Joys of Pay Day Loans!

[Guest Sychoski]

Hi,

 

New member here

 

Yeah, so i've been pretty stupid and have a number of pay day loans i am struggling to pay off and now i find myself i a substantial amount of debt.

 

I've tried to deal with the following so far:

 

Quick Quick - currently in a pre-default plan with three monthly payments of £323 to pay. The first was due to other day but wasn't paid due to lack of funds. I phoned them up to discuss a repayment plan but simply said they would role over the £323 due to the end of December and THEN would discuss a repayment plan. Any advice on how to deal with this bunch?

 

Money Shop - owe £337 (including charges) phoned them today after missing extention and agreed to two monthly payments of £100 and then pay off the remaining balance. Woman was pretty arsey on the phone!

 

PayDay UK - owe £400 (including charges) and the deferred payment was due a few days ago. After speaking to them managed to agree to paying half the deferral payment on monday and then installments of £120 until the debt is cleared. The only one so far who seems to be understanding and wants to help me clear the debt.

 

Anyways, that's the luck i have had with them so far but any additional advice from others would really be appreciated. I would also like to get to know other people in the same situation as me

 

I'll give you an update on other outstanding debts as soon as possible.

 

This is really doing my head in but i feel a bit more positive then i've finally got off my backside and tried to get it sorted.

[quackquack]

hi please watch your bank account with the money shop as they have been known to agree a payment plan but still take the money out of your bank account but what you could do if its a cheque account is cancel the cheques with your bank if you know ur cheque numbers and tell the bank they are lost in the post say you sent them about 2 wks ago then your bank wont charge you for this .good luck:jaw:

[Guest Sychoski]

Hi,

 

Thanks for the extra advice.

 

I'm currently in the process of setting up a new bank account and getting my wages etc paid into there. It's going to take some time but i cannot wait to get out of this mess i have put myself in.

[quackquack]

good luck and take a long look at others pdl forums which will defo help u out

[quackquack]

let us all know how u get on and ask for further advice if u need help anytime

[Guest Sychoski]

Update

 

These are the other pay day loans i currently have (non in default yet) and i am hoping to get them sorted out soon:

 

Pay Day Express - £320 + £80 interest

 

Speed-e-loans - £225 + £69.34 interest

 

Wage Day Advance - £150 + £44.25 interest

 

TxtLoan - £100 + £17 interest

 

Just got a load of bank charges refunded so i do have a bit of spare cash at the moment so i am hoping to get the speed-e-loan paid off in the next couple of days (from the look of other threads they seem to be a nightmare to deal with)

 

In an ideal world i would like each company to agree to a £50 monthly payment plan, with interest/charges frozen.

 

I'll keep you update on the agreements i have with them.

 

Sychoski

[asmilecostsnothing]

Yep this is pretty much how I worked it, paid of the ones who were difficult first and applied charges (I did have to fight my corner myself with the exception of a trade association getting involved in one however you are best following the individual company policy and going direct first) any spare cash I had went towards this - if I could I picked up overtime, cut back, and sold some items to be able to throw money at it.This saw me clear 4 payday loans in under 4 months obviously there were two that agreed a long term plan or accepted my payment amount so it can be done.If I was asked to prove my income and expenditure and other creditors, the level of debt I generally did and found it helped enormously

[Guest Sychoski]

Good news!

 

After tomorrow i will have my balances with pay day express, speed-e-loans, wage day advance and TxtLoan paid off!

 

Only have quick quid, money shop and pay day uk to deal with now

[asmilecostsnothing]

Wow well done you !!!

 

From my experience you'll be able to work something out with Payday UK as long as it's over £20 per month and they do like to do everything in writing, Quick Quid were swift in replying but only wanted to provide x month's plan (I found frustrating to call so I'd stick to emailing)

 

I don't know an awful lot about Moneyshop and don't intend to but gather it depends on how their being paid? eg. pre-dated cheques and the like I'm going back a few years now when my friend used to go in to these types of establishments with his cheque book... I sometimes think we should go back to those days make it harder to get money

[quackquack]

Quick quid will do six months payment plan at the most email them before u default tho and again to remind them after the default

[Guest Sychoski]

Offered the following payments to Quick Quid to cover my £971.79 debt:

 

Payment 1 - £100 on 31/01/2011

 

Payment 2 - £100 on 29/02/2011

 

Payment 3 - £200 on 30/03/2011

 

Payment 4 - £200 on 30/04/2011

 

Payment 5 - £371.79 on 31/05/2011

 

Their response:

 

"In response to your query, our records indicate you are already setup on a pre default payment plan. Unfortunately this payment plan cannot be altered or canceled."

