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more payday loan help please!!! ***


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Hi

Ive been reading a few threads on payday loans and have to speak about mine,im hoping somebody can advise what to do,im at an arrangement with most of my creditors and all seems ok,im doing this all on my own,my main problem now is my payday loans which ive been renewing and rolling over for what seems like forever 2yrs to be exact.

Two have defaulted,wonga and ptp,ive just come to an arrangement with ptp,i oe them £198,wonga state i owe approx 1300,ive paid £500 back the loan was for £650,then interest on top,at a sttalemate with them,the others are:

payday uk £320 +£80 interest

payday express £280 +£70 interest, i need to get rid of these but cannot afford the £150 a month in interest,i could afford £40 a month each to pay them off,what should i do there due next week,should i contact them,im also concerned they will phone my work constantly who dont allow staff to have people ringing!! or at worse come to my home!!!! any advice would be appreciated thanks x

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Well done with ptp. Do you have the agreement in writing?

 

Firstly, if you are going to default, I would suggest changing and debit cards or bank accounts that you have so that they can't go helping themselves.

 

Wonga are difficult. It would be easier trying to negotiate with a brick wall!!

 

Work out what you can pay and offer them that and no more. Stick to your guns. Everything in writing and no 'phone answering.

 

If they do start calling there is a harrasment letter that you can send.

 

Good luck :)

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It's been a while since I've dealt with these bottom feeders but Plumfairy is right; protect your bank account at all costs - these types are notorious for raiding.

 

Send a PM to mjc007.5 - he is one of the resident PDL experts and a thoroughly nice Cagger as well!

 

T2

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Hi

Ive been reading a few threads on payday loans and have to speak about mine,im hoping somebody can advise what to do,im at an arrangement with most of my creditors and all seems ok,im doing this all on my own,my main problem now is my payday loans which ive been renewing and rolling over for what seems like forever 2yrs to be exact.

Two have defaulted,wonga and ptp,ive just come to an arrangement with ptp,i oe them £198,wonga state i owe approx 1300,ive paid £500 back the loan was for £650,then interest on top,at a sttalemate with them,the others are:

payday uk £320 +£80 interest

payday express £280 +£70 interest, i need to get rid of these but cannot afford the £150 a month in interest,i could afford £40 a month each to pay them off,what should i do there due next week,should i contact them,im also concerned they will phone my work constantly who dont allow staff to have people ringing!! or at worse come to my home!!!! any advice would be appreciated thanks x

 

Firstly, it's essential that you open a new bank account for your income to go into. If you're due to be paid next week, do it now! If you have online banking, you may be able to open a savings account online that will immediately provide you with an account number and sort code to give to your employer. Once you have this, DO NOT, for goodness sake, provide any of the payday loan companies with it for any reason.

 

Sit down and work out what you have coming in and out and how much you can pay to each company keep it realistic - if you find you have spare cash, you can always make an over payment to help clear the debt earlier, but agreeing to pay an amount you can't really afford will get you nowhere and will end up with you tearing your hair out.

 

Email each company with details of your offer - you don't have to include your incomings and outgoings, just tell them how much you can pay. Make sure to include the fact that you will only communicate with them in writing. Stick to your guns - the worst thing that is going to happen is that they'll say "no" and pass the account to a debt collection agency who will truthfully probably be easier to negotiate with. It's unlikely that they'll take you to court because they don't want to explain either their fees or interest rates to a judge. If they do agree to the amount you offer, pay ONLY by standing order - do not give them card details or bank account details and definitely say "No" to direct debit.

 

To be truthful, if the experiences of most people are anything to go by, you will be getting phone calls - if this does happen, use this letter.

 

http://www.consumerforums.com/resources/templates-library/52-harassment/135--harassment-by-telephone-response-letter-

 

I think that's it - if there's anything you're confused about, give me a shout. Mostly, don't beat yourself up about it - you're trying to sort it out and on two of those loans alone you've paid back £3600 in interest on an original amount of £600. I think they've had their pound of flesh, don't you? :wink:

 

All the best in sorting it out.

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Hello Petal9 and welcome to CAG

 

T2 is way to kind to me - although the bit about being a thoroughly nice cagger is 100% correct! :p

 

Already some good advice from Mrs Weatherwax and plum fairy - if any of what follows duplicates my apologies.

 

(1) As has already been said - do not beat yourself up about it. Very easy to say, but this is absolutely the best place to start (you will think far more clearly and their tactics will have less of an impact on you). I have been to a very dark place indeed with these firms :eek: but once I had the lightbulb moment and accepted that I could not change past actions, that I was doing the right thing (for both myself and these sharks!) by refusing to continue to pay the "extension/roll over/income stream...." and attempting to repay what was legally owed instead, I have got on the path to sorting it all out!

 

Even if we suspend reality for a moment (which these firms are all good at :rolleyes:) and accept that you owe Wonga £1300 the total in your post if none of it were challenged in any way and was all completely enforceable, would be £2248. They will all huff and puff, try and make this amount seem 100 times bigger, threaten all kinds of dark things but in the absolute majority of cases this will be exactly that - hot air and threats designed to either intimidate you into doing what you are told or prevent you from standing up for yourself.

