Pay Day Loan Hell- about to take plunge and default

[slimtrader]

Hello All

I have been lurking for a long time and i am just about to take the step to getting my life back,i have got myself into a never ending hell over the last 18 months with several pay day loans and was looking to pay them all off in february but my employer decided not to pay any bonuses this year which has left me in a serious situation i have the following loans

 

Microlend-£2500

Wonga-£1000

QuickQuid-£1000

WageDayAdvance-£600

CapitalFinanceOne-£600

PayDayUk-£675

 

most of these i have had for over 12 months

 

so im gonna need your help to get me through these..

 

first question is do i default first and then start emailing or email before i default

 

i get paid 25th and pay these on 25th

 

i already have a new account so they wont be able to get hold of the money

 

my biggest concerd is david at microlend even though i have a good relationship with him i see they arent very good to deal with

 

so please bare with me and i appreciate all help on this

 

nathan

[jellycubes]

Hi there and good on you for starting to take control...they are sharks and can see from the sum s they are lending you that youve been rolling these loans over and over. As you ve done the best thng and made your money safe, have you closed the old one ? if not you need to or if there is an overdraft report card stolen and direct debits. If your completely safe then put together an email before default day stressing your financial hardship and put what you can afford to repay and dont be bullied into parting with a penny more. Ask for charges and interest to stop to help you repay this debt and repay them by standing order only. Keep us posted

[ihateyes]

Contact all now, advise them of the situation. Most will not want to play ball to start with.

email wonga, send email to these 3addresses [email protected] and [email protected] and j[email protected].

 

You should get an email back, most likely asking you to call. Call and explain you recieved the email and they will set up plan.

 

Most prefer 3mths, some will accept 6, plead your case you might get 12.

 

Even if they wont accept, adv debt plus 1mths intrest, request sort code acc number and reference number, and make payments.

Makes it harder for them to take you to court.... as you are payng and they are being unreasonable.

 

Remember balance + 1mths interest. no more.

 

Good Luck and say Hello to Life....... a good friend.

[slimtrader]

I have sent all emails this morning using a template i found on the forums

 

i have just recieved this email back from Quick Quid

 

Dear Nathan Clark,

Customer

 

We received your email regarding your loan balance and your situation has been noted. Unfortunately, we are not able to setup any arrangements on your current balance as it is not due yet. Please not you have an arrangement setup for your default balance of 157.20 on 31/03/2011. Please note, if you can payment your default balance today, you would be able to request an extension on your current balance.

 

If you have any queries, our Collections Department is here to help.

 

QuickQuid Collections Department

Direct Line: 0808 234 4561

Fax: 0808 101 1381

[email protected]

www.QuickQuid.co.uk

 

This means nothing other than pay this months interest and then request an extension...should i wait till the 31/3 and not pay so that im in default then resend?

 

i will keep you updated on the others

 

with regard to Microlend i dont know what to do as after reading the forum it looks like they are the only one that will go to court and get a ccj then do an AOE which i cant afford them to do.Should i keep paying them and try and reduce the balance each month any advice would be much appreciated

 

thanks again all

[ihateyes]

Ok take all the figures of each company and work out what is owed with 1additonal mths interest (pay no more than this). Request their sort code and acc number... with reference number.

Keep bombarding them with emails asking them to accept a plan. Having to wait til you default is Blarney.

Work out a resonable monthly payment and pay it through a bill payment from your bank acc.

The fact you are now making a payment to them, makes it near impossible for them to take further action, as taking you to court would be foolish as your paying a 'reasonable' amount.

Eventually they will have to accept.

They have still harrass and hound.

[sillygirl1]

Yes, with regards to the amount of times you have rolled over the loans you need to work out the repayments as suggested above. One way of doign it is 'snowballing' where you pay the smallest loan off completely, then put the rest in a 'pot' and pay them token payments, then the next loan is paid off the following month, after three months you will have repaid three loans and be in a better position to renegotiate.

 

Otherwise contact one of the free services where you go into a Debt Management Plan and get their help - Payday companies don't like negotiating with them but sometimes it is the only way out of the trap.

[slimtrader]

a second email from Quick Quid already saying absolutely nothing..i replied stating that my previous email explains that i need to set up a payment plan

 

Dear Nathan Clark,

Customer

 

We received your email regarding your loan balance and your recall the last message resending your payment plan. Our records indicate that you have a scheduled payment of £157.20 due on 31/03/2011. This arrangement cannot be cancelled, changed, altered, or stopped. Please keep in mind that you also have a current balance that will be due 25/03/2011 for £1212.50.

 

 

If you have any queries, our Collections Department is here to help.

 

QuickQuid Collections Department

Direct Line: 0808 234 4561

Fax: 0808 101 1381

[email protected]

www.QuickQuid.co.uk

[ihateyes]

Just keep sending the email back, now put in the email that you have now closed that account, and to protect the repayment plans you have already agreed you require paying in details (sort code/acc number/ref number) so you can make payment. Adv them you will not be divulging your bank details to them.

 

Keep sending this everyday until they give the details... they will eventually.

 

If payday loans is your only debt/worry at the moment, you can do this yourself. Plenty of people on here will help. And when you get it sorted, and you done it yourself, and can feel proud you tackled the problem yourself.

