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

vicarondo

When you log into your account, is it still showing?

ViolaLass

crispyballoon wrote: »

The problem is, it's not just about being more than 30 days in arrears - it's about whether you would pass their new affordability criteria. You could be 500+ days in arrears (as I am) but if they consider you would still pass their new affordability criteria (whatever that is) and still lend to you, then you get nothing written off. Which is very frustrating because if you are that many days in arrears then you clearly couldn't afford it in the first place!

Or you're not managing your money as well as they think you could (not saying I think that, but that is what thinking you can afford it means).

cockbeard

Well that would be nice if so. I've been using them for a long time. Used to to take around £500 to tide me over the last week of the month. That was always fine never really a problem, actually cheaper than my overdraft fees

However I lost my job, wife and home in the Spring, and at that point would definitely not have passed their affordability criteria. God knows how much they've had out of me since May, but if they're refunding that it would still be a useful little number. Especially given the amount of extensions I've taken over that period

I suppose I need to ask them to resend all emails abuot loans since January to be sure what I've had from them

vicarondo

Bet you're made up! X

graceyyxx

Just another update, I also recieved an email a few minutes ago similar to the one above. However, because I am in a repayment plan they have said to cancel my standing order and that my account balance should be updated as zero from the end of the month. They will also update credit files in 3 to 4 weeks.

I didn't expect to have it wiped but as the loan I had was £400 and I've already paid £800 back with 3 payments to go I think I've paid enough. Completely my fault for taking the loan but it was unfortunately one of the easier options when I was struggling.

huntz

Loan to income ratios are meaningless. Someone could be indebted up to the max with no room to pay back and they will still lend? That's not correct.

mollymegan

vicarondo wrote: »

That's it isn't it, we aren't being told what thier new criteria is. I never recieved the generic one so I'm thinking may be I'm one of the ones who won't be written off. (Even though they lent me £1000 on a monthly salary of £1200) dam!

I was lent money 3 times even though I'm on long term sickness benefit, beggars belief really.

cockbeard

I guess I'll just have to phone them when I finish work. Just wondered how far back these go. I just don't get why I've got one back when everyone else appears to be in arrears. I always paid on time (three times I extended) and have no repayment plan in place with them

f1widow

Bilko89 - yes I can see what your saying too

I don't think that cockbeards letter is very clear it doesn't state which specific area an individual falls into or what they are paying back exactly - do firms not have to clearly show what will be paid back ? - it seems like a generic letter to me - or have I read it wrong ?

vicarondo

Scary isn't it! Have you recieved any emails? X