Please HELP ! I cant get out of the situation

[alip7777]

It is a great relief that I gone through such a fantastic page. Here is my story and I am sure I am writing at the right place.

 

Last year in July I took loan from quickquid of 250 pounds and extending it regulerly till now and its almost 500 pounds and as I calculate the interest I paid on it is more than 900 pounds in last 10 months. Also I took 100 pounds from Cash genie and paying 30 pounds interest since august from it as the principle remain the same. Last month to Facilitate the interest payments of those two loans I took loan from Swift of 200 pounds. Now If I carry on paying the interest I would be nowhere in many months and it will go burden on me. Please help me with this situation as how I can make an arrangement with QuickQuid, Cash Genie, and Swift payday. I am honest toward my obligation and I would pay the whole amount in installments.

 

Regards,

 

MWA.

[sillygirl1]

There are several things you need to do.

 

1. Get an alternative bank account set up asap, all companies mentioned have emptied customers accounts at will. Halifax and the Co-op are good bets, as is the Post Office. With Halifax Easycash you set it up online.

2. Email each company and tell them that you are in financial difficulties and will be organising a debt management plan and that you have XXX to pay, negotiate on the basis that you owe the original loan amount plus one months interest, NO MORE. Despite what they may say that is what a court would order you owe. Remind them that should it get to court due to your dire circumstances a judge may allow you to pay £1 per month token payment.

3. Tell all the companies you are dealing with everything in email, and that you will not be able to complete a detailed Income & Expenditure form due to sorting everything out. Your priority debts should be

 

Rent/Mortgage

Council Tax

Gas/Electricity

TV Licence

Travel to Work

Food

 

Payday loans are non pirority loans, can you pay one of the smaller ones off and then pay the others £50 each this month, (its called snowballing and is far more effective than pro-rata payments which keep you in debt far longer).

 

Get back on here if you need any more help.

[alip7777]

Thanks alot for your reply.

 

I just applied online for Halifax Easycash Account. i just made an income and expenditure statement and I would be left with only 45 pounds after all my expanses provided that I dont go for any other payday loan.

 

here is a summary of the loans,

 

Quickquid Borrowed in August 2010 250 pounds and it reached to 550 and I paid almost 900 pounds of interest. I will offer them 20 pounds a month.

 

Cashgenie Borrowed in August 2010 and paying interest 30 pounds / month since then. Will offer them 10 pounds per month.

 

Swift payday Borrowed 200 last month and will offer them 20 pounds per month.

 

Just worried with the swift payday one as I just borrowed last month and paid nothing since then, will they think its a fraud or something ?

 

Also please let me know am I making the right offers ? I can double my monthly payments to them from January next year.

 

Regards.

[sillygirl1]

It is up to you how much you pay them each. No hard and fast rule on this. But as stated can you think about 'snowballing' and paying off the £200 debt this month and then increasing the amounts to the others as things improve.

 

You have not committed fraud as you are committed to paying them back.

[alip7777]

Thanks alot. I understand but at this situation I am not in position to pay 200 pounds. I will offer them the above amounts. Will cancel my debit card today and ll write them on this friday when the payments are due.

 

This is a really great relief for me. You people are doing a very great job, by helping people like me, who cant get out of this nasty loans.

 

Regards.

[sillygirl1]

Why not email them all now and save yourself a lot of aggro on Friday. The sooner you deal with it the sooner you can hit back when they attempt to overcharge you with default fees and interest.

 

Perhaps you can click on my star and give me a reputation comment....

[The_Rev]

Going with Sillygirl's snowballing method I would suggest offering £20pm to Cash Genie and £10pm to one of the others.

 

If they're the smallest loan try and get rid of them as soon as possible so you can concentrate on upping payments to the bigger ones.

[alip7777]

HI,

 

Sorry for being away for long as I was assessing any easibility to pay them all one off but I cant see any option to pay them in full. Now I am ready to send them email requesting for repayment plan. Please help me with the following points:

 

1. What reason should I mention as the main reason is I am fed up of those loans and cant manage them anymore, want to stop the interest and will repay in instalements.

 

2. Should I include the income and expenditure statement ? can I get a proforma ?

 

3. Also can anybody please help me with the letter by posting a proforma letter here.

 

Thanks a lot.

[alip7777]

Just gone through the proforma post and come to know that they can call my work place ? Its very embarrasing ....how to stop them from calling at my work place .

[magickat]

E-mail and/or write to the companies and request that they do not call you at your workplace as you are unable to take personal calls during work time. This has been effective with most of the PDL companies I am dealing with. If any of them do persist then look in the CAG temp[lates for a harassment letter to send.

[sillygirl1]

Dont give any reason other than temporary financial difficulty, do not do an I&E you are under NO obligation other than to come to an arrangement

 

Remember base your payment on trying to pay one or two smaller loans off completely this month and making a payment of £50 to the others. Then next month do the same.

