Multiple PDL and dealing with it

[stratty]

As is a common story on this forum I took a number of payday loans and its reached a point where I am constantly rolling over and cannot deal with the burden of the debt anymore.

 

In any case I will go through the providers and attempt to agree repayment plans with them.

 

While I prepare my case I am particularly interested in two aspects that I keep reading on here.

 

There is a general consensus of opinion that people should only pay back the capital and one months interest. Does anyone have an idea what the legal basis for this is? Will it be because the agreements are 30 day fixed term?

 

Additionally I read that I should refuse to pay any late payment or administration charges that are unreasonable. Is this a similar thing to bank charges and any admin charge being proportionate to the actual work involved?

 

I am collating my PDL companies and will post again once its sorted.

[renegadeimp]

Forget the one month interest thing. There has never been anything solid or legal precidant to base it off. The best thing to do is pay off what you owe that was originally stated on the initial agreement. Anything after this you can contest, however, they are allowed late payment charges, but they cannot be unfair. usually £5 or so is adequate, but they like to charge £15-£50, plus a default fee, plus interest on the top of that.

 

Some even try to say that you missed the payment and now owe them an extra 30% of the loan for no reason.

[stratty]

Ok well here is my current damage

 

 

Original

Capital Interest Current Balance

Quickquid 900 265.50

Payday UK 740 185.00

Quidsource 200 56.00

Moneylender 500 151.50

247 Moneybox 300 117.08

Countrywide Payday 340 136.00

Bongaloans 100 15.00 300.00

Minicredit 150 37.50 611.50

Txtloan 300 51.00 458.80

 

3530 1014.58

 

What is the suggested course of action?

Edited April 23, 2012 by stratty
dodgy formatting

[stratty]

Sorry about the mess. For some reason the post didnt keep my formatting

[renegadeimp]

Figure out what you can afford each month and suggest a repayment plan to them that doesnt leave you out of pocket or neglecting any HIGH priority debts. ( PDL debts are low priority). I see as well, minicredit are already trying to con you with made up amounts.

[stratty]

To be honest I have already mentioned my situation to most of the providers and the majority are willing to negotiate for a repayment plan.

 

I have sent about 25 emails to Minicredit and just get standard responses saying that I signed the terms and they are what they are.

 

When I point out that the terms are unenforceable its the same old response.

 

I am not worried though. My credit is pretty terrible as it is and I have just over £30k of unsecured debt. Kinda amazes me how I even managed to get so much additional payday loans debt especially when they all shout about "responsible lending".

[stratty]

Most of minicredits charge is this £5 per attempted transaction. I called the number on their website and said that to avoid the charge they should stop attempting to take money from my card and I revoke my authority. Every attempt I have made for them to revoke my authority has resulted in them saying that my request is not legal as I signed the terms and conditions. The company is a total joke.

[renegadeimp]

Put it in writing and state the FSA regulations. As you rightly said, minicredit are a total joke.

[stratty]

Ok well here is my current damage

 

 

Original

Capital Interest Current Balance

Quickquid 900 265.50

Payday UK 740 185.00

Quidsource 200 56.00

Moneylender 500 151.50

247 Moneybox 300 117.08

Countrywide Payday 340 136.00

Bongaloans 100 15.00 300.00

Minicredit 150 37.50 611.50

Txtloan 300 51.00 458.80

 

3530 1014.58

 

What is the suggested course of action?

 

Payment plans agreed with

 

Quidsource (froze the debt at £333)

Countrywide Payday (froze the debt at £476)

 

Very impressed with the customer service on both of these companies.

 

Minicredit have so far refused to enter into any kind of negotiation for a repayment plan and I have extensive emails to back this up.

 

247 Moneybox stated that they would only be willing to negotiate for a repayment plan if I made a payment. Explained I could not make any payment now and that I was disappointed they were not willing to discuss the account.

 

Currently working on the others.

[renegadeimp]

Keep pushing with minicredit. It takes a long time to get them to listen, but they will eventually.

[Guest Poguesy]

How are you getting on with QuickQuid and Txtloan?

 

Don't waste your time talking to QuickQuid collections. You've got a better chance of getting a reasonable payment plan with them if you contact/complain at [email protected]

 

Txtloan will give you a repayment plan but will add the extra interest/charges in advance. Complain about this to them and will give in, or delay them for a while and then offer them a full and final on the original loan and interest if you can afford it. That's how i done it