Urgent help payday account passed to solicitors

[Guest dvdriley]

WONGA is backed by Venture Capilists called Balderton Capital see link

 

What we do | balderton capital

 

SEAN SETON-ROGERS is the man at Baldetton over seing Wonga. Send complaints to him, I,m sure they want to pretect their investment

 

 

Wonga, an online service for same day personal loans, has raised a $6 million round of investment to finish developing the company's technology platform. Balderton Capital, formerly Benchmark Capital Europe, provided the funding. Wonga.com is designed for people who want a short term, unsecured, same-day cash loan to help them out when unexpected expenses or urgent cash requirements arise, the company said. London-based Wonga aims to build social contracts and trust ratings with all its customers, as well as carrying out standard credit checks. Once their trust rating is fully established, Wonga allows its customers to borrow up to $2,000 at any one time. The company charges a $50 fee for the transaction and a 13.8% annual percentage rate.

[la2006]

Hmm

 

I must point out that you cannot possibly consider if an agreement is enforceable unless you have sight of the agreement

 

just because its a payday loan doesnt mean it was correctly put together

 

 

Wonga's terms and conditions

Wonga.com Ltd. trading as Wonga (“We”, “Us”, “Our”, “the Creditor”)

 

88 Crawford Street,

 

London W1H 2EJ

 

 

……. (“You”, “Your”, “the Debtor”)

 

Key Financial Information

Amount of Credit: …..

Total Amount Payable: ……..

Term of the Agreement: 30 days

 

Repayment

 

You will pay to us ----------- in one payment on the ------. We will collect this payment by debiting the debit card you have registered with us. See clause 3(a) of the Loan Conditions for more information.

 

APR: 2334%

 

Other Financial Information

Interest Charges …………..

 

Fast Advance Transmission Fee …………

 

Total Charge for Credit ………….

Rate of Interest 2334% per annum (fixed)

 

The interest charges have been calculated by applying the Rate of Interest shown above to the Amount of Credit assuming the duration of the Agreement is as stated under the heading Key Financial Information.

Key Information

If you fail to make any payment under this Agreement, you may be charged a fee of £10 on the day that your missed payment was due and additional fees of up to £105 when your missed payment is more than 3 days overdue, which sum(s) will be deducted directly from your bank account via your debit card.

 

We may charge daily interest on any sum which has not been paid by its due date. The rate of interest will be the same as shown under "Other Financial Information" and will be charged from the date when the unpaid amount fell due until the date it is paid. The rate of interest may be charged before as well as after any court judgment.

For details of additional charges payable under this Agreement, please see clause 4 of the Loan Conditions.

MISSING PAYMENTS

Missing payments could have severe consequences and make obtaining credit more difficult.

 

IMPORTANT – READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS

The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.

 

This is a Credit Agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by its terms by clicking “I accept”.

Signature of Debtor

Date:

The Act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying off the amount you owe under the agreement which may be reduced by a rebate.

 

If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.

 

 

 

OFFICE USE ONLY

Creditor’s Signature

Date:

 

Wonga.com Loan Conditions

 

1. Application

 

These Loan Conditions will apply to the Fixed-Sum Loan Agreement (“the Agreement”) entered into by you from Wonga.com Ltd trading as Wonga.com of 88 Crawford Street, London W1H 2EJ, Company Registration 6374235.

 

2. Loan Approval

 

a. If and when we provisionally approve your loan application, actual payment of the loan amount is subject to:

 

i. us ensuring that the information you gave us was not inaccurate or deficient in any respect (if we discover that it was, then the Agreement will be void and this information will be reported to credit reference and fraud agencies);

 

ii. us checking your credit reference and the information you provide to assess the affordability of the loan.

b. We will pay you the loan amount as stated in Key Financial Information by crediting the bank account you registered with us.

 

3. Payment

 

a. You agree to repay us the total amount payable on the date shown under “Key Financial Information”. We will collect this payment by debiting the debit card you have registered with us. If we are unsuccessful in collecting payment, we may try to debit your debit card at a later stage and on more than one occasion. If you have provided us with details of a second debit/credit card and we are unsuccessful in collecting payment from the first debit card, we may seek payment from the second debit/credit card and on multiple occasions as we determine necessary until full repayment is made.

 

b. Prompt payment is essential. If you are late in paying, you will pay us interest on the amount due from when it is due until it is actually paid at the rate of interest shown under “Other Financial Information”.

 

c. Your obligation to make repayments to us will be satisfied by making payments to us by debit card or as otherwise agreed in writing by us.

