Alternatives to wonga

Its-A-New-Age-Thing

Hax wrote: »

But these require a guarantor. You'd have to be bonkers to be a guarantor and there risk being pulled down by someone else's payday spiral.

cant argue with that hax fair point,

:beer:

connormill

Would it not be better to set up a planned overdraft with your bank and use that to pay your emergency bills. surely the interest would be far far lower?

fencemaster

re: payday loans - Wonga especially, which just sent me £300 within 15 minutes of me seeing the website for the first time and applying, you can only use this service for exactly what it says on the box - a short term loan to be paid in full on your payday.

I have no family with any money and no friends I would even consider putting on the spot by asking for such a loan. I have a poor post-divorce credit score and thus no overdraft facility and no credit card at all, both fine by me. However, this week I have 3 direct debits coming out that there's no time to move and the very helpful Nationwide would return them, helpfully, to ensure the £27, £67 + £100 payments for utilities didn't put me into debt (but got me in trouble with the suppliers, possibly resulting in reduced facilities and increased costs there) PLUS Nationwide would - ever helpful - charge me £30 for each of the returned items, even though one is less than the charge it makes for NOT paying it. I assume this is to 'teach me a lesson' so I don't do it again. If only life was that simple.

Either way, I now have the money and will sleep tonight in the confidence I am not going to get ripped off by Nationwide. I will be HAPPILY paying Wonga about £30 in total charges for a week and a bit loan of £300, which will obviously be paid in full the day I get paid. I would rather Wonga got its £30 than Nationwide got £90 for NOT DOING ANYTHING?!

Only ever use Wonga or any other such service when such a scenario presents itself. It's not to help you get a new LCD TV, iPhone 4 or anything else you don't need, so don't use it that way.

CHR15

connormill wrote: »

Would it not be better to set up a planned overdraft with your bank and use that to pay your emergency bills. surely the interest would be far far lower?

That is fair advice but it is also a fair guess that the OP is well past agreed overdrafts due to already having a Payday Loan which he is unable to repay.

This OP is a stereotype, a perfect example of how things start small but rapidly spiral out of control. This OP is just a few weeks away from meltdown but is still determined to carry on making mistakes.

By the time he realises all the reponses are accurate, it will be too late, he will owe a huge amount which is rising quicker than he can earn it.

dollybeads

fencemaster wrote: »

re: payday loans - Wonga especially, which just sent me £300 within 15 minutes of me seeing the website for the first time and applying, you can only use this service for exactly what it says on the box - a short term loan to be paid in full on your payday.

I have no family with any money and no friends I would even consider putting on the spot by asking for such a loan. I have a poor post-divorce credit score and thus no overdraft facility and no credit card at all, both fine by me. However, this week I have 3 direct debits coming out that there's no time to move and the very helpful Nationwide would return them, helpfully, to ensure the £27, £67 + £100 payments for utilities didn't put me into debt (but got me in trouble with the suppliers, possibly resulting in reduced facilities and increased costs there) PLUS Nationwide would - ever helpful - charge me £30 for each of the returned items, even though one is less than the charge it makes for NOT paying it. I assume this is to 'teach me a lesson' so I don't do it again. If only life was that simple.

Either way, I now have the money and will sleep tonight in the confidence I am not going to get ripped off by Nationwide. I will be HAPPILY paying Wonga about £30 in total charges for a week and a bit loan of £300, which will obviously be paid in full the day I get paid. I would rather Wonga got its £30 than Nationwide got £90 for NOT DOING ANYTHING?!

Only ever use Wonga or any other such service when such a scenario presents itself. It's not to help you get a new LCD TV, iPhone 4 or anything else you don't need, so don't use it that way.

Yikes, I always wondered what Wonga was (the online version) now I know to steer clear. I have serious debt problems but am fortunate can raise cash on ebay etc. Sorry for your troubles and good luck to you. I would reiterate earlier advice DFW board on here is excellent post a statement of affairs and many really knowledgable people will be able to help, and support. It makes things happen really quickly. Excellent. :j

Pengus

This advice is likely to arrive way to late for the individual who post it, but I can recommend the following actions for those in the same boat:

1. Speak to your landlord about your arrears, they will be able to restructure what you owe in to an affordable monthly payment. So long as you stick to this agreement they should leave you alone.

2. If you are desperate for a loan, try your local credit union. Credit unions offer loans to members based on savings held - for example, typically you could join a credit union for a nominal fee then save for 8 weeks. Then after 8 weeks you can lend up to three times the amount you've saved (e.g. if after 8 weeks you have saved £200, you can lend up to £600). As you repay your loan, you will also continue to top up your savings pot.

Some credit unions also offer instant loans if you are in employment or arrange to have your benefits paid in to an account with them. To find your local credit union google 'find your credit union (sorry can't add web links as a new user ha ha!) or if you are in the North East and Cumbria google 'northern money'.


3. If the reason you are short of money is because you struggle to budget or are left short after paying other creditors, speak to your local citizens advice bureau or visit your local authority's website for details of other advice organisations.

They can assist with producing a personalised budget, help you negotiate a repayment plan with any creditors you have, and can offer information and guidance on how to maximise your income (switching fuel supplier, benefit entitlement checks, referrals for employment or business start up services etc.)


4. Last but not least, for general money advice and guidance you can't beat the national Money Advice Service - google 'money advice service'. I particularly recommend their free financial health which can be found on their home page.


Good luck, and please avoid pay day loans, pay weekly stores, door step lenders, and worst of all, loan sharks!

OneLife_OneShot

Just do not get another PDL if you owe one, simple really.

barmy_jimbob

lennonray wrote: »

all i can say is stay well clear of these websites , one leads to another and before you know it you are living off these loans from month to month

i know , been there , done it

Couldnt agree anymore with that, Missus out of work for 6 months holiday booked BANG, Next stop horrible debts, fortunatly im starting to come out the other end....All debts will be cleared with this months payday and ive not defaulted on one (Thank heavens reading on here what they can be like), but its very tough to get out of, ie i have only had £20 p/w for food/petrol/general living etc etc since March, you become reliant on these people...whilst paying them hundreds of pounds a month in interest/charges.

I really cant wait for my pay to be all mine again .