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Hi everyoneI know there are loads of posts on here similar to mine but I really could use some advice specific to the companies I am about to default withI am in a terrible mess with these loans, I am paying over £800 a month in interest alone (have been for over a year!) and this month my circumstances have changed dramatically and now I can't afford the repayments so I am just going to have to take the plunge and default on themWhat's important to know is that I am not trying to get out of paying these, I borrowed the money and I accept that I have to pay it back. So far I have moved my wages into a different account for this coming payday and I am going to cancel the debit card linked to my other account today so hopefully they wont be able to take any money from meThe companies I owe are:WageDay AdvanceSafe Loans (Payday OK)Access Fast MoneyConvers Money247 MoneyboxSpeedy CashMr LenderTower CapitalCapital Finance OneBasically I'd like to know how each of these will react when I tell them I can no longer afford the monthly payments and I offer a reduced payment per month to clear the balance, I've read some real horror stories on here (mainly about CFO) and the most important thing for me is that I don't get harassed at work so how would I make sure they don't call me at work?I am not going to offer stupid repayments, a minimum of £50 per month to each - I wouldn't class that as unreasonable - do you think this would 'soften the blow' as it were?Any advice on how to get this sorted would be so gratefully received, I cannot afford this anymore, it's making me sick with worry every monthThanks guys

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Oh bless you for lasting that long! I found WDA to be very good in sorting out a repayment plan, they wanted an I&E and bank statements (did not provide those) but arranged it all before I was due to default, and all by email - they never called my workplace. I am not too sure about any of the other companies to be honest but am sure someone will come along soon to help.

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Most I am dealing with say they will accept a minimum of £50 a month on a repayment plan so you should be OK. Email them all and explain your situation, detail your offer and request that they do not call you at work. Good luck!

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So an update, I have decided that out of a total of 12(!) payday loans (I didn't list a few above as they are related to another bank account) I am going to default on 8 of them this month, I have left what I believe to be the most aggressive ones rolling over for the time being and settle them without defaulting.

 

So I've sent emails to them all offering payment plans and being very genuine so let's see what happens - I will update with the responses from each one as and when I get them.

 

The journey begins!!

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