Advice needed re: Settlement

[debtfreeformeplease]

Hi - have been clearing the majority of my payday loans with the help of my father, and after a lot of persistence I have managed to get Wonga to send me a settlement figure. It seems reasonable to me, as it works out to be less than the original loan + 1 months interest, which is what I have been attempting to get all of them to settle for. Here is the offer, which came via E-mail. Assuming they will accept payment by bank transfer, I am leaning towards accepting it and paying them in full. Would appreciate any feedback from those that have dealt with Wonga as to whether this is a good deal for them, and if they can be relied upon to honour it. Here is the E-mail offer I received - Thanks in advance for your help (Original loan was £1084 and I had previously had probably 20+ loans with them all repaid on time)

 

 

Hi

 

We appreciate you getting into contact with us about your loan, we have taken a look into the matter and this is what we have come up with.

 

Our Finance team has generated a once off settlement balance, given your current balance of £1579.33 to date and account in arrears - £1184.00 is what will be accepted as settlement of the loan. This offer is valid until 19 September 2012.

 

Could you please respond with confirmation that you accept the terms above?

 

 

Wonga.com

Hardship Team

PO Box 66147

London

NW1W 8PF

 

Our office is open Monday to Friday, 9am to 6pm so please do not hesitate to get in touch.

 

Kind Regards,

Hardship Team

Wonga.com

[email protected]

[renegadeimp]

Hmm. How much was the original debf and have you had a full breakdow of the account. Discounts usually, although not always, mean theres a big problem with the debt.

[debtfreeformeplease]

Original loan was £1084 and its 92 days overdue, so presumably at the point where its about to be passed to their DCA?

 

The current balance they quoted is basically just the original loan amount plus interest for last 90 days. I had a large number of loans from them in the past which were all paid back on time.

 

It seems a fair deal to me. As far as I can see there is nothing wrong with the loan, unless I am missing the meaning in what you say?

 

I am waiting for them to confirm it in writing once again and send me the bank details etc to transfer to, and then I guess I will decide.

[mightyblues78]

You don't mention if you have made any other payments towards the outstanding balance prior to this offer being made. If you haven't then that means they are only looking to charge you £100 interest on the original loan amount which sounds like a very fair deal to me - as long as you get confirmation in writing that the debt is settled and will not be passed on to any other parties of course!

 

Cheers,

MB78.

[debtfreeformeplease]

Sorry I see what you mean now - no I never made a payment on this loan, so agreed I think its very fair. Presumably an E-mail such as the one I pasted above is okay as far as proof of arrangement? I will be paying by transfer so they wont have any debit card details to re-attempt anyway, plus I think Wonga are not as bad as the others as far as that kind of thing goes, at least thats what I heard?

[pinkgems1000]

Sorry I see what you mean now - no I never made a payment on this loan, so agreed I think its very fair. Presumably an E-mail such as the one I pasted above is okay as far as proof of arrangement? I will be paying by transfer so they wont have any debit card details to re-attempt anyway, plus I think Wonga are not as bad as the others as far as that kind of thing goes, at least thats what I heard?

 

Sorry to interupt your threadbut did you ever receive a welcome letter from wonga?

[debtfreeformeplease]

I don't think so no. Not sure have ever received actual mail from them. Even since being overdue for so long. Why you ask?

[pinkgems1000]

I don't think so no. Not sure have ever received actual mail from them. Even since being overdue for so long. Why you ask?

 

I took a loan out with them last week and it says you will receive a welcome letter and i have been worried that the wonga logo will be on the envelope - dont want my partner to find out

[debtfreeformeplease]

I think with Wonga you are safe on that front. It defiintely wont be on the outside of the letter either way. The only ones that sent an unwelcome welcome letter to me were payday express (who continue to send me offers now even though I asked them to close my account when I settled with them) and Payday UK

[pinkgems1000]

Hi - have been clearing the majority of my payday loans with the help of my father, and after a lot of persistence I have managed to get Wonga to send me a settlement figure. It seems reasonable to me, as it works out to be less than the original loan + 1 months interest, which is what I have been attempting to get all of them to settle for. Here is the offer, which came via E-mail. Assuming they will accept payment by bank transfer, I am leaning towards accepting it and paying them in full. Would appreciate any feedback from those that have dealt with Wonga as to whether this is a good deal for them, and if they can be relied upon to honour it. Here is the E-mail offer I received - Thanks in advance for your help (Original loan was £1084 and I had previously had probably 20+ loans with them all repaid on time)

 

 

Hi

 

We appreciate you getting into contact with us about your loan, we have taken a look into the matter and this is what we have come up with.

