Repaid Wonga Loan - can I claim this back?

haras_nosirrah

I am just genuinely curious. People say in one sentence that they shouldn't have been leant the money and then in another say that they were desperate for the money. If they were that desperate and Wonga and every other payday lender said no then what would they have done?

Payday lenders are usually lender of last resort and if normal banks and family have all said no and there is no lender of last resort then what do people do?

If the reason for the payday loan was because they had no petrol to get to work, benefits were stopped so couldn't pay the rent and were facing eviction or any other number of desperate situations then if there are no payday lenders where will these people now go?

MissJenks wrote: »

If you went to a doctor and said I am desperate hand me some crack cocaine, you doctor wouldn't hand it, over they would be responsible in their role and say no.

The op mentions if people need drugs and go to the gp and they say no because they are responsible then that is what wonga should do - say no to the desperate. Realistically does the drug addict go 'ok then mr doctor I can see that drugs are bad for me and have now quit? - do they heck - they rob and steal to get their next fix from the local drug dealer who will break their legs with a baseball bat if they don't pay. Is this what the desperate for money will do - steal or visit the local moneylender with the baseball bat?

Just because you take a legitimate source of lending to the desperate away does not mean people will not still be desperate - they will just get it from a less than legitimate source which may be worse for them.

kelpie35

OP can you be more specific what the loan was used for. Maybe if you had done that in the first place you would not have been judged.

Many people use these places to fund their social life and that is what causes so many people to become so angry.

It is good that the bank tried to help you out.

I do hope that you have found a job and the lesson you have learned is that everyone needs an emergency fund of some sort.

MissJenks

Haras - it depends on each individual on what they choose to do. But money is the root of all evil and can imagine that some people who are desperate for one reason or another will go to lengths to sort out whatever needs to be sorted.

I think asking for what I got the loan for has !!!!!! all to do with any of you as I said previously this forum is for people to provide advice. Not judge & be opinionated. I couldn't give a flying toss what your opinions are of me so I won't be feeding into your sad life's of trolling forums.

The weather is dry today, why don't you go out and enjoy it. Ta Ra.

haras_nosirrah

I think this may be signalling the end of the payday loan business. If companies are worried that they will have to wipe off millions in debt as wonga has done or can't lend to those with bad credit scores and who can afford it (and lets face it these people go to a bank not a payday lender unless they are really thick) then the lenders won't have much of a market

while most may say that this is a good thing, realistically something like 1/3 of all payday loans are not paid back so therefore what other lender is going to take this risk if they can't charge high interest rates?

I am concerned that the end of this business is going to be a really bad thing. Instead I would put restrictions onto the lenders e.g. clients cannot have more than one payday loan at any one time accross all payday lenders (e.g. if you have one with wonga you cannot have one with anyone else), clients cannot roll over a loan more than once etc so as to avoid people falling into giant holes they can't get out of but I really do worry that by removing payday lenders from the market who while extortianate are legitimate and do have rules and regulations to follow and can be effectively controlled people are going to turn to local money lenders who follow their children home from school and threaten to rape women and beat up men.

Even dr's prescribe methadone to drug addict to wean them off heroine. Surely restricting the lenders to wean people off them is better than making people go cold turkey and turn elsewhere.

This isn't directed at you OP.

Thrugelmir

haras_nosirrah wrote: »

I think this may be signalling the end of the payday loan business.

Money lenders are as old as the Bible. Pawnbrokers likewise. All that will change is the regulation. The FCA has a focus on affordable and responsible lending. Started with mortgages, has extended to credit cards and now payday lending.

Lioness_Twinkletoes

MissJenks wrote: »

The weather is dry today, why don't you go out and enjoy it. Ta Ra.

Raining here.

[Deleted User]

MissJenks wrote: »

Thanks for in advance for any advice.

More than happy to pay what I initially owed them but would quite like to get the interest back at least.

Which would always have been initial amount borrowed plus the interest - any charges can be disputed if you can show reasonableness on your side, there is a certain regret these lenders are now cheaper then a bank or credit card for me, so can't you take the positive from that?


Fear not, times a changing.... as a paid up customer today on logging onto the competition alone of Wonga I could not get beyond the first page where I had to update my income and outgoings.. it was bracketed but interestingly the higher amounts of then such brackets is displayed I notice so
I think it is going to get tougher, as I kissed goodbye to a job the real hurt above money thanks to being a customer no doubt, whilst I didn't agree to be judged by trackie wearing types the other week when the interview left me little doubt a lender had side-stepped their own rules in my account which was bad enough, (it was insightful alright! and I weren't about to tell them!) little I can do about if I would need quick access to money again.. :cool: what a bummer! of course, I'm thinking revenge might well never be another loan?

yangptangkipperbang

MissJenks wrote: »

But money is the root of all evil

If you are going to make quotes - get them right ! Money is NOT the root of all evil: LOVE of money is. Or to be exact:

"For the love of money is a root of all kinds of evil" (1 Timothy 6:10a)

To comment on your OP: Wonga are writing off monies owed by people who they (incorrectly) gave loans to who were not capable of repaying them. As you appeared to have repaid your loan you don't fall into that category......................

Your LOVE of money seems to be clouding your interpretation of events ...............

Monkeyballs

Too many variables, honestly I suspect more people borrowed from Wonga not out of necessity but out of want.

I borrowed from them because of gambling, I didn't lie on my application. I'm sure that there are many many others who also;

A) Took a loan to buy something NOW thinking they could pay the debt off over several months but failed to be realistic in their expenditure...

Just got greedy and when they borrowed and repaid a small loan, borrowed a larger amount to get something else bigger that they wanted NOW.

C) Figured it was an easy way to get some quick cash, they can easily ignore the phone/post, etc.

D) All their mates were going out but they had no money and didn't want to be the saddo and miss out peer pressure sucks!

E) Never intended to stick to the contract, Wonga would have to agree to their terms since the customer is always right!

And so on...

Someone owns and was charging £10 entry to a big water filed hole with treasure at the bottom that you really wanted so you paid up and jumped in knowing you couldn't swim you die is it the fault of the guy who owns it for not asking if you can swim or your own greed?

I have debt, I have problems - I hold my hands up. I'm getting better and paying my way. I have sympathy for some but not others.

MB

MissJenks

yangptangkipperbang wrote: »

If you are going to make quotes - get them right ! Money is NOT the root of all evil: LOVE of money is. Or to be exact:

"For the love of money is a root of all kinds of evil" (1 Timothy 6:10a)

To comment on your OP: Wonga are writing off monies owed by people who they (incorrectly) gave loans to who were not capable of repaying them. As you appeared to have repaid your loan you don't fall into that category......................

Your LOVE of money seems to be clouding your interpretation of events ...............

If I was quoting (which I weren't, I was merely expressing MY opinion), I would like you have above, placed dear Timothy's name afterwards. But thank you for your pointless education and self righteousness.