wonga help plzzzzzzzzz

charmayne_2

Hi, im sure you probably already know whats coming as i have read so many posts on wonga it untrue lol. Basically I have got myself into a pickle with them (which is really easily done) and im struggling to get out of it. Basically i owe them roughly £300 which is due to come out on the 24th (friday) and I simply cant afford it. The problem is that the money will be in my account as thats when mine and my partners wages get paid in but if they take the cash, it leaves me with not enough to pay everything else. (I can hear you all screaming - "its your own fault":D)
I spoke to the lovely helpful (lmao) people at wonga the other day and asked them if they would consider setting up a payment plan but as you know, they wont do this untill I default. As I mentioned above, I wont default as the money will be in my account! All I want to know really is what time do they take payment? Im planning on cancelling my debit card on Monday and basically staying up on Thursday night and refreshing my online banking untill I see my wage and then transferring it into my savings account as soon as its there.
Do they take the money bang on midnight? I looked on the site and it says 5am. Also do you think me stopping my debit card will stall it a little? (I know they can still take the funds wether its cancelled or not)
Also, if I do manage to pull it off and move the cash, can they take money out of an empty account? Am i gonna get hit with multiple bank charges?
Im sorry for the gargantuan post but im a lil bit worried.
Thanks x

wannabee_in_credit

I don't know this for definite, but I think that the advice is going to be for you to move your bank account as Wonga will keep trying until they get the money... I'm not sure though - someone more knowledgable than me will advise you properly.

charmayne_2

wannabee_in_credit wrote: »

I don't know this for definite, but I think that the advice is going to be for you to move your bank account as Wonga will keep trying until they get the money... I'm not sure though - someone more knowledgable than me will advise you properly.

Thanks for your reply, I know thats what going to happen as ive done tons of research, I have applied and been accepted for a co op cashminder account and im just waiting for my acc num and sort code to come through. I am willing to set up a payment plan with them, I just need to default first lol. Im just panicking that they are going to nick my wages lol x

wannabee_in_credit

Is it too late for you to get wages paid to your new account? Or ask for a cheque as a one off? I have seen stories on here of people staying up late waiting for wages to be paid to transfer them straight out.

charmayne_2

Yes its too late unfortunately. Im hoping ill beat them to it as everytime ive had a wonga loan its always come out on payday and theres never been a problem so im guessing they take the cash after my wages have gone in. Well heres hoping anyways lol x

lap1970

Hi - I have just posted about a Wonga debt - I called my bank and said my cards had been stolen and that stops them being able to take any money out a new one the bank issues - that was a Lloyds TSB and RBS card. No money was taken from my new cards. You might be better to open up a new account somewhere else and get any incoming payments transferred to that account because apparently they will try all the time various different amounts of money to try and get something out of your account. They will charge you huge amount of interest to the loan, but I think the main thing at the moment is to stop them taking the money immediately if it will leave you with nothing to live off. You can come to an arrangement later. Most people take out these loans with the intention of paying them back (I definitely did) but unfortunately I do believe it is a mistake to take out a pay day loan because the people who go to these companies for loans tend to have not enough money coming in to cover their outgoings in the first place and the reality of being able to pay back the entire loan on your next pay day is at best optomistic if not complete denial of the reality of your financial situation. But when you are desperate you will grasp at straws and try anything. Actually I think you would probably be better off going to a doorstop lender rather than a payday loan with the interest rates they charge if you get into trouble paying it back.

charmayne_2

lap I totally agree, I had every intention of paying it back or I wouldnt have taken it out in the first place, Ive borrowed of them at least 5 times in the past without a problem. Things happen and sometimes its hard to meet certain demands. Like i said in my previous post, ive got a new account in the process.

MusicalLawyer

Wonga take the money from your bank account - not your card.

Cancelling your card won't do anything. If you have 0 money in that account, but you have money in another account with the same bank - they can take it from there also.

timbstoke

KellyKing1987 wrote: »

Wonga take the money from your bank account - not your card.

Cancelling your card won't do anything. If you have 0 money in that account, but you have money in another account with the same bank - they can take it from there also.

Not quite - the bank can take money from any account you hold with them, but they're not going to do that to pay just anyone - the only time it's a realistic possibility is if you fall into arrears with an account you hold at the same institution. i.e. if you keep everything with the same bank and default on a loan, the bank can dip into your savings account to clear the loan. There *is* a risk that the bank would allow Wonga to take you overdrawn, and then offset the overdraft using your savings account, but that's very unlikely for a one off.

billybear1

Why don't you pay Wonga and either take out a smaller more manageable loan with them again on a basis that is strictly on a MUST HAVE basis and try to remove £300 of cost on your month, or apply for a credit building CC and use sparingly, at least you will have a minimum repayment over time which even at 33% will only be £400 over a year and much more manageable.

A default, which is what you are planning on doing is much more catastrophic than just paying up and trying to shave £300 out of a monthly spend with other options available.

vax2002

Fire sale and pay it off !