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

ampersand

To all of you posting here, please may I ask that you just look at my signature.

Martin has high praise for CAPUK
https://capuk.org/

They do not proselytise. Their ethic is WHY they help everyone, no other reason.

For those of you needing to break vicious cycles, old habits, fear-of-flying-solo/ without-ers, please try and change your Life now, or with any of the genuine, free-to-use debt charities.

Saving is addictive :-) and CAPUK care.

gm3724

Fridge03 wrote: »

Hi all, I used Wonga and paid them off on time about 4 times 2 years ago. I then took out a final loan with them which pushed me over the edge and I couldn't repay it. I buried my head in the sand and forgot about it.

I did actually learn some financial responsibility and got myself in check and paid off everything else I owed. I was getting calls from PRA UK (a DCA) trying to contact me on behalf of wonga. I then saw this announcement and thinking it will apply to me, sat back and waited for my letter/email on the 10th. (I received emails from the before with all the apologies etc they were sending out)

I've still not received anything and I'm still getting calls from PRA UK. I was under the impression that I fell into the criteria of over 30 days in arrears and that "Wonga adds that it will be handling cases even if a customer's debt has been sold on to a third party ".

What should I do next?

I am in a very similar position. Wonga and the Financial Conduct Authority have both told me that only current customers are having their debt written off! My email from the FCA says
"the current voluntary requirement (VREQ) agreement which requires Wonga to make significant changes to its business immediately only affects current customers as reflected in the press release; however, the FCA is still working with Wonga to identify whether any other consumers will need redress."

Fridge03

gm3724 wrote: »

I am in a very similar position. Wonga and the Financial Conduct Authority have both told me that only current customers are having their debt written off! My email from the FCA says
"the current voluntary requirement (VREQ) agreement which requires Wonga to make significant changes to its business immediately only affects current customers as reflected in the press release; however, the FCA is still working with Wonga to identify whether any other consumers will need redress."

So because they sold the debt on a DCA, that means we aren't current customers anymore then? So still liable to pay even though we have arrears over 30 days and wonga themselves made the statement

"Wonga adds that it will be handling cases even if a customer's debt has been sold on to a third party"

Hmmm

bbfc

Still haven't had my refund yet. Fingers crossed it goes in tomorrow. If they called me Saturday, chances are the refund won't be processed until Monday, so hopefully 3 business days means it will be in tomorrow.

huntz

Just sent this to QuickQuid;


Address

Dob

In regards to my account I can see a defaulted loan id - ######



Account start date - 27/11/2012
Amount borrowed - £850.00

Repayment frequency -Monthly
Default balance - £1074.50

I believe this loan should never have been issued due to affordability checks not being undertaken, there is no way I could have possibly have paid this back and if proper checks were done you would have known this. As such, I would like to make a formal complaint. The resolution I would like to take place is as follows:

• All outstanding debts cleared from the account
• Defaults expunged from my credit file.

I note that you are regulated by the Financial Conduct Authority and, in result of a deadlock letter being issued, I am able to refer this complaint to the Financial Ombudsman. I would appreciate it if you could send me full details of your complaints procedure. If the account is not cleared I will be pursing this through the courts with the evidence of my finances at the time.

Kind Regards




My Name

~Brock~

huntz wrote: »

Just sent this to QuickQuid;


Address

Dob

In regards to my account I can see a defaulted loan id - ######



Account start date - 27/11/2012
Amount borrowed - £850.00

Repayment frequency -Monthly
Default balance - £1074.50

I believe this loan should never have been issued due to affordability checks not being undertaken, there is no way I could have possibly have paid this back and if proper checks were done you would have known this. As such, I would like to make a formal complaint. The resolution I would like to take place is as follows:

• All outstanding debts cleared from the account
• Defaults expunged from my credit file.

I note that you are regulated by the Financial Conduct Authority and, in result of a deadlock letter being issued, I am able to refer this complaint to the Financial Ombudsman. I would appreciate it if you could send me full details of your complaints procedure. If the account is not cleared I will be pursing this through the courts with the evidence of my finances at the time.

Kind Regards




My Name

I note that you obviously didn't send a letter like that in the timescale between being approved for the loan and actually receiving the £850? Were you happy to receive the £850 at the time? You bet you where!

If it has come down to scraping together letters like this in order to worm out of a contract that you clearly entered with your eyes wide open, without the slightest sense of just how grasping this comes across, then there really is no hope for society.

Hyzenthlay

Has anyone who received an email on the 10th October, whether ot was to have the loan written off or interest and fees refunded or taken off, actually had that happen yet?

enfield_freddy

nothing , but I am waiting for noodle to update , regarding a default

Hyzenthlay

Thanks. Thought there might have been some comments that Wonga had done what they said in the emails by now. Perhaps they are leaving it all til the last week of October? I had an email on the 10th, not in arrears, its on a rollover from previous month. Checked my account today but nothing has changed.

bob_the_builder_3

In the same boat mate, was told by the 31st. Will give them the benefit of the doubt for 24 hours but if nothing by the 1st someone is getting a phone call. Particularly when I wasn't aware of anything, they contacted me.