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Hi Guys,

Brand new to this site, but it has already helped me so much. It iscurrently 6am, I've not slept. Too stressed, worried and sick. I've been stuckit payday loan debt for ages and barely staying sane or knowing how to dealwith it. It has been going on for years and getting progressively worse. Feltstuck, helpless, ashamed and constantly anxious.

Its got to a point now where I just cant take anymore. I feel a completefailure for even getting involved with these loans, but it seemed to be onething coming up after another. Then having to afford the interest charges....so another loan would be needed. So I spent around 2 years in self pity andworry. It was my fault for getting myself into this mess, so I felt I wouldhave to suffer and figure a way out myself.... just buried my head.

I came across this website the other day, and I can not express my gratitudeand appreciation for all the advice. If I could just outlay my debts and what Ihave done, please could people let me know if I have done the right thing??

 

I came across this website the other day, and I can not express my gratitude and appreciation for all the advice. If I could just outlay my debts and what I have done, please could people let me know if I have done the right thing??

 

(F) Credit Debts Balance Offer (monthly) Note (4) Quick Quid £848.75 £38.67 Wonga £872.38 £39.75 Pounds Till Pay Day £565.00 £25.75 Wage Day Advance £600.00 £27.34 Text Loan £350.00 £15.95 Cash Genie £325.00 £14.81 Lending Stream £286.00 £13.03 Capital One £656.00 £29.89 Vanuish Visa £480.00 £21.87 HSBC Overdraft £1,052.00 £47.94 Total owed (F) £6,035.13 £275

 

 

First thing I have done is set up a new Bank Account yeserday.

I've cancelled all Direct Debits

I've reported my Debit Card stolen

I'm taking my money out of the account then transferring it.

I have now sent a Letter from the library on this site to each paydaycompany offering the amounts shown above and my income and expenditure. So Ihave asked for a payment plan. I assume that they will say no as the amountsare so small. Is there anything else I should be doing now?

Thanks

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You did the right thing by contacting them and offering a repayment. Theyll try and say no, but repayment is done on your terms, not theirs if you are in financial difficulty.

 

Try not to let it stress you out. These are considered low priority debts.

 

I was in the same position as you a few years ago with 7000 in debt. Once you know your rights and you show the companies you won't be pushed around, they'll soon come to your way of thinking.

 

Try and get some sleep and contact us with their reply. Were all here to help you each step of the way.

 

Just remember one thing. NEVER send them any bank statements, wage slips or any information about your employer.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Well done for opening a new bank account, now you have control of your money again you should be able to get out of the mess.

 

Would it be possible for you to 'snowball' your debts, what this means is paying off the smallest one first and putting the others into the payment plan, then the following month (or third month) you pay off the next smallest one, by that time some of the bigger creditors will be offering you 'discounts' on the amount you owe... it pays them off a lot faster than the pro rata method. I did this and got rid of 7 creditors in 9 months, had I pro rata paid them I would still be paying them now and probably still be deep in debt.

 

Other advice is worry about what is happening now and not about what MIGHT happen. I too suffer from chronic insomnia (was up at 2.30am this morning for no apparent reason!) and know how it feels.

 

A mug of cocoa at night (not the instant stuff) is good, as is taking a Kalms tablet in the evening when you get home, this helps you unwind and sleep better - they are non addictive and about £3.99 a box in Superdrug or Boots.

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Thanksvery much your support guys. So far I've had a few responses:

Wonga:Have froze my interest for 38 days. Said they have not received my Income andExpenditure form, but once they receive it they can review the amount offered.I've re-sent the form. Very happy they have frozen the interest :)

QuickQuid:Said basically I have to default before any repayment plan can be made. I'llre-send the letter and Income & Expenditure once they start demanding moneyI guess.

PoundsTill Payday: Said to call them to discuss payment option. I again wont be doingthis. I think I saw a useful letter to send in reference to this.

CashGenie:

Hi Richard,

 

After reviewing your income and expenditure form, we will then approve yourrequest of monthly payment for £14.81. But this is subject for review for 3months.

 

Your outstanding balance would be £400.00, since you are going to pay it on alonger period of time. We will waive all the charges for you and will freezeyour account.

 

Please provide the following details to set up the payment plan arrangement:

 

long card number

type of card

exp date

dates of payment (if every last working day, 15th, every week, etc.)

 

Once we receive the details, we will then set the arrangement.

 

Thanks.

