Wonga. com confused

[Dj-Dan87]

Hello there I currently have a repayment plan with wonga which I have been making regular weekly payments and I'm actually nearly finished paying.

 

My problem is I think I'm overcharged by them I borrowed £485 and the grand total I have to pay back is £1027.50!!!! Is this legal? I do have about £40 in late fees added to this. I have spoke to them on the phone but I couldn't make head nor tail of what they told me.

 

When I asked why I had to pay so much they said the original amount before late fees were added I owed was roughly £587.50 but they say they added 1% interest per day for 60 days to get to the figure of £1027.

 

Can they do this? I don't really know if they can? It seems like an awful lot to pay for a £485 loan. To date I have paid amount £950 back to them, but I've decided to query this matter.

 

Any help would be great on this matter

 

Thanks in advance.

[renegadeimp]

Can you give more info on the loan? It sounds like you are being charged multiple rollover interest amounts. In any case, you really shouldnt repay them more than £1 a month unless they are wiling to stop interest and charges on the account.

[Dj-Dan87]

Yes sure I originally borrowed £100 then I topped it up 4 times by £150, £115, £60 and another £60 over a 2 week period from when I borrowed the original £100 which I was supposed to back after 30 days but at the time I was gambling heavily and was stupid

 

The amount I have to pay back could be right for all I know it just seems to be quite a lot when you look at how much I've actually borrowed and the amount I'm paying back. I just thought I'd check it out and I found this site a while ago and it's helped me before from just reading other people's posts.

 

Thanks

[renegadeimp]

I want to know why they have charged 1% per day over 60 days. Why the 60 days?

[Dj-Dan87]

They told me that they were allowed to do this as it's in the terms and conditions of the loan agreement as I would be paying in back over 9 months. I set the repayment plan up on the day I defaulted.

[renegadeimp]

Just because its in the t&c's doesnt make it fair or lawful. If I were you I would contact the fca and get their opinion on wonga adding 60 days interest for absolutely no reason at all.

[Dj-Dan87]

Ok thanks for your help and advice. Do you know how I would be able to contact the fca? Should I contact wonga again about it? Or would it be best to see what the fca say about it?

Thanks again

[renegadeimp]

In MY opinion, i would contact the FCA. I don't see how they can charge an arbitrary 1% interest per day, for 60 days for no reason at all. Also, i've read a few things about wonga changing their contracts. Perhaps have a read of http://www.fca.org.uk/consumers/protect-yourself/unfair-contracts and see if theyve done it to you.

[Dj-Dan87]

I think they may have changed the contract. I have contacted the fca via email and I got an automated reply saying it could take 12 days to hear back from them, I'll post on here when I found out to let you know the outcome!

Many thanks