Please help me QQ,Cash genie,Purplepayday,Lendin g stream

[jellymelly]

Hi,

 

I currently have loans with the following companies: Quick quid,Purple payday Cash genie and lending stream. After rolling them over for the past 6 mnths i am unable to continue making the interest payments.

 

I was considering a DMP with Harrington Brooks for 150 p/month but have since read stories where people say they keep your first 2 months payments etc so am now dubious. I

 

have emailed each company requesting a reduced payment plan, with the exception of Quickquid who i spoke to via live chat. The advisor offered a pre-default payment plan of 253 p/month which i stated i could not afford so was then told i have to wait until the 14th March when the payments due and ive already defaulted to try and arrange another payment.

 

I have transferred my wages DD's to another bank account but as of yet have not stopped my debit card on the account they have the details for. I just wondered if anyone had any dealings with these compnies before and could advise me of the likely response. I have read that Cash Genie is generaly ok with allowing a reypeayment plan but am not sure about the others?

 

Thanks in advance

[sillygirl1]

Harrington Brooks and Gregory Pennington both do NOT deal with payday loan companies, they will take the money and distribute it to themselves, in the way of fees or to your other debts. Don't go down that route.

 

Doing it yourself is best, and if you can 'snowball' then do so, what that means is if you have £250 to go between people see if you can pay off a smaller loan first, then increase the amounts to the others, and remember 'them what shouts loudest gets least'. I snowballed 7 debts a few years back and ended up getting out of debt in 5 months, had I been in a paid for DMP I would still be there.

 

Well done for changing the account your income goes into, you have done extremely well as it has been proven that these companies will raid bank accounts.

 

Keep a copy of the emails as you may need them for evidence should anyone try court.

 

If anyone proves difficult there is always the OFT and Trading Standards, both of whom are investigating this murky market.

[fkofilee]

Hi,

 

I currently have loans with the following companies: Quick quid,Purple payday Cash genie and lending stream. After rolling them over for the past 6 mnths i am unable to continue making the interest payments.

 

I was considering a DMP with Harrington Brooks for 150 p/month but have since read stories where people say they keep your first 2 months payments etc so am now dubious. I

 

have emailed each company requesting a reduced payment plan, with the exception of Quickquid who i spoke to via live chat. The advisor offered a pre-default payment plan of 253 p/month which i stated i could not afford so was then told i have to wait until the 14th March when the payments due and ive already defaulted to try and arrange another payment.

 

I have transferred my wages DD's to another bank account but as of yet have not stopped my debit card on the account they have the details for. I just wondered if anyone had any dealings with these compnies before and could advise me of the likely response. I have read that Cash Genie is generaly ok with allowing a reypeayment plan but am not sure about the others?

 

Thanks in advance

 

Jelly Melly , please please please.... go to CCCS or CAB who will put you in contact with other "Free" sources of Debt Counselling... Some of the CAB contacts can help arrange a DMP which will not involve those companies keeping your money everything goes towards your debts....

 

Sillygirl1 is more best at describing these things. FYI Purple payday is not a lender are you sure it is them who the loan is with or they may have been an affiliate for another lender.

 

If you can shut your old accounts with the bank, please do (If no overdrafts etc,)

[Jon1965]

Hi

I tend to agree with sillygirl, if you can manage it do it yourself. They may try and tell you that you have to go to one of the advice centres, payplan, national debtline or cccs but you do not have to.

I personally found cash genie to be a nightmare with it crossing backwards and forwards to carter forbes (who are basically the same people). They did come up with an plan but then when i lost my job they refused every offer I made and in the end I had everything ready to send to the CSA (their association not the child support agency) . At this point amazingly they did accept a full and final offer.

In summary, stick to your guns, do not offer more than you can afford , pay by standing order and kep records of everything

[jellymelly]

Thank you all for the advice. I found the link on here regarding the right to cancel continuous payments.I have telephone my bank today and informed them of the lenders and that they have been notified i DO NOT give my permission for any further payments.

 

I also included in my emails to each PDL company the following:

 

Further to my prior email sent via the link on your site (26.2.12) requesting a payment plan to be put in place due to financial dificulties.

