Payday Loan trouble - need help/advice **

[jk1961]

Hi all, my first post and afraid to say I desperately need your help! I have the following payday loans, all of which are due to come out of my account next Tuesday/Wednesday...

 

Payday UK - £637.50

Payday Express - £500

Cash Genie - £195

Safeloans/Paday OK - £245

Wageday Advance - £312.50

Uncle Buck - £455

Mr Lender - £312.50

Poundstilpayday - £200

Lending Stream - £450

 

As you can see it's quite a lot. Basically each month i've been paying back PDUK and PDE off in full, lending again and using my salary to pay the interest only on the rest. I have not yet defaulted on any payments but this isn't working and i've also got into debt of around £1500 to friends and family which needs paying back this month. I only take home £1500 wages myself. I can't believe i've let it come to this it's making me depressed and I just don't know what to do.

 

I've read about cancelling my debit card which is easy enough but I don't think I can get a bank account elsewhere to pay my wages into. I have a terrible credit rating and went £8 into the red with a basic barclays account 6 months ago and they immediately sent me a letter saying the account was being closed due to this. I am really worried that one or all of these companies are going to clean me out once my wages have been paid. Do you think I can get an account anywhere?!

 

Also worrying is the fact they all have my work telephone number and I am dreading them hassling me at work. It's only a small office and it will be very embarrassing if they keep calling plus i've heard stories of them even telling colleagues where they are calling from.

 

Are there any templates to use for stopping phone calls, letters to send offering payments etc etc?

 

Any advice at all is most welcome, thanks for reading.

 

John

[26072004]

If its not too late and your credit rating is Ok consider a personal loan to clear all these off.

 

If you default the outstanding amounts will double at least and you could spraed the repayments over a few years to keep your repayments down.

 

otherwise you may want to consider a DMP given the number of companies involved, if everyone of them phones you 5 times a day thats 45 calls a day.

 

this is only a personal opinion though you should take professional advice (but dont pay for it)

[sillygirl1]

Instead of borrowing the full amount back from PaydayUK and Payday Express try to borrow HALF back if you need the money to live on....

 

Have you spoken to Cash Genie about paying back the loan amount plus HALF of the interest, they can be quite accommodating when you call. Don't dictate to them explain that you WILL have to go into a DMP for a while and they will get a token payment otherwise.... if they ask who is administering the DMP say you are setting up a self-administered one as you don't have enough funds to pay a company and your residual income is too low for CCCS and Payplan to consider you.

 

If you need a parachute account for your wages to go into the Halifax, Co-op, Metro Bank and Post Office all do good basic accounts where you get a debit card, with the Halifax and Co-op

 

I operate a three account system, one my salary goes into, one my household bills (including rent) gets paid by cash or online, and another account for untrustworthy stuff which is attached to Paypal... that way my salary is safe from pepole who want to try to take the law into their own hands.

 

If you get somebody who wants to see where your salary goes, set up ANOTHER account, show them the details of the first account and then transfer the money into the new account....

[jk1961]

I don't really want to lend anymore money from anywhere. I just want to get these settled but in the meantime freezeing any extra charges or interest.

 

The only DD I can see set up is from wagedayadvance all the rest must be charged via the card so cancelling that should mean my wages aren't swallowed up.

 

Should I give CCCS a call and see if they can help?

[robjam1969]

Hi jk. I think you should stop paying all of these companies until you agree affordable payment plan. However you will need new bank account for your salary. You could cancel your card but no guarantee they won't get your cash. Very difficult to stop the calls as most will ignore template letters. You will have to accept the odd phone call and message being left for you to call them.

You have to get off the reloan merrygoround. Post again if you want help, many of us have been in your position.

[Jamie Kingston]

dont ignore them, it will only make matters worse. Work out what you can afford to pay each lender and when they call offer them to pay that amount over x number of months as that is what you can afford. It might be better calling or emailing them before defaulting some are easier than others. Start by working out what you can afford and then offering it to each lender, making sure to request their bank details and not give them yours as they wont stick to the agreement.

[sillygirl1]

I would stick to emailing them, if they do call and you discuss things get the persons name and email as soon as you have finished the conversation, this generally works well as should they go back on what was said you have email confirmation. In the email request a copy of the phone call as well....

 

Should they go to court you will have proof that you have tried to contact them and make an arrangement at an early stage.

[jk1961]

OK quick update earlier I sent all companies a letter asking for 7 days breathing space while I get my finances in order and am then in a position to make an offer of payment. I have also requested they reply to me in writing and that I will not deal with any calls made to my work phone........

 

payday uk called me on my work phone within 20mins and said they won't put any hold on interest or charges unless I pay a holding fee of £70.

 

This evening I am doing a self-administered DMP to see what I am able to offer them. few questions...

 

1 - How do they look upon bills like Gym/Sky/Internet......basically bills that I suppose could be classed as luxuries?

 

2 - Also can I include debts to family members etc on my DMP? I get the feeling they aren't going to see these as a priority. Also I live with my parents so rent arrears on a DMP is not going to stand up i'd have thought?

 

Thanks for your help!

[sillygirl1]

DO NOT GIVE THEM A FULLY ITEMISED Income and Expenditure form, they are NOT entitled to the information.

 

If you have £200 left over after working out priority debts and other expenses you can do what is called snowballing, instead of pro-rataing, and pay one lot £150 and the rest £10 (or £5 if they are shouting loudly), remember in the DCA world THEM THAT SHOUT LOUDEST usually have LEAST claim on your income... especially in a DMP.