KindestRegards

MaricelSuba

I obviously am not going to send my card details. Any ideas how torespond to ask for an account number and sort code to set up a SO??

I have yet to hear from the rest.

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What exactly was on this expenditure form? because if it includes details of creditors, employers, or bank details, they are not allowed to as or have them. They are only allowed a simplistic income and outgoings list. Thats it.

 

You are correct in that you shouldnt give them your bank details. If you like you can use a prepaid card instead. If they have your bank/debit card details, they can and they definitley will debit whatever they feel like. There have been too many reports of PDL's accepting low payments and then writing off charges/interest, only for the person to give them their details, and the PDL taking the original FULL amount.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Theyre not even allowed the names of the creditors. The only thing you should have stated is :

 

Credit card 1 -

Credit card 2 -

 

etc.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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ok, well it is too late for that now. I have had 2 acceptances of the offers I've made, so Im pretty happy about that. Thanks for your correction though, hope other people wont make that mistake then.

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Regarding those acceptances, make sure they they arent adding extra charges to them. Some PDL's add on extortionate "admin charges" simply for letting you do it. Then they charge interest on that charge, then more interest on the total amount including charges. So basically theyre triple dipping.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Thanks again renegadeimp. Luckily these 2 companies have said they will freeze the intrest and have not stated a charge will apply. If they do add an admin fee, what should I do? Simply just pay up to the amount it has been frozen at, then advise them of the OFT, unlawful fees?

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you could do, but cross that bridge when it comes to it. Theyve said they are freezing it including interest etc. If you have that in writing, then they cant go back on it.

Edited by renegadeimp

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I have had a reply from Text Loan advising I would owe £554 instead of the £350. What should I do?

 

The email as follows:

 

Dear Richard,

 

Thank you for contacting us.

 

If you require a repayment plan for a period of time exceeding the 60 days of our credit cycle, the full overdue balance to be repaid will be £554, which is fixed as after 60 days the interest and charges are frozen.

 

We are prepared to accept £15.95 monthly payments. Please be so kind as to provide the exact dates we can debit your card, or set up a standing order.

 

 

--

Kind regards,

Adrian Young

Client Account Manager

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Guest Poguesy
I have had a reply from Text Loan advising I would owe £554 instead of the £350. What should I do?

 

The email as follows:

 

Dear Richard,

 

Thank you for contacting us.

 

If you require a repayment plan for a period of time exceeding the 60 days of our credit cycle, the full overdue balance to be repaid will be £554, which is fixed as after 60 days the interest and charges are frozen.

 

We are prepared to accept £15.95 monthly payments. Please be so kind as to provide the exact dates we can debit your card, or set up a standing order.

 

 

--

Kind regards,

Adrian Young

Client Account Manager

 

I beat Txt Loan by agreeing to their repayment plan with the additional interest and charges, then stalling on the payments.

 

Once i was in a more stable financial position i offered to pay back the original loan and interest in full to close the debt, which they accepted.

 

I wouldn't bother speaking to the collections team at QuickQuid as they will just offer you a three-month default plan.

 

Contact them through resolution@quickquid.co.uk to sort out a repayment plan.

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Ignore it. If they try to contact you by text or phonecall, simply act like you never recieved the message. As far as you are concerned from now on, ALL communication MUST be in written format, either as a letter or email. If they try to text or phone, just ignore it.

 

As poguesy said, email their complaints department and see if they can help.

 

Also note, if they have your debit card details, report it as stolen and write a letter to your bank cancelling the CPA on the account in relation to the PDL. If you dont, they will debit whatever amount they like and as often as they like.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I agree with the poster who paid what they borrowed plus interest and ignored the rest.

 

You could get a pre-paid debt card and use that for the payments, just load it up a couple of days before the money is due to them if possible.

 

You are now in control, not them.

 

Remember these companies also front load interest so the fact that they are now adding ADDITONAL interest is wrong - you could send their email to the OFT and Trading Standards who are doing an in depth investigation into this murky market.

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[

QuickQuid:Said basically I have to default before any repayment plan can be made. I'llre-send the letter and Income & Expenditure once they start demanding moneyI guess.

 

Ah QQ was simple for me, I just asked for a plan over 5 months and it was accepted. No form to fill out and no mention of defaulting first, but I did wait till the day I was meant to pay to arrange it.

[SIZE=1]PAYDAY LOANS: only QQ left, haven't paid for 2 months, lets wait & see what happens. [/SIZE]

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