payday plunge **

[ksmiggy]

HI, I too am in the payday world of high interest and constant rolling over or increasing one to cover another. I have at present defaulted on TxTloan £300, £351 due back on 15/7/11, Cap finance one, £350, £486 due and swift sterling for £500. I have others that will become due at the end of the month (I will list them as I get time to look through them properly, lost track a bit) .

I have a new account set up and now in use, so no plundering should occur.

Swift was due a week ago on wed , they are waiting till next wed for a possible £50 payment, below is Txt loans , I wrote on their support site:-

 

I cannot now afford to agreed payments because of severe change in our circumstances and income.

 

In view of my circumstances, please would you agree to temporarily accept a reduced offer of £60per month. If charges are being added to the account I would be grateful if you would freeze these so that all payments made will reduce what I owe you.

 

Thank you for your assistance. I look forward to hearing from you as soon as possible.

 

Yours faithfully

xxxxxxxxx

 

To their credit, the response was quick, but not what I wanted to hear:-

Thank you for contacting us.

We accept a minimum monthly payment of £80.

Please confirm the specific date of your first payment as well as the monthly collection date thereafter.

 

We follow strict policy procedures determined by our Credit Committee and therefore we cannot freeze the loan and extra charges. Please note if the loan is not paid back fully and on time extra charges will be added.

Kind regards,

Vivian Tammeoks

Duty Manager

Phone: 0871 705 0000*

Email:

Web: ( I can't include links:oops:)

 

 

What's next, can I get them to agree to a final figure?

 

As for Cap finance one,

 

They called my mobile 4 times on friday, each time hanging up either befor I answered or as soon as I answered, each immediately followed by a call on my work number, I asked nicely the first two calls that they restrict calls to my mobile only, not works number, by the third time I was getting a little more forceful with the request, by the fourth time, I insisted they stop calling my work number, fortunately we finish earlier Fridays.

I found a letter on here pointing out the preference of contact rules in this situation and emailed a version of it to them, stating my preference for contact via mail or email or even my mobile. so far no response.

 

I'll sort out the info for the other loans, but am I going the right way? I just want to stop this constant chase and increase and chase some more, in a more reasonable way without having to increase my debt every month, every time I get paid, double my wages goes in and out all in one day, as 1 is paid and increased to pay another. Please help

[ksmiggy]

CFO have emailed me to say my payment failed, A £25 charge has been levied and I now owe £511.50, also that daily interest will be added as well. Anyway I can get them to stop at that and start talking about repayments?

 

Have responded to them thus:-

 

Due to a change in financial situation and Income, I regret that I shall not be able to clear this amount or keep up with interest and charges and as such would like to request that we come to a mutally agreeable payment plan and final amount. I would also request that you supply bank details and the foremat of reference I need to use so that I can commence payments as soon as possible.

I would like to also remind you of my contact preferences as detailed( email, post or my mobile(5:30-9:00 mon to Fri) in my previous email to yourselves.

Regards

 

Am I getting this right or am I heading for a big fall and an even bigger headache?

Edited July 16, 2011 by ksmiggy

[sarahlloyd]

Can't help you with cap finance one as I haven't defaulted on them yet.

 

I can tell you that txtloan are lying to you - I'm paying them £50 per month so they will accept under £80. I also got their bank details out of them for the payments.

 

Remember, stick to paying the original loan and one month's interest, that is all you owe.

[ksmiggy]

when you say original loan, do you mean the amount you borrow plus the months interest or is that they can charge 1 more months interest on top that?

 

This morning I noticed my A&L account showing overdrawn, it seems TXTloan and CFO have been trying different amounts, I hadn't cancelled cards yet, as no money going into account, and given that I went through 3 months of A&L stopping a card payment to O2 each month on the suspicion of fraud, even though I had been making that payment for years, I figured it could wait, but no, A&L decide to pay CFO £25 , a one off transaction, not a rolling agreement payment , so they had a choice, and guess what, I can't stop it even though I said I didn't authorise it.

Card stopped now.

