Need Support!

[Skippz]

Hi all,

 

Ive been reading these boards for a couple of weeks and its so comforting to see I am not the only one to fall into the Payday Loan trap. I was hoping that I could get some advice from some of you regarding setting up a payment plan with the payday loan sharks!

 

Here is a breakdown of what I owe and what I have offered.

 

Wonga:

Owe: 855 Offered: 60 a month. Ive sent them 4 emails since yesterday morning to try and setup a plan and have had no response as of yet.

 

Wageday Advance:

Owe: 250 Offered: 17.65 a month until february when i can pay the full balance. Emails back and forth trying to set up a plan, they werent having it. Finally asked for an income and expenditure form and a bank statement in the next 5 days to come to a decision, have emailed them the IE form but will not send them a bank statement.

 

Lending Stream:

Owe: 456 Offered: 32 pounds a month, sent several emails to them since yesterday morning and heard nothing as of yet.

 

Payday Express:

Owe: 300 Offered: 21 pound a month till february when i can pay the full balance. Emailed them several times and no response. Spoke to them overthe phone, very rude lady saying i dont qualify for a repayment plan and cant freeze interest unless i pay 60 pound to defer loan for a month.

 

Payday UK:

Owe 250 Offered: 17 pound a month until february when i can pay the remaining balance. Finally had some joy, they agreed to the plan straight away as long as my first payment is 25 pound. Havnt recieved this in an email yet havinh asked them 4 times.

 

I was hoping some of you could let me know whether I am on the right track and whether this is similar to any of your experiences. Am really worried about this so am really looking forward to any reassurance!

 

Thanks

 

Skippz

[ivansmagic.]

Looks like your on the right track Skippz. Only one I have experience of is WDA. Eventually they agreed to £10pm for 3 months anfter supplying theit I&E but not bank statements. I was dealing with a gut called Stephen Jones in their collections dept.

 

I wouldnt keep emailing them when they dont respond. They have your offer, wait till they get back to you. Just keep a record of all your emails.

[Skippz]

Looks like your on the right track Skippz. Only one I have experience of is WDA. Eventually they agreed to £10pm for 3 months anfter supplying theit I&E but not bank statements. I was dealing with a gut called Stephen Jones in their collections dept.

 

I wouldnt keep emailing them when they dont respond. They have your offer, wait till they get back to you. Just keep a record of all your emails.

 

Thanks for the reply ivansmagic. Got a reply from wonga today asking for my income/expenditure again so hopefully it is moving in the right direction, heard nothing from the others though (apart from payday uk who said thanks for their first payment of the plan today!)

[Skippz]

Had a really good day today, Wonga agreed to a 12 month payment plan, and Wageday Advance and Payday Uk have also agreed to 3 month plans. Havnt heard a thing from Lending Stream as of yet.

Payday Express seem to be a massive problem at the moment. Im getting texts telling me to ring them because I havnt got in touch with them yet (even though ive spoken to them 3 times and emailed them around 10 times) and they call me non stop. Does anybody have any experience with Payday Express and have any ideas on how to get them to accept a plan??

[paydaypayback]

Just a warning - Payday Express have now started adding defaults to credit reports if you fail to stick to their terms and conditions. Even if you have arranged a payment plan with them they WILL register a default on your credit report which will be there for 6 years from default date. This is just words of advice to all out there who have got accounts with Payday Express and are considering defaulting, obviously sometimes people don't have a choice about whether to default as they just can't afford the payments - I have been there and am unfortunatly one of the unlucky ones with a registered default on my credit account.

[paydaypayback]

On another note i also had a loan with Lending Stream - I contacted them by telephone (not always advisable) and was totally amazed how fast they agreed to my payment arrangement. I explained I could not make full payment and the guy I spoke to said straight away what can you afford to which I replied £55 a month. The guy said thats fine £55 a month for the next 6 months and then we will review your payment plan to which I was really happy about. I asked for this agreement in writing and within 10 minutes I had an e-mail in my account stating the payment plan terms as discussed and also that interest and fees would be stopped. I don't know if I just 'got lucky' or whether they are always like this but definatly the easiest lot I have had to deal with.