 

(2) Most important first practical step is a parachute account - preferably with a completely different banking group to that which you have now (in order to guard against any bank related debts and the impact they have to a "right of offset"). If you do not do this they will drain your salary as soon as it arrives - many or all of those in this sector have a proven track record of this (Hopefully you have already done this as per the post from Mrs Weatherwax).

 

(3) Next you will need to report your debit card as lost or stolen. Best to replace with simple debit card (ie no cheque guarantee facility) if possible. There are many perfectly serviceable accounts out there. These firms will try any and all devious means you can think of (and some that you cannot) to access your account and drain funds. The banking system will allow them to do this!!!

 

(4) Again agree with Mrs Weathewax. Sit down and work out realistic repayment offer to each that you can afford. You sound like you have already had some success with this, if not already aware then use the info on any of the debt charity sites (nationaldebtline, payplan or cccs). If you can work out complete I & E (even with their help) and pro-rata offers then this is what the courts would offer to them if it ever got that far. (There is another way to handle these firms which involves snowballing - so if I take your first post correctly you have x4 outstanding debts of this kind and £40 per month each to pay them of so £160 in total. This approach basically involves paying all the larger three as little as possible with the majority going to the smallest so you pay it off in the shortest time. Using this route you could be rid of PTPs £198 within two months or so, then you move the money up to Payday express and so on. This did not work for me as I was to heavily exposed to these firms but it can work in some cases)

 

(5) Now prepare for the forthcoming barrage of harrassing calls - and they will come. If you can pre-empt them with either a second line into the house that is only yours or a VOIP type service like SKYPE then all the better, If not send them the telephone harrassment letter from this site (I have thrown this together with the "doorstep visit" template for debt collection agencies) - link already kindly provided by Mrs Weatherwax. For your mobile number, set them all up with recognisable ring tone and proceed to ignore (I have the imperial death march from Star Wars, amend to suit) :p

 

(6) Send your harrassment letter (I would recommend merging the telephone and doorstep visit templates to suit, one letter for the main two concerns most of us have and they play on :mad:) together with offer letter to each of them. Your offer letter should also request that charges/interest are at suspended (you can challenge this together with alleged balances at a later point). If by post, recorded delivery. If you have email contacts then this is okay.

 

(7) Whatever follows stick to what you have offered - as you have worked this out to be genuinely affordable they would not get more with court action and eventually most will see this to be true and fall into line

 

(8) Those that you agree a plan with, including a level of balance and charges that you are comfortable with, continue repayments and all is well.

 

(9) Those that you cannot agree a plan with and/or pass to DCA. Depends on your personal preference and available time (there is no one size fits all solution unfortunately!). It will be worth going on the offensive with these firms - CCA request, complaints (OFT, consumer direct, companies house if liscensing or other issues - ignore BCCA or FLA, they are pointless). Depending on debt level if CCA request not effective then move to Subject Access Request.

 

There are many folk here who are going through this and a whole lot more who can offer you all the advice you ever need. General principle for me having stabilised a very wobbly ship is to focus on resolving oustanding legally owed debt whilst standing up for yourself - this will along the way bring many trials and tribulations but equally will help you to reduce your debt more quickly.

 

All the best, keep folk posted and ask away if you need anything more at all give a shout out and there will be someone along to help :)

Edited by mjc007.5
Apalling grammar!
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MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Thanks to everyone for the advice,im still unsurewhat imgoing to do,havent been well,i dont mind them phoning my mobile as i can ignore that its work thats the problem,i think ill be i a lot of trouble if they phone there and they will because they did a couple of times when i first took them out asking me if i wanted to extend them,i had to tell them not to phoneme at work,but of course if i dont pay them then there going to phone me aren,t they?

I VE HADTHESE NOW FOR ABOUT 2 YEARS,GOD KNOWSHOW MUCH IVE PAYED IN INTEREST,I JUST DONT KNOW WHERE TO GO FROM HERE X

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Hiya Petal9,

 

Sorry you have been unwell, hope you are feeling a little better now :)

 

If it all seems a little daunting then best to break it down into small steps and prioritise - do the most important bits first as you feel able and then go from there. :)

 

In almost all cases this will be taking steps to protect your next monthly/weekly income before it is due and if you have not already you must do this first. It will feel a whole lot worse if they get their hands on it first but equally if you are able to ensure it is out of their reach you have the first steps to feeling empowered and sorting things out.

 

I can see you are worried about the calls to work. Now the rules of this game are supposed to state that if you tell them not to call on certain numbers they cannot and even when they do it should not be more detailed than "calling you on a personal matter". However as you say more often or not they will not play by the rules. You can of course report them but more pressing is to try and stop them calling work. Now again, depending your personal choice and how quickly you can get to them you can try and simply tell them to take the work number off your contact details. This can work but where it does not (which is more frequently than not) you can try giving an alternate number (anything that is less of a threat for you - I knew of one brave soul who gave the speaking clock, another gave an 0906 "virtual" number :p - do it under the "guise" of updating your work contact details).

