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Wonga loan - Question on repayment plans and credit entries


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Hello,

 

I am trying to gather some information for a friend, they have a Wonga

loan they cannot pay, for which a repayment plan has been set up.

 

Although he's credit file will not be great, he want's to avoid a default. Do Wonga normally register a default, if a payment arrangement is agreed and stuck to?

 

I have read they won't if it's in a certain time limit, but I am not sure what this

time limit is?. Ideally he want's to make sure it's paid off before a default is issued.

 

I have searched the forum for the answer to this but I cannot find anything conclusive,

 

Thanks

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TBH, I think it is going to be irrelevant whether your friend obtains a default or not. It is a sad fact that simply by entering into a PDL (even if it is serviced properly according to the contract) it WILL have a devastating effect on a credit record. :(

 

 

I have popped some links below for you to read.

 

PayDay Loan survival Guide:-

http://www.consumeractiongroup.co.uk/forum/showthread.php?396982-New-payday-loan-survival-guide-by-mike-dailly-govan-law-centre.

 

 

How PDLs have an effect on your future credit ratings :-

http://www.consumeractiongroup.co.uk/forum/showthread.php?398164-Pay-Day-Loans-damage-to-your-future-credit-rating

 

 

If you have reason to believe you are being treated unfairly by a PDL, lender :-

http://www.consumeractiongroup.co.uk/forum/showthread.php?399260-Feel-that-you-ve-been-treated-unfairly-by-your-Payday-loan-lender-COMPLAIN-TO-THE-FOS!!(2-Viewing)-nbsp

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