Edited July 17, 2011 by ksmiggy

[ksmiggy]

Just got an email reply from capital finance one to my email requesting that they not contact me at work , reads as follows: -

Thanks for your email.

 

Im sorry to hear of your present financial difficulties, unfortunately we do not provide repayment plans and so we cannot accept your offer. Collections procedures and late charges will continue until payment is made.

We will contact you by phone, email or txt and we can legally call you on the three numbers you provided in your application

 

Kind Regards

 

 

 

 

Carly McQuillen

 

 

 

Capital Customer Services

 

 

So much for them not being able to ring me at work.

 

Have emailed them back stating that am putting complaint in against them with oft fos .

Txt loan havent been too bad, offered them £60 per month,they said ok, but at a cost of £148 on top of the original amount, thats 50% of the original loan.so £489 for a £300 loan, that should have been £351.

Edited July 18, 2011 by ksmiggy

[ksmiggy]

just to update things, others are coming up now.

CFO have stopped talking to me since I sent them their email back with quotes from CCA that showed what they had said was wrong. They wont entertain a plan and have added interest and fines galore, I have told them I would pay £35 a month, they said no, I paid anyways, told them I will pay loan and 1 month and that I will dispute the extra charges all the way to court, still nothing from them. They kept emailing saying they had a right to call me at work(they rang 4 times on default day), but didnt after I sent them telephone contact preference email.

 

Dealing with QQ too , so far they have offered 6 months at £161, have countered with 9 months at £110 ish, will see what happens.(750 +interest, £970 ish)

 

Txtloan accepted £60 per month, but added £148 to the total, countered with the same offer, but halved their fee, no response to say they accept yet, paid 1st payment anyway. (351)

 

I paid off payday express(£200) seemed easier and cheaper.

 

Still nothing more from swift, they just will not respond, the witch on the phone only wants full payment.

 

WDA I rolled over (£60) had hoped to reduce the capital, but its either roll over or all of it with them, will decide next month, see how things are.

 

Cash Genie I didnt default on, instead paid £100 by SO, roll over is only £45, yet now my account shows a £15 late fee and still £45 in interest despite a balance of only £95, word to be had there me thinks.( have just checked, the £150 loan I had has rolled over 5 times, They have already had £200 on it.)

 

Opendoor loan haven't been interested in any plan, spoke on the phone with one of their witches , no help, e-mailed, no response. (£580 ish)

 

Quid market too have agreed payment plan without so much as a squeek , had an email saying I would incur a £20 charge, but that's it, agreed to SO payments too. Going on others, If I had to point to one as good, they would be it so far. Original loan plus interest is great if they are fighting, but I can live with a £20 fee and no hassle , well done guys.

 

Sorry for the last one, we all spend so much time on here complaining about the bad side of these companies that I think if one of them does help and play ball, they deserve to be named and praised.

 

has anyone dealt with 247moneybox ?

Edited August 1, 2011 by ksmiggy

[sillygirl1]

247 Moneybox can be nasty, so if you can pay them off completely then do so.

 

You HAVE to report the companies who don't want to negotiate to the OFT and Trading Standards, particularly if they say they can't negotiate and keep adding fees and default sums.

 

Stick to the original (or last) loan amount plus one months interest for negotiation and you should manage to get out of this mess.

[ksmiggy]

Thanks, I have to admit, I was worried when I started down this road, but reading on here and cutting my teeth on CFO has helped.

 

1 Month loan have emailed back, accepting £35 a month and gave me bank details for a standing order, way to go 1 month loan.

 

I know I seem to be the main one writing in here, was hoping for more help, but reading around is helping lots. hence the updates, I hope my experiences help some and help calm others, they can be dealt with ok, well except Erika and her CFO fiends.

Edited August 1, 2011 by ksmiggy

[ksmiggy]

cash genie have sorted themselves nicely, I asked about the interest and was told the remaining balance will incur no interest if it is cleared by the next due date, nice one Cash Genie.

Payday Uk have agreed £35 a month, reviewed in 3 months, no quible no drama.

QQ offered 6 months, I offered 9, they came back with 8, done deal.

