payday loaks with wonga/quickquid and paydayuk

[porty91]

Hi there, I currently have three payday loans:

 

Wonga 150 + 36 interest

Paydayuk 350 + 94 interest

QuickQuid 850 + 206 interest

 

My first question is I have just set up a new bank account with a new debit card aswell with my current bank Natwest. Will they pass my new details to the lenders without my permission?

 

I have been rolling over on the loans on a monthly basis for about 6 monhts now and im sick of the high interest rates, its slowly making my life a misery. I am going to be sending out emails to each lender telling them that they are only to contact me by email. Will they contact my employer? i gave them the wrong phone number for my employer in the first place, will they research my company to find the correct contact number? If so should i put on the emails they are not to contact my employer?

 

My plan is to save the money i would have paid in interest for the next three montsh until they pass onto Dca's. I am hoping they will all offer me a reduced amount originally (have seen other posts were they have reduced by almost half the original amount) eventually so that i can clear at lesast two of the higher amounts from the interest i was saving for three months and finally agree a payment plan with wonga where i repay over three months.

 

Is my plan above a realistic one? i.e. do you think they will reduce the amounts. Im afraid that once i go into default the interest and charges they add on will be ridiculous and i might not be able to clear much of the debt after saving for three months.

 

Any comments/ advice would be highly welcomed.

 

Thanks.

 

Porty

[JOHNINYORK]

I cannot speak about PaydayUK or QuickQuid,but Wonga seems pretty easy to get on with.But you have to go into default with them,then contact them on the day of default.I rolled over with them once,contacted them regarding a repayment plan.The outcome,was that I had to pay £33/month over 10 months.

I am sure that someone will give you further details regarding the other 2 companies.

If you would like any further information regarding Wonga,please read the thread entitled, Wonga help - no rollovers left!.

 

Regards,John.

[porty91]

Hi John. Thanks for your reply, really apreciated. Thats far better than what i was expecting i was under the impression it had to be paid within 3 months otherwise they would not agree. Hopefully they will agree to something similar with me.

 

I tbeleive i know what to expect with quickquid due to other threads on here. Im more worried about my bank giving them my new account number and sort code so they can raid my bank. Do you know if they would do that?

 

Anyone who has dealt with Payday Uk with a similar situation to me, i would like to know if they are likely to reduce the final amount i owe so that i can clear it in one payment (i know quickquid have been known to do it, just not sure how to go about getting them to reduce the amount)

 

Thanks.

[renegadeimp]

Read the thread linked in my sig. Those are the guidelines the PDL's MUST follow. If they break those guidelines in any way, then you need to get complaining to the OFT.

[porty91]

not sure if my earlier reply went trhough. Thanks for the advice Rene, the guidelines you have put on here are really helpful. I now reliase im in a lot stronger position than i first thought. Appreciate if you could let me know regarding my bank advising the lenders my new account and debit card details.

 

Thanks.

[renegadeimp]

Write to your lender and tell them that you revoke all payment authoirty for them to debit your account. Ignorance of that instruction WILL lead to criminal charges for theft.

 

Then tell your bank that you are having trouble with a lender and you want to cancel any transactions the lender tries to put through. These are known as CPA's and by law, the bank must comply with your instructions.

[porty91]

Ok will do that straight away. Thanks. i guess if the bank doesnt comply and neither do the lenders that i should report it to the police? What does CPA stand for just so i know when i call the bank Collection of payment authority?

[renegadeimp]

Nope. If the bank doesnt listen, tell them again, then take it to their compliance manager/complaints department. If they refuse to listen check the stickies on this forum and spell out the FSA regulations ( law ) which all banks have to abide by.

 

You were close with CPA. It's CONTINUOUS payment authority. More info can be found http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(1-Viewing)-nbsp

[willnotdoitagain]

If it helps Payday UK (MEM) were ok setting a repayment plan up and they froze the interest the repayment plan was sorted in 2 weeks pay them by standing order,but only sent emails never phoned them.

Quickquid are a real pain.

[renegadeimp]

If it helps, their license is up in July, which could be a reason why they are harassing people more and sending debts to DCA's more often.

[willnotdoitagain]

Do you mean Quickquids license ?

[renegadeimp]

Yep. Their credit license is due for renewal in July. However, a short while ago, they were writing off some debts and also chasing a lot more people than usual, so they could be scared that it wont be renewed. Thats why we say to get those complaints in, as if the OFT has enough VALID complaints about a lender, they wont renew the license.

[porty91]

great thanks for all the help Rene and will not do it again. I guessed quickquid would be a pain after reading various other threads but im willing to play hard ball for as long as it takes and i will only speak by email with them. Its early days for me, my loan's are not due unntil for another week and a half. Just wanted to know exactly what i can expect. Its great Paydayuk freeze the interest and charges i have their account details so i will set up a standing order as per your advice. I will do the same with quickquid although i have seen people's thread's where they could not get their account details so it might take a while for them to get their money if they refuse to give me the details. I will not be giving them any of my new account details and niether should my bank once instructed. Another question i have is if i send a letter to the lenders stating they are not to contact my employer do they have to adhere to it? I'm guessing they do after reading your guidelines on payday loans Rene.

[renegadeimp]

If they contact your employer then it is a direct and blatant breach of OFT guidance regulations and MUST be reported.

[porty91]

Brilliant thanks.

[FrugalJo]

Porty

None of my lot contacted me at work as far as I know, mobile was pretty full of threatening txts and voicemails, all of which I've kept just in case.

 

PDUK were ok with me too, and Wonga.

 

Stay strong.