Wonga payment plan declined, they will call -- what should I expect?

[Housey]

I just submitted my financial assessment to be considered for a repayment plan and it got turned down.

 

It said that all interest and collection activity has been frozen and they will contact me within 48 hours.

 

What should I expect from this call?

 

I am owed a tax refund that would easily cover the Wonga debt, but have no idea when it will actually be processed -- will this help in negotiations?

 

Any thoughts or tips will be appreciated enormously!

[renegadeimp]

First, ignore wonga and report them to the OFT. Repayment plans are to be made according to YOUR financial circumstances, not their silly reasons. If you can only afford £1 a week, then thats all they get.

 

Dont start cowering to their silly empty threats.

[Housey]

Thanks for replying so quickly!

 

I understand your suggestion, but my question is: will the call be about working together to sort it out, or will they be hostile and make stubborn demands and threats?

 

I would like to know in advance so that I can prepare psychologically, if nothing else.

[renegadeimp]

If they call you, dont talk to them. Only deal with them in writing. This is because they will say anything to get payment from you or pressure you into repayments you cant afford.

 

If they are unwilling to discuss via email or letter, then tough luck to them. If you start talking to them on the phone, you've fallen right where they want you.,

[Housey]

Update: they emailed me the next day, offering a 3-month plan.

 

I counter-offered a 10-month plan.

 

A few hours later they had set it up and that was that. Interest frozen.

 

I hope this helps other Caggers!

[renegadeimp]

Make sure you keep that email/letter that confirms that VERY safe.

[Bombaymix]

Wonga done exactly the same to me :/ refused my financial assessment and then when I emailed back "upping my offer" to them they declined again but told me they could accept a MUCH lower amount over a longer period of time :/

 

Glad you got sorted with them.

 

I have to admit, they've certainly pulled their socks up in recent months in dealing with repayment plans...

[jbscotland]

if you successfully negotiate a repayment plan with these companies do they :

 

call your work?

slap a default on your credit file?

 

JB

[renegadeimp]

They cant call your work. That is a big no-no. Regarding defaults, they have to follow procedure. They can indeed add a default if its overdue by a month or two, but again, they need to follow procedure and must mark it arrangement to pay.

 

If you want to avoid a default, the simple answers are: Don't miss the initial repayment date, or even better, dont use these lenders at all.

[jbscotland]

My circumstances have changed in our household income is being drastically reduced and my 3 x month payback plan is now null and void.

 

I now plan to

1 - contact wonga, quickquid and ukloanstore.

2 - cancel my debit card

3- ask the bank to change my sort code and account number

4 - hope they do not call my work as everyone will know my business. I have seen on other forums that quickquid are relentless at this.

 

I wish to keep all comms to e-mail.

what is the best course of action and what template to use for no phone calls?

[renegadeimp]

Click the library link at the top left of this forum. There are templates for all occasions there.

[Pip123]

Hi, I've just been reading this thread and need some advice! I too have a wonga loan which is spiralling out of control, I haven't missed any payments but every payday I am paying it off and then going into arears with other borrowings because of the wonga payment, I want to ideally set up a payment plan but am very reluctant to call incase they try to push me into a corner (I'm not good with money but have done well recently in reducing my out goings but I know I need to sort this loan out because I'm stuck in an ongoing cycle every month) my question is how to go about asking for a repayment plan. Can this be done via email? I know there is an income and outgoings form to fill out? Any advice appreciated thanks!

[bbfc]

Send an email to [email protected] stating that you cannot pay etc. They will reply saying that you can log onto the website and fill out their Financial Assessment, which will offer you a payment plan.

[jbscotland]

i thought this could only be done 3 days before the repayment date?

[bbfc]

i thought this could only be done 3 days before the repayment date?

 

I set my plan up the night before it was due. But no earlier than 3 days seems to be the norm.

[Pip123]

We're they okay in setting yours up? Have emailed them yesterday and they said it takes upto 48 hrs to reply, really don't want to ring them but will tomorrow if I don't have an email back!

[Pip123]

Have had the email today saying to log onto the website and set up a repayment plan 3 days before its due, which isn't until the beginning of march, looked on the website and can't see a section for it.. Is it something that only shows on there 3 days before?

[bbfc]

It will only appear 3 days before. Its quite a straightforward process and it's set up quite quickly. They will ask for your other 'non-priority' debts, but I don't think they take them into account so make sure you complete the 'Essential Expenditure' section properly. They will then ask for you to propose a payment and date, and they will either accept it or offer you an alternative payment. You can restart the financial assessment if you don't want to accept their offer.

[Pip123]

I sent them my i&e form by email on Saturday and had confirmation this morning that its been set up, I offered to pay 150.00 a month and its been approved and interest and charges frozen! Thanks for everyone's help!

[Bombaymix]

Fab news!!