Multiple Pay Day Loans Hell

[richyinsurrey]

Hi

 

For lots of reasons I have got myself into quite a big hole with payday loans companies. Current situation is

QuickQuid £1200 (+£192 interest)

Paydayuk £670 (+£187.50 interest)

Poundstilpayday £630 (+188 interest)

 

I have been paying quick quid for a couple of years now, and paydayuk but only used poundstilpayday for the last 3 or 4 months

as I couldnt cope after having a son and also a massive council tax bill.

All loans are the maximum I could loan but they havent always been as high. I can never get myself to the point where I can pay them off and still get through the month.

 

If it would help people on here to help me, I can look through bank statements etc for exact figures but I think I have paid £4-5000 in interest in the last 12 months and maybe close to £10k in the last 4 years or so. I still have the original debt between the 3 companies. Its now at the point that I am at breaking point financially. Do I have any avenues I can turn to for help?

 

Thanks for looking and more thanks if you can help

 

I would die of embarassment if they contact my employers and as I recently changed jobs to earn more money, I am in a probationary period and hassling phone calls to anyone at work would cause a big stir and probably end it for me.

 

Ive

[sillygirl1]

Firstly there is no legal reason why they should contact your employers, that is a major breach of data protection.

 

Read up on this forum and you will see various steps to take, inlcuding setting up a new basic bank account

 

Your KEY priority at the moment is the Council Tax Bill, they can and WILL contact your employer once they get a summons as their favoured way of collecting is by attachment of earnings... which can only be done by a court, not just cos somebody says they can.

 

You also need to check that you are getting any benefits you may be entitled to

 

http://www.entitledto.com is the site to check that on.

 

These payday loans are low priority debts, and should be treated as such.

[richyinsurrey]

Hi

 

Thanks for the advice about the council tax, I will make it a priority. I was wondering if anyone with experience or know how on payday loan companies could advise me?

 

I read somewhere that all I legally need to pay these companies is the original loan amount and the interest, once. I have paid back what I originally borrowed from all 3 of these companies several times over, in quick quids case I think I have paid back almost 10 times what they have loaned me and I still owe the original amount and interest. It has racked up into thousands and thousands of pounds now and it crippling me each month.

 

If I do only have to pay back the original loan and interest, how do I go about informing these companies of this and are there any templates or letters I can send them to help my case?

 

Thanks

[sillygirl1]

Rollover fees are not included in the 'original loan and one month' calculation, you have to at least make a repayment of the original loan and then they will have no case to argue. It is hard to understand at first and unless they take you to court there has to be a 'level playing field', this is where the 'original loan and one month' calculation comes in, that is all you owe them NO, not the hundreds or even thousands I have seen.

 

There are no template letters for PDL companies as each one is different and there is no law as such to quote. Each person has different circumstances.

 

Template letters do not work either with these companies, you need to put it in your own words, simply state that due to financial difficulties you are going to repay X amount, being the original loan and one months interest as per original agreement.

 

Do not give them any room to argue back and do not use legal jargon which could bite you back should it come to court....

 

Keep it short and simple and stick to your guns.

 

They cannot contact your employer, send bailiffs round (they will only be common doorstep collectors) and they cannot remove goods up to 9 times the value of the loan.

 

Reporting them to

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading and

http://www.tradingstandards.gov.uk for Trading Standards

 

is one thing you can do, you also need to read the OFT Guidelines on Debt Collecting.

[richyinsurrey]

Ok. Thanks. So if I have understood this correctly, I contact all the PDL companies and tell them im in financial trouble. Then tell them that I will pay them back the outstanding loan, and interest as it stands now? This is despite me already having paid them back the original loan amount several times over.... thats ok with me. I just want rid of this burden.

 

So I tell them all I will pay you x amount each month until the debt is cleared? What do I do, or what recourse do I have if they get nasty when I try to tell them this?

[Guest Sychoski]

Hi,

 

I found PaydayUK pretty easy to deal with.

