I took out a PTP loan, which is due to be repaid on Monday.

I have the money in my account for this to be repaid (god knows how!) however i have checked the DD they set up and its a different amount from the loan that is due, infact its only half the amount due.

I contacted them on their live help and checked the amount and they amount they stated was due was the full loan amount and thats what goign to be taken so why is the DD for half that amount?

I have just cancelled the DD as i don't want them dipping into my account as and when they feel like it, although there is a chance this DD will still go through because it is so close to the date due

What should i do?

I took out a PTP loan, which is due to be repaid on Monday.

 

I have the money in my account for this to be repaid (god knows how!) however i have checked the DD they set up and its a different amount from the loan that is due, infact its only half the amount due.

 

I contacted them on their live help and checked the amount and they amount they stated was due was the full loan amount and thats what goign to be taken so why is the DD for half that amount?

 

I have just cancelled the DD as i don't want them dipping into my account as and when they feel like it, although there is a chance this DD will still go through because it is so close to the date due

 

What should i do?

they take 2 dd's

Only 1 is (well was!) set up, so do they take it twice in one day then?

Only 1 is (well was!) set up, so do they take it twice in one day then?

yes

Thank you very much indeed for all the help - i really appreciate it very much x

i've cancelled the DD - it was showing as due out on the 30th Nov - do you think it will still go through?

usually takes 3 working days to cancel a direct debit (does with Natwest anyway) .. so make sure there are no funds available in that account.

i'm with Lloyds Tsb and when you cancel a DD with them, they cancel it straight the way, you don't have to wait any days

Hope that helps

Due to circumstances beyound my control I am going to defaut on my payday loans to the following companies.

I am about to email them and ask for a repayment plan.

Quick Quid - £944 (Loan was £800 - am offering £100 per month)

Wageday Advance £375 (Loan was £300 Am offering £75 per month)

Captial Finance One £278 (loan was £200 Am offering £50)

Does anybody have the bank details for these companies as I would like to set up a Standing Order with each company.

I have cancelled my bank card and cancelled all DD's - is there anything else I should do??

Many thanks

QQ wont accept if it is more than 3 months. WDA and CFO will most probably both accept these offers... they will also give you their bank details when you make the offers. Email or call them and offer them this repayment structure, they should accept stick to your guns if not because your offer is more than fair and they know it. once confirmed get an email from them confirming your balance, that interest is frozen and the bank details for repayment. well done. by the way QQ will send to collection agency in 6 weeks or so and they will accept the £100.00 only thing is they'll add interest and charges but you dont have to accept them, its just a headache really.

You are right about QQ, they offered me the 3 month option but i couldn't afford it, so i have to wait until I have defaulted and then contact collections. They also refused to give me their banking details, so i can't make any payments to them at present.

i have emailed WDA and CFO and proposed my replayment plan, so am just waiting for a response....

All the accounts go into default on the last working day of the month

good, you've sorted it nice and early. you can only pay QQ via paypal directly, but dont unless they accept a plan.

Don't forget to have an alternative bank account for your income just in case of raids, if anyone does raid the account complain to the OFT, they may not initially help but the complaints may cause problems when they come to renew their licences.....

I have already cancelled my card and deleted all the DD's so will keep a very close eye on my account to make sure no little "surprises" pop up!!

WDA have agreed a replayment plan with me - £68 per month for 6 months - which i am more than happy with

I have to contact QQ after i have actually defaulted - does anybody have banking details for QQ

No news from CFO as of yet.....

as i said previously, they dont give out bank details only via paypal, dont pay them unless they actually agree a plan in wiritng, which i'm sure they wont unless over 3 months...

Surely it would be best to pay them what i intend to pay them, so it shows willing and will show a court that i have made every effort to repay this debt??

I want to avoid a huge amount of charges or interest being added to the loan. What can i do to avoid this???

nothing. but when it goes to the collection agency you dont have to accept the balance they give you. you can agree to the original balance before defaulting. i have NEVER seen a loan with QQ go to court so you can forget about that as well...

