Wonga clarification

[canyonbridge]

Hi all, first off I'd like to say that I am really quite bad at figures/dates/number related things so please bear with me. Its why I'm here

 

I took out a Wonga loan in Sepetember, I'd done this before as an emergency and paid back. Fine. This time I could not pay back. I lost my job.

 

Here are the figures:

 

I borrowed £350 in September

I was due to pay a single payment of £455 in October. I couldn't.

I set up a repayment plan, that bounced. So I set up another which I paid a few times.

It bounced again because the minimum they would accept is £40 per month, which I can't afford. And now I'm here.

 

As it stands my account info looks like this;

 

Total amount owed £560

 

Capital repayment £350

Interest £366

 

Repayments made £160.97

 

Can anyone advise me what is the best way to approach them? They WILL NOT reply to my emails (only standard meaningless replies) and continue to call me even though I have specifically said my phone is broken (true!)

 

I'm here because I'm in financial difficulty and the interest they have added is making me even poorer. What is the minimum amount I have to pay them back? I have no income and live with my mum at the moment.

 

Thanks

[silverfox1961]

Hi and welcome to CAG.

 

Let us get this straight right now. Pay day loans should fall as far down your priority list as possible. Unsecured debts (just like this loan) are non priority debts. Essential bills come first and if all you have after that is £1 a month, that is what you pay.

 

Never phone them. They will say things on the phone that they would never say in writing.

 

As they don't seem to listen to you, I suggest writing to them at their registered address with a formal complaint. Pay day companies are under the Office of fair Tradings spotlight and any complaint that doesn't get resolved is likely to end up with the Financial Ombudsman and also a report made to the OFT. Wonga may not want you to go higher so may resolve the complaint.

[canyonbridge]

Hi, Thank you,

 

Is there an income and expenditure form that Wonga will accept other than their own?

 

I want to write to them and tell them how much I intend to pay per month? Will I have to pay double the initial borrowed amount because of all

the interest and fees?

[silverfox1961]

National Debtline do a form you could use and in our library there is another one.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387436-Letter-for-consideration-regarding-Hardship-or-Financial-Difficulty&p=4193473&viewfull=1#post4193473

 

While it can be useful to show creditors that you are in difficulty, they have no 'lawful' right to this data and I bet the wonga one wants to know everything short of your inside leg measurement.

 

My suggested amount (which is agreed generally but not proven) is to say the original loan plus one months interest. Ignore the silly fees they have added as they are unlawful anyway.

 

A creditor does not have to accept token payments if they feel you could pay more (based on an I&E) which is one of the reasons we don't advocate sending them anything more than they need.

[canyonbridge]

So the original loan is £350 plus the one months interest is the £455? I don't even know where the months interest starts and all the additional

interest ends