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

Neo187

Rich66 wrote: »

It did get me thinking that this is the next big scandal for refunding claims. If you are one of the 330,000 customers who've had e mails that they have identified they should not have leant to, could there be claims to reclaim interest and fees paid on loans that should not ethically been issued to those customers over the time someone has been a customer of theirs, or even part refund up to a maximum level, say £6000 like in ppi cases?? Just a thought, wonder what others think.

I wouldnt be surprised if in a year or two this would be the case. To be honest I hope it is! I got into a complete mess with payday lenders a few years back and am still suffering the monthly DMP. The wonga news is fantastic, but amazes me that they got away with it in the first place. Until I came crashing down in unpayable debt, wonga let me borrow around 65% of my total wage every month. With interest, I paid back 85% of my total wage, which of course make it a viscious cycle that I again need to take out another payday loan (usually straight away as soon as I got paid!!)

Not asking for sympathy on this, I know what a compete fool I was. But even filling out their assessments genuinly, more often than not still lead to geting a ridiculous loan and often asked do I want to borrow up to £1,200! Also knowing full well I had a couple of credit cards up to their limits!

So, anyway that was a complete period of mess in my life. Thankfully, my DMP is on track for well over a year and I have my life back again. Although, my credit is ruined but I am out of the awful cycle I was in. Wonga has wiped my debt which is great, just need to finish paying off some other debts!

bbfc

Rich66 wrote: »

My wife was in the middle of a 4 month repayment plan & has had the e mail saying the balance has been written off, which is a relief obviously. She has been perhaps cheeky as they had collected a payment on 01/10 and has asked if that would be refunded ??


It did get me thinking that this is the next big scandal for refunding claims. If you are one of the 330,000 customers who've had e mails that they have identified they should not have leant to, could there be claims to reclaim interest and fees paid on loans that should not ethically been issued to those customers over the time someone has been a customer of theirs, or even part refund up to a maximum level, say £6000 like in ppi cases?? Just a thought, wonder what others think.

Did she email them?

I made a payment on the 10th as part of my repayment plan. I've asked for that to be refunded.

johndawgylt

After my email on Friday saying the whole balance will be cleared, I've just received another email saying that I now don't meet the criteria!! Has anyone else had this?

waller2012

I still have over £1000 outstanding with Wonga, i got no email saying it was cleared and have had to write in to complain. There is no way im not being involved in this write off!

I am about 8months in arrears, have a £50 a month payment plan in place with them, they lent me an original amount I couldnt afford and then decided to lend me the same amount on top of what I already had borrowed a few days earlier!! The £1150 payment the expected on payday wouldnt have been possible even if i got double wages that month.....so how the hell do they think Im not an "affected customer"?

Ive emailed them asking this and are just awaiting on a response.

Yes I know i was stupid falling in to this trap of payday loans, but if they are doing this then I clearly want to be one of the ones with the debt wiped as my case is as clear cut as anyone!

vicarondo

waller2012 wrote: »

I still have over £1000 outstanding with Wonga, i got no email saying it was cleared and have had to write in to complain. There is no way im not being involved in this write off!

I am about 8months in arrears, have a £50 a month payment plan in place with them, they lent me an original amount I couldnt afford and then decided to lend me the same amount on top of what I already had borrowed a few days earlier!! The £1150 payment the expected on payday wouldnt have been possible even if i got double wages that month.....so how the hell do they think Im not an "affected customer"?

Ive emailed them asking this and are just awaiting on a response.

Yes I know i was stupid falling in to this trap of payday loans, but if they are doing this then I clearly want to be one of the ones with the debt wiped as my case is as clear cut as anyone!

Im in the same boat; just currently typing my letter up. Was shocked I wasn't included in the write off too. Keep me informed x

bbfc

Got a phone call from Wonga today in response to my email. Woman on the phone said that they were still looking into whether or not my repayment would be refunded, and didn't want to say yes or no. She said we would be getting letters later in the month which will detail everything, including any refunds etc.

thelionel2000

Ok so Wonga have admitted they have done wrong and they are refunding customers. But what about other companies that are in the market that have done the same are they going to be looked into as I am sure this is not just wonga doing this.

Thrugelmir

thelionel2000 wrote: »

Ok so Wonga have admitted they have done wrong and they are refunding customers. But what about other companies that are in the market that have done the same are they going to be looked into as I am sure this is not just wonga doing this.

From several hundred lenders in the market. The net result of the FCA's action will be to reduce the number to 3 or 4. In the process some may well simply go bust.

antony140763

If Wonga are to repay the interest on the last historical loan because of bad conduct into credit checks to see if there customers can afford to repay it.....Does this mean that all historical loans going back months if not years from this company that customers could not afford and Wonga have leant bealso eill be paid back? ........The phone numbers that have been issued by wonga for those wishing to recive there interest within the 48 hours does not exist.....(08000420210) (03330030830) (08008400836) (03330050836).....no good contacting wonga as you will be chasing a merry go round with these phone numbers

stef787

I just checked my credit which had two wonga defaults last week. Both have been settled in march 2014, so before the announcement. They have both been changed to satisfactory on 14th October!!!!! My credit file was perfect apart from these two defaults, so it is really helping me!!!! Did it happen to anyone else? thanks!!