wonga mess

paydayidiot

hi,

like many others, I have got myself into the wonga spiral and owe about £1000 which i can't afford to pay off in one go.

I have read a lot of useful stuff on here, and on other sites, about the best way to go about it with regards to setting up a repayment plan.

I am going to call them and try and see if they will freeze the interest and set up a repayment plan. I think I can pay about £100 a month, maybe a bit more.

The only thing I am not clear about, as there seems to be a lot of conflicting advice, is the effect that this will have on my credit rating. Obviously, it is not going to have a good effect, but I really want to avoid a 6 year credit default, is this possible, or do I have to default in full to enter the repayment plan?

thanks,

paydayidiot

Dovah_diva

Failure to make the payments you agreed to pay will result in a default. This will remain on your credit file for 6 years.

paydayidiot

sorry, is that failure to pay on the original terms, or failure to stick to the repayment plan?

heartbreak_star

Generally failure to pay on the original terms.

HBS x

gb12345

paydayidiot wrote: »

sorry, is that failure to pay on the original terms, or failure to stick to the repayment plan?

The minute you didn't pay back on the date that you originally agreed they will default you - otherwise everyone would get a "PayDay" loan and not bother paying back on pay day.

I wouldn't worry to much though - with all those pay day loans showing on your credit history, your chances of getting reasonable finance are pretty much zero any way.

paydayidiot

ok, thank you

dalesrider

The fact you have used PDL co's will have a effect on your credit worthiness going forward. not matter if you pay or not.

UsetheFORCE

paydayidiot wrote: »

hi,

like many others, I have got myself into the wonga spiral and owe about £1000 which i can't afford to pay off in one go.

I have read a lot of useful stuff on here, and on other sites, about the best way to go about it with regards to setting up a repayment plan.

I am going to call them and try and see if they will freeze the interest and set up a repayment plan. I think I can pay about £100 a month, maybe a bit more.

The only thing I am not clear about, as there seems to be a lot of conflicting advice, is the effect that this will have on my credit rating. Obviously, it is not going to have a good effect, but I really want to avoid a 6 year credit default, is this possible, or do I have to default in full to enter the repayment plan?

thanks,

paydayidiot

As far I know, Wonga will put 123456D on your credit file so if you managed to repay it EVEN if on a repayment plan within say 2 months of the due date, you will end up with 12 on your credit file.

You will end up with the default, 6 months or so after the due date if you still owe money to them.

PAY IT OFF AS SOON AS POSSIBLE AND YOU WILL PROBABLY AVOID THE DEFAULT MARKER ON YOUR CREDIT FILE, bear in mind a 3 or worse on your file will do a lot of damage....

paydayidiot

by '3' do you mean 3 months on late/non-payment?

UsetheFORCE

3 meaning 3 months overdue.

The full amount is due on the due date, if any amount outstanding 3 months later you will get you a 3 on your credit file.

They may of course put AP on your file in which case it is irrelevant.

What is the shortest possible term that you can pay off this amount?

paydayidiot

forgive my ignorance, what is AP?

three months at a push is the shortest.