Payday Loan Companies - How to deal with them!!! **

[Grizza]

Hi, I'd like to formally introduce myself,

 

I have been in the Financial Management business since 1996, and unfortunatly due to personal reasons, lost my business in 2007. Instead of helping people and businesses in financial difficulty, I was one the in trouble!

Anyway, I am experianced dealing with people in financial trouble, dealing with banks, credit and finance companies, debt management, and very experianced with Payday Loan companies!!! I have also dealt with debt collectors and various creditors, usually very successfully.

 

I have dealt with properly every PayDay Loan company out there, many are the same company under different names. I am at present in the process of having Debit Card Loans/Cheque Book Loans investigated by the FSA, and have reported them for breach of the Data Protection Act and what I believe, fraudulently attaching a Standing Order to a Bank account. This company needs dealing with their underhand deeds!

 

I have found that most PayDay Loan compaanies will not take you to court, although they will be a pain and ring you at work. My advice is to ring them first when you cannot afford to repay your monthly loan, and be strong. Do not back down, do not pay what you cannot afford, and always keep the bank account with your wages being paid into secret, and do not disclose your debit card details to anyone!!!

 

I have sent a few CCA requests, only to find that none of them replied! The only ones that have ben a pain to deal with, apart from DCL, has been Swift Loans, Chantry Collections, the're all a pain at times!

 

If anyone wants any advice or help, please ask and I'll do my best.

[BENJANI127]

Hi Grizza

 

Any idea how I should deal with Wonga and PTP .. both set to default this month and I want to negotiate repayment plan over approx 3 months.

There is no way I am going to reloan....I have already sorted my Wages out going to a new account and my old debit card cancelled !

 

Thanks

[Willo53]

I have a large debt with Chantry collections who had added like 320 onto the original debt. I have agreed a monthly payment plan with them, should I CCA them or just pay the original debt and just tell them to hit the road about the obscene interest?

[Grizza]

BENJANI127 :

 

I have had loans with both companies, and have not paid either back (at the moment)! I sent them a CCA request, and they never replied. Had a few phone calls after that, but told them that they were in breach, and after a few months, heard nothing!

 

However, if you want to do the right thing, which I think you should, phone them with your offer of what you can COMFORTABLY afford over the next 3,4 or 6 months, and offer to pay by Standing Order. DO NOT give them your Debit Card details or offer Direct Debit, say you only have a cash card and will only pay by Standing Order, or they'll have to send you a paying in book/bank giro credits. They might say they can't accept payments like this, but be firm, say this is the only way!

 

Willo53 :

 

Chantry can be funny at times, however I have found that they will reduce the amount you owe if you can pay back the loan quicker. I would CCA them, continue your repayments, but whatever you owe, take off the £320.00 they added on, and if you get to the stage of repaying the debt, remember not to pay the £320.00. If they phone up asking for it, tell them its unfair, you don't have the money, and that you'll get the charges investigated. However, what I'd personally do is wait until you only have about 3-6 months repayments left on the loan, and negoiate a reduction

on the whole amount!

[jess22]

Hi Grizza im hoping you can help me,im going mad with worry,i posted a couple of threads over the last week,i have payday loans with pduk and payday express both due to default fri,i cannot simply go on rolling them over,ive cancelled my card,they have rung a couple of times asking me if i want to defer,ive told them im too busy to talk.Should i talk to them about it or send email or just default,i owe£320 +£80 inerest to pduk and £280 + £70 interest to payday express.Please also can you tell me re them phoning at work,ill be in a lot of trouble if they did this,they have my mobile number but dont think they have my home number,Thanks in advance xx

[theotherside]

Hi

 

As you may have seen, some are taking people to court. Wonga have passed numerous accounts to those shady HCEO's Marstons. At what point will they give up and go to court?

[jess22]

Forgot to add im happy to make arrangements,im not trying to avoid the debt just cannot go on,its making me ill xx

[Grizza]

Ok, I have yet to experiance anyone taking me to court (yet!). They might pass on the debt to a debt collection company, but I always phone them, tell them they haven't replied to my CCA request, and that they are in breach, and they are welcome to take me to court, as I'll expose the company in question for their high APR and unfair practices! As of yet, they have not gone any further.

 

Petal9: Phone up both companies, tell them that you are in financial difficulties, and that you want to come to an agreed arrangement to repay the debt. Tell them that you are under a lot of stress, and you want everyone to be amicable so you can sort this out without anymore stress.

