Wonga loan

[twilt]

Hi all

 

A few days ago the boiler went, needed it fixing straight away and.. 6 days before payday isnt a good time... i was

100 short on the cash to do it (and have always refused credit cards as i dont trust myself with them)

 

My credit rating is decent and i should have simply called the bank and extended my overdraught, but i didnt want a bigger overdraught than i have now. I know, stupid move.

 

So, when i saw an advert for wonga on tv i thought it would be a good quick solution... interest is something like a fiver,

which while a huge APR is a low real-term cost.

 

Just to make it clear, im paid in a few days, and have no problems whatsoever paying it back.. money is sort of tight, but i can

manage next month without going over my overdraught limit... it was simply an unexpected expense.

 

After doing the loan though i did a bit more research on the company.. id assumed that people having problems with the company were those who couldnt make repayment on time.

 

But ive read quite a few horror stories about people having their bank accounts cleared on payday, even when they didnt owe any money???

 

Really im just trying to find out how real this risk is.. as i understand it, giving them my debit card details basically gives them

free reign to take what they want and the onus would be on me to prove it isnt money owed to them?

 

I really regret taking this option now, and am quite worried that come payday ill find £2,000 gone from my account or something.

 

Ive also read that even when this card expires they can still use it to claim cash?.. its quite frightening really.

 

 

Anyway does anyone have experience of these companies reliability when funds are there to claim the correct amount?

 

Thanks

[JO1010]

If they do take more than they should phone your bank and ask them to withdraw payment as you have a credit agreement which states that. You will probably need to send am email of credit agreement to the bank and as long as they can see that only x amount was ment to be taken on y date they will recredit your account! Dont get flogged off by tele advisors at bank ask for manager or if they decline a managers email address. I dount it will happen but if it does you should get it sorted within a day by the ban as you have proof to show a mistake has been made.

 

Hope that Helped

[kierenluke]

Hi

Can anybody give me some advise. I have a loan with wonga it was originally for £200 but i defaulted as i was off sick to cut along story straight with interest etc i have been paying them £52.71 since July and the last payment is due in Dec 2010. In September 2010 i started to receive calls from a CL debt collection company who informed me i owed Wonga over £600 i explained that i had a payment plan as above, and they stated they wanted me to send in bank statements to which i refused. I then received another 10 phone calls all in one day. I telephoned wonga and was on the phone for over 1 hour to which i was told that they had not given my details to the debt collection agency and that my payment plan was still in tact. I received more calls from CL and even emailed them an email Wonga had sent confirming payment plan, i then got told they were sending someone round my house. I telephoned CL again after about the 40th time and got told they would try and sort it out with Wonga. In total i spent about 4 hours on phone and dont ask me the costs as they were from my mobile. I sent a letter to Wonga asking how CL got my details and asking to reimburse me costs and if not would send to Financial Ombudsman i received nothing. I have now sent to FO asking them to look into how my personal details could be given without Wonga knowing (as they stated) and the FO said they are looking into it. I have two payments left and at moment feel like not paying them, what should i do should i let the FO deal with or pay them the last two amounts.

[JO1010]

PAY the last two amounts as then you are debt free to wonga. if you dont pay u risk defaulting on your repayment plan which then means more intrest pay them off and claim back mobile calls and costs after you have paid them. Do Not withold cash from them or they will slam u again

[sillygirl1]

Contact the Daily Mail, they are running a story stating that Wongas interest rate is a lot les than having a bank overdraft, they need to know the antics this company is capable of. I cursed when I saw the article (second curse today was when Ian Duncan Smith's car drove past, holding up the traffic)

[42man]

£600 back for a £200 debt ? This is appalling please do report them to the Office Of Fair Trading.

[ihateyes]

Hi all

 

A few days ago the boiler went, needed it fixing straight away and.. 6 days before payday isnt a good time... i was

100 short on the cash to do it (and have always refused credit cards as i dont trust myself with them)

 

My credit rating is decent and i should have simply called the bank and extended my overdraught, but i didnt want a bigger overdraught than i have now. I know, stupid move.

 

So, when i saw an advert for wonga on tv i thought it would be a good quick solution... interest is something like a fiver,

which while a huge APR is a low real-term cost.

 

Just to make it clear, im paid in a few days, and have no problems whatsoever paying it back.. money is sort of tight, but i can

manage next month without going over my overdraught limit... it was simply an unexpected expense.

 

After doing the loan though i did a bit more research on the company.. id assumed that people having problems with the company were those who couldnt make repayment on time.

 

But ive read quite a few horror stories about people having their bank accounts cleared on payday, even when they didnt owe any money???

 

Really im just trying to find out how real this risk is.. as i understand it, giving them my debit card details basically gives them

free reign to take what they want and the onus would be on me to prove it isnt money owed to them?

 

I really regret taking this option now, and am quite worried that come payday ill find £2,000 gone from my account or something.

 

Ive also read that even when this card expires they can still use it to claim cash?.. its quite frightening really.

 

 

Anyway does anyone have experience of these companies reliability when funds are there to claim the correct amount?

 

Thanks

 

I had a loan with wonga over 12mths ago, i defaulted and set up a payment plan, and all went fine. I cant complain.....

 

Well i can... they never answer emails, and you end up calling them.

 

IN august i toook out a loan, and chipped payments where and when i could. the final extension came i paid the 10%, and selected 18th november. when i paid the amount, it had now changed and my due date was 11november!! to my horror.

 

I called and explained and was given a £10gwg payment, and advised it would be dealt with.

 

Eventually, it was, and i cant complain.

 

You will really only hear bad stuff about any company. Wonga did nick £130 off me last year, prior to setting the repayment plan, i called and made a token payment only for them to try all denominations once i hung up.

 

Anyway, big interest rate, small loan. i understand why its that high... lets be honest for a short term solution, with the risk involved, if they did charge 10%apr, the would make a couple of quid off a £500 LOAN.