Trying to end payday loan nightmare

[segway]

Hi all,

 

Just came across this website today, I've been reading through several stories similar to mine and its very comforting to know other people have been in the same boat and managed to come through!

 

I am in a particularly bad situation with payday loans - I have 10 of them outstanding at the moment from just about every payday loan company you could think of. Total debts including interest amass to something around the £5000 mark. Needless to say all my wages are being swallowed up every month by paying off the interest and "rolling over" the loans - a pointless exercise.

 

Anyway, I have sought debt advice from the national debtline and I'm currently in the process of drafting letters outlining my monthly budget and the remaining money available to pay my creditors. Here, I have a few questions which I would really appreciate if someone could take a look at:

 

1. Is there any way I can email my creditors instead of writing to them? I have been advised to keep a copy of everything in writing, never communicate with the payday loan companies over the phone, and send every letter recorded delivery. However, this seems like a time-consuming and expensive process, would emails not serve the same purpose? I really want to establish repayment plans asap because the whole thing is highly stressful!

 

2. Could anyone provide me with some past experience of how likely it is that creditors will freeze interest payments? I've heard it varies from creditor to creditor, which ones are particularly bad?

 

3.Also, could anyone provide me with samples of the correspondence (either by email or post) they have had with creditors in the past, when it comes to negotiating new repayment terms? I'm feeling a bit overwhelmed by the whole situation and I really think I would benefit from seeing some success stories!

 

Thanks in advance,

 

segway

[asmilecostsnothing]

What success stories would you like to hear?Not all creditors will communicate with you in writing let alone email so best to send letters whatever 2nd class to keep those costs down and no need to send recorded - you can get proof of sending issued at the PO counterI've 5 creditors and to their credit 4 have been great and I'd happily today name Quick Quid, 247Moneybox, Lending Stream and Payday Express in just under 2 weeks we've worked something out and I'm not in knotts any longer - admittely I've spoken with a couple who just won't communicate by email so prob broken the rules on here!I believe in fairs fair when dealing with them - ignore calls and contact attempts at your perill and it'll just make the situ worseI won a case recently where I had paid the orginal loan amount + 1 months interest and further charges that this particular company were trying to claim were written of, only after I went to the BCCA - British Cheque & Credit Association and they (the PDL) have made it clear this was deemed as a 'goodwill gesture' it certainly wasn't easyThe re-payments are considered a 'gentleman's agreement'. If creditors won't play ball you have a right to complain.I'm sure someone will be along shortly to say how wrong I am ! but hoping I'm going to live to tell the tale

[ksmiggy]

Well it wont be me, I prefer the give n take approach too, anyways, segway, if you list who they are , you will get better advice re each one.

Plenty of help on the site in the form of other experiences .

[quackquack]

What success stories would you like to hear?Not all creditors will communicate with you in writing let alone email so best to send letters whatever 2nd class to keep those costs down and no need to send recorded - you can get proof of sending issued at the PO counterI've 5 creditors and to their credit 4 have been great and I'd happily today name Quick Quid, 247Moneybox, Lending Stream and Payday Express in just under 2 weeks we've worked something out and I'm not in knotts any longer - admittely I've spoken with a couple who just won't communicate by email so prob broken the rules on here!I believe in fairs fair when dealing with them - ignore calls and contact attempts at your perill and it'll just make the situ worseI won a case recently where I had paid the orginal loan amount + 1 months interest and further charges that this particular company were trying to claim were written of, only after I went to the BCCA - British Cheque & Credit Association and they (the PDL) have made it clear this was deemed as a 'goodwill gesture' it certainly wasn't easyThe re-payments are considered a 'gentleman's agreement'. If creditors won't play ball you have a right to complain.I'm sure someone will be along shortly to say how wrong I am ! but hoping I'm going to live to tell the tale

 