 

The repaymnets should be based on the original loan and one months interest, NOTHING MORE.

 

You cannot get a 'pro forma' for these, it is crazy.

 

Wording could be as follows

 

Dear PDL Company

 

I am experiencing a temporary drop in my income and am unable to pay the loan to you. I wish to repay this loan and one months interest over a four month period at xxx each month and am offering x this month as a sign of my intention to pay.

 

Please advise your bank details etc.

 

Keep it short and sweet and do not give them any room to start shouting about 'total non payment' and other pseudo legal stuff. Keep all legal claims out of this for now as you wouldn't be able to counter argue correctly.

[sillygirl1]

Tell them you do not want any calls and everything has to be in writing.... tell them any calls will automatically be recorded and kept as evidence.

 

You must get another bank account set up and get your funds transferred into that. Halifax Easycash is signed up for online and has good facilities, so do the Co-op and the Post Office.

 

If they phone up tell them the call is recorded and you want it in writing only.

[alip7777]

Thanks alot. You are such great people doing a fantastic job. I email all of them. I wish I could pay them straight away but for next two months its not possible for me to make more than 50 pounds payments. In September only I cant pay the smaller ones. I will keep you updated as soon as I hear from them.

[alip7777]

Thanks alot. You are such great people doing a fantastic job. I email all of them. I wish I could pay them straight away but for next two months its not possible for me to make more than 50 pounds payments. In September only I cant pay the smaller ones. I will keep you updated as soon as I hear from them.

 

Hi,

 

Just got a reply from Cash Genie and they asking for 20 pounds pcm and I offered 10 pcm. They also asked for card details etc, which I did not provide and told them I ll send the money through postal order.

 

The others are calling me again and again but I did not answer, waiting for their replies through email.

[alip7777]

Cashgenie agreed with 10 pounds pcm, and prided thier accounts details to submit the money in that.

[Trudy1234]

Hi Guys, sorry its taken me so long but only got any joy this week. I emailed all the PDL companies offering them payments of £10 / month minimum. Txt loan are the only ones to have replied properly. They asked me for £50, i stuck to my guns and they have accepted my offer BUT they keep asking me for my card details. I've emailed them again saying I no longer have a debit card and do not have direct debit facility on my account and asked AGAIN for their bank details. I will let you know what happens. 247Moneybox replied to my email asking me to login to their site and 'chat' with one of their representative to which i replied "after seeking legal advise I have been advised to keep all communication to email or letter so that there is an audit trail" so asked them again if they find my proposal acceptable. They have rang me several times in work which is rather embaressing as I do not have a direct line. They left a message with another member of staff. In the email i sent to each company i wrote in bold and underlined that it was imperrative they DO NOT contact me at my work.

 

I cannot thank the people who run this website enough. It is so much easier to deal with these companies now i know what my rights are. If you are in the same situation as me take the bull by the horns like I did. I spent quite a while being an ostrich with my head in the sand as i felt i couldn't cope with the situation and was in a permanent state of anxiety.

 

I advise anyone in the same situation as me to have their pay paid into a different bank account. I cancelled my debit card so thought no money could be taken out of my account but Wage Day Advance took a large sum of money out of my account the day I got paid. It is only pure luck that an ex landlord who owed me £800 bond finally decided to pay back £700 of what he owes me or i wouldn't've had enough money to live on this month.

 

As soon as I receive responses from other PDL companies I will let you know what happens.

[sillygirl1]

Why not get a prepaid debit card and use that to pay the 'difficult' ones, they won't be able to raid what they like from it as you can load it with money just before you pay them.

 

Report Wageday Advance to the OFT and Trading Standards for raiding your account, they are NOT allowed to do that, and report the other companies who keep calling you at work

 

http://www.tradingstandards.gov.uk for Trading Standards

http://www.consumerdirect.gov.uk for the OFT

 

Report to Trading Standards first and then the OFT... I know it seems extra hassle but the more complaints the more they have to do something. You may be asked to sign a witness statement for the OFT, this is a good thing as it means they are taking complaints seriously against the company involved.

[Trudy1234]

How do i get a pre-paid debit card? I've not heard of them before - it would be a lot less hassle than transferring money to 7 different accounts each month! and THANK YOU I will take your advise

[sillygirl1]

Here is a link, the Post Office one seems a very good one and should be easily obtained from a Post Office.

 

http://www.money.co.uk/prepaid-cards.htm

[Trudy1234]

thank you x

[alip7777]

Hi there,

 

Its me back. I have come in agreement with Cash genie and Payday express but QQ is driving me crazy. The original loan amount was £500 and they charged me with £746. They are asking for 6 equal monthly payments and I am totally unable to make 6 equal monthly payments. Its not possible for me to make more than £10 payment this month and they are insisting for £124 and not considering my situation at all. I offered bigger amounts from next month but all in-vane. Please advise.

