Yet Another Victim Of Payday Loans

[bobby1289]

Hi

 

Like many others. I have got into a right mess.

 

I came across this forum today and find the advice very helpful.

 

Heres my situtation: -

 

Capital One: - Owe £528 to Cougher Fincial Services(debt has been passed to these)

Quick Quid - Owe £500 (not in arreas yet been rolling over)

Wgaeday Advance - Owe £500(not in arreas yet been rolling over)

Wonga - Owe £270 (in arreas)

Minicredit - Owe £180 (not yet in arreas but will be come next week)

Moorcroft Debt Recovery - Owe £169

Lending Steam - Owe - £146

 

I have contacted national debtline for advice. they where very helpful. They advised me to first get a fresh bank account which i have done. Then write to the companys offering them a repayment plan and attached budget sheet showing them my financial situation.

 

I have completed the letters to all the companys and they are ready to send.

 

I am worried about minicredit now after reading peoples experience with them on here.

 

I have paid both Quick Quid and Wageday approx £500 each in rollovers.

 

Should I mention this to them in my letters.

 

Any advice would be greatly appreciated.

 

Thank You.

Edited March 16, 2012 by ims21
formatted for easier reading

[ims21]

Hi and welcome to CAG.

 

I have formatted your post so that it makes for easier reading.

 

The guys will be happy to advise as soon as they are available.

 

ims

[quackquack]

hi hang fire the forums are extremley quiet today someone will answer you xxx:!:

[Sophia1205]

Hiya

 

Just to sympathise and offer you some hope before the experts come along, I've been negotiating with several of these companies this week and have agreed affordable repayment plans with 4 of them so far. After reading a lot on these forums I've felt a lot of hope and positive thinking - as soon as you say to yourself "I going to take control of this situation" you'll feel better. Don't let them bully or harrass you but face them armed with the all the information, template letters and advice on here. If you want to see the template letter I used (which I got from on here) let me know.

[gizmo111]

I would suggest that the ones you haven't yet defaulted on that you go into your account details with them and change your work phone numbers so they cannot contact you there. if you haven't changed bank account then change your card details to a card (can be credit card) that you no longer use on a diferent bank account.

[quackquack]

:boxing:hello regards quick quid and wageday advance email both to tell them ur in financial difficulty and request a payment plan asap .qq./quick quid have become very helpfull just of late and ask can you have a plan over six months with them but keep all ur emails and keep all the replys from each of them for reference ,default now with them so you secure a plan dont pay them another penny until you have a plan in writing and meanwhile also do change your bank card report it as lost and get a new one so these payday lenders dont have ur account details and cancel any direct debits to them all as well and after the first day of defaulting email them again reminding them of your request for a payment plan and come back here and let us know how you get on but you do not have to send them any letters showing them your incomings and out goings just as i told you on here thats all ok good luck remember your in control stay firm and wel get you out of this mess soon xx PS I CANT HELP WITH MINI CREDIT SOMEONE WILL COME ALONG ON THAT ONE AND OTHER XX

[bobby1289]

Just a quick update. I have got a new bank account, reported my card lost/stolen on my current bank account. I have sent emails to to payday loans companies and the debt recovery agents explaining my current financial difficulties, and asked for a repayment plan and to freeze interest. I will let you know as i recieve the replies.Thank you for all your help so far.

[bobby1289]

Wonga Have emailed me back. As follows -

 

Dear XXXXX;

 

We understand that it can be difficult to juggle your finances but if you feel you can settle your outstanding balance over three months, we can arrange a repayment plan right now, by email. Breaking up the balance into three equal repayments should make the situation much more manageable. It means we will need to collect £87.85 each month, so if you can afford this then simply reply telling us which day of the month this amount can be collected from your primary debit card each month. Once we receive your email confirmation, we will be happy to freeze your balance as it stands, so please reply today if possible as this will save you any extra cost. To avoid any hiccups, please also ensure your debit card information is up to date (where we will take your payments from). If you need to discuss this or feel you may need a little longer then please contact our friendly collections team as soon as possible on 0844 842 9109 between 9am-10pm Monday - Friday and we will be happy to discuss the situation further.Kind regards,Collections Department.

 

I was hoping to able to spread my DIY debt management plan over six months. Should i reply asking wonga if they can offer me 6 month plan or would this put the offer already on the table at risk.

Edited March 20, 2012 by bobby1289

[bobby1289]

Okay heres todays update.

 

Wonga have offered me a 3 month plan

 

Quick Quid have offerered me a 2 month plan

 

Wageday advanced said i can set up a payment plan after i have filled in their income and expediture form and sent them my bank statement. Also authorise WagedayAdvance to collect outstanding monies from any account details I have provided to them

 

Minicredit havent replied to the email i sent, but they have sent me an email saying they have added £25 for the loan being overdue and in 3 days they will add a further £55 if not paid.

 

I fear minicredit are possibly ignoring me and just slapping me with charges. Anything i can do to stop this.

 

What can i say to the other companies to get them to agree to a 6 month payment plan. Also i don't want Wageday to have my bank statement.

 

Any advice would be a great help

[quackquack]

hi well done on securing those plans ur on ur way to freedom soon but if the payment plans ie qq are not long enough and you cant afford them then email them again and ask for a longer plan or speak via live chat with qq but if ur happy to get rid and u can afford to pay in two months etc then go for it as ul be free of them soon .someone else will be along to answer ur other issues soon but well done ur doing fab

[bobby1289]

Morning All

 

After a couple of emails to Wageday Advance this is where I am upto.

 

I told them that i would not be sending them an income and expenditure form or my bank statement, to which they replied asking how much i was prepared to offer. I have worked out that with all my other debs i can offer them £80 a month to pay of the £500 i owe.