 

Our Finance team has generated a once off settlement balance, given your current balance of £1579.33 to date and account in arrears - £1184.00 is what will be accepted as settlement of the loan. This offer is valid until 19 September 2012.

 

Could you please respond with confirmation that you accept the terms above?

 

 

Wonga.com

Hardship Team

PO Box 66147

London

NW1W 8PF

 

Our office is open Monday to Friday, 9am to 6pm so please do not hesitate to get in touch.

 

Kind Regards,

Hardship Team

Wonga.com

[email protected]

 

That seems pretty good since some of these payday companies charge ridiculous amount of interest ie payday overdraft - took a loan out for £150 and ended up with a balance of £2600

[pinkgems1000]

I think with Wonga you are safe on that front. It defiintely wont be on the outside of the letter either way. The only ones that sent an unwelcome welcome letter to me were payday express (who continue to send me offers now even though I asked them to close my account when I settled with them) and Payday UK

 

I really hope so it was just a silly thing I did - i wish i never applied for it now.

[debtfreeformeplease]

Don't we all....

[liz01]

hi hope you dont mind me butting in on this! but i just cant afford for payment to come out of my account this month, wife is really ill and we are desperately short of money, have either paid in full or had an extension up till now, its due to be paid in 2 weeks time, i really dont want them ringing my work how can i stop them doing this? any info most welcome please, also if i cancel my card will it def stop them taking my money?? many thanks

[Welshy27]

hi hope you dont mind me butting in on this! but i just cant afford for payment to come out of my account this month, wife is really ill and we are desperately short of money, have either paid in full or had an extension up till now, its due to be paid in 2 weeks time, i really dont want them ringing my work how can i stop them doing this? any info most welcome please, also if i cancel my card will it def stop them taking my money?? many thanks

 

Have you already defaulted and on the repayment plan or do you mean the total loan amount is due in two weeks? If the former then you can ring up and ask them to ammend the date/ammount on your repayment plan. If the latter then you can default, make sure you have no money in your bank account for them to take and then get in contact with them to set up a repayment plan.

[liz01]

no as yet i have not got a repayment plan or defaulted, but it will def default in 2 weeks time, is it best to email them, really dont want to ring them, also how do i stop them, if they will, from phoning my workplace? do i email them to ask for repayment plan on day of default? also if i cancel my card will it stop them from taking money from my account as i have read that they still can? many thanks

[debtfreeformeplease]

I am not sure there is any way you can definitely stop these crooks doing anything. Obviously you can stop them taking the money by cleaning out the account, although I will say this - Even after we cleaned out our bank account and cancelled the debit card on it, the bank still paid some debit card payments, and after much back and forth on the phone and in branch, I got them to put, in writing, that even after a card has been cancelled it is possible for these companies to charge it. It all depends on how they do it - a lot of them have found ways round the system by back dating the requests etc - So make sure you protect yourself completely. I have ended up with an additional problem with my old bank now because of it.

 

As for the calling work thing, they did call mine a couple of times, on the day the loan was first due and not paid. Only Minicredit and Payday UK did this, and they had to really apply themselves to get the number too as I only put down the head office details, not the actual branch where I work. So they had to somehow get this info from them (another story).

[renegadeimp]

I am not sure there is any way you can definitely stop these crooks doing anything. Obviously you can stop them taking the money by cleaning out the account, although I will say this - Even after we cleaned out our bank account and cancelled the debit card on it, the bank still paid some debit card payments, and after much back and forth on the phone and in branch, I got them to put, in writing, that even after a card has been cancelled it is possible for these companies to charge it. It all depends on how they do it - a lot of them have found ways round the system by back dating the requests etc - So make sure you protect yourself completely. I have ended up with an additional problem with my old bank now because of it.

 

As for the calling work thing, they did call mine a couple of times, on the day the loan was first due and not paid. Only Minicredit and Payday UK did this, and they had to really apply themselves to get the number too as I only put down the head office details, not the actual branch where I work. So they had to somehow get this info from them (another story).

 

You didnt cancel the CPA that was on the account. You MUST do this when dealing with PDL's, as they will exploit it. They have also been known to pass account details around different PDL's and those PDL's debit money even though you never had a loan with them.