 

Thanks

[Trudy1234]

Hi All

 

I need your help - can you recommend a good company that can deal with all my creditors for me and come to arrangements with them so that i pay one lump sum a month. I know that i'll be paying them prob around £30 a month (that's what one company said who rang me a while ago) but to be honest at the moment it feels worth it as my stress levels are through the roof. The main reason i want to go down this road is that I KEEP GETTING CALLS IN WORK. I do not use the phone for work reasons so there's no reason at all in for me to be getting calls so am really very very worried about this.

 

I don't seem to be getting anywhere here - i've emailed all the pay day loan companies i owe money to the only one i got a response from was textloan who wanted 50 a month by card to which i replied i could not afford this and reiterated that i needed to pay them directly into their bank account and that i could not pay by card or direct debit. They ignored my email and tried collecting £50 by card which was declined so emailed me saying i'd violated the agreement (i had not agreed to) and have passed it on to debt collectors.

 

The Money Shop have been quite good - i actually answered my phone and they seem willing to come to an agreement but only if i give them my income and expenditure to make sure i'm not paying less than i can afford.

 

I need to stop these calls coming to my work ASAP - any advice is greatly appreciated and thank you for taking the time to read.

[asmilecostsnothing]

Hi TrudySorry to read your troubles, have you tried National Debtline or CCCS in the first instance - see what they would suggest on the DMP front if this is the way you want to goPayplan are good - and FREE their number (freephone 0800 280 2816)Whatever you do hun, do not pay for debt management your creditors will be unlikely to see a penny, and, make your problems a ton worseIf getting calls at work I think you can report them - offcom ?I'd personally tell them if they want to carry on calling u at work and lose you your job, they won't see any repayment then!x

[Trudy1234]

Thanks so much for your reply and advice. I thought I could sort all this out myself but spent basically the whole of my (ONE) day off today sorting out just one company. For others out there i thought i'd let you know. With Txtloan i stuck to my guns and they have accepted repayment plan of £10 per month and all was done through email.

 

247 Moneybox is a whole different story and not a good one. They refused to deal with me by post or email and as I didn't want to be bullied on the phone I used their 'Live Chat' I still can't believe their audacity. I started off by asking them to update their records so that I didn't receive any calls in work. The man on the other end decided to use this request as a bargainning tactic!!!! Even after I said that they would be breaching The Data Protection Act and to check with his manager!!! His reply was -" well if you pay blah de blah pounds today then there'll be no need for us to ring you in work" I'm still in disbelief typing this.

 

I am so thankful to this website which armed me with the info that they would bully, lie and intimidate to get money out of you. In the end i agreed to pay a certain amount this month (the amount i offered first off yay for me lol) and less monthly payments thereafter unless my circumstances changed for the better. All this took about 4 hours. In an email to them I said that I wanted to keep correspondence to email or post so that there was an audit trail and was informed that i could request a copy of the live chat conversation if i wanted it. When i requested this the guy said i could use screen shots or copy and paste the conversation. I, yes I informed HIM that both these methods could be altered after the fact and that I was using the snipping tool which is tamper-proof and he may wish to advise his customers to use the same!!!! Even after all this time they only agreed to this as long as i had another 'Live Chat' or 'try to bully me window' as i think it should be called. I am beyond glad that i found this site - forwarned is for-armed for certain when dealing with these companies.

 

You're right about not paying companies - i was so stressed out when i posted this. I have emailed the rest of the companies AGAIN and after my little victory with these companies am feeling a little more confident - though am dreading answering the phone in work.

 

Payplan looks really promising - THANK YOU so so much. I will also contact the National Debtline. Excuse my ignorance but who are CCCS?

 

With gratitude, Trudy

[Trudy1234]

hi alip

 

how are you dealing with QQ? Is it by phone, email or ? I owe them but have not heard from them by email. Read my post below. It took ages but i managed to get somewhere with 2 companies. The best advise I got is from this forum - that legally you are required to come to an arrangement with them which is what you are trying to do. And the other piece of good advise is from someone else on this forum - keep at it, you'll get there in the end. I am in a simular situation to you and was so worried about it but at the end of the day we're all human and we all make mistakes - our mistake was to get mixed up with these companies in the first place. It's not like we're running away (like a lot of people would and probably have) so give yourself some credit for taking the bull by the horns and dealing with these nasty companies. They can't MAKE you pay more than you can afford but they will "bully, lie to you, intimidate" you in any way to try to get as much as possible out of you, as i have experienced personally. I wouldn't be surprised if their representatives worked on commission and got a percentage of what we paid back!!