 

The day i defaulted the phoned and we agreed a repayment plan straight away, with no nterest or extra charges. Infact, just got them to agree to a reduced monthly repayment.

 

Think the blokes name was Richard in collections who i spoke to.

 

As for QuickQuid.....meh

[sillygirl1]

Wait until that happens then complain to the OFT and Trading Standards who are watching these companies like a hawk at the moment.

 

Do not worry about what MIGHT happen, worry about what is happening NOW.

 

Have you protected your income by getting a new bank account with the Halifax, Co-op or the Post Office?

[asmilecostsnothing]

Please GET OF THE TELEPHONES (I know it's difficult but conversations can be denied) Even one of the top ladies at this company ^ mentioned wouldn't speak to me on the telephone (I understand why now) Sychoski - you did get a letter confirming plan didn't you? Ensure EVERYTHING IN WRITING

[asmilecostsnothing]

Quick Quid - facebook it and print the conversationThe person running that seems to understand english...Sorry if this is going below the border but well...

[lbeth]

Hello am new to all of this and am too having a payday loan nightmare!!i decided tosign up after reading all the advice i found on here.i have 9 payday loans,which of course r taking all my salary every month.i have taken the advice of opening a new bank account,and i havent defaulted on any of them yet,but i am scared they r gonna come knocking at my door demanding money!!i fully intend to pay off everything total being 3.5k,does anyone have any advice for me??thank you x

[asmilecostsnothing]

Try not worry - the first empty threat is the door step collector and I didn't see one with any of mine I had 6New bank account and no more loans is the best thing you'll do this year promise you - you are now in control x Please don't worry about default - it needs to happen if you can't handle it anymore one of mine for example I paid £12 default fee over a roll on fee of £40 - which would you chose. Maybe do new thread with who yours are and we can go from there?

[lbeth]

Hello asmilecostsnothing,thank u for yr kind sympathetic words,my loans are with as follows:payday uk,payday express,mr lender,cash genie,countrywide,wageday advance,capital finance,quickquid and monkeydosh......i am worrying myself sick,do i need to ask to set up a payplan ?x

[asmilecostsnothing]

Payday uk,payday express,mr lender*,cash genie,countrywide*,wageday advance*,capital finance,quickquid and monkeydosh*......Not to sure of the ones I've stared!, but I imagine their all going to work the same. You need to work out how much you are able to realistically pay back so I attach a form I made good use of whilst on this journey (hope the creator won't mind) or there is the National Debtline website which has an automatic letter creator and budget sheet but I prefer the one attached!Then put a letter together best in your own words that you won't be able to meet full repayment but are prepared to pay x amount per month - your right a repayment plan is the term some will be okay and freeze the account some wil huff and puff - need complain and reportThere's some bank details on here for many of the above so don't go giving card details outQuick Quid I set up a direct debit BUT refused to give actual card detailsPlease don't stress it's going to be a bumpy ride at times (may not always be nice) but if you stick with it you'll be alright. Keep smiling - it's the best defence : ) Sorry I bet my text will clump together!!

Ellens%20Budget%20Sheet(1).xls

[lbeth]

Thank you for attached letter,i will prepare what i am going to e mail so i am ready for payday!!what a mess am innbut its nice to know i am not alone x

[asmilecostsnothing]

No your not alone sweetie - amongst friends here x LETTER TEXT REMOVED

Edited January 3, 2012 by asmilecostsnothing

[sillygirl1]

Ellen's excellent budget sheet is acceptable to all mortgage lenders so it should be acceptable for the Payday lenders.

 

Keep a folder for each company and file everything in there in date order, print stuff out and keep it as it may come in useful for a defence.

 

If you have email programs and have deleted an email look in your Sent box, you may find the emails you have stored in there, also if you get a message on your phone you can print it via bluetooth on a lot of phonesm or connect the phone to your pc and use the software for the phone to print. Lots of options available, emails are a good way of dealing with these companies as a lot of them 'hide' behind a small registered office somewhere - it could take a week for them to collect any 'signed for' post.

