Too good to be true?

regret70

Hi

I just wanted to know your thoughts..

I have a wonga loan of 1500 to be repayed on 30th nov. I am able to repay it but each month I end up borrowing the money again and am in a cycle.

I emailed wonga to tell them this and asked to repay over 6months. They replied straight away and have set this arrangement up.I can see it on the website on my account page a breakdown of the loan. They have also frozen interest.

Does this sound too good to be true? I am worried they will just empty my bank account on payday!!

JustinCredibleGillespie

Could you transfer your salary over to a different account as soon as it credits? Just to be sure they dont take all of your money. Or ask them to send you confirmation in writing?

I hope you get out of the PDL trap soon

All the best

JCG

xx

poppasmurf_bewdley

Get the money out of your account asap. From what I've read on here, they will empty your account at the first opportunity.

regret70

That's what I was thinking of doing, maybe stay up until midnight on payday and move the money across before it can go out?!

Tixy

It does sound almost to good to be true - but stranger things have happened.

Its promising it is noted on your wonga online account.
If you have another bank account I would be tempted to move some of your salary across as soon as you are paid - just so you are not left with nothing if they do try to take more than was agreed.

Edit - You might need to stay up a lot longer than midnight unfortunately - some people have reported refreshing every few mins until about 5am seeing their wages finally credited to their account.

poppasmurf_bewdley

regret70 wrote: »

That's what I was thinking of doing, maybe stay up until midnight on payday and move the money across before it can go out?!

Why not open a new account now and provide your employers with the new details. Then you can get a good night's kip.

regret70

Thanks sadly I can't open a new account, husbands money also goes into there and I have bad credit rating.

Tixy

You can always open a new bank account - if you have a poor credit history it may need to be a basic bank account with another bank, but even people who are bankrupt can get new basic bank accounts. Why can't husband also move his money to a new bank account?

Do you have any other joint accounts aside from bank accounts? if not and if you have poor credit history (and he doesn't) then you would be better with seperate accounts and financially disassocating on your credit files. (Obviously if you have a joint mortgage or loan this won't be possible.)

regret70

Hello

Just wanted to update this,

I got paid on Wednesday and managed to move the money out of the account in time

regret70

Leaving just the amount for wonga.
True to their word they just took the agreed amount, no nasty suprises.

5 months to go and I will have got rid of this stupid loan, it's the one that has worried and cost me the most. The repayment plan has allowed me to repay the loan with what is less than the monthly interest.

Let's just hope wonga stick to their side ofthe bargain!

regret70

Oops not sure why that got split into 2 threads!