Cant repay Wonga loan

evissa

KingElvis wrote: »

I wonder how may people who take these loans do actually manage to pay back as AGREED?

Over the last few years i've used various payday loan companies and always paid them back on time.

andrewb101

hi, just out of curiousity, could someone explain to me how they could take funds from a bank account if they have an incorrect debit card number for example (i.e. if it's been "lost) and if there is no direct debit mandate set up?

surely they can't just take money out of someones account regardless of weather they owe it or not?

RichGold

When you gave them the card number (during your application) a continuous authorization was set up, enabling them to take money from that account regardless or whether the card is canceled/lost or whatever.

All wonga are doing is getting the money back that they lent, surely you cant begrudge them that?

andrewb101

RichGold wrote: »

When you gave them the card number (during your application) a continuous authorization was set up, enabling them to take money from that account regardless or whether the card is canceled/lost or whatever.

All wonga are doing is getting the money back that they lent, surely you cant begrudge them that?

oh no i don't begrudge them that...and forgive me if this sounds dumb but i'm just confused that if a card is cancelled from theft, being "lost" or destroyed and you receive a new card with a new number, new exp date etc. then how they can take money from it if you get me?

eg. if your old card was number 13579 but your new one is 246810 then surely no one can use the old card any more as they number is totally different.

surely they'll need all the details of the new card including the security number etc etc if it is a totally new card?

my HSBC Visa recently expired and the new one they sent is a totally different number than my last and when I have lost cards in the past they've been cancelled and no more authorisations can take place off that card

fozmcfc

It's like when you set up a reoccuring subscription/payment on a credit card.

The company is obliged to make payments even on cards that have been closed down in some cases for years.

At the point of dealing with Wonga, you agree that payment is taken and if you like the transcation/payment back to them is in place for a set date. In most cases the bank will say, you agreed to the payment on this date, before the card was lost/stolen so we are paying it.

There have been a few reports of some banks, however refusing to pay Wonga after someone has reported a card lost/stolen.

andrewb101

fozmcfc wrote: »

It's like when you set up a reoccuring subscription/payment on a credit card.

The company is obliged to make payments even on cards that have been closed down in some cases for years.

At the point of dealing with Wonga, you agree that payment is taken and if you like the transcation/payment back to them is in place for a set date. In most cases the bank will say, you agreed to the payment on this date, before the card was lost/stolen so we are paying it.

There have been a few reports of some banks, however refusing to pay Wonga after someone has reported a card lost/stolen.

ah i get you now

so would this be the same for most if not all PDL companies?

malcolmffc

If you can afford to repay so many PDLs, why on earth don't you get a sub-prime credit card and effectively get a 56 day interest free loan?

fozmcfc

andrewb101 wrote: »

ah i get you now

so would this be the same for most if not all PDL companies?

Going by the posts on the forums, yes.

Whatever PDL company we are talking about, most people say something along the lines of "I spoke to my bank and they said you agreed for the money to come out so we are going to pay them".

There is one member who went against the grain and said that when it happened to them their bank didn't pay the money.

Hopefully that poster will read this thread.

The general advice given, seem to be the only real way to stop payments, is to get another bank account, make sure that your original account cannot have the money taken out of it, that means by having no overdraft facitily on it and no monies entering the account.

PDL will try several times a day to retreive monies, so any money hitting the account they have details for could be taken out within minutes.

When the payment bounce contact them and try to come to an arrangement to pay, ask for contact to be letter only and confirmation of the payment arrangement to be included in the letter.

Wait until you recieve the letter before you even consider given out any new bank details.

andrewb101

fozmcfc wrote: »

Going by the posts on the forums, yes.

Whatever PDL company we are talking about, most people say something along the lines of "I spoke to my bank and they said you agreed for the money to come out so we are going to pay them".

There is one member who went against the grain and said that when it happened to them their bank didn't pay the money.

Hopefully that poster will read this thread.

The general advice given, seem to be the only real way to stop payments, is to get another bank account, make sure that your original account cannot have the money taken out of it, that means by having no overdraft facitily on it and no monies entering the account.

PDL will try several times a day to retreive monies, so any money hitting the account they have details for could be taken out within minutes.

When the payment bounce contact them and try to come to an arrangement to pay, ask for contact to be letter only and confirmation of the payment arrangement to be included in the letter.

Wait until you recieve the letter before you even consider given out any new bank details.

ok that all makes sense

the only reason i mention this is that i had a similar situation with "Mr Lender" where I "lost" my card..i set up and completed a repayment plan with them and because my card was essentially cancelled the only way they could get money from me was when I paid it to them so it confused me as to why and how thay could take money without correct card details as it didn't happen to me that way despite having the same bank account just different card details

jetty

I applied for a loan for today to be paid back in 2 days as i have a DD coming out tomorrow and not enough in account to cover it, i'll be charged £10 from company and £8 from bank, but only £7 from Wonga - but they haven't got back to me and this was this morning!!!! If they don' get back to me by onight then i won't be using them ever again anyway!!