New Member need advise please

[benfm]

Hi all ,

 

I have got my self in to mess with sevral payday loans

 

wonga - 530

txt loan 117

mini credit - 130

one month loan 325

cfo 390

wageday advance 157

lending stream 380

payday express 200

 

Which i belive totals to 2229 , my problem is i have fallen in to a trap of roll overs ect , after tax each month i get around 1400 which means i will have to roll over or borrow again , i understand and iam willing to payback what ive borrowed i have the option to get my wages paid in to another account so they cant rinse my account i was then going to try to make offers and get in to some sort of payment plan with the above or pay off the smaller debts in one hit , or i could pay wonga nad txt a loan in full and roll over the rest total cost 1156 and the following month pay them off 1152 this would leave me in such a mess walking to work behind on rent ect .. could anyone give me some advise as to what to do

 

thanks for reading

[silverfox1961]

Hi and welcome to CAG

 

Firstly, if you are thinking of ringing them-don't. You need to deal with this in writing only. Unless you are recording a call, you cannot prove what was or wasn't said so better to deal in writing.

 

Use the first link HERE to negotiate with the lenders. They have a duty to deal with you in a sympathetic manner and you are trying to get yourself sorted.

 

Remember, these debts are not as important as your Council Tax and rent. Priority debts take precedent over unsecured debts.

[benfm]

Hi thanks for the reply , checked the link and it seems very useful , so would you advise i write to them and tell them i cant afford to pay or just default them and then write to them iam also thinking about changing the bank account number and canceling my debit card as they are going to be trying to take payment as and when they wish to what would your views be on this

[silverfox1961]

Yes, cancel the card and move accounts. They will dip in without your permission if you don't.

I think being proactive rather than reactive is better as it shows you are trying to be responsible

They will (probably) all default you so don't expect credit for the next 6 years. Some won't deal with you until after they have defaulted you.

Although you don't have to give an income and expenditure sheet, I think it would help you with your creditors. Use the one from this site or from National debtline

http://www.nationaldebtline.co.uk/england_wales/budget_sheet.php?country=england_wales

 

You will be expected to offer pro-rata payments to each of your creditors

[s4ddys]

I would work out how much you can spare to pay your creditors each month, then split the amount between them pro rata.

 

Sometimes it can work out better for it to be passed to the DCA as they will offer you a preferential rate to settle, so save your pennies ready!

[benfm]

Hi All

 

Just a quick update on my situation , ive forwarded letters to all the above companys and of the few that have replyed they all seem to say they cant help until i default which is tomorrow , i have however managed to come to a payment plan of 6months with txt loan however they are refusing to give me there bank details to make a payment and say they only take payments from the debit card i provided and if they try to take the money from the card and it fails they will pass the debt on to a debt collecter , i have cancelled due to so many of these companys having my details any advice on how to get them to give there bank details

 

thanks

[onlyateacher]

Make sure your card is cancelled and you set up a new account. I have set up arrangements with Wonga and Wageday Advance, and pay these by standing order. Do not provide any of these companies with your new card details. They will attempt to clean out your account if you do. Dig your heels in, be polite but refuse any options they offer other than standing order. You have to stand your ground-if they want repaying they will have to eventually come to an agreement. Think about drawing up an income and expeniditure sheet- I used the guidance from National Debtline and this has really helped me with my budgeting etc. Stand firm- I have 9 payday loans and 8 of the companies have reached agreement with me. None have my new bank account details.

[benfm]

Another update

 

Txt loan - 6month payment plan

1 month loan - 12month payment plan

Wonga - having a nightmare getting through to collections although have emailed an offer but they keep adding charges

Wageday adavance - after i&e and bank statments unsure weather to give these or not

payday express - adding charges wont agree to payment plan

Mini credit - will pay off tomorrow {heard these are a nightmare}

cfo - worst of the worst phone my work and mobile at least 10times a day will not agree to any payment plan keep asking me to roll over

lending stream - havent heard from them no reply

 

Any advice how to deal with the ones that dont play ball

[ihateyes]

Email these 3 addresses... [email protected] - [email protected], [email protected]

They will normally email back quickly asking you to call collections.... when you call they may advise you, you need to default, you then need to explain you emailled your details requesting a plan, and are calling back on the back of en email from wonga... they will the freeze interest and charges and agree a plan.... get bank details of them to pay by standin order

[silverfox1961]

Who are CFO? Can't find out much about them

 

Wageday advance belong to the Consumer Credit Association and they have a code of practice they should follow:

http://www.ccauk.org/downloads/code_of_pratice.pdf

page 4 is relevant

 

Payday Express are members of the CFA so should be following a similar code

http://www.cfa-uk.co.uk/custinfo.asp

 

If any of them are failing to be helpful, complain-in writing

[benfm]

Thanks for the reply .. cfo are capital finance one

[stressedx]

Hi, i emailed Wonga this morning, i got a reply within an hour saying payment plan was set up over 12 months and i havn't been charged a default fee as date due isn't until Weds. Checked my Wonga account and payment plan is on there so was sorted in an hour

[benfm]

Stressdx have you the email address for wonga as i have emailed them several times and they are very slow in replying .. i have also tried to phone them and been left on hold for 10 - 15 mins and just given up due to cost of the call .. thanks

[ihateyes]

Stressdx have you the email address for wonga as i have emailed them several times and they are very slow in replying .. i have also tried to phone them and been left on hold for 10 - 15 mins and just given up due to cost of the call .. thanks

 

 

I posted 3 mail addresses about 4 posts above this. email to all 3, trust me they reply quickly..

[stressedx]

I emailed

 

[email protected]

[email protected]

[email protected]

 

I owe £700 and pay it back at £58 a month over 12 months. Hope it helps

[benfm]

Thanks for you help stressdx , i got a reply within an hour using them address , managed to get a 9 month plan set up which iam happy with , one less to worry about

[stressedx]

No problem, i am much more confident now. One less to worry about.

[benfm]

Iam trying to get wageday advanced to agee to a payment plan ive sent them a basic i & e .. but they also want to me to give them a bank statement .. here is the email i got this morning

 

Dear Benjamin,

Thank you for your email.

We request the bank statements to support the income and expenditure form supplied and we are well within our rights to ask for this.

If you are unwilling to send these, there can be no arrangement put in place and your account will be processed in the usual manner and sent to Debt Recovery in due course.

Regards

 

 

what course of action would be best now .. should i send them a bank statement iam pretty sure its not a good idea ?

[stressedx]

You could block out the details and send it. Wouldn't let them have the account no and sortcode. I'm in a plan with CCCS so i just forward the sheet they gave me with my income and debts on.

[benfm]

Just paid off minicredit

 

sending over a bank statement with all account info and various out goings blanked out / show only my wages going in to wageday advanced .. hopefully they will put me on a plan