 

Only offer them what you can COMFORTABLY afford. They will always try for more, some companies will make things up and try and scare you, but stay firm. Again, DO NOT give them your card details, offer to pay by Standing Order/Paying-In Book/Bank Giro Credits, or cheque if you have one. Also tell them that if they want to speak to you in the future, they must call your mobile only, they can leave a message if you can't answer it, but you will phone them back within 24 hours if you miss the call. I have found good communication works very much in your favour. This works with all financial insitututions, they are happy if they know whats going on.

 

They should not call you at work if you speak to them first. If anyone does call you, and I have experianced this, tell your company you do not know what it is about, and refuse to take the call. If you do get any calls, and you shouldn't if you speak to them first, then report the matter as harresment.

[robjam1969]

On the subject of court the following have been known to do it;

 

Tower - several times and for small figures

 

Debit Card Loans- seem to back out at the AQ stage

 

Uncle Buck - only seen one occasion so far

 

Microlend - as with Uncle Buck

 

Yet to see a pay day loan company to win one yet if defended.

[robjam1969]

Sorry

 

Forgot to say welcome Grizza, more the merrier when it comes to dealing with these chancers.

[Willo53]

Who are HCEO Marstons? Only reason I ask, is that my Wonga account is nearly 7 weeks since default so I believe that it is due to be passed to a DCA. Are these some evil solictors, who play all the dirty games in the book.

 

I was hoping it may go to Gothia!

[robjam1969]

Marstons are bailiffs but they are acting as DCA when collecting for Wonga - they don't always make this clear and have no bailiff rights unless granted by the courts.

[JMW69]

HI gUYS

i HAVE currently set up arrangements with Clarity, Wonga PDUK,PDEX,WDA, trying to sort QQ- NO luck so far,

BUT have been rolling over 3 £100 cheques with national cash advance for months - £15 per cheque each month.

They took cheques to bank on mon but I closed this account some time ago due to other loans defaulteing and just carried on paying this.

Do you have any experience with these -the woman in shop was laid back and said to call on thurs when they bounce and as long as i continue to pay -no prob but id like the heads up on tactics first.

[jess22]

Hi everyone

Grizza took your advice,explained my situation and contacted pduk,the woman i spoke to seemed v nice,i was upfront with her and explained my circumstances and asked if i could come to an arrangement,i told her how much i could afford.s he spoke to the collections department then came back to say they were bound to attempt full payment and if this wasnt successful would then contact me to set up regular payments,she actually thanked me for being honest with them,i hope that this is a good sign,what do you think? xx

[clare3740]

Hi..I have £750 worth of cheques in the money shop which are due to start comming out next wee and I cant affordd it. They have details of my old cancelled guarantee card..can I cancel the cheques and then negotiate a settlement with them? Thanks for the help...clare

[Willo53]

Clare3740,

 

Unfortunetely you cannot cancel cheques which have been guaranteed by your card.The bank will honour the cheques due to cheques having the card number on the back.

 

I tried and failed to cancel the cheques quite some while back,and as a result i was nearly £500 overdrawn with the bank.

[mighty sword]

Clare3740,

 

Unfortunetely you cannot cancel cheques which have been guaranteed by your card.The bank will honour the cheques due to cheques having the card number on the back.

 

I tried and failed to cancel the cheques quite some while back,and as a result i was nearly £500 overdrawn with the bank.

 

Havinig said that, I spoke to the Natwest collections this morning regarding a cheque that was banked this morning (ironically from the Money Shop) and he said he was going to email somebody to have it returned. Whether this happens or not I don't know, but it does show that it can be cancelled / returned in the same way they do DDs. I think it depends on the amount if cheques you have previoulsy wrote and the frequency in which they were banked and thherefore paid by the bank. Worth a try.

 

I will let you know if it does get returned.

[JMW69]

:confused:Hi Grizza

HAve now had an email from QQ 90 day past due notice that my loan now at £1012 is still for collection procedures.

Everyone says it might go to Mackenzie hall but im scared - shud i just wait can only afford about £100 a month to pay it off.

Any advice welcome- don't understand all these cca requests etc.

[clare3740]

Il let you know the result!!As the guarantee card has been classed as stolen a couple of months ago the bank has said it is unlikley they will be allowed to clear...fingers crossed!!

[Grizza]

Hi All,

 

I am sorry about not getting back to you all, but for some reason I'm not recieving an e-mail saying that this thread has been answered!!!

 

As far as the cheque thing goes, my own experiance is its upto the bank wheather they honour the cheque or not. Even though it has your cheque number on the back, the bank can still return it, and they have been doing it alot more recently. What sometimes happens is a company will present it, the Bank will return it, and the company represents it and it gets paid. The company can sue the bank for non payment.

