Payday Loan Help **

[cavyman_130]

Evening, I have had a look on here and read some other posts of people with the same problem as me and it has made me feel that bit better about getting out of the complete mess that I have gotten myself into, I have been extremely silly and built up payday loan debts over the past year or so, I am now at the point where I cannot afford to make it through the month after paying off the loans.

 

I have taken the plunge and decided to default and begin to get myself out of this and into the clear so I can get my life back again!

 

I have kept this all to myself as I couldnt bear to share it with anyone as I feel completely ashamed! I have no idea where to start though, I was hoping someone could give me help on what to send to the payday loan companies explaining the situation and the hopes of a repayment plan, I have done everything i can to cut costs down and now just want to clear this debt!

 

below is the folling of what I owe:

 

Quickquid - £960

Wonga - £884

Payday UK - £525

Payday Express - £500

Capital Financial - £335

Minicredit - £150

Txtloan - £120

 

I beleive minicredit are horrible to deal with so I am going to try clear that one and the txt loan this month, QQ and wonga defaulted yesterday, the rest are due to default 28/29 of this month.

 

I understand I have been stupid and i have more than learned from my mistakes, any help is more than appreciated, you will be a life saver!!

 

I have cancelled my card and set up a new bank account.

 

Thank you

[onlyateacher]

I fully understand how you feel but I will say that, just after a week of deciding to default, I feel so much better. I have a number of payday loans all of which went into default last Friday. I would just like to reassure you and say that most payday lenders are actually ok to deal with. They all have there own systems for dealing with default but so far have been reasonable to deal with, even the notoriously bad ones like Pounds Till Payday have already told me the course of action they will take and what I can expect to happen next. Up to now I have set up three arrangements- 2 over 3 months; the other over 4 months. Payday UK have agreed to a replayment plan in principle but want to receive my first payment before agreeing so I have set up a standing order (that will make 5 arrangements!). Just follow the advice already on the forum and don't be bullied into giiving your bank details to anyone. All I can say is that,yes, we are both in a financial mess but we can get out of it- the first step has been taken. Just be prepared for a bit of a bumpy ride!

[ihateyes]

hi,

 

your on the right road, be firm and pay what YOU can afford.

If they call, answer, or they will ring your workplace.

Setting up a standing order/bill payment is the best way to go, as ddeb or debit card is simply giving them access to your account.

when you speak to them on the phone, dont shout or be aggresive.... it can be hard as some of these operators are twats.... but Tell the about your financial hardship.... if you tel the the interest is to high etc they wont wanna know.

[cavyman_130]

Thank you for the kind words and advice, I am really struggling with what to email the companies though and two of them are 2 days overdue now. Does anyone have a link to a template?

 

Thank you

[IN-Trouble]

Not sure if anyone has a template but I am in the same boat as you and have been emailing more or less the same lenders, so far so good with repayment plans successes, just be as clear as you can. i.e.

 

1- State the loan amount

2- state that you can not pay it due to (mounting debts to a number of creditors, unforseen change in work circumstances, illness, etc etc )

3- Confirm that you intend to pay the loan back but can not afford to in the short term and with mounting charges

4- Suggest a repayment plan by standing order (be clear as to how much you are paying back every month and what the total repayment will be)

5-Appologise for any grievances and urge them to accept as you have no alternative method of paying back what you owe.

6-good luck , hope this helps

[slimtrader]

this is the template i used from someone else on here

 

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 be unable to pay my XXX loan in full on the agreed repayment date.

 

As I have given prior notice I am requesting that XXX do not apply any unreasonable charges. I also request that you do not add any further interest other than the interest already applied from 25th feb-to 25th march (1 months interest only). To make myself very clear, it would be both unreasonable and excessive if XXX found it necessary to add further charges and interest after the loan repayment due date and such conduct may go against XXX further down the line.

 

I therefore propose that the outstanding loan amount inclusive of interest incurred from to be paid over a period of 12 months. This will involve 12 monthly payments of £ XXX . I will initiate to make these payments once you assure me in writing or by email that:

 

1) XXX accepts my payment plan offer.

