pay day loan nightmare

[rachuk]

Hi I am so glad I have found this site, to quickly explain I have found myself in a bit of a mess with payday loans (i know so so stupid on hindsight) I have five all in all with Wonga, Quickquid, Captial finance one, 1monthloan and payday express. These have been ongoing since about November last year. I lost my job two months ago and when husband has now left taking along with him his wages so I have cancelled my card with the bank and requested a new one - so as they cannot wipe me out.

 

I have every intention of paying the money back - its totals to about 1400 pounds but I cant do it all in one go, how should I go about letting them know that I need to reduce my payments, I just cant face speaking to them on the phone, also what will they do to try and recover the debt, what can I expect, I dont imagine that they will reasonable for one minute!

 

Has anybody else done this or had any experience with dealing with them? Any advice would be really, really appreciated.

 

Thanks

 

Rach

[robjam1969]

Hi Rach Uk

 

A warm welcome to CAG

 

First of all don't beat youreslf over it as you are not the first and won't be the last.

 

Write to all of them offering a realistic payment (e-mail fne!) plan you a can afford to keep to. If that is a pound a month so be it. Ask them to freeze all interest as you are experiencing difficulties.

 

They will resist to start off with but most will accept a realistic payment plan. Don't let them bully you into paying what you can't afford. The most important thing is that they do not have access to your card details. However you need to be careful with them setting up direct debits without telling you.

 

Don't lose sleep over it as you can gain control. Post again if you need further advice.

[rachuk]

thanks so much, I will do the emails straight away. Can they set up directs without your permission? Obviously they do have my bank details account number and sort code, if so how would they do this? I do have online banking so I can check if any new direct debits have been set up and cancel them, maybe something I just need to check everyday.

 

Thanks

Rach

[robjam1969]

They shoudn't, but they have been known to! They would basically just resend your info to your bank. I believe banks have difficulty in stopping them doing it.

 

The fact you can check online gives you more control. Be extra vigilant around any time you have money going in to your account.

[rachuk]

Hi all, just a quick update, and to anybody else that is trying to get of the payday loan merry go round!!!

 

I defaulted on my loans on 29 May - I had five altogether, I emailed every company on 22 May to explain that I had changed my card needed a repayment plan etc.

 

Quick quid - accepted my payment plan no hassle and supplied details to pay through pay plan

 

Wonga - absolute nightmare - refuse to discuss by email, i refuse to discuss by phone so at a standoff!!

 

Pay day express - just keep texting me asking me to call them, i keep emailing to say correspondance by email only

 

Capital one finance and one month loan - not heard a word yet!

 

Will keep you all informed and thanks for all the advice so far.

 

Rachuk

[robjam1969]

Well done Rach

You are starting to regain control. If you need help with 1 month loan let me know. Their approach is softening somewhat.

[rachuk]

okay just another update after a day of exchanging emails with these people:

 

paydayexpress - are referring me to their legal team and have informed me that I will recieve numerous daily phonecalls to all the numbers I have given them until the situation is resolved. I can cope with this as I will reject them on my mobile, just put it down on my house phone and I no longer have my job so they can ring there as much as they like.

 

Quickquid - will now no longer accept my payment plan once I refused to provide them with my new card details - me thinks they were just agreeing to anything to get the new card details!! They will continue with collection activity

 

Capital one finance - will ring me every day until I answer the phone to discuss the account - have emailed them suggesting payment plan again and am waiting to hear back from them.

 

Wonga - all gone quiet after writing to them via post at their request for repayment plan

 

onemonthloan - still not heard a word.

 

I have told these people repeatedly that it doesnt matter how many times they ring or what they say to me I cannot afford more than what they have offered no matter what pressure they put on me, I am not working and cannot magic money - their emails just seem to be standard replies.

 

Have not had any phone calls from them yet, just the odd text.

 

The saga continues

 

Will let you know any updates

 

Rach

[paydaypayback]

Little chance I know but did Paydayexpress put it in writing that you will receive numerous phone calls per day until this matter is resolved?

 

If so I would immediately send a copy of this to the OFT as this can be seen as harassment and this is against the OFT's Unfair Relationships Act May 2008 as below.

4.57 Examples of unfair or improper business practices specified in the debt

collection guidance include the following:

• misrepresentation of legal position or authority to act

• contacting debtors at unreasonable times or at unreasonable intervals

• unreasonably refusing to deal with third parties acting on the debtor's

behalf, such as a citizens advice bureau or money adviser

• imposing collection charges which are unreasonable or

disproportionate or for which there is no contractual provision.