Some of them do seem to be reasonable,hope this helps put some peoples mind at ease.

[ksmiggy]

Ok I need a bit of help here, QQ are pretty much ruling out any form of payment other than their ways, I wanted to use faster payment or standing order, even paypal(only full amount apparently. Anyone had any luck finding a way of paying them without giving them bank details ?

 

Txtloan reduced their charges to less than I had said I would consider fair, so far so good.

[Trudy1234]

Hi

 

I'm new to this forum & not sure if i should have started a new thread or not but i am in a very similar situation. I owe payday loans to 7 different companies & was on the verge of abandoning hope until i found this forum. To the wonderful people who put this site together and help so many people (myself included) i cannot thank you enough.

 

Ksmiggy - you are not alone. I am in a very simular position to you and this is the third story i've read on here that mirrors ours. Until recently I wasn't too worried about the payday loans i owed as i foolishly thought(!) i'd just get a normal loan and pay them off but I rent my home and have found out it is near impossible to get an unsecured loan - one broker actually told me straight "no one is lending", which is probably why so many people are falling victim to these sharks.

 

I too have taken the plunge and emailed the first company with my offer of monthly repayments - using the information provided here and in the thread "Help i can't get out of the situation". I have found most of the information I need is already here thanks to ksmiggy & others sharing their stories & the helpful replies. There is however some things I'd be very grateful for help on:

 

MY QUESTIONS: I have cancelled my debit card - will any of these companies be able to take money from my account now i have a new debit card? Should I have my salary paid into a different account just in case?

 

Also from what I have read Capital Finance One are one of the worst companies to deal with so should I focus on clearing this debt first.

 

My plan is to pay each company a minimum payment of £5/10 per month and one particular company as much as i can afford each month until it is paid off & then choose another company etc so at least I'll feel like i'm achieving something by the number of companies I owe reducing over time. Do people think this is a good idea or not? The companies i owe money too are as follows:

 

Wonga

Quick Quid

Wage Day Advance

Capital Finance One

247 Moneybox

Txtloan.co.uk

Pay Day Express

 

Ksmiggy - thank you for sharing your story and helping others & thank you to those who give sound advise to people like me who were in a permanent state of anxiety and feel so utterly idiotic for getting themselves in this situation in the first place. Words simply cannot express my gratitude and the peace of mind this forum has given me. It is much easier to take the bull by the horns and take control of the situation when you know where you stand and what your rights are.

[ksmiggy]

Trudy

Thankyou for those kind words, nice to know its helping.

There seems to plenty plenty of general rules on how to deal with them and what to stick to , I say pick out what suits you and your situation.

I have found that if you try and be reasonable and fair, they will try to help. except CFO of course, morning Erika , Txt loan for example , they accepted the offer of payments, but added £151 to the final score as it were, I agreed to the payments, explained that I felt it was unfair,(took 3 goes) but offered a compromise, they came back undercutting that making it original amount +1 x interest , plus 1x interest, now I know many say original loan and 1months interest, but in my view, 1 month interest on top of my final debt is reasonable for the convienience of paying over 6 months, hassle free.

 

5/10 is a bit of a low payment, but as they say, stick to what you can afford. Cap Fin one, that's a tough one, I don't know how much you owe, but I can assure you now, they will let you keep paying you 5/10 quid while adding 25 a day. With them it might be worth just keep offering them the money, but in reallity, they wont help, it may pay you to just go through the motions as it were with this company, you know you wont get anywhere, so focus on those who will help. keep paying your £5 t them though, then if by some miracle they go to court, you show you want to pay. Depends how much you owe though, only you know the full extent. just don'.t throw good money at them that could clear others off.

Email Errol @ wonga, his address is around, they are good, freeze everything for you , QQ seem a bit hit n miss, theywill take plans, paying is a problem though.

 

As for your bank, if they have a rolling agreement, they will be able to take money , a new account is advisable, I opened two in the end, one for salary and one to pay the PDL co.s Halifax seems to be the defaulters account of choice.

I read on here that payday express are not good, so I chickened out and made that the one I paid.

I have emailed money box, no reply yet , will let you know when I do get one.

