I, like a few other people posting here, have got in a right pickle with payday loans.

I have 4 and feel like I'm robbing Peter to pay Paul, I've got no money at all and it's killing me.

I acknowledge that I need to repay these loans but I want to start a repayment plan with them since they are just getting bigger and bigger every month.

Where do I start?

There are a thousand threads on here exactly the same - take a look at them when you get the time

A good start would be telling us who they are with/amounts etc, as every company operates differently you'll get much better advice that way

Most important thing is don't panic or worry!

Thank you for your reply. I realize that there are a zillion other threads, it's difficult to understand exactly where to begin sometimes

I have 4 payday loans as follows.

Wonga

Date Taken: 05/08/2011

Initial Loan: £450 (this has been topped up from £300)

Balance Today: £544.27

Due Date: 02/09/2011

Amount Due: £580.64

Quick Quid

Date Taken: I'm not actually sure. this has been rolled over 3 times, so I think maybe late July/early August.

Initial Loan: £300

Balance Today: £402

Due Date: One payment of £51 on 01/09/2011 and Full payment of £351 on 15/09/2011

Amount Due: £402

MiniCredit

Date Taken: 12/08/2011

Amount: £250

Balance Today: £280

Due Date: 06/09/2011

Amount Due: £312.50

Cash Genie

Date Taken: 18/08/2011

Initial Loan: £200

Balance Today: £260

Due Date: 15/09/2011 (they only taken the interest, which is £60, it automatically rollsover unless you contact them to repay the remaining £200)

Amount Due: £260

So all in all £1,555.14

I don't even earn enough in a month to cover repaying all this. I don't know what i was thinking. I started off with just a small Quick Quid one and it escalated from there. It's now so bad that I can barely cover my rent and food costs, never mind all my existing commitments.

the email for wongas boss is on this site, check other threads,(off to work soon, cant search for you ) if you email them, they will help.

QQ are the same, if you email them, your loan isn't so big, so they should help.

Cash Genie, some say they are bad, I had no trouble with them, I split mine over 2 months with no extra charges.

Mini credit are bad, try to offer them a plan.

cancel your bank card, get another account (halifax do a good basic acc) If you can concentrate on one whillst making smaller payments on the others, some prefer that method, or pay them all a bit at a time.

most important is to know your not on your own, not a criminal and don't et them bully you, only offer what you can afford.

No doubt someone from the siteteam will be along with more advise later.

Good luck.

Yes, set up an alterntive bank account pronto and protect your funds from raids, they all have been guilty of this.

You also need to have a separate file for each company and keep all the details in there in date order with the latest on top.

Keep everything in email, do not phone them and do not attempt to apply for any other loans - they will get hold of your details and misuse them.

Thank you I have another basic account, I've started transferring in-goings into it today, I'm going to start on the direct debits and contacting each of the payday loan companies today.

I have done an income and expenditure calculation and I will have £150 each month to repay these loans. Based on the figures quoted above I've worked out pro-rata payments as follows.

Wonga

£56.02

Quick Quid

£38.77

Mini Credit

£30.14

Cash Genie

£25.07

Can someone tell me where I can find and quote the information that they can only make me pay the initial loan plus one months interest. I don't want to quote this without solid back-up.

Thanks in advance.

I have my Customer ID for Quick Quid, but I'm having trouble locating any kind of customer ID or loan reference number for the other three companies. Can anyone advise on where I would find these? I want to email them advising them of my current situation and to submit my offers for making repayments.

I'm sending this email to each of the loan companies. I have included my reference and ID numbers in the Quick Quid one and edited each accordingly. I've set each e-mail so that they all go out on separate Fridays, this helps me with budgeting.

Dear Sir/Madam,

I am writing in reference to the loan I took out from you. Unfortunately after accessing your website I am unable to find neither a customer reference number or a loan reference number.

Since entering into the agreement my circumstances have changed and I now find myself in a position where I am unable to meet the full repayment on the deadline.

I am proposing a repayment plan of £56.02 per calendar month, beginning on 09/09/2011 and continuing on the second Friday of each month for a period of 11 months, with the final payment being the remaining balance.

Please advise of the total amount of this loan being the initial amount borrowed and one months interest, to enable me to calculate the 11th payment.

I also request that you provide details of the bank account which I can make my payments into. I cannot make repayments by any other method.

I specifically request that you contact me regarding this matter only by e-mail to this address or by postal mail. On no account are you to contact me by any other method.

I await your reply,

StarFang.

as in line with published guidelines by many regulatory athorities, you are only to contact via xxx method.

dx

Thank you DX. I'll probably not hear anything from them until Monday now I guess. I'm going to ring the bank and cancel our cards tomorrow. I've got most of our income changed over, just my partner's wages to be sorted. In the meantime I've been transferring everything out and just leaving enough in for the DD's which haven't been changed in time.

If you have £150 left it would be much better to pay £100 to one company (the smallest debt would then be repaid in two months) and £25 to the others, then they would start making you offers....

Section 87 of the CCA Act covers these loans where the original term has ended (the initial month), they don't need to issue you default notices either.

I would make the offer as follows, leave out threats and mention of the law and they will more than likely play ball, be nice to them first and remember everything in email

Dear xxx

I am experiencing temporary financial problems and wish to make a payment of XXX over the next 3 months to you. I would appreciate it if phone calls were not made. I will be able to reply to any emails very rapidly and prefer this as a means of communication. I also revoke any authority, implied or otherwise for you to send a 'doorstep collector' to my residence.

May I remind you that any breaches of the OFT Guidelines on debt collecting will be met with an immediate report to that organisation.

I regret that I cannot make the full repayment of this loan but am doing my best to resolve the issue as quickly as possible.

I would suggest that any communications are made in writing and sent recorded delivery keeping a copy.

Also request a copy of their complaints procedure.

When they see such requests,they usually understand your stance.

Thanks for the replies, while it might be better to pay one more than the others, it's not really a fair share of the payments. I've worked out these payments using a pro-rata calculation so that each one is getting a share in equal amounts regarding the amount owed and how much surplus income I have. Since, as had been stated many times on this site, they can only charge the initial loan sum and one months interest, snowballing isn't really of any use in this situation. Also bearing in mind that this is the only excess income I have, by using recorded delivery to send letters, this is taking away from the surplus income I have, so until I run into difficulties in communicating with these loan companies, I'll keep everything via email for now.

The whole purpose of paying one off against others is to make the others drop their charges and fees, you will be debt free in about 6 months instead of 12, it is called 'snowballing'.

In many cases pro-rata debt repayments only make the problems worse, and you can still be stung for the whole debt when they start demanding more from you.

Cash Genie are one of the easier ones to repay, especially if you have rolled the debt over several months.

Please rethink your plan as if anything should go wrong again you are back at square one and the companies will use the failed repayments against you.

Wonga have responded with the following.

Hi,

Thanks for your email.

This is the offer set by the system,Kindly comfirm with us by replying to this email if you accept it.This arrangement will not be saved until u send us a reply.

1 £50.72 09-Sep-2011 Edit

2 £50.72 23-Sep-2011 Edit

3 £50.72 07-Oct-2011 Edit

4 £50.72 21-Oct-2011 Edit

5 £50.72 04-Nov-2011 Edit

6 £50.72 18-Nov-2011 Edit

7 £50.72 02-Dec-2011 Edit

8 £50.72 16-Dec-2011 Edit

9 £50.72 30-Dec-2011 Edit

10 £50.72 13-Jan-2012 Edit

11 £50.71 27-Jan-2012 Edit

Balance £0.00

Kind regards,

Customer Care

0871 288 5704

Wonga.com

As they have dropped my payments, I wanted the total amount clarifying, so I have sent:

Hi,

Thank you for your fast reply. I can confirm that the payment schedule has been received.

Can you confirm that the total amount owed is £557.91. I have noted that you have reduced the monthly payments I suggested from £56.02 to £50.72, I take it that this is acceptable.

StarFang.

Thank you for your reply sillygirl, I was under the impression that they cannot add on interest, charges and late payments fees, beyond the initial loan amount + 1 months interest. This is from posts I have seen you make around these boards. I understand what you are saying, I'll see how the others respond.

Quick Quick have also responded with the following:

Dear StarFang,

Customer # *******

In response to your recent email, we regret to hear about your financial circumstances. We understand hardships can and will come about. Please contact our Collections Department via live chat or phone in at 0808 234 4561 on your due date in order set up payment arrangements. We will be more than happy to assist you in your time of need.

If you have any queries, please contact our Customer Service team round the clock via phone, email or online chat.

QuickQuid Customer Service

Direct Line: 0808 234 4558

Fax: 0808 101 1380

[email protected]

http://www.QuickQuid.co.uk

Call free from landlines. Mobile phone companies may charge up to 40p per minute.

Astrein J

So I need to wait until my due date to contact them? Surely it would be better to get something set up before then? Should I email back suggesting this?

They are sneaky! I should have read my email properly. Wonga are proposing 2 payments a month, I cannot afford this, so I have sent the following:

Hi,

Have already emailed you regarding this email. After re-reading and reviewing your payment suggestions I cannot accept your proposal. I have I previously stated the maximum I could afford to pay you each month would be £56.02. Your payment proposal has increased this to £101.44 a month. I am unable to make a payment this high. I therefore propose the following:

1 £56.02 09-Sep-2011 Edit

2 £56.02 14-Oct-2011 Edit

3 £56.02 11-Nov-2011 Edit

4 £56.02 09-Dec-2011 Edit

5 £56.02 13-Jan-2012 Edit

6 £56.02 10-Feb-2012 Edit

7 £56.02 09-March-2012 Edit

8 £56.02 13-April-2012 Edit

9 £56.02 11-May-2012 Edit

10 £53.73 08-June-2012 Edit

Balance £0.00

I believe this is a fair proposal and is in line with the original payment I suggested. If I could pay more, i would have suggested that in the first email I sent to you.

StarFang.

Hi..I'm in the same boat as you. I contacted Quick Quid on Monday via live chat and explained i was unable to pay. I have set up a Pre-Default Payment Plan but over 4 months starting at the 30/09/11.

So they can certainly help you before you default. Also they freeze the interest.

So they can certainly help you before you default. Also they freeze the interest.

Thank you I'll contact them by live chat later today.

Cash Genie have responded.

StarFang,

Your current outstanding balance is £260, this is due on the 15th of September, we need to receive a payment on or before this date, otherwise you will be charged a late payment fee. I can set you up on a payment plan to prevent this happening however to do so I would need a token payment before the 15th. Also Payment plans are usually setup via a debit card, we can use the one you have already provided us in your initial application. I also need to make you aware that should any of your payments fail backdated interest & charges will be applied to your account. This is why we usually do things on a debit card since as long as the money is in your account your plan will not fail, paying us directly into the bank requires that you either send the payment early to be sure its in our account on the agreed date or sending us a copy of your receipt to confirm that the payment was in the bank before the agreed date.

With regards to your request that we only contact you via email, I can honour that request while your account is in good standing however should the plan fail normal collections would apply to the account meaning that we will attempt to contact you via any channels we have available.

Kindest Regards

Mike Hawkins

Cash Genie U.K Ltd

Switchboard: 0845 956 9848 (01473 297210)

Fax:0845 017 9961

Email: [email protected]

Website: http://www.cashgenieloans.co.uk

This seems ok, however I don't have a debit card and don't really like the implied threat of 'keeping my account in good standing'.

My response.

Mike,

Thank you for your email. I can make a payment before this date, however I need to advise that this would be the payment for the month of September and would be £25.07. The next payment after that day would be on the 21st October and for the same amount. I cannot use my debit card since it has been cancelled by the bank.

I therefore ask again for the details of a bank account which I can make a payment into before the 15th of September. I note that you state payment plans and payments are 'usually' made by debit card, however I hope you will be able to provide another way for me to repay in this circumstance.

In response to your suggestion that you can only contact me by email if my account remains in good standing, I hope that you will enable me to keep this in good standing by providing the details I have requested and implementing a plan which does not cause further hardship.

I would like to point out that all other creditors have accepted a payment plan without implementing further charges or interest. They have also given me the details in order for me to set up a standing order to make the payments.

To be clear, I am in no way refusing my obligation to repay the said loan plus said interest. Therefore, I sincerely hope you can sympathise with my current situation and in doing so find my repayment schedule of £25.07 per calendar month reasonable.

StarFang.

I have cash genie's bank details if you need them, but they will give them to you without problem if you ask.

I have cash genie's bank details if you need them, but they will give them to you without problem if you ask.

Thank you, would you be able to PM them to me, incase they don't play ball, at least then I can make a payment before the 15th September.