Help Pay Day Loans : (

[Kate5694]

Hi Everyone

 

I have been reading and reading and reading through the many posts on here about problems with pay day loans and have been really encouraged a) to see that I am not alone and b) to realise something can be done about my debt. Also annoyed that they can get away with what they do! I have been tearing my hair out and hope someone can help me. I have the following Pay Day loans which have been rolled over to the limit (Mr Lender doesn't seem to have one!) and re-loaned with time and time again. I feel like I don't really owe them anything with the amount of interest I have paid them!

 

PDUK Monthy Interest £105 Original Loan £470

PDEXP Monthly Interest £120 Original Loan £480 Amount they want £855

PTPD now with Clarity Balance £513.93

Mr Lender Monthly Interest £62.50 Original Loan £250

FML £47 £500 Will not contact because of my guarentor

Wonga monthly repayments £44 Amount outstanding £220.45

 

Alongside these I have 3 catalogues, 2 bank loans and a lot of bills in arrears

I E-mailed all except FML (which is not in arrears and I don't want it to be) with a detailed Income & Expenditure and a letter detailing a drop in my wage after being made redundant and securing a new job. My disposable income was £50 per month and I didn't even allow for shoes, clothes or going out I am a single parent with a 7 year old child and really can't work much more than the 22 hours I already do. I explained I could afford to pay each of my 10 creditors £5 per month. Which is rubbish - I know.

 

Here are the outcomes

 

PDUK have said I can make 3 monthly payments of £30 which will then be increased but haven't clarified whether this is to clear the loan or what. They have also asked for my card and bank account details. I am not sure how to respond to this.

 

Pay Day Express have not responded to my E-mail but another letter came from them today threatening to send to Debt collection. Does anyone have a good E-mail to contact them on - really don't want to talk to them. They continue adding charges and have said once it goes to the collector interest will be charged at 25%.

 

Clarity on behalf of pounds till pay day are the same as Pay Day Express and have threatened doorstep collections too. I can't remember what the original loan amount was stupidly but a lot less than they are asking now. Is there an E-mail address for them that will actually get through?

 

Mr Lender (Laurence) offered me a reduced settlement of £100 which I have accepted though I do not know how I will get that money together! Probably the wrong thing to do.

 

Finally Wonga (Glen) are looking into my offer of reduced repayment as I was already on a repayment plan after they cleared over £400 from my account on payday I originally owed them over £700!

 

Mr Lender took payments twice on a cancelled card and I am worried the others will too. Halifax refunded one but it was tried for the next day and they wouldn't do it again. I have nothing in the account but it goes out of my unauthorized overdraft and just leaves me in more trouble. Halifax have said there is nothing they can do!!

 

Any help would be greatly appreciated.

 

Thanks

Kate

[cerberusalert]

Moved to the Payday Loans Forum.

[Cait116]

Hi Kate

 

Firstly you need to close your Halifax account and open another basic account somewhere else. Your first priority is your family hun, your debts can be sorted. Do NOT give any of them your new card/account details. If Halifax won't help then you need to speak to them again and tell them that you are going to enter into a DMP and ask them to stop all payments to PDL's otherwise you will end up paying them £5 per month for your overdraft! Try speaking with a manager.

 

Ok, Payday Express in my experience are not very helpful. I would keep emailing them stressing your change of circumstances and offering repayment plans of whatever YOU can afford. Do NOT offer any more than you afford or you will find yourself worse off. In my case they have said they will be passing on to a DCA - I have yet to hear from them. Also, let them add whatever charges they want - you don't have to agree to pay them. ONLY agree to paying back the original loan plus one month's interest.

 

Re: Doorstep Collection Threats - that's all they are - bully boy idle threats! Have a look in the CAG Library - link at the top of the screen - where you can access letter templates for harrassment etc.

 

When is your salary due to go into your account again? Also, if you are working 22 hours a week then you are entitled to benefits. If your benefits are going into the same account which has been raided by PDL's or for some reason you can't close your account then you have a "First Right of Appropriation" which means that any benefits you are entitled to are YOURS to feed your family/pay priority debts. You need to take this letter into the bank at least 7 days before you are due to be paid any benefits.

 

Dear Sir/Madam,

 

RIGHT OF APPROPRIATION

ACCOUNT NUMBER: xxxxxxxxx

 

I am writing to inform you that I am due to have a Benefit / Salary / tax credit payment of £xxx paid into my account on xx/xx/xx, and I wish to use my first right of appropriation for this money, for the following purposes;

 

ENTER HERE ANY PRIORITY BILLS GOING OUT BY DIRECT DEBIT/STANDING ORDER Please ensure this payment is made.

 

I also need to appropriate the sum of £xxx for essential housekeeping and will withdraw this sum over the counter/by ATM on xx/xx/xxxx.

 

Please ensure this sum is available to me at that time and that any other payments out of my account or charges applied to my account do not interfere with this withdrawal.

 

If you have any doubt over my rights please contact your legal team.

 

Yours faithfully,

 

 

Good Luck Kate stand up to them and keep posting on here, let us know what's happening. I'm sure some of the other guys will be along soon to help you out as well xxx

[robjam1969]

Hi Kate

 

Some good advice from Glo.

 

Once your funds are safe all of these companies will have to negotiate. They will try and make you feel guilty and generally harrass you. But if you stand firm you will get agreement eventually. Don't agree to any repayments that are more than the original amount borrowed plus a months interest max and at a rate you can realistically afford. Only agree if all other interest/charges are frozen and they provide their bank details so you can pay by standing order/bank counter - no agreement means they don't get paid! good luck

[sir_gilmour]

Hi

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.