 

d. Each repayment will be used:

i. first to pay the loan amount, (interest, principal on the loan and any fee);

ii. then towards repaying any arrears on the loan and any charges due to us or any collection agency.

4. Ending the Agreement and Early Repayment

 

a. You may end the Agreement at any time by repaying the full amount you owe under the Agreement at that time.

 

b. You agree that we will demand repayment of the full amount owed by you under Agreement if you:

i. pay late;

ii. have lied in a way which affects our decision to lend money to you;

iii.have broken the terms of the Agreement; or

iv.die, become bankrupt or make a voluntary arrangement with people you owe money to.

 

c. Before making any demand we will take all the steps we are required to take by law for your protection.

 

5. Charges

 

You may incur other fees and charges as described under “Key Information” and you will be notified if these charges change in nature or amount.

 

6. Our Relationship with You

 

a. If you miss a loan repayment, or find yourself in financial difficulties and you believe you cannot afford to repay the amount due under your Agreement, you should contact us as soon as possible by email to [email protected]. We will do the following:

i. explain the procedures we will apply and your options;

ii. tell you if your account is being passed to the Collections Agency.

 

b. You should tell us or the Collections Agency, as the case may be, when your circumstances change in a way that may adversely impact your ability to repay the amount due under your Agreement.

 

c. If your relationship with us or the Collections Agency has broken down, this will be included in the information supplied to the credit reference agencies. You should be aware that this may have serious consequences for your ability to get credit in the future.

7. Use of Personal Information

 

a. We are the data controller and may use data that identifies you (“your Personal Information”) for: statistical analysis; to develop and improve our products; to update your records; to identify which of our, or others', products might interest you; to assess lending and insurance risks; to arrange, underwrite and administer insurance and handle claims; to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; keeping you informed about your loan and for market research.

 

b. We will keep your Personal Information confidential and only give it to others for the purposes we explained when you applied to us, and:

i. if you ask us to or give us your permission to do so;

ii. to a credit reference agency to check your identity and to prevent fraud, (they will also keep a record of your request and use it whenever anyone applies to be authenticated in your name);

iii. if you are a borrower, to tell credit reference agencies that you have an account and how you run that account;

iv. to our agents and subcontractors, acting for us, to use for the purpose of operating our lending business and obtaining payment;

v. to investigate, prevent or detect fraud or carry out checks against money laundering;

vi. to share information via an organisation which provides a centralised application matching service which it collects from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

vii. to a reputable, licensed credit broker in the event that you apply to borrow money at http://www.wonga.com, your application is declined or the loan monies are otherwise unavailable and we reasonably believe that the credit broker may be able to help you obtain a loan;

viii. to trace debtors and recover debt;

ix. to meet our obligations to any relevant regulatory authority or taxing authority; and

x. if we have to by law, the law allows it, or it is in the public interest.

 

c. We will check your details with fraud prevention agency/agencies and if you give us false or inaccurate information and we identify fraud, we will record this. We and other organisations, including law enforcement agencies, may access, use and search these records to:

i. help make decisions about credit and credit related services, for you and members of your household;

ii. help make decisions on motor, household, credit, life and other insurance proposals and insurance claims, for you and members of your household;

iii. trace debtors, recover debt, prevent fraud, and to manage your accounts or insurance policies;

iv. to prevent fraud and money laundering, for example, when:

1. Checking details on applications for credit and credit related or other facilities;

2. Managing credit and credit related accounts or facilities;

3. Checking details on proposals and claims for all types of insurance; and

4. Checking details of job applicants and employees.

 

d. Please contact us at [email protected] if you want to receive details of the relevant fraud prevention agencies.

 

e. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

 

f. Any credit reference agency we search will keep a record of any search, and other lenders may use it to assess applications they receive from you in the future.

 

g. As a general rule, we will give you at least 28 days notice if we decide to file a default on your credit reference file. However, we may not always give you notice beforehand, for example, if we plan to take court action.

 

h. We may transfer your Personal Information abroad to countries whose data protection laws are less strict than in the UK. If so, we will ensure the information is held securely to standards as least as good as those in the UK and only used for the purposes set out in this clause.

 

i. Under the Data Protection Act 1998, you have a right to access certain personal records we, credit reference agencies and fraud prevention agencies hold about you. This is called a ‘subject access request’, which you can make by writing to support@wonga.com. A fee may be payable, but we will not charge you until we have told you how much the fee is and what it is for, and you have told us you still want to proceed.

 

j. This provisions contained in this clause should be read together with the matters set out in our Privacy Policy to which you have confirmed your acceptance during the application process.

