Payday Loan Issues

[timeforachange]

So im finally registered here after spending the last couple of weeks reading through posts on payday loans and how to cope with them.

 

First i know im stupid for taking these loans but times were desperate and i could afford the rollover fee's but i have now moved into a new flat with bills and it has now put pressure on my circumstances.

 

First my old debts:

 

Capquest - 2100 (Paying at £50 a month)

SRJ Debt Recovery - 600 (Paying at £600 a month)

 

These bad marks on my file are the reason for my use of payday loans however my question on these is hen does the default drop off my credit file. Is it 6 years from the date of default or the date the money is cleared as they have been registered on my credit file for roughly 4 yrs now.

 

Ok now onto the payday loans:

 

Wonga: Agreed To Freeze Interest And Accept Payments Of £48.12 over 10 months.

Wage Day Advance: Agreed To Freeze Interest And Accept Payments Of £38.12 over 6 months.

Peachy Loan: Agreed To Freeze Interest And Accept Payments Of £38.12 over 4 months.

Cash Genie: Agreed To Freeze Interest accpet payments of £25.00 over 6 months.

 

Now the companies causing me issues are:

 

TxtLoan: Will Accept A Payment plan but add £200 on to the final balance. from what i've learnt looking round the site i should negotiate at 1 months interest plus the original loan sum.

 

Quickquid: While they have offered a payment plan it is only over a 3month period and is not suitable for me at £103 a month. i need to realistically stretch this over 6 months.

 

Any advice on these two at all? does anyone know what there debt collectors are like? Also i've recently changed job so these companies will not have a work contact number for me - is there anyway they will be able to track down my place of work?? im new at the business and fear repeated calls from these companies could lead to me being fired.

 

cheers for your help in advance,

 

time for a change

 

P.S. please find attached my correspondance with txt loan up until this point below in italics while quickuid are refusing to communicate via email and keep asking me to call. Anyone got any suggestions on a good email for quickquid.

 

My 3rd or 4th Message To Them

 

I again offer a payment schedule based on the original loan amount plus one months interest (?353) to be paid in installments of ?45.00 per month with a final balance payment of £40 in the final month.

 

Could you please forward me your bank details by return so I can set up a standing order to make the above payments.

 

my offer is to repay 1 months interest at the original amount as i know you have agreed with others not for the amount 550.

 

alex moore

 

please respond urgently so i can set up the standing order to commence on the 30/01/12

 

my suggested repayment plan is

 

30/01/12: £45

30/02/12: £45

30/03/12: £45

30/04/12: £45

30/05/12: £45

30/06/12: £45

30/07/12: £45

30/08/12: £40

 

this would total £360 clearing the entire balance on the account.

 

regards,

 

XXXXXX XXXXX

 

There Latest Response

 

Dear Alex,

 

Thank you for your e-mail. Unfortunately, we can not accept the repayment plan you suggested as per your loan agreement the amount of £554 needs to be repaid.

 

If you are not willing to accept to repay in £45 monthly repayments for the next 6 months and then increase the repayments to £80 until the balance clears, then after 61 days from the time you made the loan request your loan will be handed over to our debt collector. The full amount you will need to repay them is £692.50.

 

Please confirm how would you like to proceed?

Then after this they sent me the following which contradicts what they say above by taking £45 payments and no increase in repayments as stated above:

 

Dear Alex,

 

Thank you for contacting us.

 

We offer short-term 15 day loans only. However, as a responsible lender, we are willing to modify your repayment details and agree that you can pay back the outstanding balance as follows:

 

Loan ID: XXXXX

PAYMENT PLAN:

Date: 2012-01-30 / Amount 45.00

Date: 2012-02-29 | Amount £45.00

Date: 2012-03-30 | Amount £45.00

Date: 2012-04-30 | Amount £45.00

Date: 2012-05-30 | Amount £45.00

Date: 2012-06-30 | Amount £45.00

Date: 2012-07-30 | Amount £45.00

Date: 2012-08-30 | Amount £45.00

Date: 2012-09-30 | Amount £45.00

Date: 2012-10-30 | Amount £45.00

Date: 2012-11-30 | Amount £45.00

Date: 2012-12-30 | Amount £45.00

Date: 2013-01-30 | Amount £14.00

Total Sum: £554.00

 

Please note that we will debit your card for the repayments so please make sure we have your up to date details. If you fail to follow the repayment plan the loan will continue to follow the original credit cycle per your loan agreement.

[timeforachange]

i see on here alot of people have success in arranging payment plans with txtloan but i cant seem to get them to budge on this offer with all the money on top. Ive also changed my bank account already.

 

cheers again for reading this far.

[rebel11]

Hi time

 

Welcome to CAG

 

Who are the original Creditors for the following :- Capquest - 2100 (Paying at £50 a month)

SRJ Debt Recovery - 600 (Paying at £600 a month)? and what types of products were they?

 

With the Payday loans have you considered contacting a Credit Union?

 

http://www.itv.com/daybreak/money/ph...islation-2012/

 

http://www.abcul.org/credit-unions/b...a-credit-union

 

http://www.abcul.org/media-and-research/news/view/193

 

Finding a Credit Union :- http://www.findyourcreditunion.c o.uk/home

[timeforachange]

the capquest is split into 2 parts

 

1 being a halifax credit card

the other a vodafone pay monthly contract

 

finally the SRJ debt was a hsbc credit card and student overdraft which they contacted me to consolidate i kept up with payments for a few months before finally being unable to and it has now passed through a few debt collectors ending up here.

