Wonga Debt Now at Breaking point!!

[Irishson]

Hi as with others i have read on this forum i too have been victim to the payday loan cycle the story is quite loan but to cut it short i originally was balancing three payday loan companies (Wonga, PDUK, Lending stream) i had to borrow a substantial sum of money from my uncle to pay them off and I'm paying him back £100 per month and now an unexpected bill left me with no choice but to borrow from Wonga again, my debt is now at £1330 which is total loan including interest and charges which is due at the end of this month, my wages are only £1000 and i don't know what to do, i want to arrange a payment plan but I'm afraid to call or email them for fear that they will send letter after letter as i don't want my family to realize the debt i borrowed, i realize it was ridiculous to get in this position, but can i deal with Wonga purely through email? so they don't send me letters and can anyone please advise me what to do? I also have a loan with PDUK that i have defered every month by paying the interest and a little bit of the loan each month but its going nowhere would they accept a payment plan too, i have around £300 spare income i thought perhaps they would accept £50 each per month is this unrealistic? sorry about the frantic nature of the post but I'm worried about what to do next.

 

The success stories i've read gives me hope that there is a solution.

 

Any Help would Be ubelievably Appreciated

[JOHNINYORK]

With reference to Wonga,it seems that they are quite easy to organise a payment plan with.But you have to go into default with them and contact them on the day of default.I should have paid them roughly £340,but they have allowed me to repay back over 10 months.

If you start to panic,you cannot think straight.Try to relax,I know it is easier said than done.I have found that a quick phone to Wonga will solve the problem,but you must get them to email you the repayment plan.Some people will say that phoning is a big NO NO,but as long as YOU GET an email from them,everything will be all right.

Regarding PDUK and Lending Stream,I have had no experience with them.

 

Regards,John.

[Welshy27]

I agree that Wonga are really good in setting up a repayment plan but be warned that even when you do default with them they may still take what they can from your debit card. Despite this, I rang them up to organize my plan with them and they were very good and immediately sent the confirmation email. I've also rang up to amend my plan on numerous occasions and again they are happy to do this with no hassle - depending on how you want to change it they may ask for a small token payment but not always. On the day they take funds from a repayment plan they normally take them between 5-6pm so gives you a chance in the day to make sure the money is ready in your account. Also, they don't clearly state this but don't make any payments towards your plan through their site because it won't register on their system properly. You need to call them to discuss any aspects of your repayment plan but this isn't too bad considering they are a local rate telephone number.

[JOHNINYORK]

As Welshy says,

 

"Also, they don't clearly state this but don't make any payments towards your plan through their site because it won't register on their system properly."

 

Even if you make a payment into their bank account can confuse their system,as I have found out.

But do not bury your head in the sand,the debts will not go away.All communications will be done via email,so the family need not know what is happening.Believe me,it is a big relief when you get sorted things out.

 

Regards,John.

[Irishson]

Thankyou for the help it has really made me feel a lot better about it, in anyones opinion do you think it is worth emailing first as i've heard some people emailing and filling out a basic income and expenditure, would this help or is it best to call them the day i default? and with paydayuk, should i contact them to see if they would accept a payment plan or continue to differ by paying some of the loan and charges each month as i've been doing?

[renegadeimp]

Do NOT call them. In writing only.

[dickturpinn]

I found wonga pretty easy to deal with once i "lost my bankcard" and agreed a payment plan over 4 months to clear a 700 debt,

 

they only thing i didnt like was once it was payed off i was bombarded with texts emails to get another loan

[Irishson]

This is the email I sent to the collections team, in your opinion do you think I would have much success?

 

Hello, I am currently writing with regards to a current open loan which was originally for £1000 and currently stands at £1243.51, which is due on the 1st of August. I regret to inform that my financial circumstances have now changed dramatically and I will no longer be able to meet the agreed repayment, I have no interest in allowing this debt to default and have every intention of paying the amount off, and as you will see from my history with your company that I have always paid in full. I can only hope that you will be compassionate enough to halt all interest and charges and allow me to come to an arrangement with this loan. I have calculated that if I was to arrange a payment plan over a period of 24 months of £56 then I can comfortably afford this each month, and I would review my circumstances on a regular basis to ensure that any future available finances will go to paying off the outstanding balance sooner. Again I have nothing but good to intentions with regards to this loan and to the Wonga team and I have been aware of your compassion with other customers with this regard, I appreciate the inconvenience that this causes but my only intent is to pay off the existing loan and to come to a manageable agreement for both of us.

 

Yours Sincerely

 

 

Contact through email only.

