PayDay Loan Help Please

[moonsa]

Hello, I am new here and need some advice please. I have 7 payday loans....eeek. All my own doing and now I have to take action and deal with. All 7 loans come to 2193.00, as you can imagine the interest each month is putting me further and further into debt.

 

Do you think it is a good idea that I contact these companies and try and neg a payment plan, one of the companies is Poundstillpayday and they take the money by chaps each month so not sure how to deal with this one! Also, shall I cancel my bank card as well so they can not take payment?

 

Thank you for any advice.

[postggj]

the pounds till payday one

 

have they sent it to a dca called clarity yet

how much with ptpd did you borrow and what is the balance now

[moonsa]

Hi, I borrowed 400 and owe 519.

 

I am not in default with any of them yet but I know come next Tuesday and they come to collect there money, it will leave me with nothing.

 

Thanks

[katpuss]

Which payday loan companies are they?

[moonsa]

They are:

Poundstillpayday

Uncle Buck

Wonga

Money Shop

Quick Quid

One Month Loan

Cash Genie

 

I am so ashamed, what a mess!

 

I wont to pay them back, as I was the one that took these loans out but need a repayment plan.

[m12345]

Are one month loan and cash genie not the same company? Their websites are so similar! Having dealt with a few you have listed I can tell you from my experience wonga and quick quid were quite difficult to deal with..(mind you I was ignoring the debts hoping they would disappear which obviously they didn't!) Quick quid hound you with calls, I had about 1 every hour or so everyday, the same annoying american woman, until they got fed up and passed my file to a DCA who weren't too bad atall. Cash genie I found quite helpful as once you have defaulted they do try to help you about by giving you the option of a 'one off' fee of £20 to roll over your loan. You are given your own 'debt manager' who will try and call & email you. They also offer payment plans. Wonga did threaten me with a doorstep visit and I found them to be quite nasty (however I was refusing to answer the phone as I was too scared to speak to them). They did send someone but I wasn't in and they just left a note and didnt call again.

 

I would advise you to speak to each company before your next payday as they will probably be more sympathetic towards you, I reckon most will be quite willing to offer you a payment plan.

[robjam1969]

Hi moonsa

 

Don't beat yourself up over it. A few of us on here have made the same mistake. Take some time to read the various threads as this will give you an idea of what to expect.

 

You will have to report your card lost and get new one also cancel direct debits. You can then negotiate. Keep checking bank as they will keep setting up dd's. Pay only by standing order.

 

If you don't take steps to protect your account they will help themselves.

 

Keep posting as most of your companies are easily dealt with. Just be prepared for loads of phone hassle

[robjam1969]

M12345

 

A chap called pete tuvey left one month loan and joined or set up cash genie. One month loan are easy to deal with and will happily take A tenner monthly. As you say ptp are easy once they pass to clarity- will also accept tenner if you pleas poverty. QQ are akward and then pass to dca.

 

The main drawback is the hounding phonecalls.

[Dizzylulu1]

Thanks

If I set up a basic account with my bank , should I transfer my wages

into this as soon as they go in (..as if I got new a/c it wouldnt be enough

notice for my employers to change where they are paying my wages in as they need 14 days)

Do you not think emailing them appropriate , rather than writing letters

Im not on email at home or web...I only use work p.c and have work email

Would I be best moving wages the minute they go in to a sep a/c

and then just leaving in what direct debits will go out for mortgage etc

 

sorry...im just on the verge of a nervous breakdown

[DJGobby]

Hi Dizzy,

 

Firstly, Dont Panic and Don't worry, we have all been there and got the t-shirt. Its a simple thing to do when these companies are chucking money at you. I have dealt with PTP ,Wonga , and Quickquid .

 

Poundstillpayday will hound you with calls, they normally follow it up with an email so send them the "do not call me, i want it in writing" letter, This stops call phone calls and they will not pester for a while untill it passes to a DCA. Wonga are awful to deal with, send lots of emails, lots of post and non stop phone calls, again send the dont call me email and it normally slows them down. Wonga never went to a DCA, they used their own "DCA" and it took me getting a Debt Relief Order and calling trading Standards to sort them out. Quickquid never troubled me but I had changed my mobile number shortly after getting the loan, I think they are based in Malta but they will pass over to a DCA. Whilst I could never reach an agreement with any of them even though I offered £20 a month to each.

 

Cancel your bank card, they will take any money you have in there wether its for your food, your water bill or your mortgage. Keep an eye on your account and if anything goes missing, tell your bank the account is in dispute and they will recall payments but please "lose" your card. I don't think changing accounts is nesscary and its a lot of hassel.

[moonsa]

Hi, I have reported my card as lost today with the bank. Now I will start contacting the payday companys. I am going to send emails, is there anything in particular I need to say, or is there a template?

 

Thanks for all this help.

[robjam1969]

Moonsa

 

I would just state that you are having financial difficulties. Personally I would wait until they contact you after they are unable to take payments. You will get plenty of calls at that stage!

