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Battling Wonga - Advice Needed
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Hang_Tight_Harry wrote: »It is borrowers that actually make me realise why Wonga and the like charge so much interest. I really get the impression that people like the OP use Wonga with absolutely no intention of paying it as agreed.
He has no concern for his credit file, so that is obviously already shot to hell, and he is only concerned with dragging this out as long as possible at minimum inconvenience to him. It is nigh on fraud.
Shameful way to carry on and helped, again, by MSE.greenlightluke wrote: »It reads to me that the only reason your employment status has 'suddenly' changed is because you've decided to become self-employed and failed to really understand the consequence of debt.
How about this as a possible alternative scenario? GOT used to be employed, but due to the current economic downturn hours were reduced, with the resultant loss of income. With outgoings at a certain level he turned to Wonga to tide him over, hoping things would improve in the following months. Unfortunately they didn't, and he has now been made redundant. Taking the bull by the horns/seizing the day/persuing a dream/insert favourite cliche of choice he has decided become self employed, by the sound of it doing something he is going to enjoy doing, and earning the money he feels he needs to live. But in the meantime he is going to have a short term cash flow problem.
The point is we don't know the detail, nor do we need to. GOT came on here with a question, some of us from our knowledge and experience have tried to help him (and I have presumed here GOT is male, apologies if you are not!). He has every intention of repaying Wonga what he owes them, perhaps just not as quickly as Wonga initially expected.0 -
Hang_Tight_Harry wrote: »It is borrowers that actually make me realise why Wonga and the like charge so much interest. I really get the impression that people like the OP use Wonga with absolutely no intention of paying it as agreed.
He has no concern for his credit file, so that is obviously already shot to hell, and he is only concerned with dragging this out as long as possible at minimum inconvenience to him. It is nigh on fraud.
Shameful way to carry on and helped, again, by MSE.
Not really the case at all, and had you read some of the particulars perhaps you would not be so damning but perhaps, of course, you still would.
For your further information I have been using Wonga throughout 2012 and have paid back on time every time, however in this case there has been a dramatic change in circumstances that I thought would be covered and have not been.
In fact after a few years of bad debt in the early 2000s, I have recovered some good standing on my credit file.
But hey, thanks for the arrogant judgement and insult.0 -
Don't you just love judgemental people? Not.
How about this as a possible alternative scenario? GOT used to be employed, but due to the current economic downturn hours were reduced, with the resultant loss of income. With outgoings at a certain level he turned to Wonga to tide him over, hoping things would improve in the following months. Unfortunately they didn't, and he has now been made redundant. Taking the bull by the horns/seizing the day/persuing a dream/insert favourite cliche of choice he has decided become self employed, by the sound of it doing something he is going to enjoy doing, and earning the money he feels he needs to live. But in the meantime he is going to have a short term cash flow problem.
The point is we don't know the detail, nor do we need to. GOT came on here with a question, some of us from our knowledge and experience have tried to help him (and I have presumed here GOT is male, apologies if you are not!). He has every intention of repaying Wonga what he owes them, perhaps just not as quickly as Wonga initially expected.
Thank you very much for some understanding, some of which is right on and some of which I cannot claim.
I do indeed have every intention of repaying and trust me if I make enough from my product release in May, I will pay the whole amount back then if I could. I did note several times that paying the the amount I can afford would be reviewed monthly, that is my suggestion. But it doesn't seem to matter to some people on here. I was ready for some horrible trolling posts, but also there have been a few who have helped, on here and on the CAG forum. So thank you to those who have not assumed the worse of the OP.0 -
GOT, I presume thay have a continuous card authority on your debit card? Since I guess you really don't want to wait however long it takes your bank to decide to refund you £1,400 what I would do is as follows:
I would send Wonga a cancellation of that authority (in the post by recorded delivery), and take into your bank a letter cancelling the authority, take 2 copies and get the bank to stamp one as received which you keep.
Then "lose" your card, and go through the normal process of reporting it and getting your bank to issue you a new card. Obviously you will need to choose carefully when to do this because you will be without the means to pay for anything for up to a week until you get your new card.
Those actions should stop Wonga getting their hands on any more of your money until a repayment plan is agreed. When one is agreed ensure they understand that you will make payments to their bank account by online banking from your bank account. Do not give them your new card details or any form of direct debit authority.
They are entitled to receive back from you the amount you borrowed, plus one months interest at the point you default, which in your case would seem to be around £1,400. I do know they accept payment plans over 12 months, whether you want to try and push them to 14-15 months at £100 per month or less is up to you. As you have notified them in advance that you will default I would hope they would not add lots of fees and charges, but it is difficult to tell. However Payday Loan companies are a bit under the OFT's cosh at the moment, so hopefully they will treat you fairly.
Oh and by the way you are not obliged to send them a financial statement, merely tell them that you are in financial difficulties and tell them how much you can afford to offer as a monthly payment in a repayment plan.
Lots of this post is complete guff - OP, believe at your peril.0 -
At least you have a genuine reason and lost employment and income compared to some people on here who just blatantly take the loan and refuse to pay it back, which should be fraud. Anyway.
I can not see Wonga agreeing to £20pm on an amount that size. It just isn't practical, I am sure you have every intention of paying as much as you can once your income increases but they don't know that and they will just think it is going to take this person xx amount of months/years to pay this back.
They will freeze interest but like said before you will probably need to offer more. Even £50 a month for 3 months then a review, mention something like that to them.
I hope you get it sorted."All truths are easy to understand once they are discovered, the point is to discover them."
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What is your product Op?0
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Big assumption this new business venture is going to turn a huge profit in month one.0
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Hang_Tight_Harry wrote: »And how about this?
OP knew he was going to lose his job so quickly secured a Wonga loan he knew he wouldn't be able to pay. OP has admitted he has used them before so his credit rating is already shot to hell. OP looks on MSE, learns that there is very little Wonga can do. OP looks to pay as little as possible. Lets not forget this is not a small amount the OP owes - it is £1,400. Therefore, he has clearly built up his borrowing over time to this ridiculous level.
Even if the OP had no idea he was going to lose his job (if he has), he was obviously not managing his finances at all as he needed to regularly borrow from a PDL company.
Not a great start for someone who wants to build up their business. I wouldn't use him as he clearly can't manage his finances.
Still wrong. My credit rating has not been shot to hell as it happens - see update post.0 -
David_Aston wrote: »What is your product Op?
I am an independent computer programmer creating apps for mobiles. First one out in May.
I did this from 98 to 07 but now with the advances that have been made in the mobile industry have got back into it.
I tell you this in the firm knowledge that there are MSE trolls here just waiting to hate (your good self not included) - so let the hating begin!0
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