 

They have now replied with this: -

 

Please be advised I can split your balance over 6 months at £94.52 per month. This includes a £36 set up fee. Details of which are on our website.

 

If you wish to pay a lower amount than this we will require the income and expenditure form completing

Over 6 months that would mean i pay back £579.12.

 

I am typing my email reply to them. Any advice on what i should say to them?

[sillygirl1]

Ask them why they are charging a £36 set up fee, ask for a breakdown of that charge - and inform the OFT and Trading Standards that they are being very very obstructive.

 

Tell THEM your offer is your maximum and you are unable to sustain anything further - also now inform them that you are charging THEM £12 a time for each email you send.... (worth a try, has been known to shut them up before).

 

When I dealt with WDA they really tried it on but I was able to email them hourly and phone on three mobile numbers, using different SIM cards, after one day they phoned and asked me if I was in contact with Sillygirl1 of the Consumer Action Group... I said yes, and magically they accepted my final offer! This was a few years ago now

[bobby1289]

Ask them why they are charging a £36 set up fee, ask for a breakdown of that charge - and inform the OFT and Trading Standards that they are being very very obstructive.

 

Tell THEM your offer is your maximum and you are unable to sustain anything further - also now inform them that you are charging THEM £12 a time for each email you send.... (worth a try, has been known to shut them up before).

 

When I dealt with WDA they really tried it on but I was able to email them hourly and phone on three mobile numbers, using different SIM cards, after one day they phoned and asked me if I was in contact with Sillygirl1 of the Consumer Action Group... I said yes, and magically they accepted my final offer! This was a few years ago now

 

Haha. Good One.

 

I have said that after working out what i owe this is the maxiumum i can afford is £80 per month and that i do not think they are being fair charging me a fee when i am trying to settle this with them. Also explained that have payed well what i owe in rolling over the loan so the money they are now going to recieve is all profit.

 

No luck with minicredit yet. They just keep emailing me the automated response telling me to phone them to arrage setllement

[renegadeimp]

Not sure if this might help out, but i'm going to be speaking to a solicitor who specializes in finance and debt tomorrow. I've been a Union rep for the biggest Union in the UK for 8 years now, and with help from them, have managed to gain an appointment to speak to a specialized solicitor tomorrow morning, in order to find out the actual legal stance in regards to PDL's and what actions both sides can and can not take.

 

If anything, it should give us some form of solid ground to be basing things off, as there seem to be a lot of rumours and contradictory information flying around.

 

I'll keep you updated, as im of the mind that its better to share the information i get so everyone can benefit from it.

[sillygirl1]

renegadeimp it would be very nice to get this info 'from the horses mouth' as I did with the bank manager about how to stop them taking money from your card - maybe you can take along a couple of the Terms and Conditions from these idiots, I would suggest this lot (Minicredit), Cash Genie and Quick Quid and see what he makes of them. Highlight the bits you think he should comment on.

 

Let us know what they sy.

[renegadeimp]

I will do. I have a couple of union members that are in similar situations to most of the people on these forums. Mainly because im a lead rep for a major factory in my area, and its not a well off area either.

 

I'll get as much info as i can, format it and post it here tomorrow evening or saturday.

[bobby1289]

Hi everyone.Just like to say a big thank you for the help i have recieved so far.Heres the latest.

[bobby1289]

Hi everyone.Just like to say a big thank you for the help i have recieved so far.Heres the latest.

QuickQuid have offerred me a settlement for half the amount i owe. To be paid on 30th march.

I am able to pay this and would be glad to see the back of them.

My only worry is how to pay the amount. Should i ask for a standing order. I dont really want to give them my bank details.

[toptrapper]

try to get their details, pay in cash or by direct bank transfer from your account (either over the counter in branch, or online). Don't give your details, don't offer to settle by Direct Debit.

[bobby1289]

Okay thank you.I emailed them asking for a standing order.they replied saying they cannot do this. They did however offer paypal. Is paypal an okay way to deal with them.

[toptrapper]

Bobby1289,

"They cannot do this". Why? What possible reason could they provide apart from trying to make things unnecessarily difficult for you?!

[bobby1289]

Bobby1289,

"They cannot do this". Why? What possible reason could they provide apart from trying to make things unnecessarily difficult for you?!

 

Hi

Here is what they said.

The acceptable payment methods used by Quick Quid are: Bank Account, Debit Card, PayPal/Credit Card, Bankers Cheque or Cashiers Cheque. Unfortunately, we do not accept standing orders, giro slips, or provide an account number that you can make cash payments into. We apologize for any inconvenience this may cause.

[renegadeimp]

Pity they have to provide it if asked. The way they are asking, it sounds like they are adamant that they will get your bank details so they can debit as and when they like.

[bobby1289]

Pity they have to provide it if asked. The way they are asking, it sounds like they are adamant that they will get your bank details so they can debit as and when they like.

 

That is the impression i am getting.

 

 

should i stay strong and say that i will only be paying via standing order.

Being that they have offered for me to pay only half the outstanding amount i want to get rid of this debt asap if i can.

 

I still have my old bank account. My wages arnt being payed there anymore so i was thinking of just moving the amount that they require to that account and paying it. If they were to try in the future it would be empty.

[renegadeimp]

Yep. definitley stay strong. No matter what they say, tell them that you are only paying by prepaid card or standing order. No exceptions. Tough luck to them if they refuse.

 

You could in theory use the old bank account, however some banks are doing pretty shady things, where even if there is no overdraft facility, they are putting the account into one. However, if the exact amount is in there, and you have it IN WRITING that they are only debiting a certain amount, then you will be ok. As if anything else is debited, it wont be there, and you can also file a formal complaint with OFT and FOS about them.