Wonga refund - do you think you're in line for the £50?

cepheus

Ian Fraser ‏- Wonga would have to pay consumers £203 TRILLION in compensation if its 5,853% interest rates applied

ConsumerWizkid

cepheus wrote: »

Ian Fraser ‏- Wonga would have to pay consumers £203 TRILLION in compensation if its 5,853% interest rates applied

OMG!!! That is such a relevant calculation!!

Wonga are disgusting and outrageous, I think everyone who received these letters should have their debts totally written off, that is definitely fair. After all people can't be trusted to borrow money and actually pay it back, poor innocent consumers shouldn't be held accountable for their own lives.

cepheus

With 'consumer' forums like this one, making excuses for the likes of Wonga, who needs business friendly forums for rogues and charlatans?

Incidentally Martin Lewis tweeted this with a similar calculation to that in my previous post.

Why Wonga should pay everyone it sent false letters to £34,334,929,158 each...

http://blog.moneysavingexpert.com/2014/06/26/why-wonga-should-be-paying-everyone-it-sent-false-lawyers-letters-to-34344929158-each/ … (feel free to RT)

DevCoder

Which is why Martin Lewis is a journalist....

System

you absolutely sure about that tixy?
where does anyone say the 50 pound compo comes off the debt(that has already been sold on to another agency) instead of a cheque for 50 pound to the affected party? can someone clarify?
incidentally i will be looking for ways to get much more compo than 50 pounds!

System

sorry i have just found this which answers my own question...

You can have the money paid as a direct transfer into your bank account, a cheque or a reduction of an outstanding balance, or a combination of these methods.

so at least they give you a choice

Tixy

No I am not sure. It doesn't say what will happen if the debts have been sold on to a third party agency.
But if the debt is still with Wonga then the press release says it will likely be deducted from the outstanding balance. http://www.fca.org.uk/news/wonga-redress-unfair-debt-collection-practices

edit - sorry cross post.
If you are in arrears to them I am not sure you will get a choice.
From their own FAQs https://www.wonga.com/Faqs.aspx

ompensation is worked out on a case by case basis, so the compensation may be a combination of one or more of the following options; direct transfer into bank account, cheque or a reduction of an outstanding balance with some further settlement funds. Everyone will be contacted individually with an offer that relates to their individual circumstances.

Peelerfart

Does this mean that if some of Wonga's customers receive £50 compo,they'll only need to borrow £100 for that weekend?

BillJones

cepheus wrote: »

With 'consumer' forums like this one, making excuses for the likes of Wonga, who needs business friendly forums for rogues and charlatans?

As you hopefully understand, many people in the wider community would rather apply the label "rogues and charlatans" to those who borrowed money that they were not certain that they could pay back.

Yes, Wonga have done wrong, and had an appropriate reprimand, but we should not forget that they did so in the face of people taking money under agreed terms, and then not paying it back as agreed.

dealer_wins

nomoneytoday wrote: »

If the debts were paid back in time, then there would be no additional charges - whether real or fiction

Shhhhhh You will get banned for suggesting something this outrageous.

People dont take out payday loans and actually pay them back, people stopped doing this years ago. Now its all about the "me me me I" attitude, and everything is someone else's fault, especially if there is compo to be claimed :D:D