 

I've got a feeling this one is going to be passed over to a dca so i'll have to deal with them.

[quackquack]

hi yes if u have already got a plan in place previously then quick quid normally dont budge but talk via live chat to them see if u can do another deal and if not ul have to pay the plan u set up with them or it does go to a dca x:-)

[quackquack]

those payments above are old ones now ....yeah looking at the dates..im confused by ur post sorry

[Guest Sychoski]

Just realised

 

I meant the dates to be next year.

 

Sending off new monthly payment offers via email to Money Shop and PayDay UK now they are kinda listening.

 

I'll give QuickQuid a try but doubt it will go anywhere

[Guest Sychoski]

Little Update:

 

PayDay UK have agreed to a £50 payment for two months then another account review.

 

Money Shop have yet to reply to my email, did receive acknowledgement it had been passed to my account manager (sent another one today).

 

I will battle QuickQuid tomorrow but i'm not hopeful.

[quackquack]

How have u got on

[Guest Sychoski]

Well,

 

I've had a reply from Money Shop.

 

They are prepared to accept a £50 monthly payment but will continue to add 25% interest on the loan paid out. Considering this is £250 and monthly interest would be £62.50 this isn't going to help me at all.

 

I've now offered them to repay (in £50 installments) the original loan of £250 and 2 x £62.50 interest with no further interest added.

 

If that's not reasonable then what is?

[Guest Sychoski]

I've got enough cash to pay one off this month and Money Shop it is!

 

Can't be bothered dealing with them anymore.

 

I have asked PDE and WDA to accept £50 per month payments to clear my debts with them (didn't managed to get them two cleared in the end). WDA are currently arguing via email, whilst PDE have flat out refused to help me.

 

I shall of course phone them at the end of the month to offer them £50 but if they refuse then **** 'em. Won't budge until they make an agreement with me

[Guest Sychoski]

Oh, and if anyone has experience dealing with PDE and WDA any advice would be appreciated

 

Thanks to everyone who has helped me out so far.

[Bombaymix]

PDE are are also doing my head in. I promised not to answer the phone to them... but now I await their call - somebody is gonna get it when they phone tomorrow! lol

 

WOW @ WDA Arguing via email! 3 different people have emailed me, I've emailed each back and nobody wants to talk to me....

 

Well done on be able to eliminate Money Shop

[Guest Sychoski]

Finally came to an agreement (after i don't know how many emails back and forth) with WDA which i am able to afford.

 

They want five monthly payments of £82.50 which will cover the loan, one month's interest and a £24 charge.

 

I'm quite happy to pay an extra £24 to get out of debt with them.

 

Still no luck with PDE but hopefully something sorted soon!

 

Oh, and MERRY CHRISTMAS!

[asmilecostsnothing]

Hi Sychoski

 

I did get your message and if this helps !

 

Here are some 'top' names I've had relating to PDE because I believe you need to go to the top of any company to get any break through particularly when most of the people in call centres for these companies are 'having to meet targets, follow rules to remain in their job' and won't have much authority if any, thats how I do try seeing it

 

Sarah-Jane Carroll - Senior Operations Manager

Stuart Sylvestor - Manager (have had to have a crack at spelling the surname)

 

I attach the only written communication I ever had out of them which I suppose doubles up as their complaints procedure...

 

Also with the other companies that have accepted your repayment plan it could be worth including a copy of any confirmation you have to help/assist with easing things along proving your not in roll over situation with them - but not something you have to do - just found it worked well for me in a round-about way with another company - oh there is some irony in their only letter at least !!!!

 

Good luck and stick with it, you are doing really well

Edited December 27, 2011 by asmilecostsnothing
add about loan roll on

[reorete]

can someone please show me how to start my own thread im in desperate need of advise

[reorete]

can someone please show me how to start my own thread im desperate for advise

[Jamie Kingston]

hi reorete, top right, new posts and begin the thread. what's the issue?