eeding help paying off Wonga loan.

pedro1993

Hi everyone,

I made a big mistake the other day and I took out a Wonga loan, and the payment is due to come out 9th of the month.

I thought my SAAS was coming in the 7th but I found out that my SAAS ended last month and I owe Wonga just under £400.

Is there anything I can do to freeze the debt? I currently don't work, and Wonga know this.

What can I do?

Thanks,
Peter

Caz3121

do you have family that you can borrow from?
You can try and roll over the debt but do you have any idea when you will be able to pay it off? these are very short term loans and the longer you stretch it over, it can very quickly multiply into a much larger debt with the high interest

Monkeyballs

Hi Peter,

Nothing you can sell to get the cash together?

MB

Monkeyballs

You could roll it over but it's only worth doing if you know you'll be able to pay it off next time...

Failing that, you could cancel CPA and get a repayment plan in place with them... I'd see if I could scrape the cash together somehow first though

MB

Pixie5740

This isn't a dig at the OP but at Wonga. I'm genuinely curious how Wonga, a payday loan company can give someone without a pay day a pay day loan. Bizarre.

If you're receiving SAAS payments I'm assuming you're a student. Any chance you could extend your student overdraft? Speaking with your university's finance office to see if there's a hardship fund you can apply for might be a good idea too.

BillJones

It does not matter if Wonga know that you don't work, this will not mean that your debt is unenforceable, so please, don't waste time and effort going down that route.

Yes, you can default, and request that the debt be frozen, but this will be at the cost of a big black mark on your credit file, and you will still owe the money. Are you OK with that?

You should probably look at what you have to sell. Spare clothes, electronics, phone, computer, what can you get on ebay to raise the money?

Gaz83

Pixie5740 wrote: »

This isn't a dig at the OP but at Wonga. I'm genuinely curious how Wonga, a payday loan company can give someone without a pay day a pay day loan. Bizarre.

Wonga don't consider themselves a payday loan company. In fact, their "About Us" section has this little titbit:

"Our cash loans are an alternative to payday loans as you can choose exactly how much to borrow and for how long".

pedro1993

Hi everyone, thanks for all your replies. I don't have much I can sell. I need my computer for work, and my parents will go nuts if they found out I am in debt!

I genuinely thought I could pay this back based on my SAAS, but my SAAS has ran out (until September next term)

I phoned the university and their hardship fund has ended this year so I can't take money from them.

I guess I will have to sell a few bits and pieces and see where I get with that.

I don't mind too much right now freezing it, how would I go about doing that if I have to?

Peter

BillJones

pedro1993 wrote: »

I currently don't work, and Wonga know this.

I need my computer for work...

Hmmm. This does not seem to add up.

marcarm

BillJones wrote: »

Hmmm. This does not seem to add up.

For university course'work'?

Zeitgeist

My thoughts:
You need to get the loan paid off quickly. Therefore if you cannot sell stuff quickly enough, ask your parents for a loan. They may go off on one, but that's better than all the other scenarios.
Get a part time job to pay your parents back. Bar work, shop work, anything. University's finishing now, so you have a few months. Hey, you could sell your computer and buy a second hand one in September.... not the option I would choose though.