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Hello, read a few bits of good advice on this site but i require some further clarification. I currently owe wonga £550 due on the 12th april. I will have just enough to pay this on my payday 12th but this would obviously leave me with almost absolutely £0 to survive for a month thus forcing me to get another payday loan (which i dont want to do) because everytime i do it becomes more and more. I have contacted wonga and told them it isnt viable for me to pay it off in one, the man on the phone suggested to me that 3 days before the money was due, set up a payment plan from the my account section of wonga. My only apprehension about this is any damage to my credit rating (would they mark this as a default on the loan? and how badly would that affect me in the future?) I do have another option avaliable, which would be to repay the loan in full then live off a tesco credit card with 21.9% apr, hopefully someone can give me abit of advice on the matter, it would be much appreciated!

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Obviously, the best thing to do (to protect your credit file) would be to pay it off and never touch them again...

 

I'd say even entering Into a payment plan would pretty much stuff your credit rating (having payday loans full stop does nothing for your credit score anyway). An arrangement to pay (I believe) is as bad as a default (somebody correct me if I'm wrong)

 

I'd personally go with the last option.... Live off your credit card and pay it off on the next payday. Interest rates (although high) nowhere near as bad as a PDL!

It never rains but it pours...

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yes that's what i thought, i can probably just afford to pay it but it would make life more much bearable if i could split the payments between 2 or 3 months instead of one lump sum? Also if my credit rating is already bad, what difference would a default or arrangement to pay make? Do you think i could contact wonga about this? Would they be understanding and co-operative or are they just looking to get as much of there money back as soon as possible (im worried if i tell them i have enough to pay it off they wont allow a payment plan). To be honest i will probably just pay it off when its due, all this worry about debts and money problems is very depressing, i just want to get back on track and have some money for once!

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Wonga are likely to agree to a 12/18 month repayment plan. They did with me, I didn't even ask for that lol. I only asked them if I could pay it over a couple of months and they offered 12 months at about £40 per month!

 

It sounds like your current credit history is ok (you have a credit card with tesco, that's a good indication that your credit score is ok at the moment!

 

I know what you mean about money worries being depressing and it really isn't worth it is it? I had a list of debt (mainly PDL debts) as long as my arm, I'm still paying back but am no where near as stressed as I once was. Cag helped me no end, taught me how to deal with creditors and laws and legislation.

It never rains but it pours...

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thanks for the info, if anyone has been able to setup a repayment plan with wonga before they have tried to take the full amount you owe please could you provide some details on this. Also is there anyone who has a payment plan and has asked about the credit report default?

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For anyone intrested heres a little more info i got from wonga:-

 

Setting Up a Repayment Arrangement

 

 

 

Thanks for taking the time to look into alternative ways to repay your loan. We'd like to help you find a way to repay your loan which is appropriate for your financial situation. While we are happy to look into the possibility of you repaying your loan in stages, there are a few things you need to be aware of.

If you do arrange to repay your loan over a longer period of time, which takes your loan past it's promise date, this will have a detrimental effect on your both your trust rating and credit score. However, setting up a repayment arrangement will freeze interest on your loan, and we will cease all collections activity.

Before we are able to set up a repayment arrangement for you, we'll need to complete a financial assessment. This is an industry standard document which requires you to submit some basic information about your income and expenditure. This information will allow us to set up a plan which best suits your financial situation, and should allow you to repay your loan in manageable stages.

Please note: we won’t be able to suspend interest or charges, and we’ll continue to attempt to collect payment for all or some of the outstanding balance and on one or more occasion, until you’ve successfully completed this form and the repayments are agreed.

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Just to add that wonga will record a default at the end of the repayment plan (although they will obviously mark it satisfied)

 

 

They didnt do that to me on my previous loan. They marked it as settled.

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Hi

 

They have just done it with me. I complained but they just said that I had defaulted on the original loan and therefore it was an accurate reflection of how the account was run

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Had a loan with Wonga and was unable to pay the amount due on the due date (£1200 inc interest) I had to wait until i had defaulted on my payments and it then took them 3 days to set up a payment plan, they do advise you of this when you phone them. (Mine was set up for £50 per month, and interest had been frozen) I totally disagree with the fact that they have to wait for the payment to come back to them unpaid before they can set up a payment plan as this means they were getting 3 days interest from me. After emailing them a very brief list of my outgoing each month they accepted on £50 per month, on my account page it showed what was due and on what date which was helpful.

 

I also checked my credit file and on Equifax it showed AR against Wonga (arrangement plan set up). I was fortunate enough for somebody to bail me out of that hell and am waiting to check my credit file at the end of the month to see if has been taken off and closed...!

 

It really depends on who you get on the end of the phone as to what result you will get, some want to help others don't and do not listen to your story, yes they probably hear it everyday, but they should know that by the type of company they are, preying on the low income and charging way over the odds interest for people in need, i also know that there are people out there who have no intention of paying them back either and that reflects bad on the people that are genuine.

 

They even advertise on TV now on prime time slots with those stupid f*cking puppets, they should be puppetnapped and placed in a big fat vat of Lava....(right rant over)

 

Sorry for the waffling but there is always a light at the end of the tunnel but it might take a while to get there.

 

Peace

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