Dont use wonga

wongauser

I earn 50k plus a year but had been using Wonga as cash-flow for my husbands business - whoops ! Along with a handful of 'missed payments' (catalogue and phone taking money at an awkward time of the month) it means I have just been turned down for a mortgage and have a 'very poor' credit rating !!!?

I was also rated as "using 75% of available credit' - yes cos I paid of 12k of loans cash last Spring and reduced all my overdrafts ....

worried48

I used Wonga just once, for exactly the same reason as you and only for five days. I have missed the payment date with Oxendales a few times but never more than 1 month in arrears with it and always corrected the next month, and I too am rockbottom as far as credit rating is concerned

opinions4u

I can see the mortgage lender's point of view.

If a modest phone bill comes at an awkward time every month, how difficult are you going to find it to pay a giant mortgage payment?

Use of Wonga is unlikely to have been the real reason for declining the mortgage. Merely the icing on the cake when it came to explaining the decision.

But thanks for the warning. I promise not to use Wonga.

Devon_Sailor

wongauser wrote: »

I earn 50k plus a year but had been using Wonga as cash-flow for my husbands business - whoops ! Along with a handful of 'missed payments' (catalogue and phone taking money at an awkward time of the month) it means I have just been turned down for a mortgage and have a 'very poor' credit rating !!!?

I was also rated as "using 75% of available credit' - yes cos I paid of 12k of loans cash last Spring and reduced all my overdrafts ....

I would suggest that if you earn "50k plus" per annum, and are having to use Wonga as cashflow for a business, as well as not having any money left to pay your bills, you have deeper problems that need to be addressed rather than kick off at Wonga because you cannot pay them back?!

rizla_king

opinions4u wrote: »

thanks for the warning. I promise not to use Wonga.

Martin needs to put that on a car sticker.

wongauser

just to note, all my wonga loans were always settled on time and it seemed a simple way of covering cash-flow for self employed builder hubby - the charges are tax deductible ?

and yes, my 'deeper problems' are that Im a crap money manager ! ;-D

just surprised that having no serious issues e.g. everything always paid, I was still refused.....I remember the days they were throwing it at me !

oh and also - I already afford a 'giant mortgage repayment' and was looking at a mere £150 cpm more...the banks are not lending I tell u ! The lender told my financial advisor directly that use of Wonga was the reason (and a handful of late payments - two of which were for 0.50p !!!!!!!!?)

shame - I like Wonga - they give to charity for each transaction and seemed a great future facing service - there are many other payday lenders who are much less ethical and they shouldn't all be lumped in together

Dabooka

Banks not lending isn't news really, and you clearly have problems although they appear minor and incidental compared to some.

Basically though the use of any payday loan company could be seen as someone showing signs of money problems so lenders will be wary. Personally I think you should keep using them; we need a new striker in January! #toonarmy

wongauser

Im trying to let users know that I was refused a remortgage based on regular and correct use of wonga

mjm3346

wongauser wrote: »

The lender told my financial advisor directly that use of Wonga was the reason (and a handful of late payments - two of which were for 0.50p !!!!!!!!?)

That may have hurt you more than Wonga but you couldn't do much worse than combine the two, emergency funding and still have late payments,

Dabooka

wongauser wrote: »

Im trying to let users know that I was refused a remortgage based on regular and correct use of wonga

Noted, my point is that any payday lender would've had the same impact, not Wonga specifically. And as mentioned the missed payments would have had an impact too, so combined they rejected you.

Was the mortgage to move or consolidate?

Apples2

You sound a perfect candidate for rejection, not 100% due to Wonga.

Trashing your credit file for 50p is simply financial baffoonery.