wonga.best way to proceed

shellyruby

Apples2 wrote: »

good idea in principle but what happens about the 50% they don't repay?
Everyone knows they aren't going to repay, the whole point of the first loan was because they had no money, not a cat in hells chance they have all this extra money the following month.

The best method would be to stop the idiots applying for them who already know they won't be able to afford the repayment.

I don't buy the claims that soooo many people, by sheer coincidence, have that all important unforeseen change of circumstance.

Sadly we can't do that, the lenders have to believe the applicant is applying with an intention of repaying, no matter what regulations are in place.

If they lose too much money through bad debt, they will fold.

pdl are what they are..but people do have unforseen changes of circs all the time.its just life..ive never missed a payment and have never rolled it over to the next month.ive only ever borrowed for 11 days and never more than my wages.
i hadnt even looked into it that much before i first used one..i knew how much interest i was paying but at that point it was never more than a hundred odd quid so the interest was around 20 quid and for that amount considering you are getting the money in your account very quickly for the sake of getting me out of trouble it didnt seem too bad..but once you are borrowing more obviously the interest goes up and your spening 50 quid or so month on just getting back to normal..after payday i manage until the last week of the month when our rent is due so its a short period of borrowing..
ive never been in a position where i havnt been able to not afford to pay my loan back but am unable to get rid of not getting another one out the week before payday..

i dont see how they can change them though..they are what they are and until youve been in that situation and managed to get out of it,you will then realise how dangerous they are to use..especially for people who arent fianancially savvy[myself]

UsetheFORCE

If you are continually borrowing every month then it is not far short of a rollover and should be treated in a similar fashion, i.e. the third month you should not be allowed to borrow. Really awful product PDL's are for the greater majority.

Apples2

shellyruby wrote: »

i dont see how they can change them though..they are what they are and until youve been in that situation and managed to get out of it,you will then realise how dangerous they are to use..especially for people who arent fianancially savvy[myself]

The way you are using them is precisely how they are marketed, to provide that little stop gap.
I'm not suggesting you are doing the right thing by repeatedly using them, you should knuckle down and take a massive hit for one month, go without everything, just survive on the minimum. This will enable you to build that buffer so you will not have to revisit them ever again.

Valli

shellyruby wrote: »

.we pay half of everything each down to utilities ,food,etc..he said i get myself out of one fianancial mess,straight into another one..thanks.your post .

I appreciate that you are both in the low paid sector but if he is working more hours than you (and presumably earning more) then he should be paying more; not expecting you to pay half of all bills

Also it would be to both your benefit if he did cover the shortfall because then you wouldn't be paying the extortionate interest.

SnowTiger

shellyruby wrote: »

pdl are what they are..but people do have unforseen changes of circs all the time.

Fair enough.

Thursday morning you borrowed £470 from Wonga. Thursday afternoon you posted here suggesting you couldn't afford to repay the loan

What "unforseen changes of circs" happened between you borrowing the money and 1.42pm when you posted here?

Mara69

shellyruby wrote: »

ive only ever borrowed for 11 days and never more than my wages.

:eek::eek: You should consider handing total financial control to your husband. You really shouldn't be allowed to have money.

I got a PDL once. Top cashback were doing a great deal. I made about £40.

shellyruby

SnowTiger wrote: »

Fair enough.

Thursday morning you borrowed £470 from Wonga. Thursday afternoon you posted here suggesting you couldn't afford to repay the loan

What "unforseen changes of circs" happened between you borrowing the money and 1.42pm when you posted here?

hi snowtiger.
it wasnt so much unforseen circs..i have my wages going in and can afford to repay it when it goes in,but i was wondering what the position was with wonga if i went on a 5 month repayment plan with them before i got any deeper in.

shellyruby

Mara69 wrote: »

:eek::eek: You should consider handing total financial control to your husband. You really shouldn't be allowed to have money.

I got a PDL once. Top cashback were doing a great deal. I made about £40.

my thoughts exactly mara..i was thinking of when my wages goes in after the pdl has been paid and i get hubbys half of everything for the month which will cover council tax and rent ,then just taking the only cash out i need and giving hubby my card..i will try to live on the minimum and at least bring the pdl down by a 100 quid.im still going to have to borrow again at the end of december but at least it will be less.

shellyruby

Valli wrote: »

I appreciate that you are both in the low paid sector but if he is working more hours than you (and presumably earning more) then he should be paying more; not expecting you to pay half of all bills

Also it would be to both your benefit if he did cover the shortfall because then you wouldn't be paying the extortionate interest.

thanks Valli..i will have to speak to him about it.
plus he ends up spending it anyway when i run out.

shellyruby

Apples2 wrote: »

The way you are using them is precisely how they are marketed, to provide that little stop gap.
I'm not suggesting you are doing the right thing by repeatedly using them, you should knuckle down and take a massive hit for one month, go without everything, just survive on the minimum. This will enable you to build that buffer so you will not have to revisit them ever again.

thanks apples..i cant wait to get rid of it.
we are having a very quiet xmas,just for the kids no one else..
luckily i did budget for that.it will proberly take me 2 months at least and will happily have no money for that time knowing i will get my wages back for myself again..but have learnt my lesson.
thank you for your advice..