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Crooked Rain

Getting out of the pay day loan trap

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Hi everyone.

 

Like many people, I've got myself into the pay day loan spiral and I've decided enough is enough and it's time to regain control. I'm just paying off interest and more interest, whilst my situation isn't as bad as some people's I can no longer afford to carry on with this, it will send me further into debt.

 

Firstly these are the ones I have:

 

Quickquid - £650 + £162.50 interest

TxtLoan - £200 + £34 interest

Speed-e-Loan - £225 +£63 interest

 

I also have a Wonga loan but I defaulted on that one before Christmas and, to their credit, they were very helpful in freezing interest and assisting me in setting up a repayment plan. I'll be free of that one in July.

 

QQ and TxtLoan are both due tomorrow and Speed-e-Loans next Friday but thanks to advice I've read on here, I've got a new bank account and my wages are being paid into it. My 'pay day loan' account is empty and there's no overdraft facility so no money can be taken from it. Knowing my money is safe is a source of relief, having read some real horror stories on here.

 

Now comes the part that I'm dreading - dealing with these people. I know Wonga were helpful but by all accounts they do seem to be the most approachable of these companies so I'm ready for a hard slog.

 

I have a basic idea of what to do initially - send each of them an email stating that I cannot afford to repay the loans due to financial hardship and offer a repayment plan of what I can afford, and then wait to see what they come back to me with and take it from there. Is that about right?

 

One thing I am dreading is them phoning my workplace. I have no access to a phone at work so it will go to reception, I'm not sure it will go down too well. If I stay in regular email contact surely they'll have no cause to ring my employer though?

 

Anyway I'm starting this thread so I can kind of keep a diary of what's happening and also know that the great people here will be on hand to offer help and advice as and when I need it.

 

I do intend to repay every penny that I borrowed, I just hope that I'm not going to be banging my head against a brick wall in getting there.

 

Thanks for reading.

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Look on the top left of this site and click library. Scroll to harassment and send off the telephone template. Make sure to edit it to contain your employer.

 

 

Should ANY creditor contact your employer, you will have a case against them for harassment, intimidation, embarassment and for them breaking the DPA.


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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Hi and welcome to CAG.

 

Have you paid anything towards

 

Quickquid - £650 + £162.50 interest

TxtLoan - £200 + £34 interest

Speed-e-Loan - £225 +£63 interest

 

 

Jogs

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Thanks for that renegadeimp, do they have to actually 'harass' me by telephone first or can I send that (or a letter to that effect) immediately?

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Hi and welcome to CAG.

 

Have you paid anything towards

 

Quickquid - £650 + £162.50 interest

TxtLoan - £200 + £34 interest

Speed-e-Loan - £225 +£63 interest

 

 

Jogs

 

Hi,

 

I've rolled over Quickquid for one month £162.50 (although I had a separate loan with them before this one which I paid off)

I've rolled over Speed-e-Loan for one month £63 (but, again I had an earlier loan with them that I paid off)

TxtLoan don't do rollovers as such you repay the full balance and then just re-borrow it. Which I've done every fortnight for at least three months.

 

I've never paid anything off the actual balance though.

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This morning I received an email from Txtloan stating that they have added a £25 charge to my account for late payment and that interest will continue to accrue at over £2 a day until the balance is settled.

 

I've sent them one proposing a repayment plan but they haven't replied to it.

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They can add all they want, you won't be paying those charges!

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Quick update:

 

TxtLoan haven't been in touch regarding my offer of a repayment plan. I'll give it today and resend the email in the morning.

 

QQ have offered me a repayment of two monthly instalments of the month's interest and then they will take the remaining balance in June. they say that if I can't afford to make the payment then to contact them again and they will look at a payment plan for that amount too. Better than what I was expecting from them but I guess we'll see.

 

Speed-e-Loans isn't due until Friday, should I contact them now to see if they will help or shall i wait for it to default?

 

Thanks for all your replies so far.

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why do you call it a trap, you went to these agreements with your eyes open and knew of the charges and time scale!