I wish to add that i have now informed my bank that i have withdrawn permission for any continious payment to be made to yourself until a satisfactory reypayment plan has been established in accordance with Regulation 55 of The Payment Services Regulations 2009:

 

 

I am not sure if that will help any but i just wanted to make them aware i had taken that action with the bank! I will try and sort this myself as advised and forget the dmp route i hope i hear something back tomorrow via email

thank you again for the advice

[sillygirl1]

You are doing the right thing, getting everything in writing and making it clear you know your rights.... hopefully these companies will now start playing ball.

 

Keep us informed of the progress.

[jellymelly]

Thank you Jon ,

 

I am hoping that they will respond to my email tomorrow i have spent all weekend going over and over things to the point i now can not even think straight! Its all very daunting especially QuickQuid informing me i have to default before i can arrange a payment plan its seems rather silly when i am notifying them weeks in advance,they would not budge on the offer of 3 months @ £253 and i didnt want to commit to this as i cant afford that i am just hoping i can spread it over more than 3 months after the 15th march

 

Sillgirl1 can i just ask about the 'snowballing' thing i understand what you are saying as in clear the smaller ones but if i manage to get a payment plan agreed for a fixed ammount can i still do this? Sorry for being a bit thick my head has gone its all such a mess!

[Shazza81]

I set up a payment plan with cash genie to pay back at £20 a month and they have just taken £160 out of my account Im on a dmp for other loans but agreed to this to pay it off quicker surely they can not steal money from my account especially well over the agreed amount what can I do any advice would be gratefully appreciated

[sillygirl1]

They CANNOT do this, complain to your bank very loudly and contact

 

http://www.consumerdirect.gov.uk for the OFT who are seriously investigating this market

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

British Cheque Cashing Association which is one of the regulatory authorities for Payday loans

MP Stella Creasy

Financial Ombudsman Service - tell them you have had an arrangement for x amount and CG have broken this by taking X amount

 

Get complaining now.... they do not have the authority to take any more than X amount, and your bank should refund the difference.

[sillygirl1]

 

Sillgirl1 can i just ask about the 'snowballing' thing i understand what you are saying as in clear the smaller ones but if i manage to get a payment plan agreed for a fixed ammount can i still do this? Sorry for being a bit thick my head has gone its all such a mess!

 

With snowballing you work out how much you have left after essential bills to pay your debts, for example you might have £220 left for five or six creditors.... what you then do is list the bills in size, smallest first (or longest outstanding first) and see if you can get one of them to agree to a one off payment - eg £200 bill paid off by £150 one off payment - you MUST get it in writing and keep the confirmation that the amount has been agreed and the payment details in a file - and divide the remainder between the other bills, if somebody does not want to play ball you tell them you are in severe hardship and will pay £1 for 3 months until the situation improves.

 

That way you can clear smaller bills first, then you will start getting offered 'discounts' on the bigger bills, and can clear debts far faster than a DMP. I cleared 7 loans in 5 months using this method a while ago. I was lucky enough to get a free travel card to work and put the money I would have spent on travel towards repaying debts.

[jellymelly]

Thankyou Sillygirl i will definately try that approach.I have not had a reply from anyone i have emailed yet do you think i should call them? or give it till the end of the week? I'm just stressed out and i want to start rectifying this as soon as possible with some kind of set payments in place.

[sillygirl1]

Do everything today - do not leave it until the end of the week - they will then say 'you accepted it without any issues'.

 

You can call people but try to record the call. If you do call then send a confirming email confirming what has been said and who to for your records.

[jellymelly]

I have just received this reply:

 

 

Dear xxxx,

 

Thank you for your email.

 

In order for us to agree a suitable payment plan for you we will need you to complete the below income and expenditure form detailing your monthly income and outgoings:

 

 

I informed them that i have cancelled any continuous payments with my bank but by the sounds of that they are just going to raid my account now

 

Monthly Salary: £

Other Monthly Income (Benefits, Pension etc): £

Total Income £

 

Rent/Mortgage: £

Utility Bills: £

Mobile Phone: £

Groceries: £

Credit Card and/or other Loan payments: £

Other: £

Total outgoings £

 

Amount left over £

 

Please also advise what other credit commitments you have and how much your arranged payments are to each.

