayment plan with them after this month. Need advise on cancelling card and if i must change my bank account. (im with sandander - do they just issue new account number or will i have to go elsewhere).

Main problem i have is my account is a joint account with my husband who has no idea i have this loan and im in charge of all finances. So changing banks could be a bit of bother.

I also have 3 other payday loans totalling around £600 but im not concerned too much on getting them paid off until i get away from wonga.

Please anyone with good advise let me know

thanks

Louie31

ILW

louie31 wrote: »

Hi all, im new to this forum not sure exactly how to get out of a loan with wonga so looking bit of good advise.

Yes i know im stupid arent we all for getting in this vicious circle.

I started my payday loans with wonga in december 2008 of a loan amount of £250, today im now owing the £1283 which includes interest.

Im due to pay them on 27th june but will have to pay interest only of £256 leaving my new loan balance of £1389.

I want to arrange a repayment plan with them after this month. Need advise on cancelling card and if i must change my bank account. (im with sandander - do they just issue new account number or will i have to go elsewhere).

Main problem i have is my account is a joint account with my husband who has no idea i have this loan and im in charge of all finances. So changing banks could be a bit of bother.

I also have 3 other payday loans totalling around £600 but im not concerned too much on getting them paid off until i get away from wonga.

Please anyone with good advise let me know

thanks

Louie31

First thing is to tell your husband ( that is unless you have been spending the money on gigolos)

louie31

thanks for your advice, would rather not have to go there if possible, and sort this out myself, its my debt and not his!

ILW

You have a joint bank account which means you are financially liked. Any black mark against you (such as payment arrangement) will affect his credit rating. It will be much better if he finds out from you rather than finding he cannot get a phone contract, loan or similar at some point.

JasX

Yes I think he'd definitely like to know BEFORE you rip his credit rating to shreds so has a chance to do something about it.... otherwise this will hang over his head for 6 years.

pippitypip_2

1) Tell your husband
2) Go post a Statement of Affairs on the DFW board (template to complete), ask for help there to reduce your outgoings and reduce the Wonga loan each month as quickly as possible.

If you haven't missed a payment yet, it's v unlikley they will agree to a payment plan, they're notoriously difficult with those anyway.

Cancelling your card will not make a difference and stop the payment, they have your authorisation already to take payment from your account by card or dd. The bank will still allow payments to go through on an old or cancelled card.

The ONLY way to prevent them taking the money, is to open a new bank account (I'd probably choose another bank in all honesty) and have wages/ income paid into that and leave the old account empty.

I would strongly advise you don't do that unless you're in serious financial difficulty as it will ruin yours and hubby's credit ratings.

You need to free up as much cash as you can and start reducing the Wonga loan. In fact, if you could pay off the other loans you have first (as they are smaller), you will then have much more to pay off Wonga with, little by little, until you've paid them all back.

hth,
pippitypip

louie31

to be honest i couldnt be bothered going to another bank etc, would just prefer it if my bank could change account number and take things from there.

We dont really have financial difficulties as we both dont get credit in the last few years in which we are happier with.

My husband had bother years ago with an ex girlfriend who had taken out 3 credit cards behind his back and they are now all defaults, which he refused to pay.

These are the only debts on our records now apart from usual household bills.

This is the reason i just want to clear wonga.

clairbear1000

You need to do as pippitypip says. If you default on this loan, these payday companies have been well known to clear an account to get arrears. Chip away at the debt bit by bit, sell stuff on ebay etc, boot sales, whatever you can to get extra cash to get these people out of your life.

pippitypip_2

Well, to be honest, I've given you the best advice I can - reduce your outgoings so you can have more money to pay Wonga and your other payday loans back.

It takes a bit of time and graft but is perfectly do-able - you just have to want to do it.

pippitypip

louie31

have been thinking this through and think the best thing is to pay an extra £200 a month and keep reloaning until i get it fully paid off and pay the extra interest, may take me to christmas to completely get rid of it but id rather do that that change my bank account, too much hassle.

Thanks all for your advice muchly appreciated

Evilm

be aware of all the other threads on here about Wonga emptying bank accounts to cover the debts that have been mounting up. I would tell your husband before he finds out the wrong way.