 

You will need to make sure you cancel any direct debits (keep checking to make sure they dont set up again)

 

Only offer what you can realistically afford, and if that is a tenner a month so be it. Several of your companies will accept this, some will be harder work!

[moonsa]

Thank you.

[DJGobby]

Send an email with this

 

"Harassment by telephone

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing.

 

I have verbally requested that these stop, but I am still receiving calls. (Delete if necessary)

I now require all further correspondence from your company to be made in writing only.

I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine.

Be advised that any further telephone calls from your company will be recorded. (**Even if you don‘t yet have recording equipment!!**)

 

Yours faithfully,

 

 

[NAME HERE] "

 

And delete the bitsin red. This will stop most calls, not straight away but within a few days

 

 

And remember, never verbally agree anything and don't ring these people, they will scare you into paying more then you can afford and crush you into an emotional wreck. So if you are going to ring, use a recording device but make sure you advise them they are being recorded.

 

Together, we will beat Payday loans

[moonsa]

Thank you. I will let you know how I get on.

[buddy7]

Hi I had two payday loans, wageday advand and payday uk, wageday set up a direct debit the day before my wages went in and I missed it so they got their £250 back even though it left me short of money that month, but the other I still owe £500 to.

 

This has been given to Keiston Lock or something like that and they have been constantly ringing my work phone! How embarassing! I told them I had no debit cards etc and said to go and pay over the couter at Barclays, just waiting a letter so I can negotiate a repayment.

 

I know that it is easy to get in to this and I must have paid hundreds in rollling over the loans each month. Good luck!

[moonsa]

Its started.....I have informed by payday companies and I am corresponding via email but Poundstillpayday say they only communicate by phone....has anyone got any ideas on this one.

 

Thanks.

[robjam1969]

Hi Moonsa

 

This lot are predictable. Just refuse to talk to them. They lose interest in a fe weeks before passing to Clarity. A pain in the short term but nothing to worry about.

 

Don't be intimidated you are on the road to regaining control.

[postggj]

simple answer

 

send these cretins this

 

kills it stone dead

 

 

 

Your Street

Town

City

Postcode

 

 

DATE HERE

Company Name

Road

Town

City / County

Postcode

 

Re: Harassment by telephone

 

 

ACCOUNT NUMBER: XXXXXXX

 

Dear Sirs

 

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing.

 

I have verbally requested that these stop, but I am still receiving calls. (Delete if necessary)

 

I now require all further correspondence from your company to be made in writing only.

 

I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

 

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine.

 

Be advised that any further telephone calls from your company will be recorded. (**Even if you don‘t yet have recording equipment!!**)

 

 

Yours faithfully,

 

 

 

[NAME HERE]

[robjam1969]

Post

 

This lot are based in Malta - they appear to ignore our laws, by the time you catch up with they have given up anyway. Then again no harm in then knowing they are in for a fight. It is normally a call centre in Ireland that chasr for a few weeks and they can be quite unpleasant- if your letter doesnt work hanging up on them does!!i

[postggj]

malta

southern irland

you never had calls from canada

 

been there

done that

got the tshirt

 

as stated

just wait till clarity get hold of it

[postggj]

shawnda

 

you have to get the site teams permission to do adverts

 

i dont like spam in my email let alone on the forum

 

please stop posting as its not welcome

[DJGobby]

Payday loan outfits are the biggest ripoffs in America. From now on, avoid them like the plague; for now you're probably going to end up declaring bankruptcy, because you'll never be able to catch up with their outrageous interest rates. Best wishes.

 

online discount brokers

 

What a lovely comment, Thanks for that, So helpful. We all reliease they are rip off's, we know we should avoid them like the plague now, people make mistakes, at the time, we needed the money and we had the means to pay it back but things change. Alright I have ended up bankrupt but not because of payday loans, not solely anyways.

[InformedSearcher]

Well I've read the thread and can understand and maybe relate to some things. These companies to begin with are all too easy and then the panic steps in as your payday arrives. Not forgetting they all state that they are not suitable for long term loans. The interest is astronomical as we all know too well but the interest never stops.

So in this situation and cannot pay it all back - Call them! Don't be afraid in the first instance and if you are uneasy on the phone have someone who will do it for you next to you. The key is that the company wants its cash back and they would rather listen and agree than enter into some long winded spiral of phone calls, letters and potential defaults.

The thing here is to think that the loan was given to you for a month so any payment plans should appease both parties. Plans for paying them back over 2 years will not normally work. Remember you want to know what they are going to do regarding interest because in reality there's nothing stopping them adding it. Personally if I borrowed say £200 and find the repayment is £250 to ask if you could pay £100 a month over 3 months as a closed agreement. Okay it's still outlandish but it's a compromise. If you have got the money and simply have no way of paying it back, explain your problem. The worst is they say no and you only want to jump that hurdle as a last resort.

I owe money in loans personally but never again to any places like these. Currently I'm unemployed and I can prove all this but in my situation it's still a nightmare because all lenders want their cash in the end.

Michael

[Cash Genie]

Moonsa, Please contact us on Freephone 0800 046 8121. We would be happy to discuss a repayment plan.