Can anybody advise me please? Wonga Loan "late payment"

alen27

WONGA PAYMENT PLAN WARINIG

I had a 6 months payment plan with wonga I was paying £100 amonth interest was frozen I had only two payment left to make before the loan is payed off without any reason wonga passed my debt to a dca with an incorrect balance I only had £200 left to pay but they passed my account to a dca without any reason with a balance of £600 instead of £200 so be warned

[Deleted User]

Hi alen27, did you get to the bottom of it? (I'm just curious and interested)

I had similiar experience with couple others of mine, one when I went to make a final payment the actual interest was doubled so I think it is a universal problem that go with having the plans and unfortunately what happens when you ask this type of lender for repayment plan

I know now it is best trying to avoid the whole 'repayment plan' situation and pay of as quick as you can to avoid losing (A) your sanity (B) even more money and then (C) Avoid this type of borrowing in the future (that is the best outcome there can be) x

IAmHere_2

GlynD wrote: »

OP is still trapped at 2,600% interest.

Trapped to 2,600%?? Then it must not be Wonga.

IAmHere_2

redpete wrote: »

I think what the OP means is they took a loan for £265 one month and the next month another £135, hence £400 total.

They only allow on loan at a time. Period!

IAmHere_2

united66 wrote: »

As someone posted earlier, the 600 pound is a very honourable offer, but these sub prime/payday lenders don't care about offers. Whilst ever you are in arrears with them, they will happily keep adding interest to the tune of about 2500% in a bid to get more money out of you. Unfortunately - I doubt they are going to settle for £600 when you owe them £800 and if some arrangement isn't in place, it will be even bigger next month, so you need to get something sorted fast or you're going to get stung.

I would suggest as a previous poster stated - accepting the payment plan which will stop interest and if you do come into any cash pay it up early. If not - at least you are paying it and not getting astronomical interest on top.

Good luck

Wonga state in their website:

"Failure to stick to your side of the deal

The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you ask us to change your chosen repayment date or don’t ensure enough funds are available for automatic collection. If our early morning collection attempt is declined by your bank - because you haven't ensured enough funds are available - we will do our best to contact you. We always seek to understand any problems and resolve the situation that day but, if we still haven't received full repayment by 5pm, you will incur a £20 missed payment fee towards the cost of a failed collection.

If we cannot collect the money you owe us from 5am on the day you have chosen to repay we will make further attempts to collect the money you owe us either in one payment or in several amounts from your card on a continuous basis until the amount you owe us is repaid and our professional collections team will also keep trying to contact you to discuss the situation. If your circumstances have changed significantly, they will do their best to offer a solution and come to an arrangement that helps you get back on your feet, which is always our goal.

We don't believe in hitting you with multiple charges, like many traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. And if you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external partner.

Continued failure to repay a loan will also mean credit reference agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted. Finally, your Wonga trust rating will be affected and you probably won't be able to borrow from us again if you were to need our service in the future.

None of these things are worth risking if you have doubts over whether you will be able to repay a loan comfortably. If that's the case, please don't apply in the first place. We use award winning technology and all the public data we can get our hands on to make the best lending decisions possible, but we also urge you to consider the serious nature of the commitment before applying."

They don't charge any interest if you fail to pay. They charge 20£.

arcon5

I know it's an old thread and people may not agree with what i'm about to say but..

in ops situation I would pay and agree to nothing. Write a letter offering the principle + original interest and if they reject it you will find after ignoring them for a few months they will soon start negotiating a full and final settlement figure.

Apples2