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Wonga adding interest unfairly...what do i do?

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Stupidly I took a loan from Wonga for £500 and about 100 interest.... 3 days before the promise date, I entered into a repayment plan but my first payment not due until October 1st...but when I logged in, its now saying I owe £631 and a few pence even tho a repayment plan is in place.

 

I emailed Wonga, and their response was that the interest will accumulate until my first instalment of my r/p plan has been paid... Can they do that? what can I do?

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Sounds like theyre adding it on for self gain.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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They can add on interest until they issue a default. They cant keep suspending a default purely to add interest though. Even though they have tried before.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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You are dealing with PDL's now. Theyre not exactly reputable companies. We call them Legal Loan Sharks for a reason.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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It may be unfair, but it is perfectly legal and you will be expected to pay it. Interest on a Wonga loan will accumulate either until (A) you pay it off (B) 60 days passes after a default without any contact with them or © a contract prevents them from charging you interest. The repayment plan does fall into the final category however only once it is put into action, i.e, the first payment is completed. Also note that depending on how your repayment plan was worded, if you miss one payment, they may be able to charge you interest again, even on the period over which you were making payments. I'm not quite sure how Wonga generally handles that scenario however I know that some similar services can and do enforce similar rules.

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They have agreed to freeze interest and charges, but not until I have made my first instalment...so they are within their rights for interest to accumulate until the repayment plan begins :/

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Ill check up on that for you but I think that they cant do this as its unfair. They have basically ignored your circumstances and levied it for self gain


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Any charges on that?


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Any charges on that?

 

When I logged in a few minutes ago, it says I'm 23 days in arrears and I currently owe 647 yet my repayment arrangement in place to start on Tuesday hasn't changed.

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Before you make ANY payments, you need a fully itemised breakdown of the debt.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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According to their association guidelines they can add interest for an additional 60 days. I am not saying this is right or fair . Paydayloans have moved on from their early days when they were a fixed term loan they are now often classed as a line of credit where interest can be rolled, and rolled..

 

Having said that I am a little out of touch with what is the current thinking, I have stuck two fingers up to all my PDL's ..if they want the money they need to take me to court and maybe get £1 per month if they are lucky...only 4 1/2 years to go to SB


Any opinion I give is from personal experience .

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very true fletch. I think the answer would be in the terms of the agreement. If it says fixed term loan, then they cant add on the interest. If it is a line of credit or rolling account,t hen theoretically they can.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Given the way their advertising and pre contract information is worded they would have a very hard time defending if they would be challenged over a claim from themselves that they provide a rolling account / line of credit.

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Not having seen a current or this particular Wonga agreement I do not think any of us can comment on the particulars.

 

What i said was that many PDL's seem now to be offering a line of credit where the interest has to be repaid monthly or whatever specified period. Looking at the wonga site it is difficult to work out what type of loan this is


Any opinion I give is from personal experience .

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