8 payday loans coming out in 6 days - help me please!

[Sucker1]

Hi all,

 

I desparetly need help sorting out my payday loan drama. This has been on going since November last year and is out of control. Now my financial circumstances have changed I really need to deal with this by the end of the week. I have 8 in total and cannot afford to keep paying the interest and not clearing anything.

I have the following in total including interest:

 

WDA. 112.50.

Tower Capital. 124.00

Uncle Bucks. 585.00

Quick Quid. 194.50. (so not quick to pay back!)

Text Loan. 117.00

Lendingstream1 254.40

Lendingstream2 206.00

CapitalFinance1 208.50

OpenDoorFinance 390.00

 

OK So I stand corrected that's 9 in all. Stupid I know but the larger ones kept offering me 100 more everytime I paid the interest which at the time I needed to take just to make it through the month. I need to get off this ferris wheel ASAP.

What I really need to know is which except payment plans and over what period 3,6 or 9 months. Also which freeze the interest and which will not except anything at all. I'm really worried about Uncle Buck, QQ and Open Door Finance.

Any advice would be much appreciated as well as templates that have worked.

Thank you in advance as I have seen many responses on other posts.

Also do I default or not on these I would rather avoid any charges and accept full responsibility so don't want to be difficult with no purpose I just want my life and earnings back.

Look forward to any response!

[rebel11]

Hi sucker

 

Welcome to CAG

The guys will advise as soon as they are available.

[donnahaywood]

The Payday Loan trap is an easy one to fall into, I got into major financial difficulty with them myself, so it's great that you want to take control of the situation. I'm going through the CCCS but my debt is much larger than yours. I suggest that you immediately write to the companies explaining your financial situation and offering them a monthly re-payment plan. You could also ask them to freeze future interest charges and penalties. Make sure that what you offer them is something that you will be able to afford so that you will be able to stick to the arrangement.

 

Cancel any direct debits that you have set up to re-pay the companies. If you have given any of the companies your debit card details then cancel the card and speak to your bank about not letting any of the companies take money off your card. I 've had to open a new bank account to stop this happening because Halifax let money be taken off a cancelled card, twice.

 

Lending Stream & Wage Day Advance have stopped adding interest to my loans. Text Loan haven't been so great. They've addded interest and charges to my debt and and recently passed the debt to a DCA even though I have been re-paying them through the CCCS for 2 months now. I don't have loans with the other companies you mention.

 

Send all correspondence recorded delivery so that you will know that they have received your letters. Keep signed and dated copies of the original letter you sent, any correspondence from the companies and records of any phone conversations you have with them. Personally, I would try and keep all communication by letter only. You should prepare yourself for the fact that some of the companies may not co-operate with you and that they might pass on your debt to a DCA. If this happens you will probable receive heavy handed letters threatening baliffs and court action. What you have to keep in mind is that they just want to bully you into paying your debt off immediately. Baliffs can only come to your house, on the instruction of the court, if you have failed to pay a CCJ.

 

Good luck!

[dulwich1980]

Hi Sucker 1 - I'm in a similar situation with QQ, WDA, PDUK and LS. Following sprialling living costs/stupidity I have now decided to take the bull by the horns and try and work my way out of the mess I'm in. In total i owe about £2000+ and realistically can only afford to pay about £100 - £150 total back per month.

 

I think when it comes to it, YOU need to decide on which terms to pay them back/over how many months etc. Only do what you can afford or else you'll just look to other payday loans for help = catch 22 situation.

 

From what I've read/been told - QQ don't accept anything over 3 months - so let that go to the DCA where I understand that they will be more helpful.

 

At the end of day i guess the main thing is that you're showing willing to pay it back and not just run away from them.

 

I'm sending my payment plan letter on the 28th (day of default) - I'm hoping that where I've been a customer for over 2 years with most of them that they'll see that this is only happening because of a change in circumstances.

[Sucker1]

Thanks DonnahHaywood - it's a little more comforting to know I'm not alone in this. I've cancelled all direct debits and my card this morning - I would like to contact them before default just to avoid some of the excessive charges I've seen added to people that have. I've had the same hell with Halifax who are just useless - but my credit is so bad I don't know if I can get another account. - I have never been paid into my current account anyway and always get paid into my passbook and transfer the money over to a basic account I have wiuth them.

 

The lending stream I think I will leave as it is for now as I only have 3 more payments on both debts (rounghly 88 and 68) and they get lower each month. - However how did you get them to freeze interest?

 

QQ I think I can manage over 3 months - tight but manageable.

 

I wnat to do uncle bucks over 9 months - do they accept that or is it capped to 6 months - does anyone know?

 

Thanks Dulwich1980 - I've heard WDA charge 36.00 for the payment plan which I would like to do over 3 months.

 

Themost daunting 1 has to be open door finance as no one seems to know them.

 

In all I don't want tp pay out anymore thant 600 per mjonth on this. I am planning to pay TL in full to save hassle and get at least 1 off the list but need to makesure tha others are comfortable so I don;t re borrow!