Let us know how you get on Trudy please.

[asmilecostsnothing]

Hey ksmiggy

 

Really appreciate this thread ... before I get embarrassed!

 

Having looked through just wondering how you got/are getting on with 247 moneybox ? they were another one of mine to!

if it helps I have these numbers - 01444 300132

and 0117 3250 161

 

They seem pussycats compared to our delightful friends at Cap Finance One (ha ha! pity they can't do some training for CFO show them how it's done anyway) and 247 moneybox will set you up a re-payment plan over the phone without much hassle - I managed to get a 3 month one sorted

 

Hope it helps

Fiona x

[UnionCityGirl]

Do you have a contact at Payday UK? They have refused all repayment plan offers from me! I offered £100 on a £750 loan which I thought was reasonable.

[ksmiggy]

payday uk was all through email to account.services@paydaycontact.co.uk, I owe £687.50 , they accepted £35 for 3 months, then a review, my guess is they may be expecting me to pay the final payment of 582 after 3 months, or waiting to see if I stick to what have said so far, I figured as long as I didn't miss any payments, I would be in a good position to renegotiate payment of the rest after 3 months, I do have their bank details if you need them.

 

A warning to anyone else who has only cancelled their card, close the account you used at the earliest opportunity, otherwise your bank will keep paying the odd transaction and cause you problems. A&L paid a transaction , I just got funds in in time to avoid charges, they paid 2 more the other day, £15 and £25 so, again I transfered the money over, spoke to them, they were no help at all, so plan was, clear it and close the account, but nooooooooooo , what do A&L do , pay out another £100, I can't pay any more in, so looks like it will go O/D , any ideas on how else to stop them.

 

Opendoor loan have refused all offers of a payment plan, now have had their we will send doorstep agents letters, great, my dog could do with some sport.

[UnionCityGirl]

Hmmm wonder why they didn't accept my offer then? If the card is cancelled they shouldn't pay anymore monies out - I would disput it with the bank. Did you report the card as lost/stolen?

[ksmiggy]

yep, their claim is that they cannot stop a card payment on a rolling agreement. Am goint to talk io TS and OFT later today, will let you know, so far the official help places arent much help, debtline basically said yes they can add charges and interest if its in the contract and didn't seem to hold with the original loan + interest theory, very confusing.

[UnionCityGirl]

Hmmm Nationwide have never paid anything out from a cancelled card on a rolling agreement, once it is cancelled that's it. (and believe me PDL companies have tried!)

[ksmiggy]

well, I have mentioned it to A&L before, if they carry on, they will be on their own, they'll stop paying then.

In fact, there's a thought, the bank are saying they cant stop them , but If they manage to stop them once I tell em am not paying it, would I have grounds and proof then that they could have stopped it?

 

I rang 247, the guy seemed ok, said a plan would be no problem, but that they would need new card details. provided me with bank details though.

Edited August 5, 2011 by ksmiggy

[ksmiggy]

A&L have surpassed themselves again, once again, they allowed a few transactions through, despite my cancelled card and balance of 13p, £25 & £15 , but I managed to cover it before they could charge me for it, intentions of closing as soon as the transaction had cleared, but noooooooooooo, because I got the balance back to zero no doubt, they paid more out for £93 all in all, this time I can't cover it, so looks like I will get charges from them too. 247 moneybox took £93 in various transactions.

 

A phone call to A&L and a visit to the branch later, the only answer they had was that they cannot stop a card payment and I need to talk to the companies involved.

 

Here's the kicker though, 8 months ago they charged me £25 for 3 card payments due to lack of funds on the premise that they had to go before a decision maker to decide whether to pay them or not, now I may be no einstien, but if they cant stop a card payment, what's to decide? Bordering on fraud IMO , especially when you realise that I had the funds when the card payments were made, the money is then ring fenced so you cannot draw it out, the shortfall was due to a DD they paid on the same day as they(card payments) hit the bank, that there was not enough funds for in the first place, with or without the funds from the card payments, so if anything was refused, it should have been the DD ( i mixed up my days by 2 days)

So my point is, surely either, I can have them for my charges because of the false claim and the deceptive manner they manipulated the transactions, or they are lying, can stop the payment and should have after I had complained last time and had a new card (that I havent activated yet), in which case can they hit me for unauthorised OD charges?

