Balance offer to Wonga.com – advice needed

SpeedyGonzalis

I am on a payment arrangement with Wonga. My original loan was £650 and I ended up owing them £1099 (due to me rolling the loan over) and I arranged to pay them back over 6 months at £183 a month. I have made two repayments totaling £366 so far.

I have just received a text message for them saying
“Please contact wonga.com today on 08448429108 as we may be able to do you a great deal or email that you’re interested on [EMAIL="balanceoffer@wonga.com"]balanceoffer@wonga.com[/EMAIL]” Do you think that they would be willing to lower the balance in exchange for earlier settlement? I will be unable to make any kind of payment to them until 29th of the month when I get paid. I would rather pay them over the 6 months and pay it all off gradually than be left short by making a huge repayment in one month, but it would be great to be free of them earlier.

Does anyone have any advice about how much I should offer them and how to word the email to them?

LMCD

If they have already agreed to a repayment plan to pay off the debt and thats what you can afford, phone them or email them and tell them you want to continue the way it is until it is paid off.

SpeedyGonzalis

Thanks but I’d like to s see what they can offer just in case. Does anyone know how I can go about asking them on the best way to get the best outcome?

Two9A

Don't do it.

Allow me to repeat that: Don't do it.

The only objective of the payday loan companies is to stiff you for every last penny you have, and then some. Don't be taken in by their "offers", you'll end up owing them fifteen thousand instead of the one thousand it is now.

Ignore that "great deal" text, and just keep paying the agreed amount. A few months of that, and you'll be shot of the filthy Wonga

SpeedyGonzalis

Do you not think there is any possibility of them offering me a one off payment to clear it? It if was under £300 - (i.e they would get their loan amount back I think I could afford it for one month if I scrimped and put off paying other bills.

You are probably right though - it's jus that it would be nice to be shot of them sooner!

LMCD

SpeedyGonzalis wrote: »

Do you not think there is any possibility of them offering me a one off payment to clear it? It if was under £300 - (i.e they would get their loan amount back I think I could afford it for one month if I scrimped and put off paying other bills.

You are probably right though - it's jus that it would be nice to be shot of them sooner!

what I have highlighted in bold...do not ever do this please.

Am sure you have learnt your lesson... and yes these companies can have rediculous interest but if used correctly they can work to your advantage for emergencies and can sometimes be cheaper than overdraft charges etc.

but you shouldn't avoid other bills as this is just goin to be a bad effect and the bills will still need paid now if not later... just go with the way you are going and am sure it will be six months over in no time at all.

SpeedyGonzalis

I know you're right butI can't help but feel like I am missing a trick by not contacting them just in case.

CH27

SpeedyGonzalis wrote: »

I know you're right butI can't help but feel like I am missing a trick by not contacting them just in case.

You are not missing a trick.
The only great deal they will offer is one which benefits them.

Stick to your payment plan & keep away from them in future.

SpeedyGonzalis

Thanks a lot for your advice. It is much appreciated!