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

Apples2

Reece_ wrote: »

Just because I've repaid them doesn't mean i should ever of actually been granted the loan in the first place, I may of wrangled ways of paying but that doesn't mean they were affordable or that I would of met their new affordability criteria. They've taken the interest off my current loan as I wouldn't of met their new criteria for it despite the fact I would of repaid and I'm sure previous loans would not of met that criteria either.

So you want to be refunded every penny you have ever given Wonga in repayment of the loans they gave you , irrespective of how many loans you have had?

Reece_

No not at all, I meant interest fees etc of previous loans if they were only paid a month or whatever before this all came to light. not the whole amount of every single loan.
They've refunded ( or atleast going to) interest and fees to some that completed their loans around a month or two prior to anything happening, not just current loans.
So by that, for those that have got loans out month in month out, I was curious as to whether they'd have anything to base a claim on trying to get back some of the interest etc. on those old loans also.

bbfc

Well... called Wonga today to ask about my refund again. The lady I spoke to said that she could see that someone from the refund department had put the refund through and all my card details were correct, but she said 'if I can be honest' there are a lot of customers requesting refunds, and there is a backlog, but it will all be processed by the end of the month.

James_B.

Reece_ wrote: »

Just because I've repaid them doesn't mean i should ever of actually been granted the loan in the first place, I may of wrangled ways of paying but that doesn't mean they were affordable or that I would of met their new affordability criteria.

Then hopefully the whole thing has taught you to think far more carefully in future about entering into deals that you think do not make sense to you.

Reece_

James_B. wrote: »

Then hopefully the whole thing has taught you to think far more carefully in future about entering into deals that you think do not make sense to you.

And still not an actual helpful answer to what I said, the exact same question that I've asked was also asked on one of the first pages of this thread hence why I was following up if anyone had looked further into it, I didn't see so many patronising responses when it was first asked...

James_B.

Reece_ wrote: »

And still not an actual helpful answer to what I said.

OK, here's the helppful answer.

No, there is nothing that you can do to get money back on the deals which you entered into, honoured, and which have therefore matured exactly in line with what you requested.

Both sides did what they promised, and no matter how much you struggled, that is not grounds to go back after the event and have Wonga, or anyone else, compensate you.

Reece_

Thanks, to be honest it's what I'd expect, and just to note, I certainly don't see myself as being wronged or anything by wonga, frankly it's all well and good and a nice surprise to get anything back from them but it's black and white when you borrow off them how much interest there is etc and as much as people ( including myself ) shouldn't of been able to get a loan from them in the first place I obviously don't expect anything off of them, I knew the deal when I took the loan out.
That said it's always nice to get something back;)

What confused matters for me was ; as said I had an active loan with them that they then said I wouldn't of been eligible for with their new guidlines, so they'll refund the fees and interest so I only pay back what I took out...fair enough.
However I know of people who have had a loan off of wonga that they repaid around 2-3months ago, that they didn't pay late or set up a repayment plan for, that have now had partial refunds of those loans because again they wouldn't of been eligible for them now, so if they were back dating to those, why not also to the people who had a loan then but also a current/more recent one rather than just dealing with the most recent loan they've taken.

Gaz83

Reece_ wrote: »

Thanks, to be honest it's what I'd expect, and just to note, I certainly don't see myself as being wronged or anything by wonga, frankly it's all well and good and a nice surprise to get anything back from them but it's black and white when you borrow off them how much interest there is etc and as much as people ( including myself ) shouldn't of been able to get a loan from them in the first place I obviously don't expect anything off of them, I knew the deal when I took the loan out.
That said it's always nice to get something back;)

What confused matters for me was ; as said I had an active loan with them that they then said I wouldn't of been eligible for with their new guidlines, so they'll refund the fees and interest so I only pay back what I took out...fair enough.
However I know of people who have had a loan off of wonga that they repaid around 2-3months ago, that they didn't pay late or set up a repayment plan for, that have now had partial refunds of those loans because again they wouldn't of been eligible for them now, so if they were back dating to those, why not also to the people who had a loan then but also a current/more recent one rather than just dealing with the most recent loan they've taken.

They are refunding people who they believe would have failed an affordability check when they originally took the loan out.

The fact that people took loans out and repaid them suggests that there wasn't an issue of affordability.

Reece_

Gaz83 wrote: »

They are refunding people who they believe would have failed an affordability check when they originally took the loan out.

The fact that people took loans out and repaid them suggests that there wasn't an issue of affordability.

True, but as said, I know of people who have received refunds for loans taken out and paid fully with no issues, but they would of failed affordability checks when taking the loan out hence getting partial refund despite paying the loan off 2-3months ago.

bob_the_builder_3

Money received. Job done. Thank you and good night.