Wonga Pay Day Loan

[barassie_afc]

apr 4200%.....................

 

Borrow

[barassie_afc]

Aye, why on earth people would go for this I have no idea, it's unbelievable.

 

Anyone that gets sucked into that pish is an idiot.

 

Thing is people do as there is very little credit out there

[spamspamspam]

shite companies praying on the poor.

 

There is a reason the bank says no to giving them an o/d etc, they cant afford it.

[tightbreeks]

it's just legal loan sharking. when you watch daytime cable telly, the adverts must haunt people who are in a bit of a sticky situation.

[tup]

VERY shocked, well I wouldn't if junkies went for it.

 

Exactly the kind of folk targeted.

 

They then steal electrical items from people's houses to pay the debt back.

 

And Cash Convertors, another arm of the same financial 'shark' industry then buys the electrical goods off them, cheaply, and sells it on at a massive profit.

 

Thus one feeds the other.

[Foster14]

If they have a shit credit rating, they won't get it anyways.

 

They still do their normal checks on you I'd presume.

 

It can't just be, oh I've been refused from the bank - I'll go to Wonga. They will do the needed checks.

 

I'd be shocked if there were people who went for this shite. VERY shocked, well I wouldn't if junkies went for it.

 

That is part of the reason why interest rates are so high, because the risk of default is much higher.

 

I can see why people do use it, if you have over-extended yourself in a specific month and an unexpected bill arrives that needs paid, then for 10 days interest cost or whatever it may be preferable to take this approach. Bigger issue for me would be those that become reliant on this short term finance, each month.

[diamondsr4ever]

I can afford an overdraft, and can afford paying off my loan I took out years ago, but due to the fact I have a few black marks next to my name for phone bills, so I'll never get anything from my bank until atleast next year, possibly year after.

 

 

mobile phone problems are a pain in the arse, reason is you are signed into a contract, and if you miss a few payments, its a major black mark on your credit, the best way to remove these is to write to the mobile phone companies and get them removed, they can do this.

[diamondsr4ever]

That is part of the reason why interest rates are so high, because the risk of default is much higher.

 

I can see why people do use it, if you have over-extended yourself in a specific month and an unexpected bill arrives that needs paid, then for 10 days interest cost or whatever it may be preferable to take this approach. Bigger issue for me would be those that become reliant on this short term finance, each month.

 

I love the "unexpected bill" line....all my bills are expected.

[Foster14]

I love the "unexpected bill" line....all my bills are expected.

 

Motor repairs?

 

Essentially it does come down to poor financial planning though. In a consumerist market like we have, the target market is massive.

[daytripping]

This type of company targets poor single mothers and people living on the breadline, the reason they mainly advertise on the sky channels is because those people I mentioned all have sky! they also all have mobiles.

 

Go down through Logie and you won't see a house without a dish and the locals walk down their street staring vacantly into the latest smart phone.

 

It's no surprise they don't have money left at the end of the Month and get ripped off by these companies, most only have themselves to blame, they should be taught at school about living on a budget as their parents will be the same as them.

[StandFree1982]

apr 4200%.....................

 

Borrow

[diamondsr4ever]

I have done, it stays on my credit for 5 years or something.

 

I spoke to briPod and got an email address to contact them, they said they couldn't do anything about it - and it was my own fault and bla de bla.

 

It's weird how I am still with o2, and pay them EVERY month - 2 contracts (one mine, and one the missus in my name) - but yet they can't do something like that for me. Bastards.

 

I can't even switch banks from RBS to elsewhere due to this being on my credit score, the only thing I actually have on it that would affect me. It's quite shit - but I always have to think, well it was my own fault.

 

thats not true, they can do something about it, i had a problem with a mortgage application and I had an issue going back to 2003, 3 missed payments on my mobile account, they went onto my credit file and sorted it, they are talking pish.

[daytripping]

It takes 6 years for problems to time out on your credit report not 5 as above.

