Battling Wonga - Advice Needed

UsetheFORCE

GrumpyOldTroll wrote: »

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?

Yes, it will be listed as an AP most likely on your credit file, I believe it is looked upon just as badly as a default.

Just for information an ACTUAL DEFAULT won't happen until 6 months after your scheduled repayment date, each month that passes will increase the late payment marker recorded.... A '3' or higher could be viewed as badly as a default as Wonga won't lend to you again and the record will stay on file for 6 years (Experian, Callcredit) They don't report to Equifax as far as I am aware!

Anyway, why haven't you taken the credit card/overdraft...problem solved... by the time you have finished with Wonga, you won't have much chance of getting proper credit!!! You wrote that possibly as early as next month you will likely have more income to get it down quicker!

gb12345

GrumpyOldTroll wrote: »

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

They will default you as soon as you don't pay back the money on the date in your original agreement, regardless of the fact they have agreed a repayment plan.

If an overdraft was on offer, then that would allow you to pay back at your own pace and the interest rates would be a lot lower than Wonga's (or 0% if HangTightHarry is correct). With the benefit that your credit file doesn't have a default on it for the next 6 years.

GrumpyOldTroll

Hang_Tight_Harry wrote: »

So you are either stupid, as Halifax are offering a 0% interest overdraft, which would have pretty much cleared Wonga or lying.

Regularly using pay day loans has a negative impact on your credit rating - this will, in turn, impact on your 'business'.

Still, you know best, so good luck

They only offered a £200 overdraft, that's what it said initially anyway. I didn't probe further.

The CC is still an option.

Glad to see you are still coming at this with an open mind and not employing a moral high ground or the use of sarcasm. Thanks.

GrumpyOldTroll

gb12345 wrote: »

They will default you as soon as you don't pay back the money on the date in your original agreement, regardless of the fact they have agreed a repayment plan.

If an overdraft was on offer, then that would allow you to pay back at your own pace and the interest rates would be a lot lower than Wonga's (or 0% if HangTightHarry is correct). With the benefit that your credit file doesn't have a default on it for the next 6 years.

Thanks (UseTheFORCE too) I may have to go with the CC option. Also, if I receive and activate the the card in the next week say, I can repay Wonga early and it won't be quite as much. Possibility.

happy_bunny_2

If you post on the debt free wannabe board, you will get more sympathetic posts.

nbc

I don't get it. You have the means to pay back wonga before your credit gets shot to hell. Why not use the card, it's not like your not going to use the card anyhow?

Pay wonga, than pay off your card (which is easier and cheaper) and no hit to your credit.

The risk of Wonga refuseing the payment (£1) is high, and they can take you to court if they wish and stuff you with the court costs.

Just seems rather unfair to Wonga, as you have to tell them when your next pay date is and inform them if you are working or not before you can apply for a lone. They even advice you to give yourself a few days extra incase of late payment (not never payment)

Just seems rather unjust as to paint Wonga in a bad light when they have done nothing wrong.

I also can not see how you have not been able to talk to Wonga about a payment plan until you have defualted as that is not true. You can talk to them and arange payment before you defualt.

PS Apps are not free to post on Itunes or Android as those companys require money upfront, plus they have to be checked by the company who takes them into there store. So who are you going to put your app with (Android, Windows, Apple) and where did this money come from to put it into there store.

I read your post, even offerd advice, but i know for a fact that Wonga does talk to people before they default on there loan as i have talked to them on behalf of other people and set up payment plans for them (which were all payed off).

GrumpyOldTroll

nbc wrote: »

I don't get it. You have the means to pay back wonga before your credit gets shot to hell. Why not use the card, it's not like your not going to use the card anyhow?

Pay wonga, than pay off your card (which is easier and cheaper) and no hit to your credit.

The risk of Wonga refuseing the payment (£1) is high, and they can take you to court if they wish and stuff you with the court costs.

Just seems rather unfair to Wonga, as you have to tell them when your next pay date is and inform them if you are working or not before you can apply for a lone. They even advice you to give yourself a few days extra incase of late payment (not never payment)

Just seems rather unjust as to paint Wonga in a bad light when they have done nothing wrong.

I also can not see how you have not been able to talk to Wonga about a payment plan until you have defualted as that is not true. You can talk to them and arange payment before you defualt.

PS Apps are not free to post on Itunes or Android as those companys require money upfront, plus they have to be checked by the company who takes them into there store. So who are you going to put your app with (Android, Windows, Apple) and where did this money come from to put it into there store.

I read your post, even offerd advice, but i know for a fact that Wonga does talk to people before they default on there loan as i have talked to them on behalf of other people and set up payment plans for them (which were all payed off).

FYI, I didn't just make up that Wonga would not discuss a payment arrangement. They flat out refused any kind of discussion until I was 3 days from defaulting. The way they are getting around this current i say "Our system won't allow us to". This may be knew, from what I got from them.

But as Step Change have advised me, they cannot argue or as you say refuse with a £1 token gesture under any circumstances, if I have a I&E that shows that I cannot repay anymore at this time. I have been advised they rarely like to go to that point, even more so if the borrower has enlisted StepChange's help.

Your comments about apps not be free to put on the various stores and the way you put it is not very nice indeed - to suggest I did not know they did "PS -" etc etc Those original costs were long paid for when I got interested in re-entering the industry in October, under very different circumstances.

Look, I can see the suggestions about paying this off with the card ive been offered and I am considering that and I do appreciate the time you've taken to respond.

From what I understand though, Wonga have changed their policy on talking to people before 3 days before. That's certainly what they told me - team leader as well.

nbc

I just find your actions dishonourable, makeing yourself out to be the victim and Wonga the bad guy.

As said 'you are asked about if you are working, pay details and your pay times/dates.

What ever gets you through the day i suppose.:(

Thrugelmir

In the future reckless behaviour may well come back to haunt you. I've met many people over the years who think that they can beat the system. Eventually the system wins.

Apples2

Nasty??? Seriously?

I consider you beyond all reasonable help, reply after reply is trying to help you get out of that tradition of payday borrowing.
It seems you are happy enough with it irrespective of the disastrous effects it is going to have on you.

With 9 years experience in this field of making apps you are yet to make any money out of it.
I don't think you really care what happens in the future so neither do I.

Good luck with your DMP and possible BR

I'm out.