[asmilecostsnothing]

Oh LS also have the potencial to mark your credit report paydaypayback if you don't already know !!

 

Why would we want to be able to have more credit when we can't handle the credit already had , no-one should enter into a repayment plan lightly without accepting the consequences.

 

Payday Express will eventually offer a plan if they want their money back and aren't able to access your bank account - stick with it Skippz

[paydaypayback]

Yes I know that LS have the potential to mark credit files as do all creditors when you default on an account - all I am saying is that Payday Express ARE marking credit files on defaulted accounts. I am just letting people know so they don't get the suprise I did when I checked my credit file - thought I was in an agreed payment plan and that would be the end of it but they went ahead and still marked my credit file with a default despite letters saying it wouldn't happen. They aren't to be trusted as per most of these companies.

And no-one has mentioned having more credit so please read the thread before commenting.

[asmilecostsnothing]

Yes I know that LS have the potential to mark credit files as do all creditors when you default on an account - all I am saying is that Payday Express ARE marking credit files on defaulted accounts. I am just letting people know so they don't get the suprise I did when I checked my credit file - thought I was in an agreed payment plan and that would be the end of it but they went ahead and still marked my credit file with a default despite letters saying it wouldn't happen. They aren't to be trusted as per most of these companies.

And no-one has mentioned having more credit so please read the thread before commenting.

 

 

So why worry about default on report if as you say you have a payment plan which is not yet paid fully?No wonder these companies turn into a nightmare they help someone in their desperate need to agree to a plan and freeze interest and then get hammered when they put defaulted on the report as a 'responsible' lender ie. stopping you going elsewhere for credit which just makes the prob a ton worse but lets face it majority of payday lenders can be unscrupuless so there is probably a way round it but I won't advise itI'm sorry but the way I understand it is you only have grounds once your fully paid up anyhow if that helps and PDE does make it clear what happens should there be a default on a plan.After 6 years the default should drop of your report - fact and for info cause this is a help forum which in the majority of postings I have tried to do.

[paydaypayback]

I currently owe Payday Express £150 which I could pay easily if I wanted to but the thing is now they have defaulted me I have no incentive to pay it quickly or at all. I totally agree with you about responsible lender reporting on credit files but the thing i don't agree with is that for such a small amount they can mess your life up for 6 years. For the original amount of £250 I have now got to suffer for 6 years. Back when the loan started I had problems with money which I have now turned round. I am now in a very lucky and priviledged position where I earn in excess of 40k a year but can't get a £15 a month phone contract because of this £150 default. Neither can I get a mortgage or car credit. I agree that there needs to be a system to stop people applying for more and more credit when they have financial difficulties but as in my sitiuation once these difficulties are over they can still effect you for a long time afterwards.

[asmilecostsnothing]

I know hon believe me, that why these payday loans are so very destructive in the times we're in (everyone take note if your thinking their an easy option!!!) their were so easy to get yet leave a lifetime of cringing/misery/destruction

 

Before I get told off for going of topic here, have you posted on another section on this site - the credit report problem might get some more better sound advice and help on which steps to take from there threads

 

I myself now have a shocking report with defaults galore but on a very personal level have you tried getting things like a contract sim or one of those rebuilding c.c (feeling naughty now!) - just so you can start to rebuild your credit good a good history of repaying etc and do it that way - I've managed to get one of those contract sims (had to change number in the end just to get away from the offers and annoyance of the PDL)

but if you take a look through the other credit report section you might find some really useful tips and more knowledge

 

Good luck buddie - we will one day get our DFS sofa offer, car credit and we get to keep our heads up. :-)

Edited November 29, 2011 by asmilecostsnothing

[paydaypayback]

Yes can't wait for that day, thankfully my wife has a gleaming, spotlessly clean credit history so we have got phone contracts etc in her name - obviously doesn't help my credit history but solves the problem. The annoying thing is that apart from this default and another one from Orange which is currently being disputed with them my credit history is also spotless. The original amounts of my 2 defaults was £265 - yes Orange defaulted me for a £15 oversight on a bill payment I wasn't aware of when I moved overseas. My plan at the moment is to try and get Payday Express to remove the default in return for full and final settlement of the account... we will see what happens!

