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Dont use wonga
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Most businesses seem to be able to manage their cash flow without resorting to using high interest short term loans.0
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Ultimately it might be a correct use of a payday loan company but the clue is in the name, no mainstream lender is going to lend anyone a mortgage if you can't budget to make it through the monthThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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I wonder how someone with such a poor grasp of simple financial matters manages to earn £50k per year.0
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If you have to use a payday lender that is a big flag to lenders you are struggling, people generally only use a PDL if they are really struggling financially. PDL on a credit file is a negative, if i ever had to resort to one of these companies i know I'd be in big financial trouble.0
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Perhaps it's all the "missed payments" that are more of a problem.Can I help?0
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Strangely, reducing your credit limits can have an adverse effect on your future ability to borrow money. So can turning down the offer of one of your existing lenders, particularly if it is a major bank, to increase your credit limits for free.
We always use our business overdraft. It's the cheapest finance of the products we have with our bank. But when we initially sought to increase it, we were initially turned down because ithe way we managed the overdraft, they said, indicated "affordability issues". They did eventually increase it, but I got the impression "affordability issues" was very subjective and their latest buzz phrase. Presumably there are banking executives without much to do up and down the land having long meetings debating what the meaning should be of this very term.
One of the bankers we saw in the early stages of organising the increase suggested payday loans. I made a formal complaint, saying, for the amount the bank has lent to our business, suggesting a competitor and one of dubious reputation at that was very poor form.
Your bank may be worth going back to. Or alternatively, if you feel your husband's underlying business is strong and his cash flow problems short term, why not approach another bank as a package, with the plan to move all your banking to them, and see what they can offer you?0 -
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 ....
Wow never heard of anyone using wonga as cash flow for a business. Bad idea indeed.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 !
Yes it was paid on time but you used a PDL which shows 1 can't budget accordingly.
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 !!!!!!!!?)
Yes a small amount but still a late payment
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 togetherIm trying to let users know that I was refused a remortgage based on regular and correct use of wonga
There is a thread on here about PDL affecting those who want to take out a mortgage. Looks like you have learnt the hard way.0 -
I wonder how someone with such a poor grasp of simple financial matters manages to earn £50k per year.
Yup, I have to pinch myself everytime I look at my payslip, I too am on 50K (will be 60K this year with overtime) plus and am terrible with money, I also have no qualifications to speak of. God bless the Railway.0 -
God bless the Railway.
God bless ASLEF and RMT for their past militancy. I would LOVE to drive a train. Being paid to do it would be a bonus.I used to think that good grammar is important, but now I know that good wine is importanter.0 -
To be fair here, the OP's problem is a difficult one and I have lots of sympathy but it was not really a problem exclusive to using Wonga was it??:undecided, I mean, had it been a case of the OP saying that Wonga took more money out of their account than they should have or something along that kind of thing, the kind of horror stories I have heard about some lesser known loan companies doing then that would be a good reason to advise people not to use Wonga but so far I have never heard anyone who has had problems with them say that Wonga have actually done anything outside their T&C's, if anyone here has known them to then I'd be very interested in reading about it because I use Wonga myself.0
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