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Wonga is writing off some payday loan debts. Will it affect you?

Wonga recently announced they’ll be reducing or cancelling around 375,000 loans because of mistakes they made in the past.

This has been agreed with the Financial Conduct Authority (FCA) who regulates the payday loan market.

What's happened?

The FCA decided Wonga had given loans to a lot of customers without checking if they could realistically pay the money back. Wonga will be changing the way they give out loans so in future they’ll properly check they’re affordable.

You can find out more information from the Wonga or FCA websites. 

Will I get my Wonga loan written off?

If your loan would have been approved using Wonga’s new affordability checks, nothing will change and you’ll have to pay your loan back as normal

But if your loan would have been refused using the new affordability checks, Wonga will either remove the interest and charges or cancel the loan altogether. This will depend on how long you’ve been in arrears.

This applies to Wonga loans only. If you have a payday loan with any other company, you won’t be affected.

How does this affect my plan?

If you don’t have a Wonga loan, you don’t need to do anything. 

Wonga have now contacted everyone who is affected, so you should know by now if you still need to pay your loan.  

If you have a debt management plan (DMP) or token payment plan (TPP) with us, please let us know if the balance has been reduced or cancelled as soon as you can.

If you have a DMP, you can log into OnlineDMP to change the amount.

If you have a TPP, or you don’t use OnlineDMP, you can let us know by emailing, or calling us on 08442 643 643 (Monday-Friday, 8am-6pm)

If we’re helping you with any other debt solution, there’s nothing you need to do at the moment.

If you’ve not heard from Wonga but you think you may have been affected, you can contact their customer care team for help on 0800 042 0210 or 0333 003 0830.


Text last updated 17/10/2014

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