Thank you very much for the advice - i will sit tight and wait to see what happens then. Until they agree a payment plan I'll use the money they would have got to clear one of the others off.

Any ideas on what Captial Finance One are like to deal with? They haven't responded to me email so far.....

Thanks once again for the help.

QQ would have to use an agent to take somebody to court as they are based in Malta, so there is a slim chance they would go that route.

CFO are known to have gone to court using a previous address, but their particulars of claim can be challenged, same with any other company.

Thank you very much for the advice - i will sit tight and wait to see what happens then. Until they agree a payment plan I'll use the money they would have got to clear one of the others off.

 

Any ideas on what Captial Finance One are like to deal with? They haven't responded to me email so far.....

 

Thanks once again for the help.

CFO have been known to pass to Phillips (bailiffs but acting in the role as DCA so wont be at your door!). When you CCA them you rarely here anything again. Certainly one of the less aggressive when it comes to collection. Different story if they have your bank card details. They are generally reasonable when agreeing a repayment plan, just make sure it is paid by standing order. Just stand firm and they will agree something with you in the end - just make sure it is reasonable.

ok, so CFO will agree to a plan, your offer is fair and reasonable and no reason for them to decline. if they try and negotiate you'll have some power with the extra money you have from not paying QQ yet. i would call them and see if they recieved your email and see what they say then. REMEMBER: do not give out any card details no matter what they say.

Please could anybody offer me some advice on how to get this mess sorted out.

I have several PDL and the majority of them have accepted a reduced repayment plan. I have cancelled all the DD's from the PDL and cancelled my card to my account, so none of the companies can access my bank account. i also check my bank account several times a day to make sure they have not re instated any of their DD's

3 PDL's haven't responded - Quick Quid, Lending Stream and Captial Finance One. I have emailed these 3 continuallly and this morning i received a call from Captial Finance One.

The CFO loan was £200 and I paid £79 to roll this over last month and was due to repay the amount of £278 and I have emailed CFO 4 times over the past week, offering a repayment plan of £46.50 over a 6 month period

To summarise the conversation the person from CFO stated that unless I agreed to pay £80 immediately and agree to pay an extra £230 in interest and charges, taking the amount repayable to £430 then a payment plan could not be agreed.

I refused as i didn't have £80 to pay immediately and didn't think repaying £430 on a £200 was fair so i was told that a CCJ would be issued - which i said you can only get CCJ if you go to court and i doubt a Judge would thinkntheir terms and coinditions fair and i would welcome his comments about their practice. The CFO rep then slammed the phone down!!!

Since then I have received 2 calls on my home line (but when i answer there is just background office noise) I pressed 1471 and the number was CFO's number, 3 calls on my mobile and 2 texe message - all in the space of an hour!!

I don't think this comany is goign to very easy to deal with - does anybody have any experience of them and what should i do next - how can i get a reasonable repayment plan activated without paying their huge interest and charges??

Many thanks for all advice and help given, it is very much appriecated

If CFO do issue court proceedings I can help write a defence which will help. We can ask for mediation and I bet they wouldn't like their charges assessed by a judge (another PDL company has already declined to do this and caved in with similar defence).

Keep everything in writing and if possible get printouts of when they have called. If they do call email them with the details of the call and that you will be recording future calls - despite you asking them NOT to call.

Do the same for each company, keep everything in email then you can use it in evidence (including this thread).

I have had several email go back and forth between CFO and myself. They state i have a balance of £440 on a £200 loan.....

I have asked them to explain why they believe the balance to be £440, but I am still waiting for an answer.....

I think they will argue that that £200 is the initial loan £78 is interest charge and the remaining £162 are charges.

How do i get these charges removed - is it best to refuse to pay them anything unless they remove the charges and if the refuse wait for them to take it to court and argue the charges there????

From my own experience I would set up the payment plan, then once you have paid what you owe, if they still want to argue about the charges then let them, they will not take you to court for charges alone. I fought them in court and lost, but they didn't even argue the charges and agreed they should not be added to the total cost.

Did you get a CCJ S4ddys ?? What was the outcome at court?