Compensation from Wonga

[sgt_pancake]

Hi,

 

I wonder if anybody can help me out here. I got a letter from Wonga yesterday and it's paraphrased below. I'm now working away from home over the weekend so can't post the full piece until Monday but I've included all the important parts below.

 

 

Because of the letters I received I'm due compensation of either £195 or I can go for an individual assessment. Should I choose the assessment the offer then becomes null and void.

 

My debt with them is now with a 3rd party and will become statute barred in about 14 months. I made some stupid decisions when I was a student and am now paying the price for it - as a result I'm fairly certain that I could argue the whole debt should be written off as I would not have met their new lending criteria. My question is twofold.

 

1. Should I accept the compensation and wait for the default to drop off my credit file? But if I accept the compensation am I then acknowledging the debt and risking it not being written off in 14 months.

 

2. If I ask for an individual assessment am I then still acknowledging the debt and potentially starting the cycle all over again. Going over some old bank statements I paid £790 towards this before allowing myself to default.

 

So, basically, accept the £195 and be done with it or fight for more?

 

Thanks

 

SP

[sgt_pancake]

Oh, I should also mention that before this I took a couple of smaller loans out with Wonga and paid them back in full. Whether I met the lending criteria at this point or not is irrelevant, I'm not interested in these loans. I took them, paid them back, end of story.

 

SP

[citizenB]

If it is due to drop off in 14 months then it will do so - irrespective of whether you accept their current offer of £195.00 or as for an individual assessment

[Nao]

As the debt has been sold off the compensation will not have any impact on the debt in any shape or form.

 

I'd accept the compensation and take the money.

[sgt_pancake]

If it is due to drop off in 14 months then it will do so - irrespective of whether you accept their current offer of £195.00 or as for an individual assessment

 

Forgive my ignorance, I was under the impression that in Scotland the debt would become statute barred after 5 years if I did not acknowledge it. If I am correct does that mean that accepting the compensation counts as me acknowledging the debt and, if so, does the clock start again?

 

Thanks

[Nao]

f I am correct does that mean that accepting the compensation counts as me acknowledging the debt and, if so, does the clock start again?

 

The key is that the debt is with a third party, your dealings with wonga will not affect the debt in any shape or form.

 

If the third party that owns the debt would be offering you compensation then the situation would be different, but the way it is you have nothing to fear.

[sgt_pancake]

Thanks. much appreciated