[slimtrader]

i have just cancelled my debit card before i resend to Quickquid saying i have closed account just incase they try to raid the account

[slimtrader]

Just recieved this from Capital Finance One

 

threatening to call and email me every day and add charges

 

Good Morning

 

Thank you for your E-mail. Unfortunately as your loan is not actually in default at present there is not a lot at the moment that we can do in Relation to your account, I must however advise you of your options and also the consequences of payment not being made. You will have the option to defer your payment by making the Interest payment on your due date, this will then defer your loan until your following pay date. By doing this it means that the account will not be in default and will also save you a large amount of fines and fees on the account. If you do default as per your contract fines and fees will be applied to the account until the balance is settled in Full. You will also receive daily calls/texts and E mails chasing the Debt. After a period of 33 days of being in default the debt will be passed to our door to door collections team. They charge their own fee which for the debt recovery which you will be eligible for paying. We suggest therefore that you try and at least make the interest payment to defer the loan to avoid this. We can also take a payment from your debit/credit card or if needed from someone else credit/debit card who may wish to pay on your behalf.

 

Please advice

 

Kind Regards

Capital Info

[ihateyes]

Sending these letter by recorded delivery might be helpful, you might want touch them up to your requirements

 

http://www.consumeractiongroup.co.uk/forum/content.php?410-LETTER-USED-WHEN-A-DCA-THREATENS-A-DOORSTEP-VISIT

 

There is a letter doing the rounds on here to request contact by letter only, but this one is for telephone text harrasment....

 

http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter

[Jamie Kingston]

QQ wont accept unless over 3 months so you wont be paying them until it goes to a DCA, but i would still keep whatever you offer them on the side.

WDA - they would accept 5 months without hassle if you can do it.

CFO - 6 month plan would probably work for them, but not to sure as not much experience

PDUK - really easy to deal with in my own personal experience, they would probably accept 12 months plan.

MICROLEND - it's a sore topic, i had an AOE from them, but i have learned from my mistakes

WONGA - would bite your hand off for 12 month plan.

 

let us know how they go, dont ignore but be firm with your offers. most of the above will at the worst sell the debt to a DCA who will accept your offer easily, mainly QQ and perhaps wonga but if you email erroll (above) they normally get back to you.

[slimtrader]

Thanks for your reply

 

i have just got off the phone with Microlend and have come to an agreement on a payment plan they were very helpful so 1 down and will keep you updated on the rest

[Jamie Kingston]

well played, thats one out the way, which i thought would be harder, well done, give yourself a pat on the back mate.

[ihateyes]

Excellent news.

Get them to email you confirmation of it, and dont delete it!!

 

Im glad they have been helpful, £2500 is a lot....

 

Well Done

[AL_K]

Hi

 

Reading your post its as if i wrote it myself, I too am about to default on paying pay day loans, after months of paying deferral charges I have reached a stage where I can no longer do it, 5 of the 6 lenders you mentioned are the same ones Im in debt to, I have cancelled my card and moved my money into a savings account. I just joined this site and some of the advise i have read has been extremely helpful. I just want to ask if anyone has got into a debt management plan with a company , are they helpful, or will they take my money while the loan companies continue to put charges on my loans, so it will just increase the pressure rather than solve things.

 

Ali

[Jamie Kingston]

Ali, firstly start by listing the lenders and the amounts, dont bother going to a DMP, the lenders get annoyed and it makes matters worse for you. DMP's a nothing but a [problem]. start a new thread and we will advise exactly how to deal with each lender.

[AL_K]

Thank you Jamie , I will do that.

[slimtrader]

hello all well today is default day so i have resent all my emails this morning i only have the following reply from quickquid they have offered me a repayment over 6 months which is shorter than i wanted should i hold out and see if they can extend further to make the payments easier each month.What have your experiences been

 

thanks

[slimtrader]

hello all well today is default day so i have resent all my emails this morning i only have the following reply from quickquid they have offered me a repayment over 6 months which is shorter than i wanted should i hold out and see if they can extend further to make the payments easier each month.What have your experiences been

 

thanks

[slimtrader]

just had a reply from WDA asking for and IAE report do i have to send them one of these and how detailed does it need to be

 

thanks

[Jamie Kingston]

i'm suprised QQ have offered 6 months... have they given you their bank details or requested yours. if its the later then it bull... if they offer 6, take it they wont accept longer (normally only 3 months)

[slimtrader]

i have just recieved this from wonga

 

Dear Nathan,

 

 

Thanks for your email.

 

I can confirm that we will be able to set up a 12 month repayment programme with £106.93 being paid each month.

 

Please can you contact the number provided below so that we can set up a start date and also supply you with the banking details.

 

 

 

 

Kind regards,

 

 

Collections Department

0844 842 9109

Wonga.com

 

this is great news

[slimtrader]

when i spoke last week to quick quids collections team they said they could do 9 months but seem to have backed out i will push them a bit further to get 9 mths first

[ihateyes]

When it cae to default day with me, the companies while maybe getting money by other means will still try your card numerous times. each month i even get textes from LENDUK saying im in arrears until the get their arses into gear and look in their suspense accounts, at which point they find the payment......

 

So even though your on plans still be prepared for the fone calls.