 

As far as the PayDay Loan companies are concerned, as I have said, be upfront, explain your situation, and only offer them what you can comfortably afford. Some are helpful, some are not! They might try all kinds of tatics, some you'll make an offer of say, £5.00 a month, but they'll say their company policy is a minimum of £10.00. Just tell them £5.00 is the very most you can afford, and that is a struggle. They might then say they'll have to pass it onto a third party (meaning a debt collection agency), but hold firm and say "well, I can't pay what I don't have, so that is upto you." They might say they can accept it, provided you give them your Debit Card details, but again, either have two basic accounts with two debit cards, one for making your payments (only keep the minimum in there), and the the other for your salary, or just say you have now only got a cash card and will have to pay them by cheque, or they'll have to supply Bank Giro credit slips.

 

Whatever you do, be friendly, but be firm! Do not be scared of these people, they are just emploees working for a company.

 

Petal9: You have done the right thing, just wait and see what happens, but I think this is a good sign.

 

JMW69: Do not be scared!!! I would phone them, explain your situation, offer £75.00 per month, and state this is the most you can afford, and DO NOT give in and offer more. A CCA request, is that you write a letter to the company you owe money to, requesting a copy of the Credit Consumer Agreement you have with them, enclosing a payment of £1.00. They have, and I stand to be corrected on this, 14 days to reply. If they don't, the credit agreenment is unenforcable, so in effect, they cannot pursue you for the debt. I have done this to about 4 or 5 Payday Loan companies, all but one responded, and the debt was unenforcable. Notably PDUK and Wonga have not pursued me.

[fairclaire]

i tried to stop 2 cheques money shop were due to bank reccently. Bank couldn't do it as the money shop has 3 of my cheques and I couldn't give the bank which 2 cheque numbers were due to be banked. I did however manage to stop the cheques by telling the bank I had 'lost' my chequebook. They have now put a stop on all the cheques in that book.

 

Have tried to negotiate a repayment plan with money shop on the phone to no avail so i have now sent a letter to them.

 

Today I have recieved 5 calls from them and a txt informing me that they will attempt to take the loan by debit card. I had anticipated this and have emptied my account. So if you do go down the route of stopping cheques due to the money shop, make sure they have no access to your funds through your debit card. if you can, change your card.....if not, make sure there is no money for them to have access to.

 

Out of interest has anyone successfully negotiated a repayment plan with money shop....or been passed to a DCA?

[robjam1969]

Hi All,

 

I am sorry about not getting back to you all, but for some reason I'm not recieving an e-mail saying that this thread has been answered!!!

 

As far as the cheque thing goes, my own experiance is its upto the bank wheather they honour the cheque or not. Even though it has your cheque number on the back, the bank can still return it, and they have been doing it alot more recently. What sometimes happens is a company will present it, the Bank will return it, and the company represents it and it gets paid. The company can sue the bank for non payment.

 

As far as the PayDay Loan companies are concerned, as I have said, be upfront, explain your situation, and only offer them what you can comfortably afford. Some are helpful, some are not! They might try all kinds of tatics, some you'll make an offer of say, £5.00 a month, but they'll say their company policy is a minimum of £10.00. Just tell them £5.00 is the very most you can afford, and that is a struggle. They might then say they'll have to pass it onto a third party (meaning a debt collection agency), but hold firm and say "well, I can't pay what I don't have, so that is upto you." They might say they can accept it, provided you give them your Debit Card details, but again, either have two basic accounts with two debit cards, one for making your payments (only keep the minimum in there), and the the other for your salary, or just say you have now only got a cash card and will have to pay them by cheque, or they'll have to supply Bank Giro credit slips.

 

Whatever you do, be friendly, but be firm! Do not be scared of these people, they are just emploees working for a company.

 

Petal9: You have done the right thing, just wait and see what happens, but I think this is a good sign.

 

JMW69: Do not be scared!!! I would phone them, explain your situation, offer £75.00 per month, and state this is the most you can afford, and DO NOT give in and offer more. A CCA request, is that you write a letter to the company you owe money to, requesting a copy of the Credit Consumer Agreement you have with them, enclosing a payment of £1.00. They have, and I stand to be corrected on this, 14 days to reply. If they don't, the credit agreenment is unenforcable, so in effect, they cannot pursue you for the debt. I have done this to about 4 or 5 Payday Loan companies, all but one responded, and the debt was unenforcable. Notably PDUK and Wonga have not pursued me.

