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

hullboy31

Anyone know how this will affect an iva with wonga if your loan is written off.

im-lost

Twin_mummy wrote: »

I don't think so. My email says will be zero'd by the end of October (as the others have also said) and when I logged into my account it still showed the full amount of arrears and no of days overdue.

Yeah, mine shows the days overdue, but with a balance of zero but when you click it, it shows a breakdown showing the original loan amount and interest etc, and amount due as £0.00

Ph12hd

hullboy31 wrote: »

Anyone know how this will affect an iva with wonga if your loan is written off.

The email just says you should contact them to inform of the changes.

hoops77

These people are evil blood sucking animals who prey on the weak.
4 years ago I was in a dark place and took one payday loan, then all off a sudden they were ringing offering me double what I borrowed because I had paid back on time. What sort of credit scoring is that.
This is wongas way of keeping there business alive when the new rules kick in and 95% of these horrible company's close down.
As I said I was in a horrible place when I went down the paydayloan road but its not one ill ever choose again.
Mark my words this is a tip of the iceberg this will become the new ppi scandal

throwoff

Just had emails and between my wife and I it's over 3 grand written off, nigh on 25% of our debts gone in an instant.

I'm happy as is the wife as we are finally sorting our finances after a year out of work and this is a bonus, I do feel for the people who begged and borrowed the money to pay them off who could have ignored them and been in this boat now though. I feel this is the tip of the iceberg, I had so many loans before this one and like to think there would be a return of the interest I paid on them in the future and the same for anyone who did pay it off.

I made a silly decision when I went there but times were hard and I had no other choice, thanks to the authorities for stepping in and people on this forum and elsewhere for making it such a public issue they had to act.

Bonfire_Bride

melhuish77 wrote: »

These people are evil blood sucking animals who prey on the weak.
4 years ago I was in a dark place and took one payday loan, then all off a sudden they were ringing offering me double what I borrowed because I had paid back on time. What sort of credit scoring is that.
This is wongas way of keeping there business alive when the new rules kick in and 95% of these horrible company's close down.
As I said I was in a horrible place when I went down the paydayloan road but its not one ill ever choose again.
Mark my words this is a tip of the iceberg this will become the new ppi scandal

That is only what your average loan company would do...they will ring to see whether you want an increase in your loan amount - and that's with Barclays!

However...they should not be legally able to get away with the extortionate APR's they charge! Hope the FCA come down on them hard!

They certainly take advantage of vulnerable people and have based their profit margins on people falling into debt and being unable to pay - disgraceful!

bob_the_builder_3

Had this....

We want to put things right for our customers

We are writing to you as a Wonga customer. If you believe you have received this email in error please call free on 0800 042 0210 or if you are calling from a mobile on 0333 003 0830.

Dear Mr Jonathan Adam

You may have already read or heard in the news recently an announcement on 2nd October from the Financial Conduct Authority (FCA) regarding changes to our lending criteria.

We can confirm that you have been affected.

The changes mean that we have new ways of testing whether customers can afford the loan they want to take out - these are called affordability criteria. Your recent loan would not have met the new criteria.

What happens next

This will depend on the status of your loan. Please see the relevant section below which applies to you:

If you have not yet reached your repayment date: Please continue to repay your loan as planned. We will then remove the interest and fees for this loan automatically by the end of October 2014.

If you feel that repaying the loan as planned will put you in financial difficulty, please call us on the contact details below. We can set up a 4 month repayment arrangement to make paying off the outstanding loan amount easier. This arrangement will help you to clear the balance from which we will remove all interest and fees.

Please note, you can cancel your Continuous Payment Authority before the due date of your loan by contacting us or your bank directly.

If you have missed your repayment date: We will reduce your outstanding balance to remove all interest and fees on your loan.

If you already have a repayment arrangement in place, your agreement will continue as normal. However an amount equal to the interest and fees will be deducted from your final payments which will reduce the total amount you need to pay us. If you wish to change your existing repayment arrangement, please contact us on the numbers below.

If you do not already have a repayment arrangement in place, we can set up a 4 month repayment arrangement to make paying off the outstanding loan amount easier. This arrangement will help you to clear the balance from which we will remove all interest and fees.

If you have already paid back your loan: The interest and fees of your loan will be automatically refunded by the end of October 2014. If you are experiencing financial difficulty, please call us and we will aim to have this refunded within 48 hours.
We are working with the relevant credit reference agencies to remove records relating to this loan from your credit report. We will make best endeavours to complete this in three to four weeks. This will be done automatically and there is no further action required from you.

On behalf of our Chairman, Andy Haste, and the rest of the team at Wonga, we recognise that we may not have always made the right lending decisions, and we intend to be sure in the future that we only lend to customers who can reasonably afford to repay their loans.

You can find out more about these lending criteria changes here. Alternatively, if you would like to talk to someone from our customer care team about any of the above options please call free on 0800 042 0210 or if you are calling from a mobile on 0333 003 0830.

Yours,

Tim Weller
Interim CEO, Wonga Group

Does this mean I'm likely to get a refund of anything or is just a random email about nothing?

bbfc

vicarondo wrote: »

Think it depends if you've had a total write off or paying just the loan element

It's a total write off.

enfield_freddy

Tim Weller
Interim CEO, Wonga Group


heads will roll ,,,

bob_the_builder_3

bbfc wrote: »

It's a total write off.

Don't know if this was aimed at my post, but if I've already paid the loan back, does it mean a total refund of everything?