I've not been on the site for a while but have made some progress with the payday loan nightmoare. It hasn't been the outcome i had expected yet i am hoping by letting you guys know my experiences with various companies, it may help others to deal with them too.
Wrote and emailed this horrible company many times to try to negotiate a repayment plan and asking that they communicate with me via email. I explained to them i had financial difficulties due to a loss of income. They continued to call me more than 10 times per day, leave messages, sending various emails every day. They stated to me that they had received my written communication but that i did not fit their criteria for a repayment plan. Even though i disputed i had a large reduction in incom but as i hadn't lost my job or was terminally ill, i didn't apply.
I had been paying this company a roll over figure of £60 every month for a year, stupidly, on an original £200 loan (the amount i received was actually £180 as they had deducted a fee for sending the payment!). I wrote to them recorded delivery in June asking them to look at my account, and, as i had paid so much already and in recent months, paid £90 per month to them for a few months and only had £90 remaining off the original debt, i asked them to first of all waive the amount outstanding or if not, let me have a repayment plan. I did not receive a reply to this letter so emailed continuously until finally i had an email response from someone who told me that they could not waive the amount nor set a plan but would hold the amount for a further month without fees (i had said i was looking into debt advice and would get back to them to give me some grace). This loan is now paid and the advisor was prompt with emails and without harrassment for that last month but no negotiations. Funnily enough too, i have today received an email from another employee acknowledging my letter by recorded mail on the 22nd June but that they couldn't helpme as i had repaid the loan on the 19th July!!! Joke!!!
Sent them a letter in June the same stating financial difficulties but kept getting emails telling me they do not offer repayment plan although if i pay the loan off, i could reloan within 2 hours. This is what i had been doing all year!!!! Sent a really stroppy email threatening ombusdman etc and finally got an email from someone in the collections department stating that although they couldn't reduce or negotitiate, he would hold my file for one month at his discretion (!!) to allow me some time to find out about debt consolidation. He was very apologietic that i had not been getting a response and that no one was listening to my original emals but again, no luck with the amount owned being converted to a repayment plan.
Offered them a repayment plan. The said my offer pf payment per week of £5 was too low but if i paid the interest they would roll over. If i didn't, i could stil pay the £5.00 per week but their default and interest charges would be incurred (how that would help i have no clue as it would have been pointless paying the £5.00. They pressured me to let them know when i could increase the payments so finally i called them to try to negotiate a settleent figure. I owed them around £100 and they had increased this to over £160 with interest charges by the time i paid them the agreed settlement figure on the 19th July of £125.10!!
As with most of the PDL's above, no sympathy and ended up payin them the full amount outstanding plus interest that they put on after i paid late!!
As many posts on here have suggested, what a cowboy company. I was paying them £80pm. After sending a letter by recorded delivery that was ignored and continually receiving threatening letters of bailiffs i had to call them to avoid my partner finding out about the debt. The guy on the phone told me he couldn't reduce my payments and suggested i lend money from friends/family to pay the £80 for this month. In the next breath, he reduced my payments down to £40pm but of course the loan term would be double. I paid £40 into their bank account manually and forgot to put my telephone number on the paying in slip so they could allocate the payment to my account. This takes 7 days with a reference apparently, ridiculous. They did dispute my payment and said they could find no trace and i had difficulties convincing one person i had paid and he told me it would take a few days to try and trace the payment even though i had told him what time and date it was paid into their account. Suddenly, a different operator on a different call confirmed she had located the payment. I then proceeded to try to negotiate a settlement figure. The amount left was £560 and of course, they couldn't reduce my monthy payments a week earlier. Then miraculously, i agreed a settlemnt figure of £260, then £220!!!!! Am concerned with everything i had heard about these cowboys that they will try to say i still owe them money!!
Wonga and Quickquid.
Have set up repayment plans which are going to take me an age to repay but they have both been amiable to plans evenually. Wonga asked me for income and expenditure then when i sent it, simply kept emailing me settlement figures.
I am lucky that a family member helped me out with a cash loan and i have been able to offer these companies a pay off. My partner does now know about my debts and has been fab in helping me sort and pay some off too. I have so woken up to these cowboy companies and would urge anyone to seek help if in financial difficulties from another source such as debtline, CAB etc rather than pdl's. Also, i paid each and everyone of these companies maually into their bank accounts direct and have had to stop using my bank account in the fear that they may try it for payment if it is in credit.
With regard to Barclays and my complaint about continuous payment authorities, i complained to the managing director and got a call and letter from a complaints manager stating that these payments can not be stopped and Barclays would not stop them from sending me overdrawn then charging me! Joke.
I want to thank each and everyone of the members on here who have advised me. Before i found this site, i was at my wits end and it was only with the encouragement of others and knowing i wasn't the only one in this situation, that gave me the confidence to approach these companies even before i had the luck of some cash to pay them off.
I am still going to be paying back some of the debt of the PDL's for over a year and other debt alot longer, this debt occured as i couldn't pay nomal payments when the PDL's were sucking my account, however onwards and upwards.
Thank you again and good luck to anyone trying to deal with these companies. They should be banned as they are not safe lending streams nor moral.