Wonga / Grant Thornton

carl1974

Recieved this email 08/10/2019 anyone else had the same/similar ? It also lists 5 other loans which have been rejected with no explanation......


Case number: *********

Third party reference:

The Joint Administrators have assessed your claim and can confirm that it has been partially accepted. Your assessed claim amount is explained in the table below. A full breakdown of your loan history can be found at the end of this email.
Please be patient with us in respect of your payment. Payments will be made once all claims have been received and assessed. All claims must be submitted by 30 September 2019 and we expect to have made a payment to successful claimants by 30 January 2020.
Please be aware, the payment you receive will be significantly smaller than your accepted claim amount.
This is because it is expected that the total value of all accepted claims for customers/creditors received will significantly exceed the money available to be shared out.
We have rejected your 5 remaining loans:
Loan ReferenceLoan Start DateLoan AmountPaid Interest and FeesAccepted/Rejected 18-01-2011£200.00£25.77Rejected 11-02-2011£400.00£65.49Rejected09-05-2012£420.00£72.16Rejected 10-06-2012£300.00£76.11Rejected 09-08-2013£1091.00£484.42Rejected

IMPORTANT NOTICE: If your claim was submitted by a third party (for example, a relative, a claims management company or solicitor) then a copy of this email has also been sent to them. Please note that any fees you may have agreed to pay them for their services will need to be settled with them directly. If you have questions regarding your third party’s fees or the service they have provided, you should speak to them directly.


Total interest and fees on loans
£776.84

1

Total compensatory interest
£369.69

2

Less previous write off(s)
£0

3

Accepted claim value
£1,146.53

MovingForwards

I had mine rejected, probably be I only had one loan from them.

Caz3121

carl1974 wrote: »

Please be aware, the payment you receive will be significantly smaller than your accepted claim amount.

£1,146.53

will be interesting to see how many pennies to the pound creditors will actually receive

carl1974

I read somewhere i think on bbc business they dont expect it to be 10%


"If you are due a refund, you won't get paid the full amount. I will be surprised if you get more than 10% of it. That is a disgrace and the UK regulators should be ashamed that they allowed so many payday lenders to profit from people's desperation for so long.




Search wonga on main bbc news website as wont let me post link

carl1974

https://www.bbc.co.uk/news/business-49878277

[Deleted User]

carl1974 wrote: »

I read somewhere i think on bbc business they dont expect it to be 10%
"If you are due a refund, you won't get paid the full amount. I will be surprised if you get more than 10% of it. That is a disgrace and the UK regulators should be ashamed that they allowed so many payday lenders to profit from people's desperation for so long.

Search wonga on main bbc news website as wont let me post link

What would you have done if they had refused to lend you money? Ironically, Wonga went bust because too many people got on the refund bandwagon. If only people had not borrowed money they had no intention of paying back.

carl1974

camelot1971 wrote: »

What would you have done if they had refused to lend you money? Ironically, Wonga went bust because too many people got on the refund bandwagon. If only people had not borrowed money they had no intention of paying back.

Who said i had no intention of paying back ? I find it quite assumptive that you take that stance. The problem was the fact that many people like me rolled over the loans or took other/additional loans at the same time without the correct verification/affordability checks hence the flood of claims.

[Deleted User]

carl1974 wrote: »

Who said i had no intention of paying back ? I find it quite assumptive that you take that stance. The problem was the fact that many people like me rolled over the loans or took other/additional loans at the same time without the correct verification/affordability checks hence the flood of claims.

If you needed to roll over a loan, you had no way of paying it back within the 30 days. You either knew that when taking out the loan, or you need a responsible adult to help you with your finances. You talk about responsible lending, which I agree with, but what about responsible borrowing? Why can't you take responsibility for your own actions?

sourcrates

camelot1971 wrote: »

If you needed to roll over a loan, you had no way of paying it back within the 30 days. You either knew that when taking out the loan, or you need a responsible adult to help you with your finances. You talk about responsible lending, which I agree with, but what about responsible borrowing? Why can't you take responsibility for your own actions?

Understand fully what you are saying, but you can get caught up in a never ending cycle of rolling over loans, month after month, normal life seems to fade away, and the borrowing cycle takes over your everyday rational thinking, as the money must come from somewere to repay the next loan, its not a nice place to be.


I have been there, during my divorce, its hard to describe to someone who has not experianced it, all common sense just vanishes, you are like a quivering child, a complete wreck, until you recognise the futility of continuing as you are, the only way out was to default, which is what i did, they were still throwing money offers at me even then.


I have never been in such a dark place as i was then, not something i would care to repeat.

glennstar

carl1974 wrote: »

Who said i had no intention of paying back ? I find it quite assumptive that you take that stance. The problem was the fact that many people like me rolled over the loans or took other/additional loans at the same time without the correct verification/affordability checks hence the flood of claims.

Carl,
Can you explain what "correct verification/affordability checks" should have been carried out in your case? I think it would be helpful/insightful to understand what might have been done to help you avoid this situation.