8. System complaints and Dispute Resolution

 

a. If you want to make a complaint about Wonga.com you can email [email protected], with brief details of your complaint and your account number. Our Customer Service staff will acknowledge your complaint by email within 1 business day. They will then investigate and send you an initial response, having had access to an officer with the authority to settle the complaint (including, where appropriate, an offer of redress). Where appropriate, the member of staff investigating the complaint will not be any staff member who was directly involved in the subject matter of the complaint. This should take no longer than five business days, but most complaints may well be resolved by close of business on the business day after the complaint is received. If the complaint is not resolved by close of business on the business day after the complaint is received, we will direct you to this complaints handling procedure on http://www.wonga.com. If you are not satisfied by our response, you must contact the Customer Services Manager, who will respond by email within a further five business days.

 

b. If you are not satisfied with the response from the Customer Services Manager, you can email [email protected], enclosing the responses already given to you. Your email will then be referred to the Chief Executive Officer, who will respond by email within a final five business days.

 

c. If within four weeks after receiving a complaint, we will send you either a final response or a response which explains why we are not in a position to resolve the complaint and indicates when we will make further contact. Complaints that we cannot settle within 8 weeks after the date of complaint may ultimately be referred to the Financial Ombudsman Service. Before that option becomes available to you, you may find it helpful to make use of the conciliation scheme of the Finance & Leasing Association (“the FLA”) to resolve your complaint (FLA, 020 7836 6511). We are a member of FLA and are bound by their Lending Code. The FLA conciliation scheme cannot deal with any complaint that has been, or is being, considered by the courts, or by any other independent arbitration scheme or ombudsman scheme.

 

9. Monitoring and Compliance

 

a. Our internal procedures makes sure that we comply with the applicable provisions of the Lending Code of the FLA. We have to fill in an “annual statement of compliance” as a condition of our membership of the FLA.

 

b. The code is monitored by the FLA Lending Code Group which is made up of representatives from the finance houses and independent consumers. It also has an independent chairman. The Group produces an annual report, which we can send to you, if you ask.

 

c. You can contact the FLA Lending Group if you have a complaint about the general running of the code by writing to: The Compliance Manager, Finance & Leasing Association, Imperial House, 15-19 Kingsway, London WC2B 6UN.

10. Assignment of Agreement

 

a. We may assign our right, title and interest in the Agreement to any third party.

 

b. Your rights and obligations under the Agreement that has been assigned shall not be adversely affected in any way whatsoever.

c. You are not entitled to assign the Agreement.

 

11. Cancellation

 

If we accept your application, you will have 14 days from the date of our acceptance to cancel the Agreement. The date of acceptance will be the date you receive a copy of the Agreement. If you wish to cancel the Agreement, please write to [email protected]. If you cancel you will have to repay any money lent to you. You must do this as soon as possible and in any event not later than 30 calendar days of giving us notice. We may charge for the service provided. For every £100 you borrow, the charge will be £1 per day. If you do not wish to cancel, you will be bound by the terms of the Agreement which will continue unless terminated in accordance with Clause 4.

12. General

 

a. These Loan Conditions and the Agreement and any dealings with you prior to any agreement being made are governed by and construed in accordance with English law, and we and you submit to the non-exclusive jurisdiction of the English courts, unless you live in Scotland, Northern Ireland, the Channel Islands or the Isle of Man, in which case you will be entitled to commence legal proceedings in your local courts.

 

b. If any part of the Loan Conditions that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Loan Conditions or the Agreement, as the case may be.

 

c. Any waiver by either party of a breach of any provision of these Loan Conditions and/or the Agreement shall not be considered to be a waiver of any subsequent breach of the same, or any other, provision.

 

d. Any notices given to you in relation to any Agreement shall be put on your online account. You will also receive by email to your email address a prompt to refer to your online account. At our discretion, we may also serve any notice or demand on you personally, or leave it or send it by prepaid envelope addressed to you at your last known address. You may serve any written notices on us by first class post to our registered address or by email to [email protected].

 

e. The records kept by us shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.

f. We are licensed under the Consumer Credit Act 1974. See www.oft.gov.uk for details. The information provided is correct at time of printing and is valid until varied in accordance with these Loan Conditions. We are an online lending service providing short term loans. The basis on which the Loan is supplied to you is set out in this Agreement

g. All communications with you will be in English

[la2006]

Key Information

 

If you fail to make any payment under this Agreement, you may be charged a fee of £10 on the day that your missed payment was due and additional fees of up to £105 when your missed payment is more than 3 days overdue, which sum(s) will be deducted directly from your bank account via your debit card

 

 

 

what do you think of above the terms and conditions in the last post? what about 7h

 

They seem to make up what these fees are for, for example one default fee of 35.00, 10 days latter another default fee of £50.00

Edited January 28, 2009 by la2006

[la2006]

la2006,

Well done on the detective work. I have suspected this all alon but didn't know how to prove it. That is why when you beg them to take you to court they will not. I will update my complaint to the FLA.

