Wonga Loan

[MelDo]

I owe just over £880 which is due to be taken out on the 29th March.

 

Is it too late for me to cancel this with my bank? (Natwest)

 

I've spoken to my payroll and it's too late for me to change salary payment for this month.

 

Are Wonga obliged to accept a payment plan and will they continue to charge interest through the period of the plan?

 

Many thanks, Mel

[renegadeimp]

You have plenty of time to get this sorted.

 

What you need to do is give Natwest a letter that states that they are instructed to cancel any and all transactions to wonga, and any CPA's that are on the account, or may be added, are refused and declined. They will try to wriggle out of it, but they must comply under law. Get the letter sent in by hand, and get the bank manager to copy it, sign and stamp both letters. You keep the copy, they keep the original.

 

Once this has been done, then you can contact wonga and tell them. DOnt believe the rubbish they will try and tell you about how you need to inform them on the payment date.

[MelDo]

True to form the NatWest are saying they can't cancel the CPA!

 

With regard to Wonga and a repayment plan/interest, what's my position there?

 

Thanks

Mel

[Bazooka Boo]

Go back to Natwest and TELL them they HAVE to cancel the CPA, if they don't then they will be liable for any money wrongly taken from your account and they WILL be in breach of the Payment Services Regulations and you will not hesitate in reporting them to the FSA.

 

http://moneyaware.co.uk/2012/07/how-to-cancel-a-continuous-payment-authority-cpa-on-a-payday-loan/

[PDLVictim]

Hi MelDo,

 

1) Cancel your debit card (report them lost). This will prevent Wonga to take the payment on the 29th. Also write to the bank that you withdraw the CPA for Wonga.

 

2) Wonga is not obliged to accept repayment plans but they will do it. They will not charge interest while you are on the repayment plan and they do repayment plans up to 18-24 months. Simply send them an email that you are in unexpected financial difficulties and would like to request a repayment plan with interest/charges frozen. They will send back their I/E form which you complete (voluntarily) leaving over for them the amount you find suitable and send it back. They will then confirm the repayment plan. Always only pay them by standing order to their bank account.

[declan1992]

They can cancel a CPA as your the customer. Simply tell them they are legally obliged to do such a thing. Failing that cancel your card and then contact wonga saying you need a repayment arrangement, they should freeze the interest and are usually okay coming to an agreement.

[renegadeimp]

Bazooka Boo hit the nail on the head. If the muppets in the branch are insistant on that, then demand their names and employee ID's, as you will be reporting them to the FSA for breaking the law.

[MelDo]

Would £50 a month be reasonable?

[renegadeimp]

Forget what wonga deems reasonable. Repayments are ALWAYS to be made according to your current financial circumstances. If you let them dictate terms, then theres no point you being on this site and in all honest truth, you are justifying what they are doing.

[MelDo]

bit harsh! I'm on the site because I need some advice not rebuking!!

I am by no means justifying what they are doing, I got myself in to a mess and I'm trying to get out of it and in the past CAG has been remarkably useful and informative. I really appreciate your help in previous messages and I understand the opprobrium you attach (rightly) towards those who seek to profit off other's misfortunes, but I'm not the enemy!!

[renegadeimp]

I didnt mean it like that. My apologies.

 

My point was that you need to be firm and upfront with them. If you let them dictate what they will do and what you are going to do, then it defeats the purpose of this site.

[MelDo]

Thanks

 

Trust me, I'm on the site's side. I'll look at my budget again when I've sorted out my council tax arrears - don't really know how much I'll have left over until that's sorted.

 

Ta

[renegadeimp]

If your budget only allows you £1 a month for the PDL, then thats all they get. You could even tell them to stop interest and charges accruing if your repayments need to be low, and if they say no, then drop them to £1 a month for the life of the debt, as it would be pointless paying more if they are still levying the charges.

[MelDo]

So they could keep adding interest at the ludicrous rates they currently are?

[renegadeimp]

They can add whatever they like. It doesnt mean they would be enforceable. As ive said on other threads, PDL's are very easily dealt with. You just need to know what to do and how to counter their silly reasons for adding on the spurious charges.

[Bombaymix]

Can I just add....

Although Wonga were once the ring leaders in being totally obstructive and unhelpful. When I had to deal with them they were by far the easiest to deal with.

 

I sent them an offer of £80 per month and they emailed back saying they'd set up a payment plan for £46 per month.

 

I arranged everything via email.

 

I'd say that they're certainly the best of a bad bunch.

 

Eurgh, can't believe I actually gave a PDL a (half hearted) compliment.

 

Natwest and other banks are still not getting it! With this letter that you take in RE: cancelling CPAs, maybe print off some appropriate literature off the Internet RE: their obligations and tell them to pin it to the staff canteen notice board!

 

Do you have online banking with natwest? Although I think you'll be fine for time, might be worth transferring your money out as soon as it hits your account just to be cautious. I don't think I'd ever trust a PDL as long as u draw breath!

 

Regards

[PDLVictim]

Hi MelDo,

 

50 GBP is reasonable and will most likely be accepted by Wonga to repay 880 GBP debt with interest and charges frozen.

[MelDo]

The more posts on the subject of cancelling CPA I read the more nervous I get.

 

It sounds like people have had a real fight.

 

Is reporting my card stolen or cancelling the card a more certain way of ensuring the payment isn't taken?

[renegadeimp]

There is no real fight. The law says the bank MUST cancel it. The banks try and say otherwise, but putting formal complaints in usually makes the bank change their stance. You can report the card lost or stolen, but a lot of banks still allow transactions to be processed. Thats what a CPA is. It allows the payment to go through, regardless of the card.

[MelDo]

Does anyone know of any stories where Natwest have accepted a request to cancel and it's all been tickety boo?

[Bazooka Boo]

They have NO choice, they MUST cancel the CPA otherwise, they are liable for the amount of money that is taken from your account, AND they will be fined by the FOS.

 

TELL them that they HAVE to cancel the CPA, if the cashier refuses, then demand to speak to the branch manager or their line manager, take the details of the person who refuses to cancel the CPA and use it in your formal complaint to the FOS, they will either be retrained or receive their P45.

 

The banks MUST do as you demand, NOT the other way round, they lost any modicum of respect and power when our illustrious government bailed them all out with our money.