Payday loan advice please

[geministar2007]

My partner has a pay day loan, this was for £200. He has paid the interest only each month of £63, at the end of this month that will be his 4th payment of interest in which he would have more than paid back what he borrowed plus interest.

 

What is the likelihood of them agreeing after this fourth payment that the debt has been settled? He has never had enough at the end of the month to pay anymore than the interest, but he cant go on like that forever.

 

Your thoughts would be greatly appreciated. Thank you.

[robjam1969]

Hi

Can you please put details up of whom he has the loan with. They all act differntly when faced with 'non payment' Firstly if payments are being taken by card please arrange to 'lose' and get a replacement. Otherwise they will help themselves. Most companies will take monthly payments although they will protest at first.

[EBOY]

best thing is to talk to them initially tell them your position.

It depends on which company your dealing with.

[geministar2007]

thanks i will find out from my partner which company he used.

 

i will get back to you.

[geministar2007]

the company his loan is with is poundstillpayday? http://www.poundstillpayday.co.uk/ he is getting into a right mess with everything at the moment and isnt in the best of health. He is planning on paying the £62.50 interest next week and then hoping to try and get them to agree to no more payments as i said before he would have paid back the loan and some interest by then.

 

any advice on this company would be great.

 

thanks

[robjam1969]

I would cancel any direct debits and 'lose' any cards being used. This will stop them taking what you don't want them to. They will eventually pass to DCA Clarity who will accept token/monthly payments. To be honest these guys are reasonable compared to most of the other collection companies. Negoatiate as best you can with them but at least the monthly interest will stop.

[Enfieldian]

Thes e guys are a nightmare for calling you! Originally they had three numbers for me and would try them one after the other every day, two to three times a day.

 

Some bitch called Suki (Sounds like a puppy or a porn star) with a really annoying accent was always leaving scripted messages ad infinitum)

 

I am now looking to sort out my 4 loans once and for all, the other three companies have been pretty fair and accomodating but PTP won't acknowledge my letters or emails, they want me to call them, that said I probably will later....

 

 

Please PM me for contact details, addresses or advice if you like.

[DaveManchester]

Get onto their website, remove your tel numbers and replace the primary one with a made up one = 0161 123 4567 or something so they haven't a number for you! Then e-mail them and tell them your plan, if this fails they will pass the debt to clarity. Pay them off £10 a month. Sorted.

[Enfieldian]

UPDATE.

 

Have spoken to Pounds Till Payday who refuse to set up a payment plan as my offer of £100 per month against a balance of £910 would take too long to clear.

 

Unlike the other three they have said that they WILL add default charges (as is their policy) and an Account Manager (some fat whiny !!!!! sitting in a cubicle somewhere with a name like Suki) will attempt to contact me to resolve the issue. If at the end of the month the balance is still outstanding (which, unless I win the lottery, it will be!) then they will pass the account to their DCA, Clarity.

 

I have read that Clarity are pretty reasonable to deal with so I will put the money I was willing to pay PTP this month to one side and offer them two months money next month.

 

Sooooooo.....

 

PayDay loans are obviously to be avoided, but if you DO go down this route, like any other debt, don't ignore it. Be proactive. I have had a 75% success rate in negotiating a repayment plan.

 

Write to/Email them explaining that you cannot pay the requested amounts. Offer a reasonable payment and ask for the total to be frozen.

 

Be prepared to negotiate.

 

If possible change/remove your contact details on their website. Delete work numbers etc. I have a PAYG mobile set up just for these guys, so I know who is likely to be calling even if the number is witheld.

 

Keep copies of everything.

 

Cancel Direct Debits and "Lose" debit cards, HSBC issued my new one in 3 days so you won't be without for two long.

 

If you are using online banking check that they don't try and set up the DDs again.

 

Tell them that your bank will no longer allow DDs on your account, so payment has to be by Standing Order, payment book or even PayPal.

 

You can use a prepaid credit card just for this purpose. They cannot take money from it if there is nothing on there so only load up just before a payment is due, just in case.

 

Write down how much the loan is for and the reloan cost. Add these together to give an "outstanding balance". Each month you can reduce figure by your payment instead of knowing that you have "rolled over" and paid nothing off. This will cheer you up no end as you will see the totals reduce quickly.

 

And finally,

 

Avoid Pounds Till Payday like the plague.

[geministar2007]

thank you for your thought Endfieldan,

 

My partner has paid the defferal amount again, which means he has not paid back what he has borrowed, he is going to have a think about what he would like to do next.

 

Told him negotiation is worth a try.

[EBOY]

Enfieldian,

I think it is possibly worthwhile logging a complaint with the financial ombudsman. I don't believe they have the power to affect poundstillpayday and I'm not even sure if poundstillpayday are able to take you through the english courts system because of where they are based. I will try to find out more.

[geministar2007]

does anyone have an email contact at poundtillpayday? Someone rather than the general customer service team?

 

My partner did not pay his £62.50, cancelled his card and so on.

 

I want to construct an email to them this eveing, explaining his situation and ask them to give him some time to get his finances together worth a try.

[robjam1969]

Hi Gemini

 

They will probably ignore you even if you have contact details. I phoned them and they were unhelpful. However they passed to Clarity and caused me no issues. They accepted £20 per month. Better to negotiate with these people rather than PTP.

[geministar2007]

Ok i will pass this info on to my partner. I had the same experience with another monthly loan provider, i got passed to cheque spread who were happy to accept £1 a month for 3 months. He has cancelled his card.

 

The other thing is i am concerned he'll get harrassed at work via his work number, what can we do about this? We are unable to log into his online account to change any details, it appears they want him to call them. I was going to change his contact number via that.

 

Thanks again.

[robjam1969]

Hi Gemini

 

They caused me little in the way of hassle. They did ring me at work once or twice (difficult to stop them in the short term!), I just arranged to ring them back and offered a small monthly payment. They refused and passed to clarity. Ultimately you could just hang up on them or deny all knowledge of them - "you must have the wrong number" etc - don't let them intimidate you and they will soon give up or pass to DCA.

[Enfieldian]

They do not respond to emails or letters.

 

All I got after sending both was an emailm asking me to contact their "customer services team" and giving me a telephone number.

 

According to them, repayments and matters concerning your account can ONLY be discussed on the relephone - What absolute rubbish....

 

I received a call from the1m two days after the payment was due, asking why I had not paid (errr, if they had read the email and letter they would know)

 

They refused my payment offer (£100 a month) and said thy would be in touch again at the end of this week.

 

Can't wait......

[robjam1969]

Enfieldian - Exactly how they treated me. Some e-mail from e-collections offering a discount if I paid now. Ignored this then heard from Clarity a couple of weeks later. Nothing to worry about. I have ended up paying £20 monthly. Fair result!!

[geministar2007]

thanks he has not heard a thing from anyone, no email, no nothing.

 

So we will see what happens, and then discuss payment proposals with however they pass the debt too.

 

Thanks

[Enfieldian]

Well done.

 

I am expecting a call from them this afternoon.