how to get out off this wonga trap

ninjawarrior197

Help. Ive had a wonga loan every month and pay it in full every month but the problem im paying alot off interest every month on it...is there any chance they might freeze the interest and let me pay it over monthly instalments? The loan is for £650

thanks

cookyy2k

You could ring wonga and see, from what I hear wonga are one of the "better" payday loans companies to deal with. If you explain your situation and ask them for a mutually acceptable payment plan they may well go with it. Though you may need to send them a SOA and they will probably default you on your credit file.

sourcrates

cookyy2k wrote: »

You could ring wonga and see, from what I hear wonga are one of the "better" payday loans companies to deal with. If you explain your situation and ask them for a mutually acceptable payment plan they may well go with it. Though you may need to send them a SOA and they will probably default you on your credit file.

Unfortunately they wont do anything until you miss a payment, but then, after a few days a "payment arrangement option" will appear on your online account, they usually split the balance over 3 months and freeze interest and charges, if that is not acceptable to you, you can write to them and make a different proposal, which, if fair, they will accept, but non of this happens until you fail to make a payment, only then is the arrangement triggered, if you decide to go down this route you need to make it impossible for Wonga to debt your account, there are numerous steps you can take, cancel "constant payment authority" to them with your bank, phone your bank and say your card has been lost/stolen they will issue a new card (crucially with a different number) so Wonga wont know the new number (CPA`s don't transfer to new cards unless the number is the same ie, replacement card) transfer any money you have to another account, you have to be pro-active with this to stop them emptying your account.

sistafromanothermista

Call them and make them aware of your situation.

loonysuz

like you I fell in this trap, borrowing more each month.

I found a day or two before payment was due an option came up something on the lines of "if think you will have trouble paying" I pressed this and an income and expenditure form came up, I filled it in and they came up with a slider of what you think you can afford to repay each month.

I managed to spread my payments over 10 months and they froze interest.

Lesson learnt for me never to borrow again !

ninjawarrior197

loonysuz wrote: »

like you I fell in this trap, borrowing more each month.

I found a day or two before payment was due an option came up something on the lines of "if think you will have trouble paying" I pressed this and an income and expenditure form came up, I filled it in and they came up with a slider of what you think you can afford to repay each month.

I managed to spread my payments over 10 months and they froze interest.

Lesson learnt for me never to borrow again !

Thanks. Was your monthly borrowing around the same figure as mine? Also does the option off "If you think you will have trouble etc.." pop up only a couple off days before payment is due? Thanks

its_maths_not_magic

I had some problems paying back a wonga debt a while ago (its since been payed off). We called them and we came to an agreement. They froze the interest for three months while we payed them back. To be honest, they were actually pretty good about it all and weren't nasty or condescending. Call them and just be honest, they may be able to help you.

sourcrates

Wonga are actually one of the better pay day lenders, they realise that a certain % of there customers will default for whatever reason, and factor this into there website, you need to tell them though, and in this case I would advise you call them ASAP as otherwise they will debt your account as normal.