Help required dealing with payday loan companies please!!

[Benibaby]

Hi everyone,

 

Like everyone else who posts here I have made the big mistake of getting out of my depth with payday loans. To cut a long story short I took out two payday loans and couldn`t pay them back straight away and I have had to keep rolling them over and I just cant keep doing it. My partner also has alot of payday loans and we are trying to pay them off one a month. I want to put my two on a repayment plan I have one with txtloan which I owe £351 on soon and wonga which I will owe £614 in a few weeks time. I have spent hours reading all the different posts and advice, but I am still not sure what to do.

 

I have opened another bank account and have transferred my direct debits over and have bought a pre pay mastercard. The problem is the bank the money the payday loans currently takes the money from I have 3 accounts with 1 cashcard account 1 current and savings. The loan money goes out of the cash card account there is no o/d facility on this account but there is on the current account, my accounts are linked would they be able to access this money even though it is a different account number and different card? Also my partner has loans with the same people as me, we are not married and have different bank accounts, so they wouldn`t be allowed to take money from him to pay my account would they??

 

I am so worried it is making me feel so ill, I want to email the companies before the payments bounce but I am so scared to do it. Any advice greatly received.

 

Many thanks in advance.

[Benibaby]

Anyone please!!

[ivansmagic.]

Hi,

 

try not to worry, you can get this sorted. The people on here will help you !.

 

First, the PDL's cannot access you partners bank account to repay your debts so get that right out of your head now !! Thats a non starter.

 

Second, when you say your bank accounts are linked what do you mean by this ? Do funds transfer between them when they fall below a certain balance etc ?

 

Third, who are your PDL's with ? How much is outstanding ? and how much can you realisticly afford to offer on monthly plans to them ? Dont leave yourself short or stretch yourself to the limit with repayments. Leave some money for an emergency and "a life" and christmas.

 

Dont worry about posting figures, nobody will judge you. I have made huge steps to sorting myself out purely by reading here and asking for some advice. Most of us are in or have been in the same boat as you

[Benibaby]

Thanks for the reply, no accounts are not linked in that way, I was just not sure if they could access my other accounts as they are all the same bank and same branch. I owe txt loan £351 and wonga £614 not defaulted yet, but will do in the next fornight. I cannot pay back very much to them at the moment it can probably be a higher amount in Feb 2012 but I wasn`t sure how to word this. I need to pay a low amount for the next couple of months and then it can be reviewed but as I said I don`t know how I should put this across to them. Any ideas?

[ivansmagic.]

Ok this is good !.

 

Your bank accounts are not linked do they can only attempt to debit the account that they have details of - make sure there are no funds it that way they wont get their money on the due date or any date thereafter. ( you have agreed a continuing authority to debit your account which means they can debit you at any date or time after the loan due date so its REALLY important there are no funds in that account) I would suggest you get that account closed ASAP just to set your mind at ease.

 

I used the online chat facility with TXT Loans - I also owed them £351 and could only offer £10pm for 6 months and review then and they agreed - the online chat is good because it allocates you a "ticket number" via email so you have a full record of everything said by you and them.

 

I have posted below my initial message to them to help you, feel free to chop and change it to make it personal to you. :-

 

Mr xxx

xxxxxxxx

xxxxxx

xxxxxxx

 

xx November 2011.

 

Advance No xxxxxxxxxxxxxx

 

Dear Sirs,

 

I refer to the above advance which falls due on xx/11/2011 and regret to

advise that due to the financial difficulties I am currently experiencing,

I will be unable to make full payment on the due date or in the foreseeable

future.

 

I would therefore request that you accept my offer to repay the full amount

borrowed plus one months interest ( ?351 ) in instalments of ?xx per month.

 

I would, however, be willing to review this in the future.

 

Please provide me with your bank details in order that I can set up a

Standing Order to commence payments as soon as possible.

 

Please also note that I only wish to communicate with you by email or in

writing.

 

Please do not attempt to contact my employer or contact me at my place of

work.

 

I look forward to receiving your positive response.

 

Yours faithfully,

xxx

 

 

I take it you know all the stuff about sticking to letter or email only - no phone calls.

I would get onto this ASAP. You will get automated responses back but just keep reiterating your point. Need more help ? Give me a shout. I wount be about until late on Friday or Saturday as the kids are with me but sure someone else will step in or I will get back to you when I can.

 

 

Good luck

[Benibaby]

Thanks so much that is a great help I just sent you a private message I didn`t realise you had left me a reply sorry. I will definately send that message. So when they send me automated messages do I just keep sending the same reply back the above message?? Yes I had read on here to keep all correspondance in writing only. Thanks again for all your help it is very much appreciated. I will definately let you know how I get on.

[ivansmagic.]

Lets lighten up a bit here and have a game of "what will the response be"

 

im guessing it will be this......

 

Thank you for contacting us.

 

As you require a repayment plan for a longer period of time during

which the Credit Cycle period will be exceeded, the full overdue

balance needs to be cleared - £554.00 (at which point the charges are

frozen).

 

We are prepared to accept £50 monthly payments.

Please be so kind as to provide the exact dates we can debit your card.

 

 

Once you get that we can put in a reply !!!!!!

[Benibaby]

Ok what can I say for them to only charge me the £351 not the added charges? Also I do not want to pay by debit card will they give me their bank details? Did they give them to you or did you have to pay by debit card?

[ivansmagic.]

they will back down - I was quoted £659 or something and they eventually agreed £354. - I wasnt too bothered about the extra £3 !.

 

DO NOT give them any further bank details and certainly not card details. Insist on Standing Order. I got their details from them and have set mine up.

[Benibaby]

I hope they do back down, I definately wont be giving them my new bank details, thanks again. I have sent you a private message. I am going to call it a night now. I will let you know when they reply.

[ChaosTheory13]

First of all, don't panic! You've come to the right place. I'm in a much worse mess than you and have received some excellent advice

You should ask them to freeze interest and not to add any default charges. Tell them it would result in you becoming overdrawn and the bank giving you charges which would create further problems/prevent you paying back what you already owe.

[Benibaby]

Just thought I would update the thread, thanks to the people who gave me great advice, I have come to a 12 month repayment plan with wonga, they have been great so far, txtloan not so great, they have not agreed to my repayment offer yet and are now not responding to my emails. I will have to keep persevering until some kind of agreement can be made, but one success so I am half way there. I will keep you updated on txtloan.

[ChaosTheory13]

Wonga agreed to my plan too, so smiles all round! One less thing to worry about and in your case, half way there

 

Perseverance is key; tell them your plan and every time you receive an automated response refer them back to your original offer. Don't back down. Which email address are you using for them? Ivansmagic told me he had success using the chat function on TxtLoan's site. Give that a try.

 

It may take a while but you can do it. Chin up!

[Benibaby]

Another quick update, Txtloan have finally agreed to my repayment plan it took awhile but I got there in the end.. So both wonga and txtloan are now going to be paid off in installments finally. I feel like there is a bit of light at the end of the tunnel there are other debts that I have to sort out, but hopefully this is the start of sorting the mess out. Thanks to Ivansmagic and ChaosTheory13 for their help and support.

[ChaosTheory13]

Thanks to Ivansmagic and ChaosTheory13 for their help and support.

You are most welcome

If you don't mind me asking, how much are you paying to Txtloan and how did you get them to agree to it? I've asked them for a repayment plan and the one they've offered is £10 a month more and they won't freeze interest

[ivansmagic.]

chaos, keep at them, they will back down, they did with me and Benibaby ! You just have to be tough and keep going back at them. you will get them eventually !!!!