Payday loans please read

Wutang_2

asbokid wrote: »

*snigger*

:rotfl::rotfl::rotfl:

You've ruined that sentence asbo. Then you do the smilies, I hope you're about 14.

endora

Deleted_User wrote: »

If you're taking out a PDL while still enjoying the delights of Sky TV, you really need to slap yourself in the face with a frying pan.

You guys seem to think Sky TV is a great luxury, I have Sky and pay £23/mth.

I've never taken a payday loan myself but frankly can't see how ditching Sky will help when you are saving £50 at the most (depending on package, I pay only half of that) in a month and people are borrowing £500 or so on PDLs... surely not having Sky isn't going to make any difference, either by making it possible to make ends meet without the loan or repaying it the next month -it's not really helpful advice in this situation.

People with PDL trouble have more pressing things to consider such as not having their accounts raided and being left without money to cover priorities like rent, mortgage, council tax and utilites as well as food and incurring bank charges for bounced DDs, etc.

Wutang_2

endora wrote: »

You guys seem to think Sky TV is a great luxury, I have Sky and pay £23/mth.

I've never taken a payday loan myself but frankly can't see how ditching Sky will help when you are saving £50 at the most (depending on package, I pay only half of that) in a month and people are borrowing £500 or so on PDLs... surely not having Sky isn't going to make any difference, either by making it possible to make ends meet without the loan or repaying it the next month -it's not really helpful advice in this situation.

People with PDL trouble have more pressing things to consider such as not having their accounts raided and being left without money to cover priorities like rent, mortgage, council tax and utilites as well as food and incurring bank charges for bounced DDs, etc.

....and to anyone re-reading this, yes, that is what Endora said.

Apples2

Surely the gym membership won't make a difference, nor the odd meal out, you don't need to count having a few take aways either.

There's an old saying endora, "look after the pennies and the pounds will look after themselves"
See if you can work out what it means........

asbokid

brightside100 wrote: »

I don't condone in anyway not paying them

I do. I wholeheartedly condone non-payment.

On that point, where can wonga's standard contract terms be downloaded, please? Those terms should be scrutinised for loopholes.

I trapsed around their mindless website and found plenty of idiotic animations but nothing that resembled a contract, in any legal sense.

Does wonga.com even publish a contract that can be publicly examined before starting a loan application?

If so, why is that contract not prominently displayed at the forefront of their cretinous online presence?

As that old mantra has it: if you've nothing to hide then you've nothing to fear.

Notably, there is also no way to view your account history. No doubt that too is by design. Wonga survives on the ignorance of borrowers. For that reason, account histories are deliberately hidden.

Can I see my account history?

You can't currently see your account history, but it's something we'd like to offer and we hope it will be available in due course.

See: https://help.wonga.com/help/account/update-details/account-history

What sort of financial institution doesn't provide an online account history?!

Wonga.. Tsssk. Pure scum.

PhoenixDF

asbokid wrote: »

On that point, where can wonga's standard contract terms be downloaded, please?

They send you a copy via e-mail and when you take one out online you have to click on accept to their t&c's each time. Found this on their website:

"Durring the application process we send you an email with pre-contractual information attached which outlines our service and what you should expect from it. This is not a contract for you to sign; it is for your own records.

Upon completion of the online application, we'll provide you with an on-screen decision. If your application is accepted, the Terms & Conditions will be displayed and you'll simply need to click "I Accept" to get the funds winging their way to your bank account."

If you don't have a copy, why not just e-mail their customer services for a copy?

asbokid

Hi PhoenixDF.. Thank you for finding it..

PhoenixDF wrote: »

They send you a copy via e-mail and when you take one out online you have to click on accept to their t&c's each time. Found this on their website:

"Durring the application process we send you an email with pre-contractual information attached which outlines our service and what you should expect from it. This is not a contract for you to sign; it is for your own records.

Upon completion of the online application, we'll provide you with an on-screen decision. If your application is accepted, the Terms & Conditions will be displayed and you'll simply need to click "I Accept" to get the funds winging their way to your bank account."

So there we have it..

The Terms & Conditions of the Consumer Credit Contract are deliberately concealed until the very last moment by the wankas of wonga.com.

Since the Contract is not individually negotiated between wanka.com and the Applicant, there is no valid reason for its concealment until that late stage in the application.

Arguably, this is an unfair contract since it seeks to "irrevocably bind the consumer to terms with which he had no real opportunity of becoming acquainted before the conclusion of the contract." (App.1(i) of Council Directive 93/13/EC)

• How many pages are there to the standard wanka contract?
• How long would an average man take to read and digest it?
• Is the applicant put under pressure of time during the loan application process?
• Does that pressure serve to limit his comprehension of the terms?
• Is the applicant warned of cookie session expiry, for example?
• What other tactics are used to pressure his decision when an average man would normally consider his options more cautiously?