[diamondsr4ever]

in this day and age these WONGA's of the world are their for mainly single mums to get enough cash for their trip to the bingo, or a chinese for the family before pay day, or a bike for johnny's christmas....same as cash converters, sell some of the shite gold you have bought over the last 10 years of bidup tv, to fund a trip to butlins....or even sell the 40" plasma you bought for britney's room 3 years ago after receiving a crisis loan from the dole office.....

 

if you take a loan from wonga, ive nae sympathy whatsoever.

[diamondsr4ever]

It takes 6 years for problems to time out on your credit report not 5 as above.

 

 

its 5. and even then you can be removed or have a great rating after 2

[daytripping]

I'm just coming to the end of a trust deed and was told even though I've been in a trust deed for 3 years the bad loans would take another 3 years to dissapear from my credit report.

 

Stock market con, got ripped off.

[ollie1903]

its 5. and even then you can be removed or have a great rating after 2

Credit stays on file for 6 years after it is settled.

[diamondsr4ever]

Credit stays on file for 6 years after it is settled.

 

but bad credit, or defaults only stay for 5...?

[ollie1903]

but bad credit, or defaults only stay for 5...?

How long does a default stay on your credit report?

A defaulted account will stay on your credit report for 6 years from the date the default was registered.

 

After 6 years the default will be automatically deleted from your credit report, regardless of whether it has been paid (satisfied) or not.

 

Default deletions usually take place overnight, so if your credit report states the default date as 13/02/10, the Default entry will be removed overnight on 13/02/16 and will no longer appear on your credit report as of 14/02/16.

 

A lot of people get accounts that are heavily in arrears mixed up with defaulted accounts.

 

A defaulted account will be clearly marked on your credit report as a Default. It will show the Default Date, and if the debt is still outstanding it will show the Current Balance.

 

If a Default has been paid, then it will be marked as Satisfied or Balance Satisfied.

 

 

My Link

[diamondsr4ever]

My Link

 

[s1dnk]

This type of company targets poor single mothers and people living on the breadline, the reason they mainly advertise on the sky channels is because those people I mentioned all have sky! they also all have mobiles.

I would have thought they mainly advertise on Sky is because it will be a lot cheap than advetising on council telly.

 

Anyway bottom line is these companies are horrible c*nts.

[bonzodaddy73]

Credit stays on file for 6 years after it is settled.

Nah Ollie man its 6 years from the actual default. You could have paid it off 1 week after defaulting but your credit file shows the default date.

[Henry]

Develop a time machine to go back in time and pay the afore-mentioned bill on time.

 

Could be difficult to buy parts and suchlike without a credit card though.

[diamondsr4ever]

 

So advice on this then? Sit and wait until 2015?

 

This is the ONLY thing that is stopping me getting credit.

 

Roberto, all I can say with vodafone back in 2003 they had me as a D on my credit file, they made it to a S ( satisfactory) in 2009, and though its still on my file, it altered my credit rating.

[tup]

I've never defaulted on a debt, as I'm honest, and trustworthy.

[zebradentist]

The problem with this is that it's measured in APR when it doesn't need to be

 

The truth is if you borrowed

[diamondsr4ever]

I have spoken to someone in work, and they claimed I can phone them up and get this removed?

 

Everything else on my file reads 'OK'.

 

This is the only thing that stops me having an very good credit rating.

 

it certainly dosent get removed, but it states they are happy with the outcome and all is then well, it worked for me.

[diamondsr4ever]

I've never defaulted on a debt, as I'm honest, and trustworthy.

 

[diamondsr4ever]

So if I phone orange up and say look, this was settled - how can I get you to alter it to state this on my credit file rather than having a BLACK SF next to it?

 

Or will that BLACK SF stay there until 2015?

 

tell them its causing you problems, they will put you onto their "team" to email I think, write to them and within 30 days it should change the status, as long as the account was settled, it should be sorted.

[tup]

We're going to be looking at a mortgage next year probably after we're married, and this will completely fuck me up big time.

 

There's an easy way round this, simply get it done in your wife's name only, all the paperwork gets signed off, and then get a solicitor to change it to joint names a month or two later for a nominal fee, thus making a cunt of the bank's policy.