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

Brogden

fermi wrote: »

Debt sale agreements do often include a "buy back" clause enabling the seller to reacquire problem accounts in some circumstances.

Thanks.....nothing that a little bit of money wouldn't sort out

gm3724

Brogden wrote: »

Hello Everybody,

Is there anybody here whose loan was sold by Wonga? Mine was sold to BCW/Gothia/Red Castle.

Contrary to the original MSE announcement, if Wonga sold the loan then that person is not affected and will not have their loan written off regardless of whether they would pass or fail Wonga's new criteria.

I do appreciate what Wonga is doing and would want to support them but being excluded because the debt has been sold is utterly unjust and I do not believe that this stance can in any way be justified.

I would love to hear from anybody else in the same situation. I have ceased payments on my repayment plan and written formal letters of complaint to both Wonga and the DCA.

I received a letter dated 24th October from the DCA advising 'no further action' whilst the complaint is investigated but nothing so far from Wonga. They either concede or I will, following receipt of final response(s) take the matter to the FOS.

As mentioned I would be very keen to hear of others' experiences.

All the best,

Brogden.

My loan was sold to PRA (Wonga initially told me Gothia) and I have written formal complaints to Wonga and the DCA.


PRA have said my account is on hold until they hear from Wonga whether my loan was affected by their announcement. Wonga say they are looking at the affordability of my loan and this review will take 8 weeks.

Brogden

gm3724 wrote: »

My loan was sold to PRA (Wonga initially told me Gothia) and I have written formal complaints to Wonga and the DCA.


PRA have said my account is on hold until they hear from Wonga whether my loan was affected by their announcement. Wonga say they are looking at the affordability of my loan and this review will take 8 weeks.

Thanks - I have just today received an email saying eight weeks and they are looking at affordability - mine was sold to Gothia........certainly !!!

Let's see what comes about and take to the FOS if Wonga don't realise the error of their ways.

Brogden

Brains64

I think this might be the new site, my login details from the old one didn't work though, so I presume that they haven't transferred them over if ever, either that or this 'Wonga' website is a fake, seems unlikely though, looks all fairly kosha, anyone else able to log on to this?

sharp82

Thats their South African site......

Brains64

sharp82 wrote: »

Thats their South African site......

Uh...yeah...of course, I was waiting for someone to spot that:D, looks a little incomplete though, perhaps they're updating that as well?

Monkeyballs

LOL, that made my morning

'Sharp'eyed that 'Brains' had quite switched theirs on this morning

Love it

MB

gm3724

Brogden wrote: »

Thanks - I have just today received an email saying eight weeks and they are looking at affordability - mine was sold to Gothia........certainly !!!

Let's see what comes about and take to the FOS if Wonga don't realise the error of their ways.

Brogden

The FCA email I had said "FCA is still working with Wonga to identify whether any other consumers will need redress" so I have a feeling Wonga are just stalling me until the FCA makes a decision.
Wonga have conveniently ignored every email I have sent them asking why Wonga told MSE they were handling cases where the debt had been sold on.

Brains64

gm3724 wrote: »

The FCA email I had said "FCA is still working with Wonga to identify whether any other consumers will need redress" so I have a feeling Wonga are just stalling me until the FCA makes a decision.
Wonga have conveniently ignored every email I have sent them asking why Wonga told MSE they were handling cases where the debt had been sold on.

Ohhhh I bet they definitely are, the tell tale is that normally Wonga respond to emails, unlike most PDL's that prefer you to speak to them, especially when there's a problem with your account, Wonga are known for favoring emails, so when they ignore your emails you know they're ignoring you, in this case it's probably because they don't have an answer and are stalling exactly as you say.

cifpower

My friend has had a second holding letter from MEM Capital with regards to his complaint about affordability checks not being undertaken when the loan was issued. You would think if they were so sure they did they would have tossed the complaint shortly after receiving it? Interesting.

He really wants to give them a call to see what the hold up is. Have told him to bide his time.