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Hi,

 

I have two payday loans with swift sterling,

 

400 pound with the charge for the credit at £119 per month

&

100 pound with the charge for the credit at £30 per month.

 

Total they are request this month is the full repayment of £649.00

 

My bank card was stolen at the weekend, and I've cancelled it and requested a new one, so I'm currently a few days late on my repayment. To be honest I've realise I'm never going to get to a point where I'm going to be able to pay this back, without having to reloan each month. I've done that at least 4 times now with Swift.

 

They are obviously being reasonable with me at the moment because they believe once I get my card that I will pay the full amount. I'm concerned though, that if I do reloan they might not accept me, and they might just take the money and refuse any reloans, which would leave me totally skint with a month until payday.

 

My question is, if I refuse to pay and offer to enter into a repayment plan, I'm under the impression that they will refuse, then transfer the debt to a DCA and then hopefully I can come to an arrangement with the DCA and pay back the loan over 4 months or so? I want to minimise the harrassment levels in this case.

 

Does anyone have any advice, would people advise me to do this rather than risk paying it all back and trying to reloan? I don't want to risk agencies coming to my door to collect money. I have a secure job and would be able to clear it in a few months, I just need to end the cycle.

 

For the record I also have outstanding loans and debts that I am managing to pay off in a similar manner. I've actually found it easier to deal with DCAs than I have with the lenders direct.

 

Apologies for the long post.

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Guest Poguesy

I don't have any personal experience with this bunch but don't pay them any more rollover charges and stop taking out any further loans with them.

 

I believe it's time for you to default or you won't get out this mess. Speak to their collections team or whatever first and see if you can come to an arrangement with them. Don't accept any more extra interest and charges from them either. Only pay the original loan and interest.

 

Should they give you problems then go through their complaints procedure and see if that helps. Be firm and don't back down!

 

That's i can offer 'cause i no little about them.

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Thanks Poguesy,

 

I've been absorbing as much information from these forums as possible and I've got the telephone harrassment letters ready. My intention is to clear the amount within 60 days and hopefully they will be slightly more reasonable with me when I go down that route.

 

I'm still slightly concerned about Swift Sterling reaction badly and trying to snatch the money from my account.

 

I have cancelled my card and I now have a new one, they do not have the details of the new card.

 

Do you think it's advisable to withdraw my money from the account so they cannot do this?

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Guest Poguesy

You can request the bank remove the continous payment authority Swift Sterling has on your account as well - http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(6-Viewing)-nbsp

 

I just got a completely new bank account elsewhere.

 

Sometimes i have more faith in payday loan companies then banks!

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  • 1 year later...

I've had payday loans with Swift Sterling, quickquid, poundstopocket, textloan and a few others. I managed to pay off as much as possible to whittle them down and then went on a Debt Management Plan. I went with a company called Payplan, they do a gentlemens agreement with all the creditors to come to an arrangement and ask nicely to freeze the interest. All of mine have frozen the interest and everything I pay to Payplan goes towards paying the debt off. Unlike the other debt management companies, they fill your eyes with crappy jargon saying they can get you debt free in 3 years writing off a X percentage but they don't highlight the word WE'LL ESTIMATE. Which really means, we just want your £25 fee and we might pay some of your debts off but you could be with them for the next 15 years. Payplan are regulated by the FSA and only 1 of 11 companies that are, they are funded by the credit industry and not by the debtors. So you don't pay them a fee for the service.

 

I'm with them and I get statements of how much I owe from the companies, there's no credit entries made to your credit file as I'm a member of equifax so I see what goes through. They do offer IVAs which is the next thing up from a DMP but I prefer to pay off all my debts and not suffer any reprisals further down the line if I went on an IVA wiping off the 75% and debt free in 5 years milarky and having to suffer a black mark on my credit history as well.

 

So.

 

I went with payplan because they don't charge up front fees and everything I pay goes to the debt.

I'm weary of other debt management companies that give you jargon (and can be good at it) that may amount to you paying them a fee but not a lot of money goes towards the debt.

 

I was told which is just rumour that the likes of Baines & Earnest could have you on their books for 15 years and not a lot of the debt was paid. Another, Gladstone & Brook (not Gladstone Brooks) that I nearly went with do some crap, they agree with you a payment amount, you pay them that amount, they tell you they take £25 and the rest goes on the debt but the terms and conditions (Give a good read, it's interesting and they get upset if you've read it) says that ALL the money goes to Gladstone and Brook until they've received settlement figures from the creditors but will only pay the creditors £1 until they get it. Then they revert to the receive £25 and pay the creditors the rest.

 

I'm sure the company is called Gladston & Brook, their website is not very clear at all as it shows next to nothing of what they do. All hidden away until you receive the paperwork from them and since I asked Payplan about these people, Payplan convinced me not to go with them anyway.

 

The only thing that seems bad about Payplan is that you change case manager every now and again, it may come across that they're going under but it is common practice. They call it restructuring....maybe they move their case managers from case to case so as to give them experience. But they're always on the end of an email and you can ask them anything you like. I get statements from the creditors as I said above and the debt is going down.

 

NB: If I didn't listen to a woman then I wouldn't have the amount of debt I do now. BOOOOOOO!!!!!!

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