 

Once we have this an agent will make an assessment and propose an arrangement which assists you in repaying the balance and supports your current financial situation.

[sillygirl1]

Do NOT put any benefits in the income section, benefits are NOT to be used to pay debt, if you get tax credits they can be listed but NO OTHER BENEFIT to be included as INCOME.

 

You also do not need to advise which companies you are paying, list them as A, B, C in the following manner

 

Co A Amount Due Amount paying

 

They cannot force you to rob Peter to pay Paul, and in their case they are a low priority debt, so even £1 a month in certain circumstances is acceptable.

 

I would also send that to the OFT and Trading Standards as it is not in your interest to fill in one of these in any great detail for a non secured creditor and they are not legally entitled to some of the information.

 

At least they haven't asked for three months bank statements and three months salary slips.

 

http://www.consumerdirect.gov.uk for the OFT

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

[sillygirl1]

Have you set up an alternative account for next months income to go into? Halifax Easycash online account, Co-op or the Post Office all offer good basic accounts with debit card and online facilities.

[jellymelly]

Thanks Sillygirl,

 

 

Yes i ahve an alternative account set up i did that last week so my wage should be safe in there. I have replied and filled it in before i posted it on here I will just have to wait and see what they say bearing in mind last friday they took a total of £160 from me in two seperate payments already!

[sillygirl1]

Right, for any company who takes money unauthorised you email back to them on the day they take it

 

"As you have taken xxx amount from my account without my authority I now deem this account repaid.

 

If any court action is taken on your part this will be used as evidence of your misappropriation of funds and intent to unjustly enrich yourselves.

 

I am now going to get a crime number from the local police for this and pass it to my bank to prevent further monies being taken"

 

Get that crime number, tell the police the bank need it to invoke a fraud investigation and give the crime number to the OFT, let the OFT know about this anyway, don't sit on the fence and leave it because then it will be too late for action.

[jellymelly]

I have just received the reply from my bank to the email i sent last night regarding no longer giving permission to take any continuous payments from these companies only to be told that they are within their right to do that and the bank will allow it and stopping my card (which i had not even mentioned) would not cease any payments to stop either!.

 

I am really debating to just ring a DMP and try and get this sorted that way as i am worried sick

[sillygirl1]

Even if you are in a DMP it wont stop these companies emptying your bank account.

 

Phone the bank, ask to speak to the fraud department - which bank are you with, sounds like Natwest.... and say you are going to complain to the Banking Ombudsman - put a complaint to them anyway as the bank are wrong.

 

Use the Chargeback method to get funds returned pronto.

[jellymelly]

Even if i place the bank account in there also? as it has an overdraft facility on it which is how they are currently obtaining their money! as i have removed what little available funds i had left that were cleared and mine to the other account

[sillygirl1]

Please please calm down and stop thinking the worst will happen, the worst IS happening and you need to get out of this trap.

 

Yes, you need to tell the bank that they were informed the payment plan had finished and the bank are now going to have a formal complaint lodged, many banks now have outsourced staff who are just 'agents' with no power other than to answer the telephone - it is this which has caused these problems. You need to speak to somebody in a bank branch and get their signature for the documents you give, these being

 

Revoking all access to the old account

Informing the bank you want to formally complain

A copy of a complaint letter to the Banking Ombudsman and the FOS/FSA

[jellymelly]

I have been into my branch and paid off the overdrawn amount i asked to close the acount and was informed i couldnt as there was a pending payment and until this had been cleared it was'nt possible. I asked the cashier if as soon as the payment had cleared i could then close the account to which i was informed yes. I have since read online that it will take up to two weeks to close it.

If this is correct then i really havent made any progress at all today by doing that as they will have tried again between now and two weeks time. I didnt see your suggestings until after i had been into the branch so obviously i havent taken any letters in with me as you suggested.

 

I did however ring CCCS and have somebody calling me back this evening to go through my options as to what to do next. I thought that by clearing the overdrawn amount i would just be able to cancel the account and deal with the PDL people as i am doing by email but it would seem not