 

theres more info about this on this link ( if you haven't seen it already)

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/177189-wonga-com-debt-debt-2.html?highlight=wonga

 

It seems all there addresses are postal addresses

Edited January 28, 2009 by la2006

[bazaar]

LA the lesson here then is to cancel your debit card say its been stolen or whatever, because they will definitely be dipping into your bank account.

You'll then give yourself some breathing space to deal with these charges,

If they are legal (BIG IF) then they would apply to court for them, however, its more likely with a well argued case that you only pay back what you borrowed at a rate that fits your circumstances

[bazaar]

I particularly like their Item 12 b. Do they really think that they are above the law with this tripe?

Its like a child has written this. translated as ' If we take you to court and we havent made the correct agreement, we will stamp our likkle feet.'

Too funny, this is a typical American contract.

[Viscount Stair]

The Information Commissioner ought to be interested in 7i (which is thoroughly misleading in relation to Subject Access rights) and the cancellation provision at 11 would be funny if it weren't so serious.

[EBOY]

Thanks La2006.

Didn't see it have just posted on it.

[sillygirl1]

This is a lovely section... surely if you die they have very little claim on your estate (if anything is left).

 

b. You agree that we will demand repayment of the full amount owed by you under Agreement if you:

i. pay late;

ii. have lied in a way which affects our decision to lend money to you;

iii.have broken the terms of the Agreement; or

iv.die, become bankrupt or make a voluntary arrangement with people you owe money to.

 

Again in clause iv above surely they stand a better chance of being paid if you are in a voluntary arrangement than if not?

[sillygirl1]

Another bit on how to break the pre-court protocols in this country....

 

However, we may not always give you notice beforehand, for example, if we plan to take court action.

 

I thought they HAD to give you notice beforehand to take court action.

[alisono]

Hi, so did I, I have questioned why I recieved no defaults notices or letters asking for the re-payment. Apparently I did the right thing and sent my offer back to Payday Money as requested by the court, they have just ignored my offer and asked for judgement. The court have said I can do a N244 and pay £75 to be heard by a judge to see if this will stand up. I have proof of posting so I going to have a go.

[shelly161]

Hi how did get them to accept £50 per month.The wont accept myoffer say its to low?

[shelly161]

hi phone wonga they'll put you through as they seem to be the same company anyway. They have ent me 4 lba now eacjh time I beg them to take me to court but they wont currently im repaying £50 per month. i have lodged a complaint with the fla and am awaiting a response. i would suggest complaining to fla the more reported complaints the better.

 

 

Hi how did get them to accept £50 per month.The wont accept myoffer say its to low?

[EBOY]

I just told them what I could afford. If I were I would complain to FLA saying you are trying to make a reasonable effort and that you are not getting anywhere. The FLA will try and find a solution.

[maddog69]

Hi,

 

Not sure if this is of any relevance to you guys but I have an account with wonga from last year, i have been sent a formal demand from PDP management services limited saying there client is quickbridge Lmited (trading as sameday cash Ltd. and wonga.com ltd)

 

I sent them an email yesterday to offer £10 per month...anythink they will accept??

[maddog69]

What is the FLA...im new:confused:

[acejacko]

i have not paid back a wonga loan and there terms and conditions say this:

 

If you fail to make any payment under this Agreement, you may be charged a fee of £10 on the day that your missed payment was due and additional fees of up to £105 when your missed payment is more than 3 days overdue, which sum(s) will be deducted directly from your bank account via your debit card.

 

they have lied as my wonga loan that i needed to repay was 260, and it has now rised to 494....that is way more interest and fees than they say.

[EBOY]

Well I have to state my extreme disappointment with the FLA.It seems that this association would let anyone be a member. I am sorry if that sounds harsh but they have done nothing for my complaint and indeed Wonga just ignore them. It really shows how much power the FLA can exert over its members!!!!

[la2006]

I have not submitted my complaint to FLA, about to submit my complaint to FOS and copies and oft - by tomorrow - see what happens with that.

 

Complain to the FOS -

 

contact the OFT's consumer licencing department. They won't take on individual complaints, but do want to build up a picture of WONGA behaviour. I think the OFT are investigating PAyloans. WONGA only got their license in Jan 2008. I don't know if the OFT take complaints of companies with fairly new licenses more seriously.