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

3) XXX 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 WDA can sympathise with my current situation and in doing so find my repayment schedule reasonable. Finally, I request that XXX keep all contact with me either by email or by my mobile in if you need to contact me urgently but I am not always available on phone . My contact email is XXXt, I will endeavour 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 XXX soon

 

THIS SEEMS TO BE WORKING FOR ME..IF YOU LOOK AT MY THREAD I AM IN THE SAME SITUATION AND DEFAULTED ON FRIDAY

[cavyman_130]

Thank you very much for that,it is more than I could of asked for! I will keep this post updated if and when I hear anything

[cavyman_130]

Heard back from Wonga this morning, they have accepted my payment plan over 12 months.

 

Capital Finance One replied stating they cannot accept my plan and will continue to add charges to the outstanding amount owed, they also asked to fill out a income/expenditure form and attach 2 months bank statements, I have filled out the form but I believe they have no right to bank statements so I have not supplied this (also means they would get my bank account details) and I have replied to asking again to consider my plan after checking the attached form, I asked for the charges to be frozen, I am ok to do this?

 

not heard from the rest yet.

[IN-Trouble]

Capital finance one are doing the same with me, but I have explained to them that it wont get them anywhere, dont give them anything.

[sillygirl1]

Capital Finance One have NO RIGHT to the information contained on the two months bank statements, they also are not entitled to a full income and expenditure form. You need to state that you will NOT be giving this information out and they need to know that you WILL take their threatening documentation to the Office of Fair Trading, Trading Standards and the Citizens Advice Bureau for further help (the CAB don't like payday loan companies and can get Trading Standards involved if you press hard enough.).

[cavyman_130]

Thanks! I will stick to my guns on this one!

 

Heard back from others:

 

Payday UK - asked me to call them

QuickQuid - Offered repayment over 3 months, will try push for more

Payday Express - Refusal of repayment offer (i will resend it)

 

No reply from txtloan

 

Minicredit has been cleared off, so one down!

[cavyman_130]

ok.....so far today I have done the following:

 

Contacted QuickQuid to try push for an extended period other than 3 months (not holding much hope on this one)

Contacted Payday UK, waiting on them getting back to me, they were really helpful.

Contacted Txt Loan again as no reply

Contacted Payday Express as no reply

 

Contacted Capital Finance One as no reply to my previous email, I got a response saying they will not be accepting any repayment plan but I can however make token payments to them whenever I can, this I will not be doing However at least I have their bank details, is there anything I can say to try push them into a repayment plan? not sure where I stand legal wise etc.

 

Regards

[IN-Trouble]

Text loan only reply if you have defaulted already, thats what they did with me, but they were helpful in the end.

[cavyman_130]

heard back from QuickQuid:

 

They are now offering 6 months at £158.00 but they are refusing to give their bank details as they say they do not accept standing orders or have an account number, the 6 months at £158.00 I could manage and as QuickQuid is the largest that would be a good booster to clear, will i just keep pushing for bank details?

[cavyman_130]

heard back from QuickQuid:

 

They are now offering 6 months at £158.00 but they are refusing to give their bank details as they say they do not accept standing orders or have an account number, the 6 months at £158.00 I could manage and as QuickQuid is the largest that would be a good booster to clear, will i just keep pushing for bank details?

[StartingOutSlowly]

Yes, keep pushing for bank details and don't give out your bank / card details. Good luck!

[cavyman_130]

today I heard back from txt loan, they have agreed to a repayment plan over 12 months and have supplied me with their bank details, so thats Minicredit cleared, repayment plan with Txt Loan and Wonga sorted out, QuickQuid is almost there, just need to push with payday uk, payday express and capital finance one, capital are going to put up the biggest fight but ill keep trying anyway.

[yourturntopay]

I'm having huge problems with CFO and reported them to FOS, but it doesn't seem to be doing much good as they are lying about everything and still adding charges and interest. My loan is now nearly 3 times the amount that i borrowed!!

[IN-Trouble]

CFO are doing the same with me, but I doubt what they are doing will be held up if it goes to court, so I am not panicking over it, I will only pay what I believe I owe which is the loan + 1 month interest + 25 pounds (1 failed payment charge). Everytime they are emailing me with the new debt amount, I am referring them back to the first email I sent them proposing the repayment plan. As long as everything is in emails it can always be referred back to in the future.

