In Debt With Many PayDay Loans...feel much better now.

[Guflink]

Hi everyone...

 

after weeks of debating, finally decide to post here. ( i was going to ask for help )

 

I have been using payday loans for the last 6 months as a way to get me by from month to month...

 

Every pay day i pay back the money ( and the interest ) then borrow again. Yes...I know its stupid but once you get into the habit its very hard to get out of.

 

This month i decided to do things differently as im sick of not having any money left by the 5th of every month.

 

This is what I owe...

 

Wonga £240 ( they have frozen interest )

 

I called them up, expained I didnt have the funds to pay them and that i had many payday loans. They were great. The have agreed to one payment of £50 this month and then two payments of £95 over the next two months. Job Done ! !

 

 

 

H&M £375

 

I told them the same story, paid them £100 last month and over the next three months i have to pay £100 then another £100 then finally a last payment of £75. Job Done ! !

This debt was originally £220 but the added money on because my cheques bounced.

 

 

 

Swift Money £296

 

Told them the same story and they have agreed to freeze interest and allow me to make four payments of £73.97 over the next four months. Fab, Job done ! !

 

 

Lending Stream £699.25 ( frozen until end Nov )

I took two loans out with them over 6 months. They were taken out at different times. One finishes at the end of sept, one at the end of nov. Assuming I pay them back before the end of november, the interest doesnt increase. They have agreed to let me pay a token payment of £50 this month then they will call me next month to review it. If i could pay either of them off earlier, they will reduce the interest which means i will pay less. Good Good ! ! !

 

So far, so good...I was dreading making the calls to the companies.

 

Then, the final comapny to call was

 

Pounds Til Payday £880

Same story, told them i couldnt afford to pay. I offered to pay them £50 this month and more next month. Offered to set up a payment plan and they said NO! ! ! . According to them, I must wait to default on my payments, then i will inccur a fee of £59. Only then will they get an account manager to speak to me to discuss paying the money back. I asked again if i could avoid the charge and the said no. Only if i pay £440 all at once at the end of this month. Dont think this is very fair..can they refuse a payment from me ??

 

( if anyone could give advice on PtP i would be grateful )

 

To anyone reading this who is in debt, things arent always as bad as they seem. I was surprised by how understanding all of the above companies were with the exception on PtPayday. I feel much better knowing that i will have a some extra money this coming month and wont struggle like i usually do. I have cancelled the direct debit with P2P and cancelled my debit card so the only way these compaines can be paid is if they call me or i call them.

 

Hope this helps someone out there ! ! ! ! ! :):):)

[Jamie Kingston]

well done, great news, wait for PTP to get in touch or pass it on. you cant avoid the charge this is the way they make their money. Always answer the phone so they dont miss you and decide to charge you more - wost case scenario is they will pass on to Debt managment company and you can deal more easily with them

 

Your offers are fair and you have been honest - i cannot see why any company would say no.

 

Well done again. Jamie

[cornetgirl]

PtP will be tricky but will pass to Clarity who are very easy to deal with. Well done on taking control!

[jellycubes]

Here here, they will come to a payment arrangement but the charge will probably stand. However once this charge is applied and you come to a payment arrangement you should get interest frozen. Remember no freeze of interest = no payment. Well done for taking control, alot of us here in the same boat but paying in repayment plans.

[Guflink]

Thanks for all your replies guys...

 

I will wait for PtP to contact me when i default on friday.

 

Will let you know how it goes.

 

In 6 months I should be debt free...

 

Cant wait to get paid then and actually keep all the money.

 

My only worry with P2P is they might try to submit the direct debit again to my account. I canceled it yesterday when i phoned my bank, they explained P2P might try to take the money again.

 

As soon as my wages go in, i will transfer them to a different Lloyds account, this way the money should be safe...

 

Thanks again for the messages....anyone else in the same boat as me, please do the same....It will save me a forture in the long run... and takes the pressure off. ! ! :lol::lol:

[jellycubes]

Keep an eye on your bank. If you have online banking cancel it as soon as it appears. I had a problem with quick quid setting direct debits up on my account an called the bank halifax to say that i had not authorised them. They canceled dd and QQ were never to be seen again :lol:. Nothing better than swiming past the sharks and sipping a glass of wine in freedom at the other end

[Guflink]

So is it true they can try to set up direct debit again even though i have cancelled it ??

 

I have online banking but i did it over the phone.

 

The didect debit instantly went from the list of direct debits on my account page online.

[jellycubes]

Yes they can be sneaky, but if you keep a hawks eye on your account they will get nowhere

[lostinspace1000]

had a loan with QQ, they did try several attempts to take DD's from my bank after saying to me on the phone only one payment would be taken and then the final next month....what a load of old tosh.....got rid of them though. just pay what you owe..none of this charge interest rubbish...

[Guflink]

Get this...as u can see above one of the debts is with @@@@ who last month agreed on the phone to let me pay the debt in 4 payments, no more interest. Well today they tried taking £200 off my debit card. ( i moved wages to saving account wen i got paid to stop any of companies doing this ) They they then did take £5 out of my account.

 

I only found out when i went to the cash point. It wouldnt give me any money. I called the bank and they told me they had put a stop on the card due to possible fraud on my account. They explained about the 200 and 5 pounds, and then took the block off my card after speaking to the fraud prevention dept.

 

Are they allowed to try and take this money from my account.

 

They said they wouldnt, and agreed a much smaller amount than they tried to take today.

[lostinspace1000]

they cant and shouldnt do this but they will. get new bank card details and never hand them out.

[Jamie Kingston]

indeed. You have to agree these plans and you must keep on top of things.

[jellycubes]

Guf, report that card as lost / stolen NOW ! That will stop the muppets from raiding your account

[Guflink]

I dont have money in the account. I moved it to my savings account, and just move it to current account as and when i need it. I have a recording on my mobile where i recorded the conversation with them. They agreed a payment plan and also promised not to ever try and take money without asking me 1st. When i spoke to my bank yesterday they asked if i wanted to report fraudulent activity on my account. Im so glad my bank blocked my account. They did however manage to take £5 from my current account.

[jellycubes]

They will try again guff, some horror stories on this but you can not be safe until you report card lost or stolen .......then you really are in control. Also watch out on your online banking for dubious direct debits...and cancel. they will try anything trust me. Keep us posted