WONGA - Am I....

Leon_Telford

...... The only person that found them easy to agree a DMP with?

Owed £800, offered £100 a month, interest froze and only took what they said they would a month?

Emailed me the DMP after I rang them.

Done and dusted.......

MusicalLawyer

You offered quite a good amount to pay them back at £100 a month.

I think people have problems with Wonga when they take out loans which end up totalling £1000+ and only want / can pay back like £20 per month or something like that - that is when people have problems with them, and rightly so.

Well done on clearing it though!

eyeopener2

Why "and rightly so"? If you can only afford £20, you pay them £20. If you can only afford £1, you pay them £1.

WONGA and the other Payday lot think they are special which is why they bully people. They are not.

E2

jeff87

Hi Leon,

Good to hear that but I would still take measures to make sure they don't take money out of you account. I called them last month and offered to pay back £100 per month. I was happy with it until pay day arrived and bang! They had taken the full among.

There is a word beginning with C I would use to describe these people.

So now I'm back at square one. I've managed to make a little extra money lately but not enough to get me through the month.

Jeff

regret70

You aren't the only one, I agreed a 6 month plan and they seem to have been true to their word so far and I only have 1 payment left. I am worried they will take extra on my last payment but I get paid before the agreed date so will pay it off early on the website.

MusicalLawyer

When I said 'Quite rightly so' I was referring to the fact that Wonga create problems for people by not accepting small amounts on bigger debts. Why should they, when the agreement was in black and white, and people agree to these terms. Then just decide, oh you know what I actually can't pay it back, here's a fiver a month. I meant quite rightly so in the fact that they then send letters reminding people that they agreed to these terms. Obviously excessive amounts of letters an calls is not right.

endora

Wings and all PDL companies are sharks who charge exorbitant rates of interest (4000% APR!!!!!!!) impose obscene charges and raid bank accounts. They target the most vulnerable who have nowhere else to turn! Their current TV ads targeting pensioners are a disgrace! In a country where advertising formula milk for babies under 6 mths is prohibited it's unf'ng believable that Wonga gets away with such ads!

If people had or were aware of a better option they would never agree to those T&Cs in BW! it's only out of desperation that people do it and Wonga etc. take fill advantage.

[Deleted User]

The problem is people become engrossed almost on asking how "do I deal with them"... instead of just doing that, some threads are created long before a company is contacted as there's often no contact with the PDL's at the very outset when there needs to be (yes well before default day if you can) it's like posters allow themselves to be told what they think they want to hear which is then justified, and can't understand when the debt spirrals upwards, of course if your the shark once default day comes you would be rubbing your hands together and increasing profit, knowing someone is in your clutches, or then there is the blind panic of lets try and sort something out out the day before payment is due!
it all comes down to being organised, limiting damages (if there is no reply to an email, you send a letter recorded delivery) and accepting a new bank account will be needed. (Even most DMC will recommend this no matter who the creditor is) and help yourself by asking or obtaining bank details of the PDL concerned

The Wonga ad's do make me cringe though! sad thing is I probably didn't notice them when I was up to my eyeballs in PDL debt now they want to make me heave

jon1965

Many of the PDL companies will not let you enter into a repayment plan until you have missed a payment. So if you contact them and say you can not pay this month because you have lost your job or whatever they offer you a rollover or tell you that once you miss the payment they will talk to you. Then they add silly charges.
This happened to me with Wonga, I borrowed £100 tried to tell them I could not pay, within 2 weeks they were saying I owed £350.
They are scum and should be banned in my opinion

camuk81

Glad to here you managed to take it forward Leon

Naf

PDL companies serve a useful purpose when people understand how exactly it works and exactly how it will affect them.
APR is a completely irrelevant figure to quote for the type of product.
There really isn't much more the PDL companies can do to make their service any more transparent at POP and in advertising: but there is possibly more they could do on the service front when customers face difficulties.
It is understandably perplexing and irritating for them when someone takes out a loan, agreeing to repay the amount, then very quickly turns round and offers £20pm repayments. On the other hand, high street lenders do credit checks and (granted very basic) income analysis in attempt to ensure individuals actually can afford the payments; Credit Unions (my preferred source) go further still and request detailed breakdown of income/expenditure to ensure that the loan will actually help the person, and that they will definitely be able to afford repayments. So I guess you could say that to some extent it is the PDL companies own fault because of the clientele they attract, and the lax nature of their checks.