Wonga repayments

KittyCat70

Jassers said:

I was but I am now admitting to self that I have a gambling problem. Idont need censure. I am closing bingo sites, made a list of creditors ie bank account barclaycard and mbna and allocating extra to repayments. Using bus more as free (pensioner) shopping in Aldi! Managed to cut electric gas and water bills by £29 per month and can go towards debts.I feel like sh..t having gone back into debt but at least now trying to get out of it slowly. Have to keep Barclaycard payments up as have been threatened with permanent closure of account. I rent so there is no equity to draw down.
Yesterday made soup for lunch and remainder in freezer using up leftover veg and pots.More filling and cheaper than tinned soup. Going to have veggie mince spag bol cooking time tomorrow again saving costs an bettter flavour.

You really don't have to justify yourself to anyone on here. 

Smiffy92

Takmon said:

sourcrates wrote: »

Thankfully the FCA take a more benign approach to the matter than you do.

It's certainly not benign when they are telling adults what they can and can't afford to be borrowing.

How would you feel if this was applied to other areas such as restaurants. Would you be grateful if a restaurant legally had to limit the food they could serve you based on your weight/health. How would you react to "I'm sorry sir but your BMI means that we have to reject your dessert order for your own good".

If you feel you can't be trusted to make your own financial decisions then that is a valid choice and you can have someone else manage your finances. But that doesn't mean everyone should have the choice taken away from them.
It's already gone too far in this direction and people seem to be encouraging more and more restrictions.

You have probably never found yourself in a situation that's resulted in you turning to a payday lender; and for that you should be grateful.

People who are struggling financially aren't just people who have made bad financial decisions. Sometimes life just comes along and slaps you in the face just for the heck of it, and !!!!!! before you know it no job, no savings, nothing. You despair at how you're gonna pay for food, heat your home, pay your rent/mortagage etc. Then, what seems like a beaming light of hope you get a lifeline for that month that sees you through. And then all of a sudden you realise you can't pay that back because the interest is sky high, so you need that help again; and what's that? It's another beaming light of hope..... oh no wait...... it's another payday lender that wants a chunk out of you.

Yes, people make bad decisions every day. The reason the payday lenders are going out of business left right and centre is not because their business model isn't financially sustainable by the consumer (because let's face it, there will always be a steady stream of people that are facing desperate times with this government), it's because it's catching up with them and what isn't sustainable is the amount of money they are having to give back to consumers.

I got in huge amounts of trouble because of payday lenders, Wonga being one of them. My first loan from them was £50 because I had literally just split from my (then) wife and had only the clothes on my back, it didn't seem like much paying £75 back the next month. Then it started spiralling. Before I knew it I was borrowing from 4 or 5 payday lenders just so I could pay back the others, I was robbing Peter to pay Paul. About 6 years ago Wonga wrote to me to tell me that after a review of thousands of loans they should never have loaned to me, so they cancelled my outstanding debt of around £1,000 and removed my credit file entry. Then, more recently I get another mail from them to say that now they are in administration the administrators have looked at my borrowing history and they should never have loaned me anything. Of the loans that were upheld the interest and interest on the interest amounted to just shy of £850. That's money I've paid, that I should never have been in a position to have to pay. Now, following the rules of the FCA I technically should have that £850 in my account, but alas, Wonga decided to go into administration. I'm getting less than £40 of it back.

Don't be so bloody judgemental of people you don't know, just because you can hide behind a computer screen

Takmon

Smiffy92 said:

Takmon said:

sourcrates wrote: »

Thankfully the FCA take a more benign approach to the matter than you do.

It's certainly not benign when they are telling adults what they can and can't afford to be borrowing.

How would you feel if this was applied to other areas such as restaurants. Would you be grateful if a restaurant legally had to limit the food they could serve you based on your weight/health. How would you react to "I'm sorry sir but your BMI means that we have to reject your dessert order for your own good".

If you feel you can't be trusted to make your own financial decisions then that is a valid choice and you can have someone else manage your finances. But that doesn't mean everyone should have the choice taken away from them.
It's already gone too far in this direction and people seem to be encouraging more and more restrictions.

You have probably never found yourself in a situation that's resulted in you turning to a payday lender; and for that you should be grateful.

People who are struggling financially aren't just people who have made bad financial decisions. Sometimes life just comes along and slaps you in the face just for the heck of it, and !!!!!! before you know it no job, no savings, nothing. You despair at how you're gonna pay for food, heat your home, pay your rent/mortagage etc. Then, what seems like a beaming light of hope you get a lifeline for that month that sees you through. And then all of a sudden you realise you can't pay that back because the interest is sky high, so you need that help again; and what's that? It's another beaming light of hope..... oh no wait...... it's another payday lender that wants a chunk out of you.

