Wonga Repayment Plan

marsbarstar

Hi All,

I thought I'd just write about my experience with Wonga and repaying a payday loan I could no longer afford. Sigh, I know, taking out payday loans isn't something I should have done, however I had a very large unexpected expense I had to pay in January involving my car and my only option was to use Wonga as they seemed legit and reasonable.
The payday loan I took out was near enough to £1000 which happily covered my unexpected expense. Coming near to payday in February I started to worry, as I was asked to do a work assignment which involved a lot of travelling. Although my company would reimburse the expenses, a lot of our expenses are non-reclaimable and would not get them back for at least a number of weeks. I knew that this month I would not have enough money to cover the repayment of my Wonga loan.

So, I researched on a number of sites, such as this one, and sought advice that said to email them and state you will repay whatever you can afford a month and ask the interest to be frozen. I did this, and also asked them to NOT take out the payment from my account on my payday. I also rang my bank to block any payments coming out from Wonga.

Payday came, and there was no ackowledgement of my emails apart from an auto-response email saying thank you we will get back to you within 24 hours etc. I was too nervous and afraid to call them and stated in my email that all contact must be done via this channel.

On payday, in the early hours of the morning, Wonga took as much money as they could. I owed them £1400 from the £1000 I took out. They took £692, and then took out £10 increments as I think when they tried to take the full £1400 it was obviously declined (I did not have enough money in my account). I think this was very cheeky! However, I had no one to blame but myself. Therefore I decided to pluck up the courage and RING them. Which I advise anyone who are looking to set up a repayment plan with Wonga to do.

I was very very nervous, but bit the bullet and did it. They were extremely helpful and friendly. They asked me to fill in an online assessment form in which I was very honest. It asked me how much I could afford to repay each month, and I put £100 thinking this was reasonable. It was declined. I was then sent a message saying Wonga would be in contact with me.

I then received an email today from Wonga, offering me a repayment plan of £115.45 per month over six months, they would freeze all interest and it would be my desicion which month the money would be taken from my account.

I am now so relieved and this is something I can afford and six months will fly by.

Please please please, if you are trying to sort out your finances and am looking for a repayment plan, please phone the company. Emails do not suffice and can take a few days before they are read/actioned.

I also have experience in repayment plans with other companies which I will write threads on in the near future.

OneLife_OneShot

I found their email correspondence to be fine if you give it enough time but it is miles easier to ring anyone I find.

poppasmurf_bewdley

From what I have read on here, Wonga are the best of the Payday loan companies to deal with when you have a problem.

Anyway, I'm glad you have got the problem sorted. I'm sure you have learnt your lesson about taking out Payday loans.

wongaq

If you have taken the repayment plan, did it mean, they defaulted your account and put that info on your credit report or they gave you the chance to pay off your loan without defaulting you?

scrimper88

I also found them very helpful although my debt was only about 550. Set up payment plan with no issues and made sure I got email confirmation of the agreement.
They didn't default me they just posted ap markers which I know isn't much better but it was just over a year ago now so in 5 years itl be gone