[Jon1965]

Hi all

Quite an interesting thread which has gone off topic. Of course if you clear your debt you can insist that it is marked as satisfied on your credit report.If I was a cynic I would say paydayback was trying to scare people into paying payday express first ! But of course I am not a cynic.

As for payday express they are harrassing you and giving false information.Firstly I would write to them about the harrassement and get in touch with consumer direct. Secondly have a look at the OFT guidelines , they can not reasonably refuse a payment plan, point this out to them and threaten to report them to the OFT

[Jon1965]

here are some of the OFT guidlines, takes some reading but worth it

OFT664Rev.pdf

[paydaypayback]

Believe me I am not trying to scare people into paying Payday Express first - I hate this company with a passion due to my ongoing saga with them. I am just wanting to make people aware that they are defaulting people even when payment plans are arranged. I have had numerous payday loans in the past with a lot of different companies and (I guess luckily) Payday Express are the only ones who have defaulted me. I just didn't want people to get the same suprise I got when checking my credit file. Regards

[asmilecostsnothing]

Whilst your right we're were/are going of topic I found both Consumer Direct/OFT absolutely useless Jon : (Happy to display the material they provided to me which actually, did nothing more then scare me.I recall being told as the tears were really coming down that there was nothing they could do to help and that if it went to court, "well I had done all I could"It was quite funny really the OFT say for example that a fee of £12.00 should be the charge for a letter being sent to a debtor but they were happy enough to sit back where a lender was charging upwards of £25.00 for a letter and doing worse.If you have had different experiences I'm glad for you

[asmilecostsnothing]

He may mean me paydaypayback, but, anyway, the overriding message needs to be one way to deal with debts is to pay 'em backI mean that in the nicest way possible xI can only see Paydaypayback was trying to advise.

[Jon1965]

Hey Asmile and paydaypayback

One of the things about using consumer direct and OFT as well as OFT guidelines is that should a defence be necessary in court you have one i.e you know what the law says etc.

Another thing we all need to do is follow the companies complaints procedure, on the websites I have looked at there has been one specified.

If the company is part of an association such as CSA then look on the website for that associations code of conduct and in your complaint letter quote it.

In addition , when you write your initial complaint make sure you inform them that you will be following their complaints procedure to the letter and will follow it to its conclusion should a mutually agreeable solution not be found.

You need to be factual and calm in these letters, if you can not do that, ask someone to help....thats what we are here for.

Finally , I do not think it is unreasonable to mark your credit file with a default if you do default on your payment, however should you then come to an arrangement and stick to it , that should also be shown.

Paydayexpress is of course part of the moneyshop and there have been several threads on here showing that they are not exactly great , so complain complain complain to OFT, trading standards etc etc. As someone else said, it might be your complaint that swings it come licence renewal time.

I am actually in payment plans with about 5 PDL companies and as I will soon be in a position to make a full and final settlement offer we bwill see how they react, especailly when it is based on what I really owe, so I may well be coming back for more help

[ivansmagic.]

Going off topic again, but it seem to be on topic now if you know what I mean....

 

A default - OK it stays on your credit file for 6 years. But is this from the date of default or the date of the account being settled ????

 

My understanding was that it was 6 years from the date of settlement rather than the default date itself. I would be delighted if I was wrong !!!!!!

[stephenweslo]

a very interesting thread,my wee comment is pdl companies dont seem to be to concerned about your credit profile when you apply for a loan,cos if they had checked mine i wouldve been declined and wouldnt be in the mess im in now

 

stephen

[Jon1965]

What i do know is that ccj's fall off your credit file after 6 years and even if not satisfied can not be progressed further ( I guess they can apply for another ccj)

[paydaypayback]

I can confirm that the 6 year expiry for defaults is from the date of default not the date of settlement. If you default say Jun 2011 the default should disappear in Jun 2017. Creditors should register the default quickly - it is not acceptable for them to register a default say 1 year after defaulting but they have been known to do this so check the dates carefully.