 

the credit cards are from around 6 or 7 years ago now when i was stupid and 18/19 (not making excuses but i see my mistake now and cant believe i've fallen into the payday loan trap) and the vodafone bill is from roughly 2 years ago if not slightly more.

 

thanks for your reply.

 

What is it a credit union can do for me exactly?

[timeforachange]

o and sorry i mean srj debt paying at £50 a month. my error there.

[rebel11]

Hi Time

 

For your credit cards and Vodafone read 1,2 and 3 in my signature. You can claim back all Penalty Charges and mis-sold PPI with interest. You can claim these back for the last 6 years plus. You could also send them a CCA request, template in the library - read 4 and 5 in my signature.

 

Heres the spreadsheet for Credit card charges:- http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

If you can get a loan from the Credit Unions, you can pay back the Payday Loan companies, also you will be paying a low monthly amount and a lot less in interest.

 

the capquest is split into 2 parts

 

1 being a halifax credit card

the other a vodafone pay monthly contract

 

finally the SRJ debt was a hsbc credit card and student overdraft which they contacted me to consolidate i kept up with payments for a few months before finally being unable to and it has now passed through a few debt collectors ending up here.

 

the credit cards are from around 6 or 7 years ago now when i was stupid and 18/19 (not making excuses but i see my mistake now and cant believe i've fallen into the payday loan trap) and the vodafone bill is from roughly 2 years ago if not slightly more.

 

thanks for your reply.

 

What is it a credit union can do for me exactly?

[timeforachange]

this is only a quick post as im currently in work but im just looking at the ppi chargeback. Would i address this to the debt collection agency or the bank itself in regards to the county court, unfortunately also i have no track of what charges have been applied to my account how can i find these out. i have no records from the bank itself after shredding these. also what does the cca achieve. i will post a more complete post when i get home tonight.

[timeforachange]

sorry struggling to get my head round this so do i need to join the union before i apply for a loan to cover my balance or do i just apply for a loan directly? sorry again im new to all this.

[asmilecostsnothing]

My understanding is you do need to join the credit union first, well mine has paper forms to fill in as the application they can work old fashioned style nice to see x

[timeforachange]

great thanks. as i say i will reply properly later. going to get on to the cca for the request with the credit cards then im going to try get on top of these payday loans with payment plans though they seem stubborn to say the least.

[timeforachange]

reading through the notes advised above it states the following:

 

'However, it is important to reaslise that lack of response to a CCA request may render a debt unenforcable, it does not cease to exist. This process can not, and should not, be used to evade debts'.

 

does this mean they will then take me to court to enforce the debt? in regards to the accounts themselves the halifax account is rougly 5 - 6 years old now and the hsbc must be 4 yrs since it was consolidated into one loan by hsbc or 7 years since the overdraft and credit card were first started.

[rebel11]

You would address the Mis - sold PPI claim to the credit card company. You would send a covering letter with the FOS PPI questionnarie as well as a spreadsheet to work out the interest on the PPI charges. You would send the credit card company a SAR request, template's can be found in the library.

They will send you all statements for 6 years plus. Send it Recorded.

 

this is only a quick post as im currently in work but im just looking at the ppi chargeback. Would i address this to the debt collection agency or the bank itself in regards to the county court, unfortunately also i have no track of what charges have been applied to my account how can i find these out. i have no records from the bank itself after shredding these. also what does the cca achieve. i will post a more complete post when i get home tonight.

[rebel11]

I believe theywill send you an application form, no doubt they send their other requirements.

 

sorry struggling to get my head round this so do i need to join the union before i apply for a loan to cover my balance or do i just apply for a loan directly? sorry again im new to all this.

[rebel11]

They have 14 days to respond to your CCA request, if they fail to respond you can put the account in to dispute. It might be worth seeing what they've got in terms of agreements and whether you might be able to offer a F & F settlement for a reduced amount.

 

reading through the notes advised above it states the following:

 

'However, it is important to reaslise that lack of response to a CCA request may render a debt unenforcable, it does not cease to exist. This process can not, and should not, be used to evade debts'.

 

does this mean they will then take me to court to enforce the debt? in regards to the accounts themselves the halifax account is rougly 5 - 6 years old now and the hsbc must be 4 yrs since it was consolidated into one loan by hsbc or 7 years since the overdraft and credit card were first started.

[timeforachange]

they have already informed me they will accept a full and final but its still a figure i cant afford unfortunately.

[timeforachange]

also sorry for so many small posts but can payday loans find out where you work now. though i am disputing the accounts the working details they hold are for an old job of mine. i dont obviously wanna receive calls at my new job for me in regards to this.

[asmilecostsnothing]

Hi there timey!

 

If they don't have details of your new employment you shouldn't worry you'll be alright

I would be careful if you do use social networking sites like facebook or linkedin if your employment is listed on stuff like this but then I could be being ultra paranoid now !! I don't imagine them being that interested to hunt people down in this way, when getting though to them can often be like a brickwall mission in it's self!