Yes, people make bad decisions every day. The reason the payday lenders are going out of business left right and centre is not because their business model isn't financially sustainable by the consumer (because let's face it, there will always be a steady stream of people that are facing desperate times with this government), it's because it's catching up with them and what isn't sustainable is the amount of money they are having to give back to consumers.

I got in huge amounts of trouble because of payday lenders, Wonga being one of them. My first loan from them was £50 because I had literally just split from my (then) wife and had only the clothes on my back, it didn't seem like much paying £75 back the next month. Then it started spiralling. Before I knew it I was borrowing from 4 or 5 payday lenders just so I could pay back the others, I was robbing Peter to pay Paul. About 6 years ago Wonga wrote to me to tell me that after a review of thousands of loans they should never have loaned to me, so they cancelled my outstanding debt of around £1,000 and removed my credit file entry. Then, more recently I get another mail from them to say that now they are in administration the administrators have looked at my borrowing history and they should never have loaned me anything. Of the loans that were upheld the interest and interest on the interest amounted to just shy of £850. That's money I've paid, that I should never have been in a position to have to pay. Now, following the rules of the FCA I technically should have that £850 in my account, but alas, Wonga decided to go into administration. I'm getting less than £40 of it back.

Don't be so bloody judgemental of people you don't know, just because you can hide behind a computer screen

So if you disagree with what I'm saying then you must feel you can't be trusted to make your own financial decisions... so like I said how would you feel if you went into a restaurant and they refused to serve you food like in my example, would you find that acceptable?.

Your the one who chose to borrow from wonga and your the one who chose to borrow more and more and more and let it get out of control. So why are you unable to take responsibility for your actions and see that it was your mistakes. Why as a grown adult do you want companies to be telling you what you can and can't afford to borrow?.

I feel very strongly about people having the right to make their own choices and adults accepting their mistakes instead of blaming it on everyone else. I would happily say this to anyone's face and writing this online doesn't change my opinion.

[Deleted User]

Smiffy92 said:

Takmon said:

sourcrates wrote: »

Thankfully the FCA take a more benign approach to the matter than you do.

It's certainly not benign when they are telling adults what they can and can't afford to be borrowing.

How would you feel if this was applied to other areas such as restaurants. Would you be grateful if a restaurant legally had to limit the food they could serve you based on your weight/health. How would you react to "I'm sorry sir but your BMI means that we have to reject your dessert order for your own good".

If you feel you can't be trusted to make your own financial decisions then that is a valid choice and you can have someone else manage your finances. But that doesn't mean everyone should have the choice taken away from them.
It's already gone too far in this direction and people seem to be encouraging more and more restrictions.

You have probably never found yourself in a situation that's resulted in you turning to a payday lender; and for that you should be grateful.

To be fair, having spent an afternoon trying to get a short term loan as dreaded being disconnected and getting additional charge slapped on top (Satsuma who I paid on time and in line with their agreement last 9 days ago) said no pretty much straight away, other short term lenders asked for bank account sharing and or payslips from last 3 months, alongside being asked about mental health so seems Martin & co got their way. There will now on be no need for anyone to get compo I suppose is the way to look at it, not when you’ve shared the likes of bank accounts and payslips 🙄

Steve1571

Hi,
i checked my online banking this morning and I had a payment into my account for £699.83 from WDFC-REDRESS so I googled the name and it is for the Wonga case that had going on for some time. I opened my case on the Resolver site on 24/10/18 but the last email I received was on 21/12/18 saying I couldn’t escalate it anymore as it was at the highest point of escalation. Since then I’ve only had messages asking me if I wanted to close the case. I used Wonga for a number of years and got to a point where I was using them weekly, it’s something I managed to get myself out of in the end before they went bust. I was quite happy to see I did get something back but it does make me think if that is 4% of what I was owed then WOW but at least I got something back.

steve.

imnick85

My friend had an email about getting some money from Wonga, he had taken out quite a few loans in the past, i dont know all the details but he eventually got a letter & payment for somthing like 86pence!

boo_star

imnick85 said:

My friend had an email about getting some money from Wonga, he had taken out quite a few loans in the past, i dont know all the details but he eventually got a letter & payment for somthing like 86pence!

That's about right.  If they had the money to pay everyone back they wouldn't have been insolvent.