Pdl- wonga repayment plan

mag21

Hello,

I took a pdl with wonga a few times in the past and have always paid in full each time ( didn't want to roll it over the next month to avoid extra charges).

I've just taken a new loan with them but my situation has changed and I can't really afford to repay them the full amount- I owe them £1,034 (£800 loan originally).

I have read about repayment plans on this forum and I would like to contact wonga to ask if they could arrange a plan for me.
However, I'm a bit concerned after reading about wonga selling loans off to another companies before the repayment plans finish,
and people are left with more debts to pay and get threatening letters from the company they sold the loan to.

I just wanted to know if asking them for help would be a good idea...

Any help would be greatly appreciated.
Mag

opinions4u

Sell your toys on eBay and repay in full.

fwor

I can't advise how soon Wonga will sell the debt on to a recovery company, but something that struck me as odd about your post is the phrase "I can't really afford to pay them".

It sort of implies that you think you could, but think it may be a good idea not to - i.e. you will have the money but want/need to spend it elsewhere.

If that's true, I'd advise you to do everything within your power to pay it off in full. A general observation about PDL companies is that they will delay coming to an agreement so they can keep adding extortionate interest for as long as possible. I would not be surprised if you end up owing at least £1.5k before they start to talk to you.

dealer_wins

6+ years of ruined credit for £800. Where do I sign

[Deleted User]

I've no experience of Wonga but have heard they do, do reasonable plans but you will need to ask them and understand how you have come to this end (doing an i&e form helps no end and will show how much you have to put towards monthly/weekly repay so your not bagered into overpaying and end up in worser position)
get in touch with written communication it becomes your best friend - email or whatever prove-able method suits you

To be honest I'm not sure I'd believe absolutely everything you see posted about repayment problems - there may be more to it then is known or what gets posted - and in the majority of times it seems to boil down as quick as it starts, so don't let it worry you I'm sure this is how the problems really come about

Good luck you can break this horrid loan cycle if you act now and make it your final loan

mag21

Thank you for your help. I can afford to pay it in full, but I wouldn't have much left after paying the full amount and I don't want to take another payday loan to be honest because it will put me in the same situation as I am in now. That's why I was thinking about a repayment plan.
I'm aware it's a short term loan but I just don't trust these companies enough to ask them for help...
Not sure what to do.

opinions4u

Pay it off in full.

Then spend nothing for a month.

fwor

Then it really is a no-brainer - pay in full and live on next to nothing for a few months.

I'm fairly sure that no PDL company will ever consider talking about a plan until after you have defaulted, so it's never going to be an easy way out.

gingeralan

mag21 wrote: »

Thank you for your help. I can afford to pay it in full, but I wouldn't have much left after paying the full amount and I don't want to take another payday loan to be honest because it will put me in the same situation as I am in now. That's why I was thinking about a repayment plan.
I'm aware it's a short term loan but I just don't trust these companies enough to ask them for help...
Not sure what to do.

You must pay it then! I know it may leave you short but get it out of the way.

ALIBOBSY

I would say pay it off and get over to the old style boards and debt boards to get tips on how to cut right back. Best case you live frugally for a month till next payday and end up completely clear of PDL and free, worst case you manage for part of the month and end up taking a new loan with wonga for a lower amount just to get through say £200 and pay that it full the next month (sort of your own payment plan).

Either of these mean it won't effect you credit rating and you won't get a load of extra charges and interest to pay.

Ali x

gizmo111

With Wonga - you can part pay and rollover - so pay as much as you can and pay rest next month.