MSE News: Wonga busted by the FCA: 330,000 to have their loan wiped

redhead57

redhead57 wrote: »

I think out of all the loan providers out there Wonga was the best for me. my only problem is now. I initially took out a loan in June and up until it hit the news I was showing on their site as 90 + days in arrears. since it hit the news I now showing up as 10 days in arrears. so to me the way out for Wonga in order not to wipe the debt is to alter the arrangement details on peoples accounts. what to do now.

I actually took this loan out for someone else..(big mistake I know) but from start to finish (nov) I will have paid back twice the original loan.

redhead57

redhead57 wrote: »

I actually took this loan out for someone else..(big mistake I know) but from start to finish (nov) I will have paid back twice the original loan.

UPDATE. I just contacted Wonga re:account changes. they sai they don't know why my debt details were altered and did it happen before I set up a repayment plan. I said it happened the day after it cam on the news last week. so apparantley they will look into it and call me. but they will continue to take the weekly amount as arranged. so don't look like i'll be getting a letter A??
:(:(

ddgg1233

Just for anyone wondering i phoned wonga a few mins ago and was told noone has been contacted as of yet, i got him to confirm that all of the 330,000 + 45,000 will be contacted tomorrow, i cant see it personally but he assured me this was the case, also told me there is no way to check anyone's accounts at this time to see if there eligible.

johndawgylt

ddgg1233 wrote: »

Just for anyone wondering i phoned wonga a few mins ago and was told noone has been contacted as of yet, i got him to confirm that all of the 330,000 + 45,000 will be contacted tomorrow, i cant see it personally but he assured me this was the case, also told me there is no way to check anyone's accounts at this time to see if there eligible.

Thanks for the update mate, I'll keep the thread posted on my situation. I hope I make the eligible criteria and get my debt wiped!

ddgg1233

Another update, phoned them yet again today and was told they have until midnight to contact all affected party's via email still couldn't see if account was eligible which is more than annoying as its now the 10th id rather just be told im not affected than wait another day to find that out.

Brains64

ddgg1233 wrote: »

Another update, phoned them yet again today and was told they have until midnight to contact all affected party's via email still couldn't see if account was eligible which is more than annoying as its now the 10th id rather just be told im not affected than wait another day to find that out.

I know what you mean, it is annoying not knowing, I'll believe that 'mid-night deadline' they say they'll meet when I see them meet it, they might contact some but I bet they won't contact all by tonight and they'll come up with some more BS when people ring up, what might help a lot more is if Wonga, other PDL's and the independent regulators were to spell out in plain English exactly what the new criteria is as opposed to the old one, then people might be able to work out whether they should have been given a loan in the first place or not, as it is, we've no idea so if people wanted to dispute the decision they make, how will they be able to go about making a case to defend themselves?

sharp82

Why worry? Before the announcement you were expecting to pay it back. Continue to expect to pay it back, until you hear otherwise

ChrisS1

Below is a selection of loans over a 12 month period - I actually had many more during this time from Wonga - is this responsible lending? I've not heard from Wonga by their 10th October deadline. I'm now on a debt management plan. My monthly wages wouldn't have covered the final loan that they issued and would have left me in a severe financial mess! My credit check would also have highlighted increased borrowing through other payday lenders and banks and they should have refused the loans.

15/03/2013
Great news! We can confirm £270.00 has just left Wonga and is winging its way to your bank account at the speed of light (well, extremely fast anyway).
Please remember we’ll collect the single repayment of £357.02 on Sun Apr 14 2013,

18/04/2013
Great news! We can confirm £200.00 has just left Wonga and is winging its way to your bank account at the speed of light (well, extremely fast anyway).
Please remember we’ll collect the single repayment of £266.31 on Sat May 18 2013,

09/07/2013
Thanks again for continuing to use our service and for repaying your loans as promised.

16/08/2013
Thanks for applying for a loan. Congratulations, your application has been approved.

12/10/2013
Great news, your application for extra cash has been approved. Your new balance of £312.60 is due on 04 November 2013.

12/10/2013
Great news, your application for extra cash has been approved.Your new balance of £565.37 is due on 04 November 2013.

02/11/2013
Thanks for applying for a loan. Congratulations, your application has been approved.

15/11/2013
We really value your continuing custom and would like to say a big thank you for consistently repaying your loans when you promise to.

21/11/2013
Great news, your application for extra cash has been approved. Your new balance of £557.97 is due on 15 December 2013.

30/12/2013
Great news, your application for extra cash has been approved. Your new balance of £1462.56 is due on 10 February 2014.

14/02/2014
Thanks for applying for a loan. Congratulations, your application has been approved. Total £510.00 You will pay to us £670.15 in one payment before 5pm on the 16 March 2014 (“promise date”).

13/03/2014
We know life can be hectic, so we thought we’d remind you that we’ll be collecting £735.98 from your debit card on 16 Mar 2014.

ViolaLass

Thechief wrote: »

They are going to lose 35 million!!! Yet will have to wipe off 220 million!!! Does that tell you the ridiculous amounts of interest they charge??? Hence why this has all come about!!! Im amazed people actually think they are a good thing!!! They rip off desperate people end of and now theyve had their payback!!! But even now i bet theyll try to squirm there way out!!! As others have stated theyve already edited the message!!! The FCA really needs to be right on top of it!!!

The edited message makes MORE sense since the issue is affordability checks, not charges.

sandcastle11

So... Wonga's site says all customers involved in this have now been contacted.

We have now contacted all customers in the two impacted customer groups on the 10th October to let them know they have been affected and what to do next.

Anyone? I've heard nothing.