I did what was advised on here instead of just trying to pay them I took the big plunge and emailed them telling them I needed a payment plan asap and poundstillpayday were very good with me .I got an account manager stephen kept in touch once a month to keep him up to date on what amount I'd be sending by faster payment ,I sent payments over a e mnth period in bits and bobs until I finally paid them off and now I cancelled the account but if I hadn't have paid in the 2 mnths stephen warned me it would go to a debt agency and I did not want that so robbed peter to pay paul to pay them off ,next I did the same with quick quid now as u all know these are true and utter rogues they emptied my bank account when an extension was in place and as people are aware they appear thick and very stupid staff who don't understand plain english and its like talking to a dummy on the phone .they eventually put me on a payment plan because I cancelled my card and insistied they do this as they fraudulently raided my account and now I'm trying to get another payplan for 4 months with them to finish paying off the loan of 514. Pounds and actually they did agree to a 4 mnth plan but back tracked last wk so again I'm waiting to hear back as iv told them iv reported them to trading standards and I have ,buy a prepaid debit card pay them that way and cancel ur card asap good luck ur a decent person we all make mistakes

[asmilecostsnothing]

I'm really sorry to hear your trouble Quack Quack and really hope your on the way to getting something done, it is one thing for these companies to agree to re-payments but then not to stick to it, well how can they get away with it

 

Thanks for the heads up with possible problems over payments I can understand - their going to be out of luck if they try raiding my account now, but I had to learn that when one of the PDL companies sold my details on about 3 months back which lead to my account being cleared in the first place so if any compensation this won't happen now lol! here's hoping, to this day I've never got to the bottom of it and who, sadly, I didn't realise using PDL's puts you on the sucker list.

 

All the best we'll all get there

[segway]

just negotiated my first reduced payments agreement! It was with wonga who were very actually very civil and prompt with their replies. They agreed first time to my proposal of 12 monthly payments for the original loan plus one month's interest. I have to say that throughout this whole experience wonga definitely seem like the best of a very bad bunch. They are a class above the other sharks. On the other end of the scale, and at the very, very bottom, I would put Minicredit.

 

Any other recommendations over which PDL companies are good/bad when it comes to debt management plans? I've got a lot of them to go through...

[Bedonde]

just negotiated my first reduced payments agreement! It was with wonga who were very actually very civil and prompt with their replies. They agreed first time to my proposal of 12 monthly payments for the original loan plus one month's interest. I have to say that throughout this whole experience wonga definitely seem like the best of a very bad bunch. They are a class above the other sharks. On the other end of the scale, and at the very, very bottom, I would put Minicredit.

 

Any other recommendations over which PDL companies are good/bad when it comes to debt management plans? I've got a lot of them to go through...

 

Hi Segway, just wondered how you worded your proposal of 12 months + 1 months interest (I'm no good at these sort of things).

 

Unfortunately it looks like I may be in the same situation when my loan is due back with Wonga at the end of the month.

[ksmiggy]

wonga are pretty good, as for the good the bad and the CFO , who's on your list segway?

[segway]

just negotiated 12 monthly repayments and frozen interest/charges with TxtLoan and Cash Genie. Both of them go into my good books (relatively speaking). Still getting nothing back from Minicredit but this is what I expected, not prepared to waste my time on these jokers.

 

Has anyone had any experience in negotiating reduced payments with Paycheck Credit (owned by Toothfairy finance), 247Moneybox, or 1 Month Loan (owned by fortress group i think)?

[ksmiggy]

1 month loan were ok with me, 3 month plan then a review to increase payments.

[quackquack]

1 month loan were ok with me, 3 month plan then a review to increase payments.

...you will find a way your own way ..........well done to you on securing a payment plan segway and i hope it all goes well for you and every one in this situation ,xxxxxxxx:jaw:

[quackquack]

asmilecostnothing .good luck to you i really wish you all the best in what you achieve ................

[quackquack]

[freeofdebt]

Hi segway can you tell me please did you email wonga and to what address did you email? Should I wait until my loan is in default to contact them.Thanks