[cavyman_130]

I have heard b ack from Txt Loan agreeing to my repayment plan, still no reply from payday express and no luck with CFO, I will be doing the same, keeping everything in email and referring them back to my original email statin the loan amount + 1 months interest + the late payment charge, the rest I will not be paying. I am considering clearing this one off as soon as I possibly can, only if I can get them to agree to the original amount without any of these silly charges they are putting on it.

 

So to sum things up:

 

QuickQuid - Agreed to a 6 month repayment plan

Wonga - Agreed to a 12 month repayment plan

Txt Loan - Agreed to a 12 month repayment plan

MiniCredit - Loan amount cleared

Payday UK - Defaulted yesterday so hoping to have something resolved today.

Payday Express - No reply to any of my emails, I will continue to contact them

Capital Finance One - Refusing to accept payment plan, I will keep pushing this.

[NotSorted]

Evening, I have had a look on here and read some other posts of people with the same problem as me and it has made me feel that bit better about getting out of the complete mess that I have gotten myself into, I have been extremely silly and built up payday loan debts over the past year or so, I am now at the point where I cannot afford to make it through the month after paying off the loans.

 

I have taken the plunge and decided to default and begin to get myself out of this and into the clear so I can get my life back again!

 

I have kept this all to myself as I couldnt bear to share it with anyone as I feel completely ashamed! I have no idea where to start though, I was hoping someone could give me help on what to send to the payday loan companies explaining the situation and the hopes of a repayment plan, I have done everything i can to cut costs down and now just want to clear this debt!

 

below is the folling of what I owe:

 

Quickquid - £960

Wonga - £884

Payday UK - £525

Payday Express - £500

Capital Financial - £335

Minicredit - £150

Txtloan - £120

 

I beleive minicredit are horrible to deal with so I am going to try clear that one and the txt loan this month, QQ and wonga defaulted yesterday, the rest are due to default 28/29 of this month.

 

I understand I have been stupid and i have more than learned from my mistakes, any help is more than appreciated, you will be a life saver!!

 

I have cancelled my card and set up a new bank account.

 

Thank you

 

And there I was thinking I would be the only one getting myself into a right mess with payday loan companies.

I have built up an amount of £4945 since summer 2010 and they will default on pay day later this month as I need to put a stop to what has happened. I have for too long buried my head in the sand thinking money would come from somewhere but surprisingly they never did although I did get a bonus at work earlier this year. The bonus I did receive did go some way but I still fell back into the payday loan trap not really because of greed but to pay bills and just living expenses. I have today told some of my family and will tell the rest tonight as I have been too proud and embarrassed at the same time to tell them before it all spiralled out of control. So it's a classic case of paying some loans off on payday then aoolying to pay others to roll over and ending up in a complete mess.

I wonder if I have to cancel my bank account and apply for a new one? Perhaps I can explain my situation to the bank but they will probably not help in stopping my account being used by the payday loan companies to try and withdraw the loans on my payday.

I have drawn up a 12 months budget plan to send to all 11 payday loan companies I owe money to with a covering letter explaining my situation. I do hope it will work as I have seriously learned my lesson and just want to pay back the money and be in control of my finances not run away.

[NotSorted]

re-post!

Edited April 1, 2011 by NotSorted
Re-post

[LittleMissG]

Hi, currently have a Payday Loan with Cheque Centre (for just over a year now), but just can not afford to carry on any longer with it. I defaulted yesterday and cancelled my debit card so that they could not take any further payments and e-mailed them with the request of a payment plan. This is their reply:

I have looked at your proposed payment plan and would like to inform you that this is acceptable to Cheque Centre . Our policy is , however , that customers must come in to the branch to make the first payment in order to set up the plan .

I have copied in the branch on this email so that they can see that we are happy to go ahead with your proposed payment plan without adding on any extra charges .

With regard to the method of payment , we do not take payments of this nature through standing order . We would still need to debit your account at the end of each month . This would only be for the agreed amount and we would not take any other non agreed monies .

I hope that this is satisfactory .

The next step is for you to now contact the branch who will be happy to set up your payment plan today .

Do you agree that this is acceptable and should i trust them and give them my new debit card details or shall i request an alternative payment method.

Thanks in advance for your help

[ihateyes]

I would advise the you will make payment in branch, and by no other methods!

[superhooper]

Have you had any luck with Payday Express? With reading on here they seem 2 be a bit of pain accepting a repayment plan.

Hope you got it all sorted