Best way to pay off Wonga

mrpleasehelp

Good day to you all, I was wondering if anyone could provide some advice on the best way for me to get out of the dreaded circle of borrowing from wonga each month.

At present, I am being paid and wonga is taking almost all of my wages and I immediately have to borrow again up the point where the payback amount is the amount I get paid.

The way I see it is I have to options.

Reduce the amount I borrow by roughly £100-200 a month.

Or call them, tell them I am struggling and come to an arrangement where this coming pay day, instead of paying back around £1300, I pay £500-£600, then same again the following month.

The 2nd option sounds the best to me as if I reduce each month I think I will be paying interest all the time. What I'm hoping is they'll freeze the interest and let me pay off what I owe them in 2 or 3 lump sums.

Has anyone done this before? Are Wonga likely to allow to do that?
What I don't want to happen is for them to start charging me interest everyday otherwise I may aswell do the reducing the amount I borrow each month option, but that way I'll still be borrowing each month in 6+ months time.

I know payday loans are bad and I'm likely to get flack for getting one in the first place but I've learnt my lesson and want to get them paid off and never look back.

Any advice would be greatly appreciated.

Kind regards

Mara69

Best option is to open a new bank account. Get your salary paid into this new account. Close the old account. Write to Wonga, tell them you are having difficulties paying your debt and ask them to freeze the interest. Make a sensible offer of payment via standing order so they have no control over your new account. Make sure everything is in writing.

Learn from your mistakes.

mrpleasehelp

Thanks Mara69. Ideally I don't really want to open a new back account. If I contact them by phone and am able to come to an agreement, are wonga the kind of company that will not stand by their agreement and attempt to take the full amount anyway?

Thanks

Mara69

mrpleasehelp wrote: »

Thanks Mara69. Ideally I don't really want to open a new back account. If I contact them by phone and am able to come to an agreement, are wonga the kind of company that will not stand by their agreement and attempt to take the full amount anyway?

Thanks

Yes, all PDL companies are likely to try and get the money you owe them in full. It is a risk you take if you choose not to open another account, but you have been warned. This is even more likely if you ignore the other piece of advice I gave in respect of getting everything in writing.

CLAPTON

what is your income

how much do you owe wonga

what do your credit records say

how much is your essential spending each month

what other credit lines do you have (overdraft, credit cards etc)

R_P_W

I have read a lot of threads on here about pay day loans. I think we can all agree they are not positive in any way to anyone but the lender!

The advice given on this forum though is for the most part sound. I know setting up a new bank account is a minor pain - but I would suggest you follow the advice given and do it.

Wonga will want their money back and if they can take it then they probably will. They know if they do you will likely be knocking on their door to borrow it back again and so the cycle continues.

cord123

They will...

I know someone that owed then £800 they paid back £100 a month and froze all the interest...


hth xx

cord123

.. and they didnt open up a new account. They even took too much one month and it took a phone call for them to just pay it back.

mrpleasehelp

Just had a thought as an alternative to opening a new bank account.
If Wonga use my debit card to take back their money, what if I phone my bank, claim I've lost my debit card so they cancel by current card, then I could get a new one, retain my bank account and then set up a standing order with wonga to pay it off in a couple of months?

I'm at work at moment so would need to sit down and work out my outgoings etc etc.

Kind regards

Thank you so much for the sound advice so far, you guys are brill.

OneLife_OneShot

You can get them to freeze the interest and do a repayment plan I owed them £300 and paid £35 a month and we both stuck to it and it was great, sorry you got trapped in the PDL but Wonga I found are dead on about it. PM me if you need any advice.

Mand_x_

Hi, I was also in trouble with wonga and paying them would mean having no money left. I called them prior to the amount due to being debited and they said they were unable to help me until the money had actually not gone through. So i waited until the monday morning and obviously becasue there was not enough to pay the amount my bank were unable to pay them.

Wonga advised me to call after 9am but before 10 as after 10 am they may start making automated payments of small amounts. So I called them at 9, it was a ittle tricky getting through but I kept trying and after about the 7 th call I got through to them.

They froze the interest on my loan, devided my loan amount over 6 months and agreed I could pay them the amount as long as I could make the first payment today. Which I could.

They took a debit card payment (same one they allready had on file) for the first payment and then made the next payment the end of the following month which actually gave me over 6 weeks to find the next lot of money.

I stuck to it and at the end of the last month I paid my final payment of £110 and I am now finally free of them. I understand yours maybe a little higher as My debt was only about £650. But they were very accomodating and friendly considering I was the one letting them down with my agreement. But they were great.

Instead of paying around £150 a month in interest only, I got to pay £110 a month and the whole balance is now cleared.

I have removed myself from their mailing list and am disappointed inmyself for getting into so much toruble with them but releaved I contacted them and they sorted it so quickly for me without having to change any bank accounts.