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hi everyone i have joined here today to try and get some desperate help and am in seriouse debt i had 4 main creditors dlc x 2 fredrickson and equiddebt - also stupidly i borrowed money from a loan shark and took out over 10 payday loans to pay him off for good i am in a complete mess they are gonna want there money at the end of the mth and the intrest and charges are crippling i just didnt think this through at all but all i could think about was getting him off my back for good - is there anyway i can stop the charges on these payday loans or wat does actually happen if i dont pay them staright away will they send to creditors and would i have better chance of negoitaint with them

 

cheers for any advice you can give me

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hi is this letter any good many thanks

 

Company name ………………………….

REF :

Amount owed £ ……

Dear sir / madam

Extremely urgent

I am writing to you with regard to my payday loan I am not going to be in a position to pay it back and would like to you to accept a payment plan of £20 a month until I am in a better position freezing all late fees and charges which are unlawful anyway if you choose not to accept my payment plan please pass it on to a third party so I can negotiate with them ASAP and will not be paying back any unlawful charges I will be paying back solely the agreed interests and what I actually borrowed.

Also I am revoking any authorisation to use my bank card with immediate effect I have notified the bank of the situation and also forwarded them this letter so that anything you try to take or end up taking will be fraud as I have read on consumer forums that you just try and take what you like or as much as you like and I don’t want to be in that position as I will incur bank charges looking at it logically if I did incur bank charges its less money I could be paying back to you.

Please be advised that I will only communicate with you in writing. I will not communicate over the phone if you constantly phone me I will report you without hesitation you may email or write to me at the above address. Failure to reply to my emails will not deter me I am keeping a log off all emails I send and I am also faxing copies off my letters to you as well as I am not trying to ignore the debt I am trying to clear it.

 

Furthermore, should it be your intention to arrange a “doorstep call”, please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make such an appointment with you.

 

There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v Sheppard & Short Ltd [1959] 2 QB 384

. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and, if you do so, you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, police attendance.

I hope this letter shows good faith and that you accept my repayment plan if you do so can you provide me with a payment card or your bank details so I can set up a standing order in order to repay you.

 

I look forward to hearing from you.

 

Yours faithfully

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hi needhelp2009

 

That's mostly fine. I'd leave out the bit about consumer forums - they'd be here in a shot and find your thread.

 

You say you have notified the bank, what was their response? Have they confirmed they will not pay out?

 

I'd leave out " as I have read on consumer forums that you just try and take what you like or as much as you like and I don’t want to be in that position as I will incur bank charges looking at it logically if I did incur bank charges its less money I could be paying back to you."

- it doesn't add any value to the letter.

 

Who are the PDL companies? They have their own ways of dealing with defaults, some are easier than others.

 

Good luck

 

T2

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hi needhelp2009

 

That's mostly fine. I'd leave out the bit about consumer forums - they'd be here in a shot and find your thread.

 

You say you have notified the bank, what was their response? Have they confirmed they will not pay out?

 

I'd leave out " as I have read on consumer forums that you just try and take what you like or as much as you like and I don’t want to be in that position as I will incur bank charges looking at it logically if I did incur bank charges its less money I could be paying back to you."

- it doesn't add any value to the letter.

 

Who are the PDL companies? They have their own ways of dealing with defaults, some are easier than others.

 

Good luck

 

T2

 

T2

 

Beat me to it, 2009 go with what t2 has advised, keep in touch m8.

 

Mr W

Regards..Mr Worried :)

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cheers for the advice i will leave out that paragraph the payday companies are the usual lot there is over 10 in total but i had no choice to get this loan shark off my back the main thing is i now get arrangements with all of them and get them paid off as quickly as possible oviousley my mortgage and food on table comes first but rest of money will mainly go to them xmas is on the way and just want it sorted so i have got peace of mind cant handle constant letters coming through the door

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Just so you know where you stand - this letter is just the start, it won't stop them trying.

 

Unfortunately, you will most likely get a lot of calls (despite the no calls paragraph), a lot of threatening letters and a lot of lies. But, they can all be handled.

 

That's why I ask, specifically, who are the PDL's?

What was the response from your bank?

 

Your answers to these will most likely determine your next appropriate course of action.

 

Cheers

T2

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i havent heard back from the bank as of yet and also have not even sent the letters to the compnaies as of yet they are the following

 

wonga

payday express

quick quid

cash genie

unlce buck

247 money box

manx credit

minicredit

one mth credit

wages today

wage day advance

txt loan

 

and pound till payday who have passed the loan on to clarity with loads of fines and intrests but clarity have agrees to £20 pound a mth for next 3 mths and have said i can just pay back the amount i borrowed if i stick to this arrnagement

 

will they all sell on to third parties ?? and also i have an overdraft with abbey if i can get this paid off and actually close the account will this stop them attempting to take payments ??

 

again thanks for your help

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Nope Debtline are not like that, they will not judge you, they will help you assess your situation and help you get any financial help you may be owed (housing benefit, tax credits etc).

 

As for the loan shark I would still report them as the police are seriously hunting one guy now.

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yeah but im working and bankruptcy bad move aint it surly coming to an arrnagement with is easier and the debt only amounts to around 2 thousand pound - my other debt aint a problem i have payment plans in place and i am keeping my payments up to date its just the payday loans im not gonna be able to pay back in one go i wanna clear like 2 at a time if that makes sense i no it sounds like a big mess but surly it is do able rather than bankruptcy

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Does the loanshark know where you live ? I would suggest contacting the Illegal Money Lending Team and giving them a statement....there is a good chance he would be arrested and you may get all your money back over and above the amount he lent you....

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i live in the uk and trust me you think the situation i am in now is bad it would be nothing if he found out i graseed him up i will send an annomous letter to the police and hoepfully something will get done about loads of people lend money of him were i live he must make a fortune

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