Published on June 25th, 2014 | by FinanceLoophole2
Can’t pay Wonga payday loan – what can I do?
I can’t pay Wonga payday loan – what can I do?
Many people take out payday loans to meet the shortfall in their everyday finances to pay off that unexpected bill or payment which must be paid. In the present financial crisis in the UK this is perfectly understandable. People can get bad credit ratings due to circumstances entirely out of their control resulting in them having to resort to getting a payday loan from companies such a Wonga.
How can I pay Wonga payday loan?
It may be easy to get a payday loan but many people find they fall behind on the repayments of these payday loans. This can result in getting pestered and harassed by the payday loan company for repayment. This article has been written to try to help people having trouble paying off and dealing with their payday loans from companies like Wonga.
If you are struggling to pay back that Payday loan you do have rights and the payday loan company is not allowed to use bullying tactics to get money out of you. The first thing you need to do is make sure you know your rights and how to deal with your payday loan company. There are a number of things you can do to help yourself out of this situation.
Ok what are my rights for a Wonga payday loan?
The official guidance from the Office of Fair Trading says that payday lenders must treat borrowers fairly and must work with the borrower to help them come up with a plan to repay their debt. Any action taken by the lender must be proportionate.
If you have taken out a Wonga Payday loan and you are having trouble paying back your loan to Wonga you can get advice from a number of sources such as the National Debtline or use a reputable dept management company. You can also check if your payday loan company is a member of one of the main trade bodies such as the Consumer Finance Association (CFA).
If the payday loan company is a member of a trade body that has signed up to a customer charter (most of the big ones have) they should deal with your debt according to the customer charter. In a nutshell they need to deal with you:-
- sympathetically and positively
- should tell you how much the loan will cost you in total before you apply
- Freeze interest and charges if you make repayments under an agreed (reasonable) repayment plan
If you are having problems paying back your debt resulting from taking out a payday loan do not panic there is help out there, don’t let them bully you into further debt. You can read more on this site if you can’t pay a payday loan