 

If the companies do continue to contact you at unreasonable intervals it may be worth reminding them of said act.

[robjam1969]

Rach

 

QQ are easy to deal with (apart from the annoying phone calls). I was unable to pay them and 6 months later they offered me a settlement figure of 50%. They normally accept direct debit as a payment method and always requested the right amount. Eventually they will pass to 1st credit or equidebt.

 

Cap Finance are all bluster. You have the right approach with them. Use the harrassment letter from the library for both them and payday express if need be.

 

OFT would take a dim view of their threats.

[MsWeatherwax]

I know someone else has mentioned this, but it's worth repeating!

 

With the companies you have no agreement with yet, keep a VERY close eye on your online banking (if you don't have it, get it ASAP!), because they really do have a nasty habit of setting up unauthorised direct debits. You should have a facility on there to list all direct debits and standing orders.

 

Should you find that one is suddenly set up, don't just cancel it online - actually go into the branch with a quick letter and cancel it.

 

Very best of luck with everything, there is light at the end of the tunnel (I only found it myself very recently!).

[sasblack09]

Hi I am so glad I have found this site, to quickly explain I have found myself in a bit of a mess with payday loans (i know so so stupid on hindsight) I have five all in all with Wonga, Quickquid, Captial finance one, 1monthloan and payday express. These have been ongoing since about November last year. I lost my job two months ago and when husband has now left taking along with him his wages so I have cancelled my card with the bank and requested a new one - so as they cannot wipe me out.

 

I have every intention of paying the money back - its totals to about 1400 pounds but I cant do it all in one go, how should I go about letting them know that I need to reduce my payments, I just cant face speaking to them on the phone, also what will they do to try and recover the debt, what can I expect, I dont imagine that they will reasonable for one minute!

 

Has anybody else done this or had any experience with dealing with them? Any advice would be really, really appreciated.

 

Thanks

 

Rach

 

 

hi rach.

i know exactly what your going through. i currently owe money to 4 different pay day advance companies. my circumstances changed and i found myself unable to pay them.the letters were pouring in threatening court action and to arrest my wages...

i contacted each of them individual and made an offer to pay so much back each month. i explained my financial situation and they agreed. i do struggle to make the monthly payments, but at least the letters, threats and phone calls have stopped.

[superstar24]

Hi all, just a quick update, and to anybody else that is trying to get of the payday loan merry go round!!!

 

I defaulted on my loans on 29 May - I had five altogether, I emailed every company on 22 May to explain that I had changed my card needed a repayment plan etc.

 

Quick quid - accepted my payment plan no hassle and supplied details to pay through pay plan

 

Wonga - absolute nightmare - refuse to discuss by email, i refuse to discuss by phone so at a standoff!!

 

Pay day express - just keep texting me asking me to call them, i keep emailing to say correspondance by email only

 

Capital one finance and one month loan - not heard a word yet!

 

Will keep you all informed and thanks for all the advice so far.

 

Rachuk

 

Hi,

 

I am in a similar situation,

 

I have quickquid (750 incl interest), Payday uk (562.5 incl interest accepted payment plan of £75PM), 1 month loan (£492 incl interest accepted payment plan of £50 PM) & wage day advance (410), and have the following to whom I have given cheques

1) Cheque Cashing - £1000

2) H&T - £600

3) Maxcroft - £500

4) Central Jewellers £1300

5) Roundworld trading - £500

 

could you give me an idea of what you wrote to quickquid? my loan is due tomorrow and have sent them an e-mail today.

[sambill]

Hi

on 20/07 I applied for 240 pound loan from

PayDayExpress.co.uk

to be baid back to them 300pounds on 8/8

I receved the contract and signed it and posted back to them

 

its been 6 days Till today I havnt receved the funds ,

 

I phoned them and they told me my details dont exist on there computer and been advised by them to do new application

 

is the first contract which include instructions to my bank to bay them 300 direct debt still valid and can they collect that 300 even they didnt but any money in my account to start with

 

I AM WORRIED NOW AND DONT KNOW WHAT TO DO

 

PLS ADVISE ME

[bub1]

Sambill, first thing to do is ring your bank and explain to them what has happened. Then put it in writing to the bank.

 

Please do not lend from these people.

 

Bub1