Battling Wonga - Advice Needed

DevCoder

Don't see there is much to hate about that, although I work fulltime (previous life as a programmer) I spend most my spare time coding for iOS and Android (even did some RIM stuff but tbh blackberry is too far out the market).

Can be profitable if you have a USP.

GrumpyOldTroll

Just an update here on the steps I've taken.

I opened a new account with another bank, and that went through no problem. For those who are, quite readily prejudging the situation; my credit report obviously is not shot to hell as they offered me a £1,300 limit on a credit card and an overdraft. Neither of these I have taken.

Although yes I had regularly used Wonga in 2012, I had otherwise no blemishes on my credit file (or not enough from them offering me £1,300 credit limit - in these financial times!!).

Hang_Tight_Harry wrote: »

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.

Well I have never said this wasn't my fault and only that, although obviously I do not have to explain myself to you, have sorted out a budget for now, talked with StepChange on the way forward with Wonga and will be working to be in a position to pay off what they are owed quicker - As I have always maintained, but also I have never said that what am doing with turn an instant huge profit, that was completely misread somewhere.

FYI to anyone who gave advice and has viewed this topic, from my long conversation with StepChange, they have advised £1 token payment (which Wonga cannot deny) and to review that regularly.

I thought I may be able to afford a bit more but after going through things with them it would be just forcing myself into more unworkable situations at the present time.

Their advice and solution has given me some breathing space to get back to work and make some money (which is in the best interests of everyone concerned!)

GrumpyOldTroll

krisdorey wrote: »

Don't see there is much to hate about that, although I work fulltime (previous life as a programmer) I spend most my spare time coding for iOS and Android (even did some RIM stuff but tbh blackberry is too far out the market).

Can be profitable if you have a USP.

Thank you Kris, I have got some pretty strong themes and experience in the area - I'll just have to see how it comes along.

gb12345

GrumpyOldTroll wrote: »

I opened a new account with another bank

Not just another bank, but not part of the same group I hope.

GrumpyOldTroll

gb12345 wrote: »

Not just another bank, but not part of the same group I hope.

Another group, thank you for raising. I was with Barclays and this new account is with Halifax.

DevCoder

GrumpyOldTroll wrote: »

Just an update here on the steps I've taken.

I opened a new account with another bank, and that went through no problem. For those who are, quite readily prejudging the situation; my credit report obviously is not shot to hell as they offered me a £1,300 limit on a credit card and an overdraft. Neither of these I have taken.

Although yes I had regularly used Wonga in 2012, I had otherwise no blemishes on my credit file (or not enough from them offering me £1,300 credit limit - in these financial times!!).



Well I have never said this wasn't my fault and only that, although obviously I do not have to explain myself to you, have sorted out a budget for now, talked with StepChange on the way forward with Wonga and will be working to be in a position to pay off what they are owed quicker - As I have always maintained, but also I have never said that what am doing with turn an instant huge profit, that was completely misread somewhere.

FYI to anyone who gave advice and has viewed this topic, from my long conversation with StepChange, they have advised £1 token payment (which Wonga cannot deny) and to review that regularly.

I thought I may be able to afford a bit more but after going through things with them it would be just forcing myself into more unworkable situations at the present time.

Their advice and solution has given me some breathing space to get back to work and make some money (which is in the best interests of everyone concerned!)

They cant deny taking payment, even for £1 but they can go up to and including taking you to court if they feel you can afford more.

If you show the judge you cannot afford more then that's all they will get (which is why its worth filling out the I&E form for Wonga as if you also show you've done this and its evident you cant afford more then the Judge wont be particularly happy with Wonga)

My comment on your credit score was after you default on the loan, at the moment you have an average score (wouldn't like your chances at a mortgage application but CC and overdraft would be ok) which is why they offered you those facilities.

Note that its normally 6 months of late/none payments until a default is issued, even though technically you default the moment you miss or underpay one payment. I don't know how strict Wonga are with this.

Good luck with your new venture, hope it works out, but I would co=operate with Wonga as that goes in your favour if it ever goes to court etc.

Moneymash

Why didn't you take the overdraft offered by your new bank. You could have paid off Wonga, and the whole saga could have been over. You could have paid off the overdraft in your own time.

Apples2

Even the credit card. It would stem off having a completely humped credit file due to a defaulted loan as opposed to a simple payday loan.

Madness is at work in this thread

Fishingtime

The title in your post is battling wonga.
Pay them what you owe them and there would be no battle

GrumpyOldTroll

krisdorey wrote: »

They cant deny taking payment, even for £1 but they can go up to and including taking you to court if they feel you can afford more.

If you show the judge you cannot afford more then that's all they will get (which is why its worth filling out the I&E form for Wonga as if you also show you've done this and its evident you cant afford more then the Judge wont be particularly happy with Wonga)

My comment on your credit score was after you default on the loan, at the moment you have an average score (wouldn't like your chances at a mortgage application but CC and overdraft would be ok) which is why they offered you those facilities.

Note that its normally 6 months of late/none payments until a default is issued, even though technically you default the moment you miss or underpay one payment. I don't know how strict Wonga are with this.

Good luck with your new venture, hope it works out, but I would co=operate with Wonga as that goes in your favour if it ever goes to court etc.

I have a good I&E form StepChnge helped me completed along with a template letter to send Wonga.

I think StepChange's advice was also that I work hard to clear the debt before a default is issued. Obviously I'd like to see that happen.

I know a few people on here are saying I should have taken out the further credit - of course this will then mean I will be paying £40 odd quid pure interest before anything off the debt.

However given the fact Wonga have a repayment plan of their own, I could in theory offer to pay back £300 odd pound a month and that be covered by the CC but after the first month or so I would have more money coming in to pay this off myself...

Could this be a better solution? Will setting up a repayment plan from wonga effect my credit rating?