Need to get out of cycle

[Wantoutofcycle]

Hi all, new to forum.

 

Basically, me being the idiot I am, I've unfortunately ran up a payday loan that I won't be able to pay back on my agreed date. I've been taking out payday loans now for about 8 months every month, it's now got to a stage where I need to take out a new one every month just to keep myself going. I really need to get myself out of this cycle.

 

I was wondering what exactly do I need to do in order to set up a repayment plan with Wonga? I just want to pay it off as soon as possible and it's safe to say I've learnt my lesson.

 

My repayment date is 30th of Nov

 

I owe £1123.81

 

I could safely pay off about £200 a month, would they accept this without causing much hassle? I have a set basic but also earn commission and my situation could change and I'd be able to pay more, would mentioning this do me any favours?

 

Any kind of help would be much appreciated, the quicker the better!

 

Many thanks

[Welshy27]

Firstly make sure that you clear your account of any available money by Fri because they will try and take whatever they can from the amount due. Your offer of £200 per month and eagerness to pay it back asap will help you and they should happily oblige to set this up for you. With Wonga I think it's a good idea to call them because they are normally very reasonable with setting up a repayment plan. It might be a good idea to call them before Friday to let them know that you anticipate facing financial difficulty and wish to set up a monthly repayment plan. They may tell you that you will have to wait until after the due date to call back which is normal protocol. The most important thing as I said is to remove all funds from your bank account so they don't raid it.

[Wantoutofcycle]

Thanks for the help, only problem with taking all my money out is that I also have another loan with Pduk, which I can't afford to pay which is 250 and I don't wanna default on that one. Also wont they try and take at 5 am? How can I get it out before then?

 

Thanks

[Wantoutofcycle]

Sorry can afford to pay I mean

[Welshy27]

Are you able to pay Pduk before Friday or is that when your wages go in? Wonga will take whatever they can and shouldn't put you overdrawn. I'm guessing you don't use Internet banking because that would be one way of moving funds immediately.

[sharpend]

Speak to your bank, tell them to block any further payments going to Wonga. Leave your other PDA payment in place until its paid off them get your bank to block that one also.

 

Then on friday email Wonga with your payment plan. They will take about 5 days to reply but are very reasonable to deal with nowadays.

 

Read other posts on forum for some idea of what to put in the email. But it is important you speak to your bank and get them to cancel the continuous payment authority with Wonga.