Wonga

adrianwarhol

I appear to have got myself into a bit of a jam with wonga and I am thinking about defaulting on my loan so I can get my interest frozen and set up a repayment plan. This seems like a better options then paying them off but then the next month having to take out another loan to get by. The cycle of hate!

But I don't want Wonga to raid my bank account and try and take money out of my account. Can I change my bank account details with them so they can't take money out of my account? How hard is it to get a repayment plan with them? Any tips and advice would be great!

DCFC79

Yes get a new acount opened, transfer all money plus dd's but it must be with a bank not currently part of the same group as your current 1.

soki9111

You can call them and discuss payment plan. They did it for me 2 years ago. I emailed them so I had proof. They froze interest and agreed to split payments over 4months. Explain your circumstances its worth a try. Just make sure you stick to a plan and get confirmation in writing.

BillJones

Be sure that you understand the longer-term effects of this. Your credit rating will already be poor, but a default will damage it further, making it harder for you for the next six years to get credit, including a mortgage.