Just thought I would share some good news for a change. One of my partners debts to a company called Wonga was written off last week.
It is no surprise really as she couldn’t afford to repay it although it would have been me making payment. You have probably seen the recent turmoil over at Wonga in the news.
It’s a shame all this didn’t happen a few years ago as I do wonder whether my Wonga Loan would have suffered the same fate. It would have been nice but I guess wrong place wrong time applies to that. My Wonga loan is long since repaid and it was a real pain setting up a repayment plan with Wonga and that was true even with my partners debt some years later.
What’s next for Payday Loans?
My thoughts now are about how this might affect other payday loan companies. I know for a fact that most of the payday loan debt I have shouldn’t have happened, in that the companies shouldn’t have lent any money to me. Had they carried out proper affordability checks then they would have run a mile. Payday Loan debt was the catalyst that drove me to financial oblivion, taking my partner with me of course.
You can argue that I carry responsibility for my actions and I completely agree with you. However I also contest that a company lending money has certain responsibilities as well, such as carrying out robust affordability checks and not offering loans to people where doing so would be detrimental to their financial well being.
I think we are heading towards interesting times in the payday loan sector similar to when the bank charges and PPI scandals kicked off, and Wonga could well be the first of many payday loan lenders to start writing off payday loans lent to people who couldn’t afford them. It would certainly remove a number of debts for us if that was to happen and would be a nice mental boost at the same time.
Certainly this industry has a lot of work to do to clean up it’s act. I just hope for the sake of the more sensible people out there, that it doesn’t ruin things altogether The reason I say this is that for every person like me, there is a sensible person who understands what they are doing with a payday loan, uses it and pays it back on time. These people for whatever reason might struggle to obtain more conventional credit and payday loan lenders are more accommodating for them. I have always maintained that used sensibly they can be fine and that they do serve a purpose in society.
Has your Wonga Loan been written off?
I will wrap this short post up by asking if you have also had your Wonga Loan written off? If so how much was written off for you? Please share your stories in the comments box below. Thanks!