Wonga or overdraft charges

joFlee

Hi, Im after some advise me.

We have gone overdrawn due to four DD;s going out and we are not getting paid till friday. The bank will charge us £5 for each DD so thats £20 plus £5 a day, so Im looking at £35 in charges.
I have looked at wonga and to borrow the money and pay it back friday it will cost £20. What would peoples suggest?

Pixie5740

Ifyou are confident that you could repay the Wonga loan on time and in full without messing up next month's budget then yes it would be the lesser of two evils. You might be able to get a cheaper pay day loan than Wonga which would also make it less bad.

A couple of alternatives:

Could you extend you overdraft with your bank to cover the DD? That would probably be an even cheaper option.

What are the DD for? What would be the consequences of cancelling them then paying the bills and reinstating the DD next month?

Monkeyballs

Hi,

Any chance you could speak to your bank and ask for a small/temporary o/d increase?

Depending on your credit file (is it good, bad or ugly?) I'd be tempted to just wait until Friday and not have a Wonga loan on file...

I know it's £15 difference but it's a short term loan which is an extra credit check... And it's a PDL...

Do you not have anything which you can sell to make up the amount you're overdrawn?

MB