I've gotten myself into a right mess with WONGA, Quick Quid,Tooth Fairy & PayDay UK. I started with one and then it spiralled out of control and now I'm in a position where I'm struggling to make ends meet and I''m literally borrowing to pay for rent and utilities. In total I owe just over £2,000.
I've decided that I've had enough of all of this so I came on here looking for advice & thanks to all of you I put together the following letter to all of the above companies as my repayment date is next week:
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 financial 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 £100.00 per calendar month, beginning on 15/05/2012 and continuing on the 15th of each month for a period of 7 months, with the final payment being on 15/11/2012 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 final 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.
As in line with published guidelines by many regulatory authorities, you are only to contact me regarding this matter via email to this address. 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 await your reply,
I got the following response from them:
The reference number for your current loan, which is XXXXXXX.
Thanks for contacting us to ask about setting up a repayment plan.
We appreciate you alerting us a potential problem and understand that unexpected things happen in life, but we are unable to agree a repayment plan and treat your account as if it's in arrears before your agreed repayment date. The reason is that we want to give you every opportunity to stick to the terms of the original agreement without forcing you into an arrears situation.
If you can pay some of the outstanding balance you may be eligible to extend your loan for up to 30 days. You can do this within a week of the current repayment date, but not on the day that repayment is actually due.
As a responsible lender, we do require a part-payment of the balance. This means that the outstanding balance is decreased and that you only pay interest on the remaining balance. There is a £10 fee.
If this may suit your needs then you can apply for a new repayment date by logging in here - - and choosing the 'Extend my loan' option. It's all online and you can also add and select alternative payment cards if need be.
If you can't make any payment however or you don't want to extend your loan for some reason, then please make sure you call our friendly team on the morning of your due date and discuss the situation with an advisor. At that point we may be able to agree to a repayment plan, after discussing the options.
We do want to help you get things sorted so please contact us on 0844 842 9109, between 9am and 10pm, Monday to Friday. If your due date falls over a weekend or bank holiday, please call us the day before.
Thanks for keeping us posted and getting in touch.
0844 842 9109
I heard that WONGA don't allow you to set up a payment plan without you defaulting on the promise date which allows them to charge you so after some digging around on here I sent them this email :
I have expressly stated in my previous email that I am experiencing financial difficulties which means that I am unable to make the full payment in our original agreement on the 15/05/12.
This is the reason why I have presented you with a repayment plan. 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 hearby revoke your authority to collect any transactions from my bank account under Regulation 55 of The Payment Services Regulations 2009. Any transactions taken from my account will be deemed as unauthorised and will result in a complaint being made regarding your organisation with the OFT.
As previously requested I am proposing a repayment plan of £100.00 per calendar month, beginning on 15/05/2012 and continuing on the 15th of each month for a period of 13 months, with the final payment being on 15/06/2013 the remaining balance.
Please advise of the total breakdown amount of this loan being the initial amount borrowed and one months interest, to enable me to calculate the final payment. Could you also confirm that all other interest is frozen on the account to enable me to be able to clear the balance?
As stated in my previous email - in line with published guidelines by many regulatory authorities, you are only to contact me regarding this matter via email to this address. 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.
I await your reply
After sending this I got the following response:
Our aim is always to help you settle your loan as quickly as possible. Acknowledging difficulty in repaying is actually half the battle, so we really appreciate you getting in touch and discussing a repayment plan.
Whilst we appreciate your current difficulties, in order to help, we need to get a much better understanding of your current financial situation. To do this we need you to fill in the attached income and expenditure form and return it to us as soon as it is complete.
Please note: Incomplete income and expenditure forms will be returned to you for further information, and interest, charges and attempts at payment will not be suspended during this time.
The reference number for your current loan, which is XXXXXX
As soon as we acknowledge receipt of your complete income and expenditure form, we will suspend interest and charges and all attempts at payment. When we have assessed your income and expenditure form we will reply to you, via email, with our decision.
PO Box 66147
Our office is open Monday to Friday 9am to 6pm so please don’t hesitate to get in touch.
I filled in their spreadsheet with my income & outgoings and I'm waiting to see what they say. I got a similar response from PDUK saying funds will still be taken so I sent the above email to them also & I am yet to hear from QQ or Tooth Fairy so wont hold my breath.
I know I only have myself to blame so I have opened a new cash card account with another bank today & requested for my salary to be paid into the new account so that the PDL companies can't raid my account. Will be calling my bank HSBC tomorrow to see what can be done.
What a mess. any advice is welcome will keep you posted.