I helped my dad to write am email to wonga yesterday, explaining that he was struggling to pay back his loan and has found himself in a vicious circle of extending and paying interest. We decided that this approach was best as my dad will not close his bank account and we were afraid that if we went through a DMP they would just take all his money so thought contacting up front and honestly might work. It is still nearly two weeks until his payment is even due so he hasnt even defaulted yet. They replied straight away but it was a generic form asking him to fill in details about what he could pay and his income and expenditure which to be honest was fair enough we wouldnt obviously give them too much info such as any account numbers so didnt think it really mattered if they knew he owed so much to so and so. Anyway, does anyone have any experience of succesfully setting up a repayment plan with them? Im terrified that they are going to take his pension and i am in no position to help him we are on a super tight budget due to our IVA. I can see myself doing the midnight bank run for him in an attempt to get him his money before they do. His bank have said they cant help
I think Wonga have agreed to new rules on how much interest they can charge I have a feeling it's six months from the last payment, might be an idea to Google the latest changes, then you can see the worst case.
The trap is if you keep paying then they will keep adding interest. So any agreement should be based on frozen interest point then you'll be able work out a payment plan that's doable, with an end date.
May I ask how much are we talking about? as that's key really to the next line of action
I see DMP and IVA get quite a bit of air time, but very little about DRO which could be something worth investigating if your dad has little income, no assets and debt below 15K , I believe?
Always worth a chat with your own IP firm, see what they think
Whilst I was working at CAB recently, I did the same as you and filled in an income and expenditure form which showed the client could only pay £5 per week, and Wonga accepted this and froze interest. Hope this helps...
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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Thanks everyone, all sounds positive. I will wait patiently, i am worried that they will purposely drag it out until he has defaulted at the end of the month but we will see. He will not do a DRO he wont even consider it, he wants to pay and has a little disposable income to allow him to do so if interest is frozen. On one of the generic forms that they have emailed it does say that interest and charges will be frozen if an agreement is made.
Nepensioner, can i ask? How long did that particular agreement span, im not sure if they have a certain period of time that they let you spread payments over and do you know if they kept to their word when it came to taking payment, i am worried that they will take all my dads money anyway.
Hi Josu, think the initial period was for 6 months so that they could establish payments were being made, and if there no defaults, would continue and review for the same reason every six months.