What happens if you dont pay wonga back?

will369

My friend owes wonga 500, his due date was today. he says he has no intention of paying them back?

From experience, what will happen?

decemberboy

They'll keep attempting to take the repayment from his bank account until they succeed, whether this is taking it all at once or just taking what is there at the time and then trying again for more a day or two later . If he gets his wages paid into that account they won't think twice about emptying it to get their money back.

will369

he doesnt use his account anymore tho

he has changed banks

decemberboy

Ah in that case I don't know, I've never had a loan from them, I just knew about them emptying bank accounts from stories on here.

I'm sure someone on here will know though.

fermi

Assuming that the payment fails, then they try to contact him to collect.

Probably pass it on to debt collectors sooner or later. Also may or may not take legal action. Or it may just do the merry go round of different debt collection firms ad infinitum.

All depends on what they think is mostly likely to get the money back for them.

chanz4

hopefully court action, if he had no intention of paying them back it could be seen as fraud.

sgtbush

the bailiffs will be a knocking!-- mind due i dont agree with wonga or pay day loan companys-- lots of ppl get in arrears with them-- needs legislation-- too much intrest

jamespir

they cry and get upset then send the big boys round

DirtyDick

will369 wrote: »

My friend owes wonga 500, his due date was today. he says he has no intention of paying them back?

From experience, what will happen?

Presumably they'll do him for the money he owes and any other costs. I'm sure the guy who started Wonga had envisaged this scenario, given the sort of people who can't budget.

proactive

i think we can say with certainty that simply going 'i'm not paying' will not mean he's off the hook and they give up.

i think you're friend is probably just acting the big man for some reason and will probably just pay up once wonga start making a fuss. might even pay it and then not tell you for bragging rights and go around saying 'i refused to pay and they couldn't touch me'.

i doubt he's so stupid to think it's that easy

Carnagex

Suprisingly it is easy they wont chase the debt

because of the high APR rate of Payday Loans they will not post to the credit bureau so it will not affect your credit rating and because of how much interest you will inccur debt collection agencies or bailiffs will not take the debt on because there is no profit in it for them all you will get is 6 months worth of letters and phone calls then peace