Payday loan Plan - thoughts

[coalhammer]

Hi all,

 

Like many on here I feel so stupid. Have been rolling over several of these and enough is enough.

 

QQuid - 1050 (+int)

PTP - 1000 - 1300 with int

Wonga - 789 inc int

PDUK - 275 - will just settle this one

 

Wonga have accepted a payment plan over 9 months at £88 so that's sorted

 

PTP and QQ have emailed them with an offer of 12 equal payments for the total with one months interest only

 

My big concern, and where i need advice - how to protect my salary on Thursday.

 

I have arranged a bank tranfer online. Have cancelled all my DDs so that nothing should go out on Thursday monring. My plan is to reinstate these for next month on a new account and make phone payments to them in the meantime. I have cancelled my card having reported it lost. My hope is that when my account updates overnight the transfer will go out as my salary goes in so that any reccuring debit card payments are declined. I will then use my savings account withdrawl book to get cash. I will transfer money back to my current account online then immediately out to mortgage, car payment etc within seconds.

 

Any thoughts on my plan? Anyone made a similar bank transfer? I'm with HSBC, i know they are instant but wonder what time it will go? This will only work if it goes across as soon as my salary hits, should do

 

feeling better already just for making a start.

[coalhammer]

Update -

 

Wonga have agreed 9 payments of 88 pounds by transfer.

 

PTP just keep replying saying their collections team dont use telephones and i need to ring them. I wont because I have said in my email I want everything in writing.

 

QQ - no reply yet, I bet they try to take the extension payment, I bet it goes out through recurring authority even though the bank say this is rare and it shouldnt.

 

Any idea what time my slary will go in? I bank with HSBC

[sillygirl1]

Usually around Midnight, they do the debits first, then the credits, you could try the Easycash online account with Halifax as an alternative account. Protect your salary as one of the companies mentioned still take the funds even though you have an agreement in place, their 'system' cannot be altered (somebody programmed it in the first place so therefore somebody can UNprogram it!)

[coalhammer]

thanks, i am setting up another account but dont really want to leave hsbc.

 

Cant do much about this week though. Will still be up then so as soon as my salary goes in i will tranfer out to savings then make payments from there, my bank confirmed that if I ring they can make payments to payees set up on my current account from my savings. What time do the PDL process their debit card transactions? even though my card is cancelled dont want any sneaking through!

[coalhammer]

PTP just called me and told me to ring the bank and cancel the DD (way ahead of you!). She then said they dont accept payment plans over three months and that after 8 weeks it would go to a DCA. She gave their bank details to make a token payment and informed me that an account manager would ring next week

 

so far so good! WOnga plan already up, will settle with PDUK, wait for this DCA its just QQ, no reply yet!

[onlyateacher]

I was in a similar situation last month. I also bank with HSBC. My salary didn't hit my account until 3.30am at which time I transfered it to a different account. Just to reassure you, no monies were taken by either Pounstillpayday, Quickquid, PDUK or Wonga. If you have cancelled your card and ensured direct debits have been stopped you will be fine.

As far as I understand, your salary can hit your account any time after midnight and most banks update during the night - I was so worried last month that I stayed up and used the refresh button on internet banking until I saw the credit in my account!

You really need to think about setting up a new bank account. I have a poor credit rating but opened a new current account with TSB with no problems-even got a debit card etc.

As for PTP, I'm still waiting for them to transfer my file to DCA which I'm told will happen on 10th May. However, they haven't pestered me too much-I returned calls staright away and they agreed to contact me just on my mobile. To date, they have been true to their word.