Wonga debt write off and other payday lenders

gfplux

I don't have a loan with Wonga or any other pay day lenders. If I did I would stop paying until this whole mess is sorted out.

sourcrates

I still very occasionally use payday loans, my current financial situation allows me to be able to do this, if I need something quick, and cant wait.
I always use a lender with no fees, just a flat rate of interest, to be fair, its not too bad paying between £10-£20 interest, for up to 30 days, on top of your original loan,(dependant on loan amount).


When you consider most overdraughts are charged at £1 + per day, I have enough free cash in my wage for it to not become a problem now, if used sensibly, it can be good for some people, its when they take multiple loans out that problems usually arise.


The new affordability checks, and information sharing between lenders "should" stop multiple applications.

On_my_way

gfplux wrote: »

I don't have a loan with Wonga or any other pay day lenders. If I did I would stop paying until this whole mess is sorted out.

I wouldn't want to risk a default!

youknowthis123

Well yes, in theory defaults would scare me from doing that. However, my file is littered with defaults from the past 12 months anyway.

So question is, is one default worse or as bad as several?

YKT

xgingerx

Wonga mail
We want to put things right for our customersWe are writing to you as a Wonga customer. If you believe you have received this email in error please call our customer care team free on!0800 042 0210!or if you are calling from a mobile on!0333 003 0830.Dear Mr ##### You may have already read or heard in the news recently about an announcement on 2nd October from the Financial Conduct Authority (FCA) regarding changes to our lending criteria.!We can confirm that you have been affected.!The changes mean that we have new ways of testing whether customers can afford the loan they want to take out - these are called affordability criteria. We have investigated your case and we believe you are one of the customers who have been impacted as a result of these historical affordability issues.!What happens next!We will automatically clear any outstanding debt you have with us and your balance will be set to zero. This will be done by the end of October 2014. You do not need to do anything.!We are working with the relevant credit reference agencies to remove records relating to this loan from your credit report. We expect this will take between three to four weeks to be completed. This will be done automatically and there is no further action required from you.!Key Factsfor customersWe have committed to a major customer forbearance programme in light of changes to our lending criteria!We have identified you as being affected by affordability issues and so we are clearing any outstanding debt on your loan!Please do not make any further repayments!You do not need to do anything. We will contact you to confirm that your balance is zero.!For further information, you can find out!more on the lending criteria changesIf you are currently making repayments to us, such as by Standing Order,!please do not continue to do so. We recommend you contact your bank to cancel these repayment arrangements. Please be assured that, should a repayment be made, we will refund this amount to you.!We will contact you in due course to confirm that your balance is zero.!If you are in an Individual Voluntary Arrangement (IVA) or your debt is being managed through a Debt Management Provider it is your responsibility to inform the person managing your debt of these changes.!On behalf of our Chairman, Andy Haste, and the rest of the team at Wonga, we recognise that we may not have always made the right lending decisions and for this we apologise. We intend to be sure in the future that we only lend to customers who can reasonably afford to repay their loans.!

Monkeyballs

Hi all,

This isn't intended to be patronising so please don't take it that way but...

You do realise that if your debt has been written off, they almost certainly won't be lending to you again right?

Now is a good time to start putting in motion a plan to get yourself back on a better financial footing by either;

A) Saving an emergency fund so you don't need to borrow from another payday lender again; and/or

If you have other debts and are struggling to manage your finances contact a debt charity such as Step Change, Pay Plan, Christians Against Poverty or CAB to discuss options...

http://www.stepchange.org/
https://www.payplan.com/
https://capuk.org/
http://www.adviceguide.org.uk/england/debt_e.htm

MB