 

The credit agreement is not unenforceable as such. If the agreement is post April 2007 I believe a court can enforce without a CCA. If before this date they can't. In any event as soon as they comply with the CCA request even after 14 days the debt becomes enforceable (subject to certain prescribed terms being included).

 

Whether these companies would risk going to court without providing a CCA it is another matter. At present most won't.

[mightyroyals]

im currently in court with a paydayloan company and i am defending it i sent a cpr request to them after the claim was issued and never heard nothing back just gotta fill in my aq now so i will let you all know how i get on

[thompsonL1965]

im currently in court with a paydayloan company and i am defending it i sent a cpr request to them after the claim was issued and never heard nothing back just gotta fill in my aq now so i will let you all know how i get on

 

good luck with the court, let us know how you get on.

 

when i got my court letter through i called 1monthloan and asked them whats the minimum they would accept, they said £150 (capital) £90 (2 months interest)... i told them i was off to South africa for 5 months and its either £150, written confirmation that the account is closed from a director or i will leave without paying anything.... i got what i wanted.... and they got alot less of what they wanted 3 months after they were expecting to get something.

[antony20smith]

im currently dealing with a few payday companies !

 

HTP

CASH GENERATOR

THE MONEY SHOP

ABL / chantry collections

CASH CONVERTORS

 

i took out £3300 in total over time on a 700pm cash in hand(legit, but literally paid by cash) wage they all say they only lend if your paid by bank, they all saw my wage slips and statements and still lent !

 

anyway so last month i decided why should i pay them anymore money ? just to keep rolling them over,

 

so i spoke to htp first they agreed to not cash any cheques, not wack on any charges or any interest, aslong as i turn in and make the agreed payment ! (600 orginal, 300 left, £25 pw)

 

cash generator said either roll them over, or well cash em, and if they bout they charge £35 per cheque, and someone will be sent to the house, i think this was a scare tactic but yano, well they started cashing cheques for £120 (my card only guarantees £100) yet the bank are paying them!

 

the money shop - complete TW@TS refused to help at all, said couldnt help unless cheques bounced, so i let them all go, theyve all been paid bar 1 , which they rang me at work for, wacked on £25 charge, managed to agree to £31.25 a week, (£62.50 left) (cant pay em the last payment so well see what they do about that, bugged me like hell to pay by card, told them its cold hard cash instore or nothing at all, they gave in!

 

cash convertors, - refused help, said wud only agree to £50 pw (which i couldnt aford) so i let em bank em, bank paid em got 1 left, they threatend if it wernt paid withing 7 days of bouncing theyd send sum1 to the house, thanfully the bank paid em so far

 

abl - every single cheque bounced, might be to do with the fact the stamp they use to fill in the card details, because they bank paid most of the others ! just not theres, they give 7 days to pay with just £10 charge or wack on another £25 making debt per cheque £135 first for hundred they sent me letter, i paid, because i was scared and wasnt sure what they could or couldnt do, so i paid em £440, currently i have 2 cheques that have bounced, and one more which is likley to bounce , which will make total of £300 and charges of £105, making debt to chantry collections (abls dca) £405, i rang them today spoke to a lovley woman, who said aslong as i pay £5 on sat and continue to pay £5 on the 1st of every month and sent in an SOA that there shouldnt be any problem, so im feeling alot better bout this one, cos these are the ones scaring me at the moment ! and she also took my mobile number off the system so im not harrased whilst im at work, but shes insisting on card payment, so i fink as shes been nice enough, im gunna give her my "mastercard" details, on sat, atleast what she finks r my mastercard details, its actually going to be a prepaid card because im not daft enough to give them any card details which have credit facilities on them, or where money i need to live on is! but hopefully should all be ok,

 

 

so far my bank balance with natwest is -1927.11 and i have £440 outstanding in payday loans, (numbers might not add up, but dont forget i have paid things when i got threats to pay in 7days, but i now realise i dont have to bow down to these people 1)

 

so theres my experience with a few companies incase anyone is wondering what some companies are like to deal with,!

warning to anyone who deals with natwest and cashgenrator, as cash generator also bank with natwest, u dont get your normal 3 days to pay it goes out same day!!!

 

 

also im looking to set up dmp with all my creditors (natwest, 5 x littlewoods catalogues (e.g gus, empire, addtions ect) i want to offer them all £1 per month, for the first 4 months, then after i then have £100 to spllit between them, do you fink if i state this in the letter to them they will be more likley to accept the £1 pm for the first 4 months ? and has anyone had any experience in setting up dmp's with any of them ?>??