Payday Loan Help

SirNewmi

I Have a Wonga Loan which is incurring £7.50 interest Perday on the loan and its currently at £643.50 - i cant afford to pay anything more then £100 at the moment - is it worth letting it default to a DCA where i can arrange a payment plan i can afford....Wonga are not being reasonable and i cant pay off what they are requesting.

Just need your thoughts on

Are Wongas DCA Reasonable?

When will Wonga work with DCA?

KingElvis

Wow, £7.50 per day? 52.50 per week and then 210.00 per month? and more interest on that...crooks

Just shows the danger of these products I guess.

I would tell them they can't have what you haven't got and then pay them what you can afford.

I bet they layer charges, interest and other hilarious stuff though.

garth549

Something really needs to be done about these companies, I find it difficult to comprehend how this practice is allowed. Sorry cant really offer much advice other than try you best to pay off as much as you can as soon as you can. Even small regular payments will help as the interest wont compound as much. Remember the people who run these companies are wicked and evil and care about nothing and no-one except themselves.

Could you borrow some money from a friend or family member? Even borrowing £200 will save you a heck of a lot in interest and allow you to pay it off sooner.

RuthnJasper

These companies are like vampires, preying on the poor and desperate. They suck away greedily on those who can least afford it - taking their money, their hope, their will to live - and leave behind them only despair. It's obscene.

I know that some will say 'well, you should have read their terms more carefully before taking their money' - but sometimes, people are just so desperate that they don't do this (or fully understand the implications) until it is too late.

Personally, I would go (and, indeed, have gone) without food and/or heating rather than take the thirty pieces of silver proffered by these pirates.

Good luck to you SirNewmi.

x

masterlumps

i dont get how wonga are not being reasonable tbh

if you borrow money you are expected to pay it back - not paying it back is not being reasonable
as for people being so desperate they dont read the T&C's until after taking, and spending, wongas money - sorry but that may be an explanation, but its by no means an excuse

SirNewmi

ive been working a for a insolvent company for 3-4 months trying to find a new job but have not found anything till hopefully tonight,

hopefully if im succesful im going to live to my means and just pay everything off, just a very difficult situation and i feel very down about it.

madnes

I use payday loans to my advantage.

Most recent was paydayuk I applied using top cash back. I borrowed £80.00 over a month. Paid back the loan of £80.00 + £20.00 fee. 6 weeks later I was paid £60.00 through Top cash back. Free £40.00!! I then sent an email to paydayuk asking them to remove my details and not contact me again.

(I do not work for them either!!)

Hax

In fairness to Wonga, their terms and conditions AND the cost of the loan are very clearly laid out. They make it extremely clear that the type of loan they offer is only meant for very short periods of time.

Myself, I took out a loan with them for a few days when I realised my CC payment date was a couple of days earlier than normal and I wasn't sure my wages would be in my bank in time - stupid of me. The charges on the Wonga loan worked out less than the CC charge would have been for not paying. That said, I knew I would be able to repay it without an issue as soon as my wages dropped into my account.

Used in a "proper" fashion such as that, there's nothing wrong with a payday loan - they're meant to be an advance on your wages. Using them to extend your wages is never going to be a good idea.

That said, I hope you're able to work out some sort of resolution SirNewmi - and good luck with the new job