Wonga - payday loan

[Lisa2014]

Please help.... Whilst on maternity leave , i feel into the trap of a payday lender. I have kept this to myself as i was embarrased to tell friends and family i had been so stupid. The original loan was £1097. I went into a payment arangement plan via immediate financial. In the period of approximately 4 weeks whilst the arrangement was being sorted, i incurred £££ in interest. I have stuck to the arrangement and have now paid £1658.31. Wonga have advised i still need to pay a further £1512.08 until the balance is clear is there anything i can do. I have now lump sum to give them and i cannot face telling anyone close about this.

[Amethyst]

Re: Wonga - payday loan

Hi Lisa

Thank you for your post and there is nothing to be ashamed of at all. Payday lenders shove their products down your throat constantly, on tv, internet, texts - they make it all sound so easy and lovely. When you're struggling financially it's far too tempting, just to get you by until XXXX comes in.....

£1097 is quite a high loan for a first loan - they usually limit you to £400 on the first loan. So can you give a bit more info around that - and do you have a copy of the credit agreement / terms of the loan ? When was it taken out and what was the arrangement to repay.

Who are 'immediate financial' ? and what was the payment arrangement ?

Let's look at all the details and try work out what to do to get a line drawn under it.

Sharon
xx

[Amethyst]

Re: Wonga - payday loan

Is this they http://www.immediatefinancial.co.uk/ ?

Immediate Financial. Registered in England. Immediate Financial is a Trading Name of House & Home Care Ltd. Registered Office: Immediate Financial, Craven House, Station Approach, Godalming, GU71EX. Company Registration Number 5829935 Consumer Credit Licence Number 0590778 Data Protection Licence Number Z9593970.


What was the arrangement you made with them, and was it just for this one Wonga payday loan or other debts as well ? Who put you on to them and what fees have you had to pay them ?

What fees are payable on a debt management plan?

You will pay a fixed monthly fee of £38.50 or 50% of your monthly payment whichever is lower. There are no set up fees on the debt management plan and no penalties for leaving the plan.

[FlamingParrot]

Re: Wonga - payday loan

Please help.... Whilst on maternity leave , i feel into the trap of a payday lender. I have kept this to myself as i was embarrased to tell friends and family i had been so stupid. The original loan was £1097. I went into a payment arangement plan via immediate financial. In the period of approximately 4 weeks whilst the arrangement was being sorted, i incurred £££ in interest.

Presumably Immediate Financial are a fee paying debt management company? :noidea:

It shouldn't have taken 4 weeks to 'sort' it, especially if you were charged for the privilege of sorting it. Care to tell us how much their fees are?

[Lisa2014]

Re: Wonga - payday loan

Presumably Immediate Financial are a fee paying debt management company? :noidea:

It shouldn't have taken 4 weeks to 'sort' it, especially if you were charged for the privilege of sorting it. Care to tell us how much their fees are?

Thank you for the response. I currently pay £200 per month towards the debts and immediate take £30 per month from this amount for their service. Thanks again

[FlamingParrot]

Re: Wonga - payday loan

Thank you for the response. I currently pay £200 per month towards the debts and immediate take £30 per month from this amount for their service. Thanks again

Have you got any other debts (other than Wonga)?

There are organisations that offer exactly the same service, minus the charge. Payplan and Stepchange are the best known ones. It may not sound like a lot, but £30 is 15% of your total monthly payment, which could go towards reducing your debt(s) instead.

[Lisa2014]

Re: Wonga - payday loan

Have you got any other debts (other than Wonga)?

There are organisations that offer exactly the same service, minus the charge. Payplan and Stepchange are the best known ones. It may not sound like a lot, but £30 is 15% of your total monthly payment, which could go towards reducing your debt(s) instead.

Thanks for the quick reply. I do have some other debts but it's a few hundred pounds and I was thinking of doing it direct myself. By far wonga is the biggest debt but frustrating as I have already paid the loan total and interest but to pay a further £1500 for interest alone seems criminal. I didn't know if there was a way to get them to agree the loan was settled or if there was a maximum of interest they could charge?

[Lisa2014]

Re: Wonga - payday loan

Is this they http://www.immediatefinancial.co.uk/ ?

Immediate Financial. Registered in England. Immediate Financial is a Trading Name of House & Home Care Ltd. Registered Office: Immediate Financial, Craven House, Station Approach, Godalming, GU71EX. Company Registration Number 5829935 Consumer Credit Licence Number 0590778 Data Protection Licence Number Z9593970.


What was the arrangement you made with them, and was it just for this one Wonga payday loan or other debts as well ? Who put you on to them and what fees have you had to pay them ?

Hi amethyst...there were other debts but small in comparison to wonga. I am pleased to say these are now manageable. Yes the firm above is the company I am with. It was through the money supermarket website. I pay £200 per month and this includes their fee of £30. Wings didn't stop the interest when I got into trouble and charged me approx £2k in interest in approx 4 weeks.

[Lisa2014]

Re: Wonga - payday loan

Hello... Sorry just catching up with all the messages. Thank you for your help. It wasn't the first loan. I got into such a pickle, I was doing constant roll over loans and using several pay day firms. The others are paid. Thanks again.

[Lisa2014]

Re: Wonga - payday loan

Hi Lisa

Thank you for your post and there is nothing to be ashamed of at all. Payday lenders shove their products down your throat constantly, on tv, internet, texts - they make it all sound so easy and lovely. When you're struggling financially it's far too tempting, just to get you by until XXXX comes in.....

£1097 is quite a high loan for a first loan - they usually limit you to £400 on the first loan. So can you give a bit more info around that - and do you have a copy of the credit agreement / terms of the loan ? When was it taken out and what was the arrangement to repay.

Who are 'immediate financial' ? and what was the payment arrangement ?

Let's look at all the details and try work out what to do to get a line drawn under it.

Sharon
xx

I will email wonga and
ask for the original loan agreement and also try immediate in case they have this information.

[Lisa2014]

Re: Wonga - payday loan

Help..., this is the email. I have received from the finance company...Hi Natasha,
Following on from our conversation, please see below the details all of interest and charges added by Wonga.

- February 2010 balance was £1097 + £5.50 loan fee
- February 2010 added £304.47 (as per agreed rates of interest as stated in the terms and conditions)
- February 2010 £55 default fee
- March 2010 added £430.73 due to late payment (as per agreed rate as interested as indicated in t&c's)
- April 2010 added £398.76 due to broken agreement (as per agreed rate as interested as indicated in t&c's)
- April 2010 added £22.06 (as per agreed rate as interested as indicated in t&c's)
- 26th April 2010 added £267.31 (as per agreed rate as interested as indicated in t&c's)
- 2nd August 2010 £2262.13 (broken arrangements charged at agreed rate of interest back dated over last 4 months – indicated in t&c’s)

Since then been constant payments and no further interest. He advised all interest rates and details will be listed in t&c's. If I can help with anything else, please let me know.

Kind regards,

Hannah
Hannah Norman
Client Liaison Officer

Tel: 01483 412992
Fax: 01483 412 948
hannah.norman@immediatefinancial.co.uk


Craven House, 2nd Floor West Wing, Station Approach, Godalming, GU7 1EX




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