 

Office of Fair Trading

Consumer Credit Licensing

Room 1C/5

Fleetbank House

2-6 Salisbury Square

London

EC4Y 8JX

 

 

Application / Licence Details

 

Licence Number:0611974

Licence Status:Current

 

Current Applicant / Licensee:

 

Business NameCompany Registration Number

Wonga.Com Limited

6374235

 

Categories:

Consumer credit Credit brokerage

Right To Canvass Off Trade Premises:No

Trading Name(s) (Current):

 

wonga.com

Issued Date: 04-Jan-2008

Expiry Date: 04-Jan-2013

 

Legal Formation:

Body Corporate (incorporated inside UK)

 

Current Individuals that run the organisation:

NamePosition

 

Errol Damelin

Jonty Hurwitz

Philip Wright

 

Nature of Business:

Credit Agreements/loans (linked)

 

.......

 

Wonga is just over 12 months old, maybe that why there so desperate for extra money/fees.

Edited March 6, 2009 by la2006

[secretangel]

Hi I am in the same boat, a £300 loan has now spiralled into a £801.00 loan. I have been trying to call these people since January to no avail. Even When I got the letter from these solicitors, who do not exist as mentioned the company Quickbridge Ltd is t/a Chainey ...........

 

I did a more detailed check, and the address does not exist. the second part of the postcode is wrong. The address is registered to a Ranjiv Munir. He was very rude when these people did call me back, the funny thing is after I called and made a payment proposal of £10 with a view to increasing he refused it and said they would proceed with legal action. Then I got a letter two days later dated 19th March 2009 they had whacked on another £50.00. Again I rang and asked for a call back nothing. In my letter I requested a standing order / direct debit mandate to set the payments up. If they do take it to court, the courts will see I had made a proposal so it will not look that good on their part. That was legal advice I got.

 

As I said since then I have received another letter, I will write another letter except send it recorded this time. I am very scared, they are the only people who has refused to look at a income / expenditure which I told them was very strange as any other company asks for this whenever making a payment proposal, I really need some help here I am unsure what these people are capable of.

 

I will however keep ringing until I h=get a result. I am prepared to pay the orginal debt which I think I will put in my next letter.

 

If anybody needs more info on these companies, let me know as I can get a lot on them.

[la2006]

I will however keep ringing until I h=get a result. I am prepared to pay the orginal debt which I think I will put in my next letter.

 

If anybody needs more info on these companies, let me know as I can get a lot on them.

 

I sent a full and final letter for settlement for the true debt - which is under 100 pounds sent by recorded delivery... The morning they got my letter - They seemed to have a tantrum by sending me a e-mail addeding an extra almost 200 pounds in the space of two weeks, and in addition to all the other charges etc - then sent it straight to Martson - who I put in their place.....

 

I used this form: Debt Collections Complaints form - OFT, and signed http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/DebtCollectionComplaintForm.DOC

and sent it to the above address in post 44and enclosed all documents/ emails from WONGA and 2/3 page detailed complaint against WONGA over their breaches of OFT guidelines and trying bully me into paying an extra 450 in charges.

 

- I not sure if this is why WONGA have gone quiet on me - but I'm not finished with them yet - I about to do a SAR mid week and for the fourth time ask them for their bank details for a full and final settlement of the true debt.

 

I would like to know more info about WONGA, I not sure what info you have, but please do share on this site -

Edited March 28, 2009 by la2006

[secretangel]

I will have a look and no doubt do the same. have you not heard anything back from them at all since January.

[la2006]

I will have a look and no doubt do the same. have you not heard anything back from them at all since January.

 

Since the first week in March - that when I submitted my complaint to OFT, FOS, TS, and sent a CCArequest to Marston. I'm not sure why they have not contacted me over the last few weeks but I gonna make another attempt to settle the true debt

[secretangel]

I am going to send another letter on Monday recorded this time with a proposal, I will also contact the CAB office again and tell them this people will not respond. Will let you know what happens and what they say.

[secretangel]

The letter I sent to chainey came back addressee gone away. i contacted Wonga and they said it is out of their hands. I have now written to Qucikbridge UK t/a Chainey D'Amato. I will do another check on these people and let you know what I have. I also spoke to solicitors advising them these people refused my £10 offer and the letter with the proposal came back "addressee gone away" they have said, that they have to accept whatever you give them, it is my way of showing I wish to clear the debt the original debt which is £300. They also find it strange the letter came back. I am not scared as such but do not really want this to go to court. Who are Marston, I noticed one of the posters wrote to them. Please advise