wonga help!

[imogen1]

Hi all,

 

I was after a little bit of advice regarding wonga.

 

Basically I am about to default on a loan of which payment is due to be taken on Sunday.

I have spoken to my bank regarding removing CPA, and have removed it with wonga themselves (confirmed in writing) so I’m quite confident they won’t be able to take any money from my account (not that I have any to take).

 

The original loan amount was 450, and with interest etc. I now owe 750.

 

I have spent ages working out a budget so I could pay them 150 a month, which would only take 5 months.

 

Once I went through the process they said, as I could make my first payment on the 31/10/2013 that it would take my total owed up to 990!

 

Is there anything I can do about this? Surely they can’t keep adding interest.

 

Is there a way I could just pay back the 450 original amount, and no interest?

 

Thanks

[renegadeimp]

When you say interest etc, can you elaborate?

[imogen1]

on looking at my account, the actual loan i look was 550 (not 450)

the breakdown is-

 

capital payment- 550

interest repayment- 245

transmission fee- 5.50

other charge (?)- 10.00

 

repayments made- 61.45

 

can i stop them charging interest for the month of october?

can i do anything?

[renegadeimp]

Transmission fee is challengeable, so is the "other charge".

 

As them how they justify adding on interest until then, as you have clearly made it obvious you are in financial difficulty and they are making it worse, purely to benefit themselves. TELL them that unless the charges are removed, and the interest is stopped immediately, you will have no choice but to drop them to £1 a month for the life of the debt or until they comply.

 

Perhaps tell them to go and read the OFT guidelines on debt collection.

[imogen1]

well i have sent them the below email, although they never seem to respond?

 

hello,

 

the loan i have with you has now become unmanageable and i have taken the decision to enter in to a repayment plan in order to pay this off.

 

imagine my horror when i tried to do this and realized that you would add an extra £200 to my debt in interest alone before i could make the first payment.

 

due to the fact that i need to make payment asap, i will offer you 2 options

1- i will pay £1 per month for the life of the debt.

2- i will pay the capital lump sum within 30 days. by my calculation this is £488. in this instance i will pay 0 interest on the debt.

 

i am more than happy for this to go to debt management/court as firstly i know my rights, and secondly as a court will confirm i cannot afford more than £1 a month.

 

CPA has already been removed from the cards on my account. due to this i will pay by standing order, could you provide me with your bank details?

 

to confirm there are only 2 options-

 

i will repay the capital within 30 days with NO INTEREST ADDED

i will pay £1 a month for the life of the debt.

 

please respond to this in a timely manner.

 

kind regards,

[renegadeimp]

If they dont respond, then make sure you note that. Stop worrying. If they wont respond then its obvious they are conning you.

[JOHNINYORK]

Imogen.

Technically speaking,I believe they cannot set up a repayment plan until you have defaulted.I had a similar experience with them last year.After several unanswered emails to them,I phoned them up.The outcome was,interest was frozen and they gave me 10 months to repay.Regarding the phone call,they did not try and coerce me into anything that I was not in agreement with.I was prepared to pay them within 3 months,but it was their suggestion that I had 10 months.

The only advice that I can give you,is if you do phone them up,make sure that they SEND YOU AN EMAIL regarding the repayment plan.

If your emails go unanswered,bombard them with emails.I tried to contact them some months ago,but my emails went unanswered.So,in the space of 2 hours,they got 13 emails from me.They eventually got the message and replied.

I hope that things work out for you and do not forget,GET THAT EMAIL from them.

 

Regards,John.

Edited October 4, 2013 by JOHNINYORK

[Nao]

Technically speaking,I believe they cannot set up a repayment plan until you have defaulted.

 

Legally they can set up a repayment plan long before you default, its just front-line staff not being permitted to by company policy, fortunately oft, fos and Courts (if any / all of them ever should get involved) all agree that you did the right thing by trying to set up a manageable repayment plan as soon as possible, so all wonga achieve by delaying it is make themselves look bad.

[JOHNINYORK]

There was no intention to mislead anyone,I was just going by my own experience with Wonga.I will explain more fully.

Prior to the default day,I phoned Wonga up.They told me that they would put a marker on my file to indicate that I wanted a repayment plan.But,as I had not defaulted,I had to phone up on the day of default before 5pm.Which is what I did and a repayment plan was set up.They told me that to set up a repayment plan before the day of default,was in breach of their contract with me.

So,if anyone has been mislead by my previous comment,my apologies.

 

Regards,John.

[Guest CHEVRA]

I would re send your correspondance by recorded delivery and head it " COMPLAINT". Outline all the facts, send your budget in and your proposal. There are strict legal guidelines on how your complaint should be dealt with and in what timescale. Tell them if they don't respond you escalate your complain further to the ombudsman. Believe me, they do not like complaints!!