wonga repayment plan

[wilko011178]

Hi everyone. help please! on my payday (31 oct)

 

im due to pay wonga almost £800.

 

I realise i cant keep paying back the full amount every month cos im just having to borrow up to £600 the following month just to survive till my next pay day.

 

im seriously thinking i need to arrange some kind of repayment plan.

 

Ive read i can only request this 3 days before my payment is due which is worrying me as they may not reply and just take the full repayment on my pay day?

 

Im with HSBC, do i have to try and cancle the CPA?

 

Ive given CPA to the money shop and also pounds2pocket so they will be taking a total of £205 from my account which is fine.

 

I dont want my bank to reject these requests as no doubt that will mean getting charged by them

[renegadeimp]

You can request it anytime. DOnt listen to wongas silly policies. Secure your bank account by telling your bank to cancel the CPA and any transactions to wonga and its merchants, then TELL, not ask, wonga, that you will be defaulting and you are giving them advanced notice.

 

Word of warning, they will try and add interest up to the first payment date. Dont let them. Refuse to pay it as it would be considered unfair under OFT guidance on debt collection, as you are in financial difficulty, you have informed the lender, and they have ignored it.

 

 

Regarding your other PDL's, you MUST get the cpa cancelled. Dont do it through the lender, do it direct through your bank. The bank MUST comply or they will be breaking the law.

 

Regarding charges, they would all be unfair/unlawful and not enforceable.

[wilko011178]

Ive looked at my wonga account and it says ring a number to discuss financial difficulties with them. From reading threads on here everyone says do not phone its best to have it in writing. The only email address i can find is . Is this the best place to start and see how it goes?

[wilko011178]

£669.94 is current balance. How many repayments would they be likely to be willing to accept. i was budgeting over 3 months but thats gonna leave me having to scrimp n save over the xmas period. would they be likely to accept repayment over 6 months? ive got greenwoods n provident breathing down my neck too so its a stressful time at moment!!!

[renegadeimp]

Repayments are to be done according to YOUR means. Pay no attention tot heir policies and what they say they can accept. If it works out they only get £1 a month, then thats all they get.

 

Sit down and work out your finances. That is very important. When you have done that, look at what you can REALISTICALLY cut back on, such a junk food, multiple nights out a week etc. The law allows you to have a percentage of your excess income for socialising, but not excessive amounts.

[wilko011178]

Thank you for your advice, much appreciated.. i was thinking i need to cancel this cpa authority. never done this before so wondering how much of a hassle it may be. I was thinking its just easier to report my card lost and get it cancelled? my new card would have a different security code and therefore wonga can definately not take out any money from my account on 31st?

[renegadeimp]

Cancelling a cpa is normally easy, as its done direct to your bank. You dont need to speak to the lender at all. It is enshrined in UK law that you can cancel the cpa whenever you like.

[wilko011178]

Received reply from wonga.... seem quite open to my offer of staggered repayments BUT told can only apply for such a plan online 3 DAYS before repayment date.... Very clever of them seeing as they know that interest keeps going up and up till then. guess its to prevent people borrowing hundreds of pounds then day later saying they cant afford to pay and them only accruing a days interest on what was borrowed

[renegadeimp]

Ignore their silly 3 days thing. You can get a repayment plan set up well before that and they know it.

 

As you said, its a little trick they pull to hike up extra cash for themselves and say it is interest. Even though THEY are the ones who caused the interest to accrue in the first place.

 

Regarding that interest, you have it slightly wrong. If someone took the loan and after 1 day said they wanted a repayment plan, they would be liable for the interest for the period of the loan as stated in the T&C's. NOT just one days interest. After all, they have agreed to the contract which states that interest will be applied over the one month period.

[wilko011178]

Well i cant pay anything at all till my payday so will just have to accept that my total repayment will be £773.89 not £669.94 which it was when i first made them aware i was struggling. would it be cheeky to borrow another 250.00 about 4 days before my repayment date THEN the day after officially apply for a repayment plan. would mean i would have an extra 250 'in my pocket' before commencing affordable repayments

[renegadeimp]

Your repayment is what you owe. Original amount plus initial interest. Not extra interest up to the first repayment, simply because wonga are trying to trick you out of more money.