 

Must be able to have them one way or another, they can't use the same defence on both.

 

Back to the PDL,

Open door loan are refusing to negotiate without a bank statement.

Swift aren't answering anything I send them

CFO what's to say , they are adding another £50 soon, oh what joy

 

QQ I need to know if anyone knows if they have a payment method that does not involve giving them my bank details, they say they only accept paypal for full balance, presumably because they charge a fee per transaction

[ksmiggy]

Open door loan finally accepted my offer of a monthly payment plan, faster payments, even gave me their bank details, so stick at it people, they too were adamant they wouldn't accept it without bank statements, pointed out they didnt need them, on advice from OFT etc. they alos waived the £20 default fee as I had requested a payment plan before my due date, worth a mention to anyone who is thinking of when to inform PDL companies.

 

QQ left a message on the works answerphone on saturday, receptionist got it, also their offer of a payment plan was apparently time sensitive and has been withdrawn, replaced with one of only two payments. not much use, but I did ask them to delete my works number and they guy did say that he would make it so. we shall see.

 

I do still need help on how to deal with A&L if anyone has any ideas

Edited August 9, 2011 by ksmiggy

[ksmiggy]

Well well well , it's seems A&L didn't cancel my older card, even though, I said I had lost both, naturally if it goes all the way, what's the betting they don't have the recording of the call, so would be my word against theirs. they have stopped it now, and have said I need to take it up with the other company, have said that's like talking to a brick wall.

 

Have also noticed however, that my due date was the 5th, yet they took the biggest payment on the 4th, can i report this as fraud? thereby forcing A&L to do a chargeback.

[asmilecostsnothing]

Yes think you can, just keep hassling them

I also found the CAB really particularly helpful when it came to dealing with bank issues - lets say the bank suddenly got a wriggle on and wanted to know after receiving one of the CAB letters

[ksmiggy]

just to update the current situation, and hopefully show a few of you newcomers that all is not lost, I started out with a whole heap of trouble and have to admit, I thought we had titanic written all over us, but thanks to info from this site , we're getting there.

 

I started out in a panic and thought they would come take my stuff etc , ruin my life etc, well news flash people, they cant, so take control of your money back with help from this site.

Anyhoo, story so far :-

 

Cash Genie - paid

Payday Express Paid

Peachy loans - paid

Open door loan - monthly plan

Quidmarket - Monthly plan

Txt Loan - Monthly plan

1 Month loan - Monthly plan

wonga - Monthly plan

Wage day advance _monthly pan

Payday UK -Monthly plan

 

now the baddies

 

Quick quid - under negotiation, getting nearer

247 moneybox - took money early and don't want to answer emails.

Swift Sterling - wont budge an inch

 

Cap Fin One - what can 1 man say about these people that hasn't been said already? A waste of a file at companies house. These have to take the award as lowest of the lowlife, they have no idea how to run a loan co and a complete lack of interpersonal skills, I tend to envisage a trip to their office being a bit like a trip to a run down zoo, grumpy underfed animals in rundown cages with no idea why they're there. (it helps me anyway )

[StarFang]

Open door loan finally accepted my offer of a monthly payment plan, faster payments, even gave me their bank details, so stick at it people, they too were adamant they wouldn't accept it without bank statements, pointed out they didnt need them, on advice from OFT etc. they alos waived the £20 default fee as I had requested a payment plan before my due date, worth a mention to anyone who is thinking of when to inform PDL companies.

 

QQ left a message on the works answerphone on saturday, receptionist got it, also their offer of a payment plan was apparently time sensitive and has been withdrawn, replaced with one of only two payments. not much use, but I did ask them to delete my works number and they guy did say that he would make it so. we shall see.

 

I do still need help on how to deal with A&L if anyone has any ideas

 

Hi, where did you get the information about not charging a default fee if you have requested a payment plan before you default.