 

Thanks Guys in adavnce any extra information would help.

[Sucker1]

OK so quick update all - Lending Stream Are So good. Despite what everyone has said they offer this payment plan with no extra charges but you must have made a payment before. As I had already made 3 payments - they froze interest and allowed me to choose any payment term within 12 months to clear balance.

 

They have also emailed me a hardcopy by email to confirm this payment scheme and have also forwarded their bank account details for me to make payment. I didn't even need to write to them all done by phone with them sending confirmation in writting.

 

I have set it up for 9 months so 1 down and the rest to go.

 

Anymore advice would be useful

 

Thanks

[dulwich1980]

Hi there - when you say that you need to have made a payment before, do you mean paid one of the installments or paid the full loan back?

[Sucker1]

Hi Dulwich - No just the installments not in full. Took the loan out In December. I have never cleared a loan with them before. This was my first ever payday loan still to clear!

[Sucker1]

Please see their email confirmation below -

 

Good afternoon *******

 

Bank details below as discussed

Sort code- ......

Account -.....

Reference –

 

Please find balances as below

 

...

£254.40

 

...

£206.40

 

We have agreed to split this over 9 payments payable monthly on the last working day as below –

.......- £28.27 per payment

....... -£22.94 per payment

 

Kind regards

 

Stuart

Lendingstream

Edited February 25, 2011 by dx100uk
pers info

[dulwich1980]

Ok great - i took mine out in January and have only paid one installment. It's promising that they are being so helpful. Would you mind posting the letter you sent? How much are you paying back over the 12 months - if you don't mind me asking? Did you need to prove that your circumstances had changed? Lastly - sorry for all the questions - you've told them before you were due to make the payments, yes?

[dulwich1980]

*sorry - just realised that you didn't email them

[dulwich1980]

Sorry Sucker, just one more question. When did you take out your second loan with LS? I've just logged into my account - after only making one installment payment on the 1st loan - and already i'm being offered a second. Part of me is saying that i shouldnt take it, however I already know that i'm going to be short for cash in March and so i'm wondering if i should just take it and then default next month instead? Has anyone else done that before?

[Sucker1]

Hey Dulwich

I took the second 1 out straight after the first (roughly 5 days) before I had even made any installment.

I wouldn't advice adding to the list but if you need to then don't default. I've read some posts on here and I don't know how co-operative they would be then. As you have already made at least 1 payment then take the second and contact them before the due date (my payments due on Monday and I contacted them today) - but it will probably show that you are genuinely experiencing difficulty paying due to the fact you have paid before. They don't ask for proof or anything I just stated my situation had changed and that was enough just makesure you get confirmation in writing

[dulwich1980]

Sorry yes when i said default i meant get in touch regarding the payment plan option. Thanks, wising you luck that all the others are as cooperative as LS!

[Sucker1]

OK - So Uncle Buck are total Fools.

 

I emailed them the following:

Dear Uncle-Buck,

 

I am writing to give prior notification that my financial position has changed and will remain changed for the foreseeable future. I sincerely regret that I will not be able to pay my Uncle-Buck loan in full on the agreed repayment date nor will I be able to afford my rollover amount as my future employment is in question.

 

As I have given prior notice I am requesting that you do not apply any unreasonable charges. I also request that you do not add any further interest other than the interest of this month ending (28.02.2011) already applied (1 month’s interest only). To make myself very clear, it would be both unreasonable and excessive if you found it necessary to add further charges and interest after the loan repayment due date.

 

Below are the maximum amount I can possibly afford as I have been given notice at work and so will have no income at all for the near future.

 

I therefore propose that the outstanding loan amount £585.00 inclusive of interest incurred to be paid over a period of 9 months. This will involve 9 monthly payments of £65.00 (First payment to made 28.02.2011).

I will initiate to make these payments once you assure me in writing or by email that:

 

1) Uncle-Buck accepts my payment plan offer.

2) Uncle-Buck promises to refrain from adding any charges or further interest in accordance with above.

3) Uncle-Buck gives me their bank details for which I will deposit the above monthly payments.

 

To be clear, I am in no way refusing my obligation to repay the said loan plus said interest. Therefore, I sincerely hope you can sympathise with my current situation and in doing so find my repayment schedule reasonable.

 

Finally, I request that you keep all contact with me either by email or to my personal phone(s). My contact email is xxxxxxxxxxxx, I will endeavourer to respond and if I am unavailable please leave a message and I will respond ASAP.

 

Please do not try to contact me at work as I am only allowed for this to occur in the event of an emergency and may result in disciplinary action from my employer.

 

I look forward to hearing from Uncle-Buck soon.

 

 

 

 

 

 

 

 

They Then Emailed Back - (funny how the collections department don't have a phone number) - guess it makes it easier for them to reply bluntly:

 

Thank you for your email.

 

Given your payment history and circumstances, we can assist in the following way.

