how i repay my payday loans

[willy53]

hi, i am in a lot of debt with the result of payday loans, i owe poundstillpayday 650 plus interest, qq 350 plus interest, paydayuk 300, capitalfinaceone 195, tower 124 and wonga 343 plus interst, i am struggling to pay even the interest each month, i am also on a dmp with consumer credit counselling service to repay my larger debts but i took these payday loans out after the dmp was set up as i had a number of personal debts to pay off which i have now done, in theory after i have paid all my priority bills and my monthly payment to cccs i am still stuggling and left with approx 200 to juggle between my payday loans, i have another 30 days to sort this has anyone any ideas to help, thanks

[HULLCITYMASSIVE]

Hi, as you may have already seen from my post earlier today, we appear to be in a similar position. Indeed, I also have a DMP with CCCS, and a boat load of secured debt. I saw a sign recently that read "when you reach the bottom, stop digging". I took this on board and am now trying to sort out this unholy mess as best I can. My first issue is with the 2 payday loans I have, as the interest cripples me and the debt never actually reduces! My advice is the advice that I have gleaned off this fantastic forum (the people on here are real diamonds), and that would be to write to the pay day loan comapnies, and offer to enter into a repayment plan and ask that they freeze the interest (much like the DMP we have with the CCCS).

 

As I am at the very beginning of this process, I can offer no further information. Reading through the many threads, it would appear that it is going to be quite a process with many, many phone calls and letters etc. However, if you are like me, although not wanted, I can put up with a few phone calls if it means I have a little extra money to feed my family!

 

Anyway best of luck, and keep posting, I know I will, and maybe we can give each other some tips as we go along.

[willy53]

do u think if i contacted cccs they would help or would they cancel my agreement with them for taking on more credit, what payment offers did u offer

[HULLCITYMASSIVE]

I am not sure about the CCCS as they did tell us not to take out any more credit when we entered the DMP. I was thinking about maybe contacting them via an alternative e-mail account without disclosing who I was, and advising them of the situation and just asking the question. At little sneaky perhaps, but I simply could not afford for my DMP to fail otherwise I would be in a deeper hole than I am now! To answer your other question, I have not actually wrote any letters as yet, as I only decided to take this action yesterday! I was however thinking in the region of £30 to payday (i owe £350 + interest) and £40 to quickquid (i owe £500 + interest). What do you think of these amounts? Some people have advised to pay only as much as you can afford, and I can only afford about £5 each!!!! However, I do think you have to find a realistic amount and the amounts I am going to offer seem fair to me. I will not be offering more though, and in the highly unlikely event that this goes all the way to court, I am sure the courts would deem this sum fair also. I am sending my letters at the weekend as my loans are not due whilst the end of the month, and hopefully the fact that I am letting them know "pre-default" might count in my favour. Just remember, it seems that plenty of people have already gone down this route, and it appears that the debts get passed to a DCA and they then accept the lower repayments. I know people keep telling me to not worry but its not easy! Let me know if you have any thoughts of your own, I need all the help and advice I can get!

Edited June 17, 2009 by HULLCITYMASSIVE

[willy53]

i am in process of sending e-mails to these companies so fingers crossed, i shall let u know what heappens unless my mrs finds out and gets to me first lol

[HULLCITYMASSIVE]

ha ha, yeah I know what you mean, I think our lass should have been a DCA, everyone would pay every penny straight away! I could not decide if contact by e-mail or post was best, so I would be grateful if you could let me know how you get on with that. I chose post as I can send this recorded and I know they have the letter in their possession. I have noted on the other threads that they appear to ignore quite a lot of emails and letters, and try to make all communication via the telephone. I have never contacted any creditor this way, as you have no evidence of what was said/agreed. Hopefully though, the email scenario works as this is a hell of a lot easier!

[willy53]

i think the worse thing is when they ring work, i will let u know, let us know how you get on with cccs

[robjam1969]

Willy- hulls comments make a lot of sense and you can beat these people. In your position I would be tempted to go cap in hand to Cccs. They are there to help no judge.

[willy53]

i know but a colleague of mine was on a dmp and didnt tell them she had a catalogue they found out and stopped the dmp

[robjam1969]

Fair enough. You will have to do the work yourself with realistic offers of payment - may be only £1per month. Take time to read some of the threads as each company will react differently - most importantly they can only have what you can afford to pay

Keep posting and we will help where we can

[willy53]

thanks i will, i have emailed the companies making offers and in mean time i have changed my bank account, i know it sounds a cop out i didnt think i had a choice as i think they will still try and claim the money, and i hac=ve requested they contact me via e-mail and not phone calls especially to work

[robjam1969]

Good choice as at least you have control over your funds. You may have to get used to the. Occasional phone call at work!

[willy53]

i have told them to delete my work number so fingers crossed, to be honest if the worse comes to worse i could go bankrupt and then they would get nothing

[willy53]

does anyone know if i cancel my payday loan direct debit and cancel my debit card can payday loan companies still tke money out

[robjam1969]

They shouldn't be able to but be careful about them resetting the direct debit. You will have to be constantly vigilant. I have seen an occasional payment go through on a cancelled debit card as well. Hard work getting the money back when it's left your account.

[RIDDICK]

Willy53.

 

Even if you cancel the direct debit. They can set up another one to take payment. As they know your payday they know when to set it up. I have just arranged repayment plans with a few payday loan companys and i have set up standing orders to make the repayments. I had cancelled my card prior to this. But one company has twice set up a direct debit in the past 3wks, but cancelled immediately by me.

[HULLCITYMASSIVE]

Hi Willy.

 

Just an update as promised. Basically have been e-mailing both quick quid and pay day uk, each e-mails states my offer of £30 is the maximum I can afford, and also states not to contact me by telephone.

 

A few e-mails have gone back and forward. Payday UK rang me twice, but these calls have stopped when I said I was going to report them. Their last e-mail requested my income and expenditure, this was nearly a week ago and have heard nothing at all since (a bit worrying they havent been in touch at all, but I suppose they could be badgering me every two minutes, so not gonna grumble too much).

 

Quickquid have told me they cant accept my £30 offer, and offered me a repayment schedule of £200 per month (like I have that kind of money!). I am again going to send an e-mail stating my offer today.

 

Just to go back to my earlier idea of contacting the CCCS. I could not actually find their e-mail address, so in the end I decided against contacting them! Do not want to jeopardise my DMP, and I am certain (with the help from this forum) I can sort this out myself!

 

So that it where I am at, any ideas or thoughts? How are you getting on with yours??

[frdsmth9]

Even i wanted to know about this and i got the answer now.