 

If anyone does phone up state that the call is being automatically recorded as previously advised in writing and do not go through security, or give them wrong answers.... one of my favourites when asked for my fathers name for security was to answer "Can't give you that, I was an abandoned child....", that company didn't reveal who was ringing, just a bright voice saying "Hello SG1 can I have your fathers first name for security...."

[jk1961]

Poundstilpayday have tried to take money today by DD (this wasnt on my list of DD's yesterday) and therefore my balance is -£260. I have cancelled the DD and will call the bank to tell them I am in dispute with them and all future DD's should be stopped. Will they adhere to this or can poundstilpayday keep setting them up? Will I be charged by Natwest for an unpaid DD? Or in this case 2 as poundstilpayday have tried to take 2 seperate payments?

[sillygirl1]

Tell NatWest they have committed fraud in taking out money via a DD when you expressly cancelled the original DD... NatWest probably won't listen.

 

Get another account set up ASAP and have your wages or other income paid into it, this will stop further raids on your income, allowing you to control who gets what from the other account. Halifax do an online one where you get a debit card, online and telephone banking and can set up direct debits etc on it.

 

If necessary go to the police and get a crime number, that way NatWest HAVE to stop charging you and HAVE to give you your money back.

[jk1961]

Thanks sillygirl. I called natwest and they have recalled the direct debits and said any future attempts by that comapny will be stopped. Opened an account with Barclays just now and will get my wages paid into there. Am going to offer all loan companies £50pm via email tonight.

 

Safeloans and Uncle Buck have agreed to freeze my account if I pay it off within 3 months (equal installments) but are requesting I do so by direct debit. If I agree to that I get the feeling they will take the lot whenever they want, can they do that?

[26072004]

Yes they can, dont do it.

 

you might as well give them your new debt card no.

 

ask for their bank details or even send a chq to their registered office (by recorded delivery)

[jk1961]

OK I have offered them all a payment of £40pm. Uncle Buck have replied straight away saying this has not been accepted. They want £113 a month for 4 months but I can't afford that. Shall I persist with offering them the £40?

[robjam1969]

Hi JK1961

 

Stick to your guns. You have made a reasonable offer. No agreement means they just wait even longer for payment.

 

Just be firm with them, not a lot they can do

[jk1961]

Hi JK1961

 

Stick to your guns. You have made a reasonable offer. No agreement means they just wait even longer for payment.

 

Just be firm with them, not a lot they can do

 

Thanks mate I will !

[jk1961]

Quick update. Safeloans/Payday Ok have accepted my offer which is good. They are sending their bank details by post.

 

Wagedayadvance want to see an I/E form, do I have to send this?

[sillygirl1]

You can just do a basic I/E form stating

 

Income XXX

 

Main outgoings

Mortgage/rent

Council Tax

Gas/rent/electricity

Basic food/clothing needs

 

Remaining amount XXX to go amongst XXX creditors

 

They are not entitled to detailed lists ofyour creditors nor the amounts you are paying them.

 

If they get funny offer them £1 token payment..

[jk1961]

Hi, just got my first bad phone call.

 

Mr lender just called me saying i've ignored them and they have a record of me ignoring their calls. I said I didn't have the funds to pay and she said "basically you don't care and we will be ringing you all day every day until you pay us".

 

I have emailed them twice already before today, once informing them I needed 7 days to sort my finances out and once with my offer of £40pm. They never replied to any. I have just sent them another email with my offer repeated and telling them I request in writing that they do not call my place of work.

 

Luckily I was the only one in my office at the time or it could have been very embarrassing. I'm worried now they will keep doing this, really worried.

 

Any more I can do to stop them calling me at work?

[Stupid1]

JK1961

 

I had same problem and sent them this, not had another call since. Copy and send to them.

 

I am writing to express my serious concerns regarding the telephone calls that I have received from your company at my place of employment.

 

I am now formally requesting that all further correspondence be made in writing only and my work telephone number be taken off your records as you are required to do under the Data Protection Act if requested.

 

I demand that these phone calls stop immediately.

 

If you continue to call, you will also be in breach of the Wireless Telegraphy Act (1949) and, as such, I will report you to both Trading Standards and The Office of Fair Trading.

[jk1961]

Stupid1 that is great exactly what I was looking for thanks so much!

[Stupid1]

My pleasure, nothing more stressfull than these monkeys calling you at work, made me feel quite ill everytime the phone rang.

[jk1961]

Fantastic stupid1 exactly sort of thng I was looking for, thanks so much.

[jk1961]

oops, double post i thought the original hadnt gone through

[jk1961]

ok had a few responses now.....

 

Your loan in the amount of £259.96 that became payable

on September 30, 2010 is now in arrears. We value your

business and wish to resolve payment as quickly as

possible.

In order to cease any collection activities on your account

please pay £318.96 (£259.96 plus the £59.00 NSF fee).

If your account is settled in a timely manner you will

retain the right to use payday loan services from

PoundsTillPayday.co.uk.

Thank you for choosing Northway Broker Ltd. (trading as

PoundsTillPayday) and Northway Financial Corporation

Ltd. for your short term financial needs.

Yours Sincerely,

Early Arrears Team

Credit Resource Solutions Ltd

On Behalf Of PoundsTillPayday.co.uk