really struggling with Wonga :-(

RobinVanPersie

Hi Guys,

I've read this forum for long periods of time looking for help & advice.

I made the mistake of taking out a few Payday loans a few years ago. After a while, I managed to cut them down, but as of August last year I've been stuck taking out my full amount on Wonga. So each month I'm paying back a total of 1100 pound, interest on which is around the 300 pound mark. I've tried cutting them down, but this just doesn't seem feasible.

So I'm struggling through from one payday to the next. YES i KNOW its my own fault, and I should have borrowed responsibly; but does anyone have any advice on what I can do? Do they accept payment plans? Cos i've seen some scary stories on here of daily interest being accured. And its also stopped me from making payments on my Credit Card, which I see as a more important debt personally?

Thanks in advance for any advice!

[Deleted User]

Have you contacted Wonga?

I've no experience as they were probably one of the few PDL lender's I hadn't tried lol
but have heard they can be quite good at allowing plans - just takes a bit of persistance
there was a certain amount of days after after which they claim accounts are froze - again have heard this can happen straight away with communication

To many worry about a default on their credit report and keep rolling over fixated on this, but honestly once your in a hole it is best not to keep digging

You'll be out before your know it and then able to work on the c.c who won't be as ferious as payday loans, have you considered joining a credit union?

: )

RobinVanPersie

Thanks for the prompt reply. I was going to contact them but I've seen a lot of cases where they say you have to default first?

[Deleted User]

I'm not to sure Robin, my personal view would be try and contact before - you see it can give you some height if you do run into problems and they do try charging when you've done everything you can before the situation reaches default - again this is really just my personal view but worked for me with a couple of lenders so there is hope

You may have seen but in this situation it is advisable to change bank accounts before approaching the company if you can't afford to be cleared out/raided because this could happen

gingeralan

Hi Robin.

Sorry to hear about your situation with Wonga. I really have an issue with this type of lending as it creates this dependency. If you aren't getting anywhere with Wonga try your local cab. They could negotiate on your behalf if you are struggling. If you are looking for advise I would suggest finding your local credit union, they only lend sensibly, much lower rates and encourage saving. I wish they had the advertising budgets of Wonga and the country probably wouldn't b in the current mess that it is now.

Good luck and I am sure you will get yourself back on an even keel

Jan

rdchick

Hiya

I think in most situations you won't get a payment plan out of them until you stop paying them and they give you a default unfortunately. If you go down this route I strongly recommend you get a new clean bank account with no attachment to your old bank (ie don't go with Natwest if you're with RBS etc) and have your wages paid into that as they will take everything they can get their hands on.

Hope that helps

xxx

RobinVanPersie

Cheers for the advice guys. See I dont wanna default and end up paying more than I already am! Cos I've read their terms and they state they can carrying on charging interest for 60 days after the due date! Which would cost me around 700 quid more?!

Apples2

Sadly you can't have it both ways.

You either stop paying, default and agree a payment plan, or pay the loan off.

You can't pick and mix. You need to be able to prevent them from getting at their money, it forces their hand into agreeing a plan.

If you are in this pickle your credit file is well past saving.