Wonga loan - help

Lanza4

I have stupidly taken out 10 pay day loans for which I am now paying extortionate interest each month. I know it was my own fault but I am now really struggling. In 3 months I will be about £250 a month better off andI plan on using this to pay off the payday loans each month. My problem at the moment is keeping up with the payments for the next 3 months. I defer most of the loans but the biggest one is a loan of £1,000 with Wonga. I pay £288 a month at the moment to defer this but I know I am not going to be able to pay it next month. What do you think my chances are of asking them to agree a payment plan of say £100 a month and how would I go about it? Should I phone them or e-mail? Any help would be greatly appreciated, I don't know which way to turn at the moment.

DCFC79

Lanza4 wrote: »

I have stupidly taken out 10 pay day loans for which I am now paying extortionate interest each month. I know it was my own fault but I am now really struggling. In 3 months I will be about £250 a month better off andI plan on using this to pay off the payday loans each month. My problem at the moment is keeping up with the payments for the next 3 months. I defer most of the loans but the biggest one is a loan of £1,000 with Wonga. I pay £288 a month at the moment to defer this but I know I am not going to be able to pay it next month. What do you think my chances are of asking them to agree a payment plan of say £100 a month and how would I go about it? Should I phone them or e-mail? Any help would be greatly appreciated, I don't know which way to turn at the moment.

Id write to them so you have a record of it and send it by recorded. Defaulting might be the way to go.

[Deleted User]

Lanza4 wrote: »

Should I phone them or e-mail?

Phone phone phone phone phone phone phone phone phone.

Seriously, phone them as soon as they're next open. They're not your friends or out to help you but they have a responsibility to help you once you make your problems known. They will instruct you on how to set up a payment plan, be honest with them about your situation.

That goes for anyone with payday loan problems, phone the lender straight away and they will almost always help you. If you get further and further into debt you're never going to be able to pay and they'll end up selling the loan for pennies on the pound, losing money...

happy_bunny_2

1. Post on debt free wannabe bard.
2. Talk to a debt charity. Say step change.
3. Cancel your CPA with our bank for all payday loan companies.
4. Get a new bank account with an unlinked bank and get your wages paid in there ASAP.

After that, you should be able to negotiate repayments.

This tells you what they are allowed to do so keep a record of every breech then complain and report to OFT and FOS as required:
http://www.oft.gov.uk/shared_oft/consultations/OFT664Rev_Debt_collection_g1.pdf

Lanza4

Thanks everyone for the advice. I will bite the bullet and phone them to try and set up a plan. The next payment is not due until 29th April so should I phone them now or wait until nearer that date?

[Deleted User]

Lanza4 wrote: »

Thanks everyone for the advice. I will bite the bullet and phone them to try and set up a plan. The next payment is not due until 29th April so should I phone them now or wait until nearer that date?

Right now.

The longer you leave it the more interest accrued. The longer you leave it the more you have to worry about. Your biggest enemy at the moment is yourself, you're in a very bad situation and you need to resolve it as soon as possible. The sooner you act the sooner it will be resolved. Every day matters, don't put it off! It's daunting but you will have to face it eventually, the sooner you face it the smaller the problem!

As others have said above you should contact debt charities that can give you advice, you should also post in the DFW section of this forum if you need help getting motivated or just emotional support, the people there are very helpful in giving you that push you need!

Also I recommend reading this: http://www.moneysavingexpert.com/loans/debt-help-plan

Good luck