[sillygirl1]

The letter has some typos in, eg making a repayment which aren't should be are, and should simply say taking advice from a professional - remember these letters are very very talked about and the slightest error could make the whole letter 'invalid in court'... be very careful about offering 'template' letters for these sharks, you need to keep it short, non threatening and let them know you know the 'rules'

[asmilecostsnothing]

Thats true, yeah looking back it covered a multitude of sins for me tho!Think something I'd constructed from National Debtline site - only one asked for me to re-do - POST EDITED

Edited January 3, 2012 by asmilecostsnothing

[lbeth]

Brilliant letter,i will be using that thank u so much for yr advice if i need anymore i will be in touch x

[asmilecostsnothing]

No don't !!! soz I may be wrong folks but the principle is still very there Just word it best you can ; )

[lbeth]

Brilliant letter thanks so much for that,can i ask though what if the mentioned companies dont agree to a payment plan?what do i do?

[asmilecostsnothing]

Report them - Office of Fair Trading and Consumer Direct - 1st place to check out Letter of complaint to lender Financial Ombudsman / PDL trade association (must have complained in writing at this stage)If they have a trade association it will be on their web site or in agreement for loan

[lbeth]

Thank you let u know how i get on.

[asmilecostsnothing]

Good hun - I hope your on the way soon! : )

Just use the generic addesses found on the websites - info@ , customerservice@ , collections@ ,

cos I've honestly not had much each email contact - kept mine pretty much to letter posted or faxed

[Bombaymix]

Hi

 

For lots of reasons I have got myself into quite a big hole with payday loans companies. Current situation is

QuickQuid £1200 (+£192 interest)

Paydayuk £670 (+£187.50 interest)

Poundstilpayday £630 (+188 interest)

 

I have been paying quick quid for a couple of years now, and paydayuk but only used poundstilpayday for the last 3 or 4 months

as I couldnt cope after having a son and also a massive council tax bill.

All loans are the maximum I could loan but they havent always been as high. I can never get myself to the point where I can pay them off and still get through the month.

 

If it would help people on here to help me, I can look through bank statements etc for exact figures but I think I have paid £4-5000 in interest in the last 12 months and maybe close to £10k in the last 4 years or so. I still have the original debt between the 3 companies. Its now at the point that I am at breaking point financially. Do I have any avenues I can turn to for help?

 

Thanks for looking and more thanks if you can help

 

I would die of embarassment if they contact my employers and as I recently changed jobs to earn more money, I am in a probationary period and hassling phone calls to anyone at work would cause a big stir and probably end it for me.

 

Ive

 

My experience of these company's.

 

Quick quid - were total idiots. But!! They only added a one time £69 charge and then passed it around a couple of DCAs. The DCA accepted a payment plan through my debt management company without any hassle. Quick quid do tend to like to phone you on ALL numbers they have listed. I really don't want to scare you.. But every day for a month I had messages at work when I got in... Colleagues telling me so and so rang from QQ. I emailed them the telephone harassment letter on numerous occasions and they replied telling me they were within their rights to contact me on any number they had for me. Maybe try changing your numbers before defaulting. I'm sorry if that's bot want you wanted to hear.. But it's honesty.

 

PTP - I took out my first loan with them in September. Repaid in full in October. Reloaned and then defaulted. Emailed them. Advised them of my problems. They emailed me back telling me that they would await to hear from my dmp. They accepted it straight away without problems. So I wouldn't worry too much about amount of time you've had the loan. I've had original loan with payday express for over 2 years, paid them nearly 5k back on a £400 loan, still owe them £660 and they are by far the worst to deal with.

 

I've learnt one thing from this sorry mess. I'll never touch a payday loan again as long as I live lol.

 

Do keep us updated on your progress. The knowledge that we are all gaining from different people's stories and experiences with dealing with different company's is a valuable tool in dealing with these legalised loan sharks.