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

Oakdene

Finally had my loan wiped…

Logged into my account today and there is nothing outstanding there, just a page saying they will lend me £x.

Have logged into Noddle & the defaults are still showing, does anyone know when they are likely to be removed?

Thanks

cifpower

Oakdene wrote: »

Finally had my loan wiped…

Logged into my account today and there is nothing outstanding there, just a page saying they will lend me £x.

Have logged into Noddle & the defaults are still showing, does anyone know when they are likely to be removed?

Thanks

Noddle updates once a month so check when your next report is produced but it may not be until the month after that.

stevo45rico

Mine was removed from noddle this month. It just says its been settled, so i'm very happy.

wishy71

it was my understanding, as per the original news announcement, that Wonga were to be writing off debts more than 30 days in arrears? It would seem that despite my loan falling into this category that I have to continue payments "as normal" - despite making only token payments for the past 5-6 months...is this normal, or should I pursue it further with Wonga themselves?


appreciate any advice in advance

Zerdi6

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

Received the same email yesterday, fingers crossed! I am in a DMP with Stepchange, was in a payday loan cycle with Wonga and my current loan is 400+ days overdue, yet they say they have had no instruction on loans so overdue :huh:

Brains64

I can't help laughing at what it says on my account now that it's all been cleared 'your current trust rating means you can apply for up to £400' blah blah blah....errrrr...my trust rating?, I'm one of those that has just had a debt wiped from their system because they gave me a loan which they shouldn't have done and now their system is encouraging me and others to apply again?:rotfl:

sexyshark

I received the email on the 22nd saying my debt would be cleared and removed from credit records and as of today it has been removed from credit record including the default, but when I log onto the account it still says 1103 days in arrears £44 outstanding:mad:

Brains64

sexyshark wrote: »

I received the email on the 22nd saying my debt would be cleared and removed from credit records and as of today it has been removed from credit record including the default, but when I log onto the account it still says 1103 days in arrears £44 outstanding:mad:

The site has more or less been upgraded now but it's still buggy and glitchy, keeps asking me to change my password which I did once already but then it does it again and again but if I log in repeatedly then eventually I get in without having to go through the rigmarole of changing it again.

I suspect that different people are getting different things when they log in to their account, many, like I suspect yourself are getting info that is outdated or just plain wrong, ditto that, looks like they've stopped the loan rollovers they used to do and now only offer one month loans, that was helpful back when I had an active loan with them but the interest they charged for each rollover was extortionate, after 3 rollovers I probably already paid back the freaking original loan before the final promise day....yet they still expected me to repay the full loan plus that final months interest :mad:.

These 'one month payday loans' are a format that is on the way out though, I can't see Wonga surviving like that, they need to take a leaf out of Sunny and Satsuma whereby they let people payback in smaller weekly segments, those are the ones that I think will survive in the PDL industry, most of these 'one month and pay back' lenders will go to the wall.

Thrugelmir

Brains64 wrote: »

most of these 'one month and pay back' lenders will go to the wall.

Even the FCA have said that there may only be a handful of lenders left after the imposition of the new rules. That's out of the 400 or so currently in the market.

So while there's good news currently. There's also bad news as obtaining short term finance is going to be a totally different proposition in the future.

Monkeyballs

Brains64 wrote: »

These 'one month payday loans' are a format that is on the way out though, I can't see Wonga surviving like that, they need to take a leaf out of Sunny and Satsuma whereby they let people payback in smaller weekly segments, those are the ones that I think will survive in the PDL industry, most of these 'one month and pay back' lenders will go to the wall.

Not that I'm going to be touching either but Sunny and Satsuma are both in effect just doing what Provident have been doing for a long time (just without an agent and a bit cheaper I think).

I predict people taking out loans larger than they really "need" because the repayment amounts are lower than having to pay it all back in one go...

I would like to think that anyone stung by a PDL and in receipt of a refund or write of from Wonga wouldn't need to use any of these companies again but some people are more responsible (or in some cases honest) than others

MB