If you’re a Wonga UK customer, you may not be sure what to do right now. You may be wondering if it is it worth keeping up with repayments if Wonga is no longer going to be around to collect them?

At this point in time, the message on Wonga’s website is clearly worded to explain their current position, and states “Your Loan should be repaid as agreed when you took it out. We will continue to collect your repayments as normal.” (www.wonga.com).

This means that if you’re a Wonga customer, you are still a Wonga customer, which means you still owe them the money you’ve borrowed. Wonga may still charge late fees and missed payment fees, and you’re still likely to receive marks on your credit file for late or missed payments.

The key thing to do, as a current Wonga customer, is therefore to keep making the repayments on your loan, until you are advised differently.  That way you are ensuring there is no risk of an adverse impact on your credit score and that you won’t incur additional fees or charges.

What if you’re a Wonga customer who is having difficulty repaying?

If you’re using short-term credit and are having difficulty repaying, it’s always worth contacting your lender. They may be able to help by agreeing to a payment plan that lets you spread out your repayments. If you don’t, the longer you leave your debt, the more interest you’re likely to have to repay on it.

There are also a number of independent support and advisory services that may be able to help:

www.moneyadviceservice.org.uk
www.citizensadvice.org.uk/debt-and-money/
www.stepchange.org

Wonga and complaints

If you believe Wonga gave you a loan that was irresponsible, or if you have other complaints related to your Wonga loan, you should contact Wonga directly using their complaints procedure.

While there are third party claims management companies (CMC’s) that offer to help manage your complaint, there’s nothing they offer that you can’t do yourself relatively easily– and if you don’t use a CMC to make a claim then you won’t have to give them a percentage of any money you may be awarded.

It’s often more efficient to contact your lender directly anyway, as lenders will need your authorisation to deal with a third party on your behalf. So, using a CMC may often just add an extra step into the process, that could slow things down and cost you money.

What to do if you need a short-term loan

If you’ve used Wonga in the past and need a short-term loan, then we believe we offer a better alternative to Wonga. Our customers seem to think so too – at the time of publication, Wonga have a 4 star rating on Trustpilot, while Lending Stream has the full five stars, with a 9.5 customer rating compared to Wonga’s 8.8.

Lending Stream offers six-months loans, with payments spread out over a longer period of time than traditional payday loans. You’ll get a quick decision and money sent to your bank in under 90 seconds if you’re approved. Representative 1333% APR.

So, if you need some short-term cash, you may find you have a better experience with Lending Stream.

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