Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • wiggyakashalot
    • By wiggyakashalot 8th Aug 18, 8:39 PM
    • 2Posts
    • 0Thanks
    wiggyakashalot
    Payday loans interest charges
    • #1
    • 8th Aug 18, 8:39 PM
    Payday loans interest charges 8th Aug 18 at 8:39 PM
    hi all,
    i'm starting the process to see if i am entitled to any interest refund from Wonga, but i'm not entirely sure if i even have a case so was wondering if anyone had any advice?

    From 2012 i borrowed once or twice each month large amounts - although i did pay them back on time - within 3 days or so i was taking out another to compensate the money i haddn't got to pay my bills. however at the time i had an income twice the amount i tended to borrow with only half needed to officially be expenses.. apart from large catalog payments which did vary, and increase quite a bit at times.

    there was one occasion i told them i couldn't pay it back and my account got frozen with warning so in panic i borrowed off family to pay them the full amount.. and often borrowed off family to pay them back in the first place. As my credit check was quite poor to the point no other lender ever considered me, i wasn't even allowed to take out a contract phone.

    but my main concern is the fact that i borrowed more and more and only ever got told no once (after the 2014 law change), i often topped up the loans and took another out once payed as i had managed to get myself into an awful cycle.. but on record i'm not sure whether to them it looked affordable? but surely the fact i borrowed that consistently with little to no gaps between would have raised concern with them? And the fact my credit was so low other lenders wouldn't accept me .. does that mean they did not do the credit check correctly?

    I have already contacted them for information about my past loans and they stated it would take up to 3 days for the email to arrive.
Page 1
    • boo_star
    • By boo_star 8th Aug 18, 8:42 PM
    • 1,589 Posts
    • 930 Thanks
    boo_star
    • #2
    • 8th Aug 18, 8:42 PM
    • #2
    • 8th Aug 18, 8:42 PM
    I'd argue that the fact that you were paying them back, especially within 3 days, would give the impression that they were affordable.
    • wiggyakashalot
    • By wiggyakashalot 8th Aug 18, 9:01 PM
    • 2 Posts
    • 0 Thanks
    wiggyakashalot
    • #3
    • 8th Aug 18, 9:01 PM
    • #3
    • 8th Aug 18, 9:01 PM
    I'd argue that the fact that you were paying them back, especially within 3 days, would give the impression that they were affordable.
    Originally posted by boo_star

    i wasn't paying back within three days.. i was borrowing within three days of paying them back sorry for not being clear
    • boo_star
    • By boo_star 8th Aug 18, 9:23 PM
    • 1,589 Posts
    • 930 Thanks
    boo_star
    • #4
    • 8th Aug 18, 9:23 PM
    • #4
    • 8th Aug 18, 9:23 PM
    i wasn't paying back within three days.. i was borrowing within three days of paying them back sorry for not being clear
    Originally posted by wiggyakashalot
    Fair enough, I misread it.

    The point stands though, if you were paying it back it would appear, at least from their point of view, that it was affordable.

    If you disagree then complain to them about it. Realistically the responses you'll get on here, even if people agree that it was irresponsible lending, are meaningless.
    Last edited by boo_star; 08-08-2018 at 9:26 PM.
    • venison
    • By venison 8th Aug 18, 10:27 PM
    • 2,281 Posts
    • 2,460 Thanks
    venison
    • #5
    • 8th Aug 18, 10:27 PM
    • #5
    • 8th Aug 18, 10:27 PM
    I don't see that you have a case but its always worth checking
    Former Board Guide
    • Sncjw
    • By Sncjw 9th Aug 18, 7:54 AM
    • 1,892 Posts
    • 1,117 Thanks
    Sncjw
    • #6
    • 9th Aug 18, 7:54 AM
    • #6
    • 9th Aug 18, 7:54 AM
    Plus you say you have double the amount of income against he loan
    • Pixie5740
    • By Pixie5740 9th Aug 18, 8:33 AM
    • 12,643 Posts
    • 18,022 Thanks
    Pixie5740
    • #7
    • 9th Aug 18, 8:33 AM
    • #7
    • 9th Aug 18, 8:33 AM
    Nothing ventured nothing gained.

    https://debtcamel.co.uk/payday-loan-refunds/
    • -taff
    • By -taff 9th Aug 18, 11:34 AM
    • 7,527 Posts
    • 5,600 Thanks
    -taff
    • #8
    • 9th Aug 18, 11:34 AM
    • #8
    • 9th Aug 18, 11:34 AM
    Look on the debt free wannabe board, there's a sticky about payday loans
    • T-G-C
    • By T-G-C 11th Aug 18, 4:44 PM
    • 314 Posts
    • 120 Thanks
    T-G-C
    • #9
    • 11th Aug 18, 4:44 PM
    • #9
    • 11th Aug 18, 4:44 PM
    You need to accept the fact that you borrowed cash and with that, comes charges, which at the time of the loan, was much higher due to it being before the regulations capping interest.

    As far as I am aware, Wonga are not legally obliged to reimburse the interest, because at the time, they were not breaking the law. There was a massive uproar back in 2014 and a lot of people had loans written off their credit file etc. however as your loans are settled, charges were as agreed and credit checks, at the time, were within practice guidelines, there is no reason for them to refund you.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,107Posts Today

8,886Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin