It should be ok, I defaulted on a loan totalling £960 including interest last month - all they have done is add a £12 default charge and now we have had a few emails trying to arrange a payment plan. If you contact them first offering a suitable plan then it should be ok, I started at 6 months and they said 4 was the longest they would accept. Ive not had any calls from QQ so its not anywhere near what I was ecpecting, im quite surprised !

Hi I have two loans - one is £1,234 with PTP, the other is £960 with QQ (including interest). Been going on reloaning for over a year and decided enough is enough last month. So, i cancelled the direct debits and sent them both a letter saying i cannot afford to pay in one go and offered to repay the balance over six months. I also threw in that I'd spoken to a solicitor and knew my rights, and reminded them of their obligations not to harass me by phone etc. No payments came out of my account by the usual direct debits as it was cancelled - it was a very good feeling to see a months salary go in and not vanish immediately !! I told PTP that I could pay £205.80 per month for 6 months and paid it into the account number they give on their website, made sure I got a receipt. I then waited for the bombardment of phone calls and emails. However, Im very surprised to say it has not been bad at all. I picked up one call from Monica Hooper at PTP, she tried to give me a bit of grief, but I think as I had made a payment in line with the payment plan i suggested she was ok about it. Not heard anything from her since - sounds i got away lightly not getting Gavin Armstrong. QQ have sent a few emails saying I cant pay over six months, but could over three. I said couldn't afford it and would only do six. They then said four, I have said id do it over five and am still waiting to hear. Anyway, from my experience i wish I had defaulted a hell of a lot earlier than this. If you have large loans outstanding like mine, but you can make reasonable payments then defaulting is a far better option than continually reloaning. It seems that they give you the most grief if you default then say you can only afford to pay £1 a month or something Anyway, just thought i would give back a summary of how im getting on, its thank to all the advice on these forums that im finally getting control of my finances back and am now almost through a month without having to reloan ! Cheers, and good luck Genie00 P.S. RDJ2010 I would say try to clear Wonga first as they seem to be the ones who charge daily interest. There's no point paying QQ all in one go as all they do is add £12. Just check the T&C's for the different loans and try and clear the ones that will accumulate interest before the ones that just add a one off charge.