Pay Day Loans

[Lolly68]

Hello everyone, my second post on this site. I have been silly enough to have four payday loans which I could manage until this month. Instead of going to the company and asking for them to freeze interest I went straight to a debt management company. Do you think I have done the right thing?

 

All the payments were due today and they have all been phoning me already - one of them leaving me quite a nasty message.

 

Any thoughts would be appreciated,

 

Thanks.

[slgsue]

Dont deal with them over the phone, do everything in writing. We have a payday loan with Pounds Till Payday and after my husband gave them a mouthful of abuse we have told them not to contact the telephone numbers again and the only correspondence they will have from us is in writing. They dont like it but its tough.

 

Also save any messages, they are not allowed to threaten you.

[Lolly68]

Thank you for your advice. I will do. Even though I have told them that I have instructed a DMP each company but one have left quite nasty messages.

[needhelp2009]

stick to your guns change your mobile number only speak to them in writing make sure they all no ure cirumstances fax them and email them at same time so they acknowledge you dont let them put pressure on you at all it as happend to all of us none of us set out to take out these loans and then not pay them back circumstances change and these companies need to allow for that

 

concentrate on each debt one by one to get them clear off there chrages are unlawfull and so are there agreements if it went to court id like to see wat judge thought of the contract and apr they charge

 

at end of the day you have not broke the law and pay back the debt in your own time there is more to life than a number on a screen i have 12 payday loans and not letting it get me down otherwise i would be a reck just take it one step at a time aslo cancel your bank account and have your wages paid into another account this should stop them taking anymore of your wages but do not give them your new bank deatils these cowboys just take wat they want ask them for there bank deatils wen making arrangements

[Lolly68]

Thank you for replying. Can they still try and take money from my bank account even though I have gone on a debt management plan? Are they allowed to do that?

[needhelp2009]

yes they will try and take money out no matter what you are doing wen u sign for your payday loan u tick a box to say they can charge your card some banks will still let these payment go through even if you card has a new cv2 number the bank class it as on going agreements - if your lucky enough to have dd with these companies keep cancelling them casue they will try to set up new ones - make all these companies aware of your situation and dmp are good for some people but they do keep you in debt longer as u dnt have the freedom to up your payments and also most companies once u have been paying them back will normally except full and final settlements for us much as 75% of your debt espcially if they have been passed over to clarity or dlc as they bought the debt for less than this so as long they make profit there not bothered - can i ask who your dmp is with as u dont wanna be paying a fee for this ?? have your tried cccs or payplan there both free ??

[Lolly68]

I have asked by bank to send me a new direct debit card and cancelled the other one I have four loans. The Pay Day Loan Company; Pay Day UK; Safeloans and Wage Advance. The loans only total about £1500 but I was paying back £350 per month in interest. Plus I have added a credit card and an old electricity bill to my DMP. Being a single mum (even though I work full time) with no payrise for 3 years - things just got out of hand. I spoke to PayPlan but they would only take on my debts if it was more that £8k. I am using Vincent Bond - they are charging £25 per month and said that I can always up my payments if I want to.

[needhelp2009]

hi i really understand your situation but a dmp aint doing nothing i coudlnt help you with and plus charging u 25 quid a mth the creditors will accept your repayment plans as much as they would from dmp people plus u save 25 more dnt panic about the intrests let the loan pass over to a collection agency dont panic they dnt visit your home at all and it wont get to court then u can negotiate and get the intrest removed as it is unlawfull wat court in the world would accept the apr they charge its a joke u can clear your debt for half the price if you do it right