[wilko011178]

Well ive just attempted to complete the online form, i owe just over a thousand and after filling it out and working out that there was 77 pound available for wonga to have some of that the form said minimum payment was 415 per month!!. I had to go back and make up loads of essential outgoings just to get the form to say minimum payment was 88. Thing is now the outgoings say summat like 500 more than im earning!! makes no sense!! but i pressed submit hoping that it will be accepted. will i get an email?

[renegadeimp]

Dont fill on their silly form. Create an accurate budget summary and send it to them.

 

As yoive seen, their I&e form is worthless and isnt correct at all.

[wilko011178]

No need to mess around with my own form - my repayment plan was accepted and its all detailed on my account when i log in. im slightly worried that there going to take the full amount and not £88 from my account on thurs tho... i dont want to cancel my cpa though as they might cancel the plan if they cant get a payment from my account

[renegadeimp]

They wont cancel the plan. If you dont cancel the CPA, you run the risk of them taking the money. If they try and cancel the plan because you cancelled the CPA, then you can get the FOS involved.

[the tinkerman]

Hi wilko

 

Can you please let us know if they adher to their p/plan and only take £88 when Thursday comes around, and does it state on your repayment plan that £88 is the amount that should be taken on Thursday.

 

Tinks

[wilko011178]

Not taken anything yet - i thought they were supposed to debit money at 5am?

[the tinkerman]

Thanks for informing me,keep us informed please

 

Did it it state on the repayment plan that £88 will be taken on Thursday.

[wilko011178]

They took my £88 this afternoon, cant knock them really, was easy enough t

o get myself on a plan and they only took what was agreed

[the tinkerman]

Cheers for that.

 

Tinks

[wilko011178]

Was originally on a 12 month repayment plan paying £88 for 11 months with final payment of £34.. paid 9 on time so had 3 left (end july aug sept). Phoned them back in july asked if I could pay 34 end of July followed by £88 then a final £88

 

They offered to let me repay what was left over the next 6months instead. So went for that. Paid July august september so had 3 months left.... well not anymore (see below)

 

just a shame I wont get any of the interest ive already paid back from them

 

You may have already read or heard in the news recently about an announcement on 2nd October from the Financial Conduct Authority (FCA) regarding changes to our lending criteria.

 

We can confirm that you have been affected.

 

The changes mean that we have new ways of testing whether customers can afford the loan they want to take out - these are called affordability criteria. We have investigated your case and we believe you are one of the customers who have been impacted as a result of these historical affordability issues.

 

What happens next

 

We will automatically clear any outstanding debt you have with us and your balance will be set to zero. This will be done by the end of October 2014. You do not need to do anything.

 

We are working with the relevant credit reference agencies to remove records relating to this loan from your credit report. We expect this will take between three to four weeks to be completed. This will be done automatically and there is no further action required from you.

 

Key Facts for customers

 

We have committed to a major customer forbearance programme in light of changes to our lending criteria

 

We have identified you as being affected by affordability issues and so we are clearing any outstanding debt on your loan

 

Please do not make any further repayments

 

You do not need to do anything. We will contact you to confirm that your balance is zero.

 

For further information, you can find out more on the lending criteria changes

 

We want to put things right for our customers

 

We are writing to you as a Wonga customer. If you believe you have received this email in error please call our customer care team free on 0800 042 0210 or if you are calling from a mobile on 0333 003 0830.

 

Dear Mr Mark Wilkinson

 

If you are currently making repayments to us, such as by Standing Order, please do not continue to do so. We recommend you contact your bank to cancel these repayment arrangements. Please be assured that, should a repayment be made, we will refund this amount to you.

 

We will contact you in due course to confirm that your balance is zero.

 

If you are in an Individual Voluntary Arrangement (IVA) or your debt is being managed through a Debt Management Provider it is your responsibility to inform the person managing your debt of these changes.

 

On behalf of our Chairman, Andy Haste, and the rest of the team at Wonga, we recognise that we may not have always made the right lending decisions and for this we apologise. We intend to be sure in the future that we only lend to customers who can reasonably afford to repay their loans.

 

You can find out more about these lending criteria changes here. Alternatively, please call our customer care team free on 0800 042 0210 or if you are calling from a mobile on 0333 003 0830.

 

Yours,

 

Tim Weller Interim CEO, Wonga Group