Final questions before agreeing to Wonga and Quickquid!

[sizer]

Good morning everyone,

 

This is my first post on here although I have been reading various threads from people relating to pay day loans etc.

 

I currently have two pay day loans, a credit card and a grad overdraft:

Quickquid - 875

Wonga - 581

Credit card – 4600 (£200 per month payment plan arranged)

Grad OD – 1650

 

My main priority at the moment is to deal with the PDL’s.

 

I have spoken to national debt helpline who advised me to cancel my debit card, write letters to my bank and pay day companies to cancel the continuous payment authority etc which I have done.

 

My PDL’S are due Monday 28th May and as I didn’t want to hang about until my account’s defaulted with these PDL’s I decided to email them as I’ve seen some people do so on this forum.

 

Wonga replied with an income and expenditure form which I returned with basic info and they have now agreed on a 12 month payment plan (I have not agreed to this as of yet). They said I would not receive a default on my credit profile although they did say there would be a note of some form of payment plan. Can anyone give me concrete confirmation that this is correct? And will this still badly affect my credit rating?

 

Quickquid haven’t been so helpful and advised me to go on to live chat which I have done twice now. I explained my circumstances and initially proposed a 12 month plan which they outright refused. They then offered me a 3 month pre-default payment plan of £291 per month. I need to be realistic it would leave me with not much for three months as I’m currently paying rent, bills and £200 per month for my credit card. I explained this wouldn’t be possible and proposed a 4 month payment plan which they refused. The woman then said I should wait until the payment due date and speak to collections who may be able to arrange a 4 month of 3 month payment plan. She then confirmed that I will not incur a £12 late fee or a default if I telephone them before the end of the payment day. My questions are:

 

1. Will I still be able to agree to a payment plan even though it’s on the payment due date? I somehow recall reading somewhere that they need one day’s notice?

 

2. Will I receive a charge as I haven’t paid them the full amount on the agreed day and given them notice?

 

3. Will I receive a default as I haven’t paid them the full amount on the agreed day and given them notice?

 

4. Has anyone had a 4 month pre-default payment plan with quick quid before?

 

I want to avoid a default at all costs and get this settled asap to get these people out of my lives.

Thanks for your time, any help would be much appreciated.

Sizer

Edited May 22, 2012 by sizer

[renegadeimp]

First, your LAST priority should be PDL repayments. Your CC/Overdraft/rent etc is more important.

 

Never, EVER use a webchat or phone a PDL. Only deal with them in writing ( email or letter) unless you have the ability to record the call. If you do, make sure you tell the PDL rep at the start of the call, that the call is being recorded.

 

Quickquid are notorious for ignoring peoples circumstances. They are an American company and think UK law/regulations do not apply to them. Their only registered office in the UK is a back street mail redirection service.

 

 

From the info you posted, they are breaking OFT guidelines.

 

Also remember not to post your name or any personal info on these forums. You never know who is reading your post, and they could match some of the info you give here with their records.

[sizer]

Hi renegadeimp, thank you for the heads up.

 

The reason pdl's are my priority besides rent is that I have arranged a repayment program with my cc already, my od is still interest free and the pdl's are expecting money on the 28th and I aim to avoid a default with these companies if at all possible.

 

I have a bit more trust in my bank and with my credit card than with these pdl's, hence why I want them out of my life asap.

 

Just out of curiosity in which way are they breaking OFT guidelines? I have specifically not made any telephone calls to these companies, just going by what people have said on here (telephone bullying etc). I have copies of the web chat emailed to me and I have copies of all emails sent also incase of any problems that arise.

 

Do you have any info as to whether I would incur a default if I were to call on the day of payment to arrange a payment plan? And whether they would still accept a pre-default plan? Any info would be much appreciated.

 

Many thanks,

 

Sizer

[renegadeimp]

See my sig for a rundown of the major OFT guidelines.

 

They can try and place a default on your account, however, if you have proof that they said to contact ( email or letter only remember ) them on the payment date, and they still apply another charge to it, then you have a straight forward case to getting it removed.

 

 

Remember this simple phrase. "All repayments are to be made MUTUALLY, and not one sided. If you cannot comfortably afford a repayment plan that they propose, tell them and they must come to an agreed one that doesnt leave you further out of pocket or puts you in more debt/hardship.

 

 

With QuickQuid, you are going to need the patience of a saint as they are stubborn as a mule.