The scum running wonga really do belong in the dock.

PhoenixDF

To be honest, the OFT and the FSA won't do anything about it because you can't take out a loan with wonga without accepting the t&c's.

Although I do admit, most people won't read them because by then, they've been approved and they just want the money in their Bank account.

How many pages are there to the standard wanka contract?
No Idea for this one
How long would an average man take to read and digest it?
Or this one
Is the applicant put under pressure of time during the loan application process?
Not really because if you don't accept the t&c's it will save the session for later. You're also required to enter a PIN that is sent to the mobile number you register (text is FoC) and the website wouldn't have issues with any cookies because your application is saved to your online account.
Does that pressure serve to limit his comprehension of the terms?
N/A
Is the applicant warned of cookie session expiry, for example?
N/A
What other tactics are used to pressure his decision when an average man would normally consider his options more cautiously?
There aren't any real pressures by wonga when you're taking out the loan because you can use the 'sliders' to see how much interest it would cost you for however long you took the loan. The APR% is available on their front page along with a 'find out more' link. You can register on their site without taking out a loan and throughout the process there isn't a time limit and even after being approved you can cancel the agreement if you don't accept the terms and conditions. Although they do state if you don't accept the t&c's to e-mail their CS team and it may affect future loan approvals with them if you decide you need one in the future.

To be fair, I think everything is there in black and white except the t&c's readily available for download but they should make certain things clearer i.e. if you take out a loan and can't pay it back on the agreed day they'll add a £20 missed payment charge and will continually attempt to debit your current account via the card details for varying amounts countless times.

P.S. I've tried to balance out my comments on this post so I don't come across Pro-PDL companies but I've always been under the impression of people should know what they are signing up for - but on the other hand PDL companies should present the information clearly as a 'responsible lender'.

asbokid

Thanks once again, PhoenixDF. You seem very clued up indeed.

PhoenixDF wrote: »

they [wonga] do state if you don't accept the t&c's to e-mail their CS team and it may affect future loan approvals with them

That sounds like an undue infuence then. What an outrageous thing to say.

I think everything is there in black and white except the t&c's

But the Terms and Conditions are the very backbone of a Consumer Contract..

Wonga is deliberately concealing those Terms and Conditions because it is a dishonest and disreputable lender.

It is standard practice, before entering into any Legal Contract, to take it away and to study it in depth. And where necessary to seek competent impartial advice from a third party.

But that all takes time and it's something that Wonga is trying to deny the borrower. And that's because it is a Rogue Lender.

Wonga's threat that refusal to accept the loan terms at that time could affect future credit applications is prima facie evidence of undue influence being placed upon the borrower.

Aggressive commercial practices like that are unlawful under Directive 2005/29/EC [1]

You have mentioned that Wonga's outrageous APR is displayed in its advertisements. However, this is often not the case.

Wonga is under Parliamentary Investigation for numerous breaches of the Consumer Credit (Advertisements) Regulations 2010. [2]

This relates to its repugnant billboard campaign that took place throughout London Underground over New Year 2011.

Wonga's billboard adverts wilfully breached the 2010 Regulations in multiple ways, not least for their flagrant failure to display the representative APR of 4000%. [3]

Yet more evidence of Wonga's unlawful business practices.

[1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2005:149:0022:0039:EN:PDF
[2] http://www.workingforwalthamstow.org.uk/?p=816
[3] http://www.legislation.gov.uk/uksi/2010/1970/pdfs/uksi_20101970_en.pdf

im-lost

Asbokid. You really should think before you spout nonsense.
It just makes you look rather stupid.

Wonga don't 'hide' things, or mislead people.

All the terms that people need to aggree to are laid out BEFORE
they take out a loan, people are able to read these at their leisure
or seek legal advice as you put it.. ha what planet do you live on?

There's no provision in the CCA for a company to display its terms
for all and sundry to see on their website, if you email wonga they
will send you some sample terms.

Whether you like it or not, as you seem to have an axe to grind against
these payday loan companies, wonga are up there with the best of a bad
bunch, they are a very professional company, unlike others.

You can spout all the nonsense you like about this and that, but the
facts are that wonga meets its obligations under the CCA, they are fully
licenced as a money lender, they are regulated, meet all the requirements
under the DPA etc etc, so this picture that you are attempting to paint really
doesn't stand up.

You've just cobbled together a few bits of information, thrown in a few legal
terms and references to a few acts, and lay it out as fact.