Pay Day Express!

[LostSoul01]

Hi all first time post long time lurker.

 

I currently have 5 Pay day loans four of which i have agreed repayment plans and also 1 debt recovery but i have also made a repayment plan with that firm.

 

I am a 22 year old who has recently got myself into uncontrollable debt -£1800- i work full time but i do feel my job may be at a end soon due to medical reasons and my medical condition has only allowed me to work a certain number of hours each week still full time but no overtime.

 

The pay day loans i have out are -

 

Pay Day Express = £560.00p

Wonga = £500.00p

247 MB = £250.00P

Lending Stream = £330.00p

Wage Day Advance = £80.00p

 

I have managed to set up monthly repayment plans with all accept for pay day express who just do not seem to care about the situation and financial difficulty i find myself in. I have emailed them many times explaining my financial difficulty and asking to set a repayment plan up i could just about to afford to repay £65.00p this month which will leave me £30.00p to live off for the month but they still will not accept any ideas on what to do now and how to approach? As i have made claer to them it is in my intentions to repay pde as soon as possible but they either do not reply or say the offer is not enough. HELP

[tomtom013]

Hi LostSoul,

 

Well done for getting your PDLs sorted your on the the right path. Please do not worry, at the end of the day they can't have what you have not got so no point worrying.

 

I would say you need to change your bank account even though you have repayment schedules in place. These PDLs have and probably will raid your account never the less and having a new account that they are unaware of protects you from that. Make sure your wages are paid into your new account.

 

It is important that you make sensible repayment offers that you can stick too and more importantly allows you to pay PRIORTY bills and food first. Most PDL companies allow you to set up a 6-12 repayment plan and those that don't then the debt will be passed onto a DCA (debt collection agency). Keep emailing PDE your offer, don't ever pay more than the loan plus 1 months interest. Once the debt is passed onto the DCA just make an arranment with them. TT

[LostSoul01]

Hi LostSoul,

 

Well done for getting your PDLs sorted your on the the right path. Please do not worry, at the end of the day they can't have what you have not got so no point worrying.

 

I would say you need to change your bank account even though you have repayment schedules in place. These PDLs have and probably will raid your account never the less and having a new account that they are unaware of protects you from that. Make sure your wages are paid into your new account.

 

It is important that you make sensible repayment offers that you can stick too and more importantly allows you to pay PRIORTY bills and food first. Most PDL companies allow you to set up a 6-12 repayment plan and those that don't then the debt will be passed onto a DCA (debt collection agency). Keep emailing PDE your offer, don't ever pay more than the loan plus 1 months interest. Once the debt is passed onto the DCA just make an arranment with them. TT

 

 

Hi Tom and thanks very much for the reply.

 

The thing is first off regarding the bank account i have a £500.00 overdraft and at the moment i go up to that every month. So very hard to get out of that situation until i get on top of things. Maybe get a new basic bank account and as soon as my money goes through withdraw or transfer?

 

Secondly i have never heard of these company's allowing you to make 6-12 monthly plans the most i have managed to get is four months. What scares the hell out of me though Tom and to all reading is that as i said i am only 22 and currently live with my parents i do not want them to find out and i certainly do not want people knocking on the door to collect stuff to recover the debt that i am truly frightened of. Does anyone know the steps or proceedings these companies take before them ending up on my doorstep?

[tomtom013]

I guess the interest you pay on your OD is much less than any other PDL but at least channel some funds to another account as this will serve you for other bills and living (PUB & CLUB ) etc.

 

As per repayments being over a certain period then I think £50 per month as a repayment plan on a £500 loan is more then reasonable. They might say no at first but you really need to stick to your guns. Obviously if you can affard to pay more then do so but be realistic. Keep all communication (offers) in writing (email is fine) and ask for all interest to be frozen and do not pay anything more than the loan + 1 month interest. If they accept your offer make sure you get written confirmation as such.

 

As for PDLs coming to your door they never ever do. Many will ring you on a regular basis and some may even ring you at work but if you keep regular communication they are less likley to harass you by phone and in the event they do a nicley worded letter requesting them not to ring you, in particular at work, as your prefered method of communication is by email or letter usuallly does the trick. However, here is a link that will give you access to a template letter on this issue. http://www.consumeractiongroup.co.uk/forum/content.php?71-harassment-library

 

It usually takes 2-3 months from defaulting before a debt is passed onto debt collection agency (DCA). Some DCA companies threaten to make home visits but in reality none of them ever do. However, if and when that threat ever transpires then please do not worry as there are template letters on this site that will stop that nonsense (see link). http://www.consumeractiongroup.co.uk...DOORSTEP-VISIT

 

TT:-)

[vjohn82]

I have a lot of experience with these companies.

 

Recently I set up a standing order for a client of ours with Payday Express for £5 per month payable until the balance is extinguished. On paper this was 73 months.

 

If you have genuine circumstances it is all about being firm and standing tall. Only pay what you can afford to ALL of your creditors. I might also add that your creditors should ALL accept a payment proposal equal to one another. You pay one £5 per month, you pay another one £5 per month.

 

Their interest cannot be added after the debt has run its natural course (i.e. upon the end of the contract). Usually this is a max of 3 months interest (usually termed rollover fees). They are not entitled to any other interest unless they take court action. But they won't do this because they cannot justify their APR rates in court.