Edited July 23, 2012 by Irishson

[renegadeimp]

Take your name out of the post. It can be used to trace you. Wonga have been pretty good with repayment plans, but lately we've had reports of serious issues with them, such as agreeing a plan and then they debit the account for the full amount regardless.

 

If they say no to the agreement you propose ( 24 months for a lot of creditors is a bit long), try saying for 6 months and then it will be re-evaluated.

[Irishson]

Take your name out of the post. It can be used to trace you. Wonga have been pretty good with repayment plans, but lately we've had reports of serious issues with them, such as agreeing a plan and then they debit the account for the full amount regardless.

 

If they say no to the agreement you propose ( 24 months for a lot of creditors is a bit long), try saying for 6 months and then it will be re-evaluated.

 

I could definately manage 6 months at 56 and then pay more after 6 months if that was an option, would wonga be prepared to do that perhaps? obviously i wont know until they reply but my finances are in dire straits as it is and i really just need a few months to get back on track, my main concern is to get both wonga and paydayuk paid and gone so i can get out of this vicious circle, so i can enjoy my money without feeling on borrowed time.

[Irishson]

i could definately afford 6 months at 56 pound and i could probably pay twice that amount after that date, would they be likely to accept that? my main concern is to get my finance back on track they're in dire straights at the minute, and i just want to pay wonga and paydayuk off so that i can get out and stay out of this vicious cycle, and enjoy my money rather than feel on borrowed time.

[renegadeimp]

Best way to offer a repayment is to always add a re-evaluation clause. Something like : I propose £xx every week/month for x number of months, to be re-evaluated/reassessed once the 6 months has expired.

 

Most creditors like the re-evaluation clause and are more likely to agree a repayment plan that way, than having an offer of 24 months in front of them, which a lot of PDL's do not like.

[Irishson]

as i've sent the email already have i shot myself in the foot? or when they reply can i say that i would re-evaluate after 6 months etc?

[renegadeimp]

See what they say first. You might get lucky and theyll agree to it. If not, you can always offer another plan. There are no right or wrongs when trying to discuss things. Thats why its called negotiation.

[Irishson]

See what they say first. You might get lucky and theyll agree to it. If not, you can always offer another plan. There are no right or wrongs when trying to discuss things. Thats why its called negotiation.

 

Thanks for the help i'll report back as soon as i recieve a reply fingers crossed.

[Irishson]

so wonga got back to me today asking me to fill out an income and expenditure form, now if i fill it out which im not bothered by doing i know some people say you shouldnt, but if i put my circumstances down will they say im lying because as i said previously im in dire straits financially? also they sent a 2nd email saying that they have reviewed my account and they believe the content of my email was fully addressed, if i feel they have not resolved the query etc please reply back, is this a standard email to say that they have acknowledged and are waiting for the I and E form?

[dickturpinn]

i would open up a new account or get new bankcard if i was you before they take all your money this month and then see what plan you can set up

[renegadeimp]

if they say you are lying, then you MUST start complaining to the regulators and to wonga. They have NO right whatsoever to say you are lying.

[Irishson]

if they say you are lying, then you MUST start complaining to the regulators and to wonga. They have NO right whatsoever to say you are lying.

 

Thankyou again for the advice, i was just worried that they wouldn't believe what i put because i know they have no right to proof, and worried they expect me to pay absoloutely all of my free cash to them, i understand i got in this position but at least im willing to get out of it rather than let it pass on to debt collection.

[renegadeimp]

If they expect that, then they would lose their credit license. The UK has consumer laws to stop things like that from happening.

[Irishson]

Just thought i would update on the situation as im unable to access the i&e form wonga sent me until tomorrow, can i just send them my own version like all my income and outgoings in an email? or will they send it back to me? also are you aware if i call my bank (Bank of Ireland UK) will they be able to cancel a CPA over the phone?

[renegadeimp]

Dont use wongas I&e form. It goes into way too much detail. The ONLY thing you need to do is give them a very short summary of your finances. Remember you are not under any obligation to even supply that to them.

[Irishson]

thanks once again i'll email off a standard income and outgoings statement

[Irishson]

thanks once again i'll email off a standard income and outgoings statement

 

Hello i have ahad a reply from wonga stating that they cant accept my offer of £56 because the value of payments is too low, however they will allow me to pay £113 per month until its paid off!!!! i obviously cannot afford this and i cannot afford the stress of allowing it to default etc, could you please advise me what i should do next?

[renegadeimp]

You get to decide. Not them. do you have their bank details? If so, start repaying as per your plan and use your account number as a referencenmber. Then all you need to do is TELL wonga what you are doing and keep the repayments up to date.