Continuing Interest on Defaulted Account

[Doogalnosofroogal]

Folks,

 

Am kind of curious here. I have defaulted on several payday loans and managed to work out payment plans with the companies, however, they have stated that they are still applying interest. Even a DCA company who work for Wonga advised that interest is still being applied. Is this legal?

 

My understanding was that if an agreed plan of repayment was in place, the interest cannot be further applied?

 

Thanks in advance for any insight into this.

[EBOY]

If you have received a default notice they cannot continue to add interest. Plus Wonga's own self proclaimed code states interests stops being applied at 60 days.

 

Can you disclose the dca? Is it Gothia? Have you offer a full and final settlement on the provision they mark your credit rating as settled? Have you received letters from "chainey, d'amato and shannon" or "barker & lowe"?

 

It is probably worth making a complaint to Wonga who will only respond with cr*p. Then complain to the fos

[Jamie Kingston]

is it just Wonga or are there other companies as well?

[toofiegap]

also according to wonga they wouldnt default mine as the agreement was finished but on the outstanding they could still apply interest. Very interesting

[dansnowdon]

when u look online they still add initerest every day. If you default on your payment plan then that amount will be asked for.

[EBOY]

"We will freeze interest at the earliest possible stage – if a reasonable repayment plan can be agreed, or after a maximum of 60 days failing that"

 

Whats does this mean?

[toofiegap]

in layman terms we can do what we like when we like and how we like unless you give n to thier demands. Is your account disputed