 

We can offer to freeze further interest to your account and provide an extended period of three months in which to repay the balance. Your balance outstanding is £585.00 and this will equate to monthly payments of £195.00 to commence on 28 February 2011.

 

If you would like to accept this offer, please call the office on ......or reply by email and we will get the necessary arrangements in place.

 

Please note that the repayment plan is offered on the strict condition that all payments are made without fail. If any default occurs then the plan will be cancelled and any waived charges reapplied to your account.

 

Regards

Uncle Buck

 

 

Ok so if I don't have the money to rollover why do they think I have the money to pay 195.00 (rollover 135.00) - They don't even read your email, and I thought lending stream were the worst. I sent them another email (see below):

 

 

Dear Uncle Buck,

 

As I have stated in my previous email I only have 1 more guaranteed paycheck coming in which is for the sum of 839.00 - on the 28th. I also have other obligations. I would like to emphasise the fact that i need to to set-up a payment plan I can actually commit to. As previously stated I cannot actually afford to roll-over the existing loan as I have no future income (from what I can see you first payment is of a higher value than the rollover value). With the payment plan I will not be able to make any of the payment for the values listed as they are too high.

 

Please reconsider as I am willing to pay the full amount but cannot commit to a 3 month plan when I will be un-employed. Under my current circumstances you will be forcing me to default all together as I cannot afford this at all.

 

Please understand I am not refusing to pay but need to stretch the payment over 9-months in order to even be able to pay the first installment as I also have 8 ther loans who have agreed to the 9 month period and I do not want to default on yours. Please understand that if you forward this onto a collections agency or Court it will be proven in the fact that I have attempted to clear this balance but have no other option (regardless of how many payments I have previous paid). I do not have the collateral to agree to what you have propsed.

 

Once again I can only afford the following:

 

.ExternalClass p.ecxMsoNormal, .ExternalClass li.ecxMsoNormal, .ExternalClass div.ecxMsoNormal {margin-bottom:.0001pt;font-size:12.0pt;font-family:'Times New Roman','serif';} .ExternalClass .ecxMsoChpDefault {;} .ExternalClass .ecxMsoPapDefault {margin-bottom:10.0pt;line-height:115%;} @page WordSection1 {size:612.0pt 792.0pt;} .ExternalClass div.ecxWordSection1 {page:WordSection1;} I therefore propose that the outstanding loan amount £585.00 inclusive of interest incurred to be paid over a period of 9 months. This will involve 9 monthly payments of £65.00 (First payment to made 28.02.2011).

I will initiate to make these payments once you assure me in writing or by email that:

 

1) Uncle-Buck accepts my payment plan offer.

2) Uncle-Buck promises to refrain from adding any charges or further interest in accordance with above.

3) Uncle-Buck gives me their bank details for which I will deposit the above monthly payments.

 

To be clear, I am in no way refusing my obligation to repay the said loan plus said interest. Therefore, I sincerely hope you can sympathise with my current situation and in doing so find my repayment schedule reasonable.

 

 

Even this is high for me but I understand that you need to collect you payments and so have set the largest amount I could possibly commit to - leaving myself 70.00GBP to live of per month once all commitments are made.

 

 

Kindest Reagrds

 

If that doesn't do it I don't know what will - please help! - anyone got a longer payment plan with them than 3 months???????

Edited February 25, 2011 by rebel11
e-mail address - site team

[CurlyOscar]

Thanks for your reply on my thread! Did you wait till you had defaulted with Lending Stream or contact them beforehand (I am due to default on Friday).

 

Are you finding dealing with Capital Finance One like banging your head against a wall. The people have been OK but there's no room for negotiation although reading between the lines the other day I sort of got the impression that if I make the payments I have offered they won't take any action but that leaves the issue of their charges though.

 

Good luck with the rest of them - the only other one we share is Quick Quid and It looks like you're OK with that one.

[Sucker1]

Hi Curly Oscar - I called them yesterday and I was due to pay on Monday 28th last working date - so just call them either today or tommorrow and you should be fine.

 

DO NOT DEFAULT - Don't know from personal experience but I'm guessing it would not look as good. You don't need to explainjust say your circumstances have changed and they will ask you what you want to pay as long as it's within 12 months.

 

Good Luck!

[dulwich1980]

Just to clarify - setting up a repayment plan is NOT defaulting?

[CurlyOscar]

Hi Curly Oscar - I called them yesterday and I was due to pay on Monday 28th last working date - so just call them either today or tommorrow and you should be fine.

 

DO NOT DEFAULT - Don't know from personal experience but I'm guessing it would not look as good. You don't need to explainjust say your circumstances have changed and they will ask you what you want to pay as long as it's within 12 months.

 

Good Luck!

 

Thanks for the advice. Just spoken to them and they have told me that as I have only paid 1 payment to them on a loan taken out in January which is all interest, they have to have a second payment which comprises interest & capital before they will consider an arrangement. They have however agreed to move the date of the payment due on Friday to mid March which I will be able to make. As this will reduce the amount I owe this will also mean any arrangement can be over a shorter time.