Don’t panic if you have a loan with Wonga. Here’s what their announcement means for you…
1.You still need to repay your loan.
If you don't, whoever Wonga decides to sell your debt to could come down a lot heavier on you than Wonga ever would. This could mean bailiffs and court action. That’s not mentioning the extra fees and harm to your credit file.
2. Your initial loan agreement can’t be changed.
This means you can’t be pressured into early repayment or charged more interest. Just keep repaying as normal.
3. You can still access your loan information.
Wonga’s website is still fully functioning and is available 24/7. Nothing changes for you as a customer, except for the ability to ‘Top Up’ your loan - which is no longer an option.
4. What if you're a Wonga customer and need more money?
Well you won't be able to get it from Wonga, but you're in the right place to get sorted through Choose Wisely. Before you do anything it’s worth asking yourself these five questions to work out it if you really need to borrow more. If the answer is yes, you’ve got a bunch of options which we’ve run through in our guide How to get cash quickly.
If you're ready to start looking for a new short term loan then our search tool will show you which lenders will accept your application.
5. Forget about any compenstation.
With Wonga in administration, the claim management company that has taken over has said they think the chance of obtaining compensation is pretty much zero.
6. Long delays on their helpline.
With so many customers trying to get hold of Wonga, you’re likely to get greeted with an automated message saying there is a delay “because of a high volume of calls”. Just a heads up.
Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.