 

Now take a breath, come back to the next steps when you feel able ;)

 

This is a messy "market" (even when it "works") and the path out of it is not and easy one but with determination, a realistically costed plan and the help of the good folk here you can get there. I have had some very, very dark nights and thoughts at the height of my nightmares in payday loan land and whilst we have some way to go yet I am on my way back from the dark side - if I can do it most anyone can!

 

Keep going, you will be able to do it :)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Thankyou,ive not been good recently,im not in a good place right now and all this is making me feel worse,anyway got a new bank card so payday express and payday uk wont beable to takemy money,im going to send email re offering payment and tell them not to contact me by phone or at work,if they do phonework will send email asking not to,i goingto try and be strong despite feeling like im going to crack any minute,ill keep you posted and thanks again xx

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You need a new bank account, Halifax do a good basic bank account with internet facilities, you can do online checking and everything. @You also apply for it online and they don't do a credit check.

 

Watch out for emails and texts asking for your 'up to date details' to get special offers, and for phone calls asking to confirm your bank details - one company tried that on me but I was already wise to their tactics.

 

Also watch out for emails from Marstons who whilst being bailiffs seem to be going into normal debt collecting, if you get one of these send it to the local Trading Standards, they CANNOT use a bailiff to collect unless the debt has been to court and a CCJ obtained and no payment made on it.

 

They also cannot contact your employer directly to ask that 10% of your wages be taken to pay them, you need to have a court order do to that in the UK and again any court will propably query the rollover charges.

 

Make sure you have your salary paid into a completely new bank account, then you can rest a bit easier.

 

As this has been going on for so long have you been to the CAB, you should also check to see if you could get any benefits, ie council tax relief and housing benefit, in entitledto.com

 

If anyone is hassling you come on here and we will help.

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Hiya Petal,

 

Hang on in there with it, you will be okay if you follow the advice of the good folk here and stick to your plan.

 

As well as the sound advice already here Sillygirl1 has now posted on your thread and she also seems to have a raft of experience dealing with these firms (apologies if I have this wrong, your posts have helped me along the way :)) and I think is further along the journey to sorting them out than me (in fact may have got there!). You have a number of experienced folk already looking in and we will all try and help as much as we can.

 

Main concern is that in your last post you say you have changed your bank card but would seem to imply you have the same bank account? I do hope we are all wrong but this is often not enough :| . You are going to have to be very directive with your bank to ensure these firms do not just help themselves - it is very bank dependent but general feels seems to be that most will not be helpful :evil:

 

Keep going, one small step at a time. Ultimately you must do what fits your circumstances and time best, but as others have said post back and we will all try to help out as much as we can.

 

Best of luck :)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Hi everyone

I am currently selectively defaulting on payday loans- last month payday uk- got to give them income and expenditure then this month will be payday express and wage day advance which i can add to payplan dsebt programme and ptp hopefully will set something up with clarity.

will pay wonga and quick quid for now .would be too stressful otherwise but Ive definately come to my lightbulb moment - hope its the right thing.

 

its good to know others out there are getting through this nightmare

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Hi everyone

I am currently selectively defaulting on payday loans- last month payday uk- got to give them income and expenditure then this month will be payday express and wage day advance which i can add to payplan dsebt programme and ptp hopefully will set something up with clarity.

will pay wonga and quick quid for now .would be too stressful otherwise but Ive definately come to my lightbulb moment - hope its the right thing.

 

its good to know others out there are getting through this nightmare

 

 

Definetley the right thing :)

 

Make sure you keep everything in writing. That way you have details if you should need them, and nothing can be denied.

 

I would also change your bank account too.

 

For me Payday UK have been the easiest. - One more intallment this month and then that's them done.

 

Keep going, you'll get there

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Yep changed bank account so this month a few payments won't get through = should I speak to them on phone or wait to get something in writing or what about e=mail?

 

will payday express and wage day advance send me some statements to give to payplan to set up arrangement?:?

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Yep changed bank account so this month a few payments won't get through = should I speak to them on phone or wait to get something in writing or what about e=mail?

 

will payday express and wage day advance send me some statements to give to payplan to set up arrangement?:?

 

Don't do anything on the phone. If they call you, tell them you'll only communicate in writing.

 

Keep everything to emails - I think most people have found them to be the most effective solution. Good luck, let us know how you get on, and if you need any help, just shout. :D

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HI aGAIN

 

Pay day uk have asked for10% of balance to hold my account before setting up an agreement- I owe £625 and they want £65-£70 before setting up an arrangement with me.

Would this be right or should I just send income / expenditure and make them an offer.

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DO NOT send an income and expenditure form, they are not entitled to any of the information on it whatsoever. Just state the following

 

I have an income of xxx, and outgoings of xxx, I have xxx spare, if you want it it is yours.

 

Keep it short and sweet and they won't be able to send you a 'template' answer back!

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