Did your circumstances change after you got these loans?

Having said that you need to send all these firms details of your income and out goings to support your repayment plan, to show you are doing the best you can .

They do not have to accept but most will, as going to court will cost them money with no real prspect of getting anymore out of you.

good luck.

With regard to harrasement they will have to do that first before you can warn them off.

They usuall phone or text, and you can block their numbers easily enough on most mobiles now.

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Perhaps the wrong phrase to use but I've had various pay day loans on and off for over two years, so whilst it is my own doing I do feel 'trapped' by them as in I'm just handing over money to them each month and not actually paying anything off. When I have managed to pay one off, it's left me with no money so I've had to get another one.

 

I can't go on like this any longer.

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Guest Poguesy

I found the easiest way to get rid of txtloan was to agree to a repayment plan with them through their online chat, with the extra interest and charges. Delay the first payment date for a while and then when you have enough money offer to pay them back the original loan and interest in go and be settled. That's how i sorted that one out.

 

You can try resolution@quickquid.co.uk for a repayment plan with them. I got one spread over 12 months.

 

Good luck ;)

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Also suggest you go and to see CAB for advise and they can write to your creditors on your behalf o make payments with a plan t, that usualy carries more weight and can see you trying your best.

They will then freeze all interest and fees.

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Thanks for the help guys. I'm going to email Citizen's Advice and see if they can assist me..

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If you want to go it alone with a DIY, DMP then have a read of the following and contact one of the agencies mentioned.

 

If you are experiencing difficulty in repaying your debts, CASHflow is a way for you to negotiate affordable repayments with your creditors. Before you can use CASHflow, you must have spoken to one of the free advice agencies licensed to offer CASHflow to their clients. The advice agency will start by talking to you about all of the options available, and can help you to decide if CASHflow is the right one for you.

 

If you decide to use CASHflow, you will be provided with all of the tools you need to be able to complete your own financial statement and negotiate offers of repayment with creditors yourself. This will enable you to stay in control of your situation, but still have support from an adviser at any stage if you need it.

 

You can contact a local advice agency to check if they offer CASHflow. You can find a list of free advice agencies that are near to you by searching for a money adviser in England or Wales, Scotland, or Northern Ireland.

Alternatively, you can call National Debtline on 0808 808 4000

CASHflow: http://www.cashflow.uk.net/

National Debtline: http://www.nationaldebtline.co.u k/

https://www.mymoneysteps.org/

Also as highlighted in the CAG newsletter...

There is the new CAB system that might also be worth a look, this system saves all your details, has guidance allowance figures to work with if you wish and you do not need to be invited / signed off etc with this system, just log in and away you go (see below)

 

(Also, there are a number of other self help tools and systems around so might be worth a little exploration if this is what you eventually decide on.)

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

http://mymoney.nedcab.org.uk/moneyadvice/ (example of completed dmp)


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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TxtLoan have agreed to my repayment proposals and given me their bank details. That was far more painless than I was expecting!

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Hope you got that in writing. Also can you post the bank details so others can benefit from them.


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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Yeah I got it in an email. Is there a specific thread where all companies' bank details are kept?

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Nope. Just make a new one called txtloan bank details then let a site admin know so they can file it.


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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Hi again, just a quick update and some advice if possible. I've managed to set up repayment plans with Speed-e-Loan as well as Txtloan but Quick Quid who are (quite predictably) being a pain. They won't give me any bank details and insist everything is done on my debit card (no chance!) and have been calling my home phone even though I have told them in previous emails I will only deal with them in writing.

 

Then today at work one of my managers came up to me and said that there had just been a phone call for me from 'QQ' and said he told the secretary to tell them this is my work number and to call me in my own time. I haven't been avoiding them so I am really angry they've called my work place. Even more so as they called that and didn't ring my mobile. I was half expecting it but now I'm worried they'll start making a habit of calling my work number. It was fine today but if they start doing it regularly it won't make me too popular.

 

I intend to send them the telephone harassment letter tonight, as well as trying to set up a repayment plan (again!). Deos anyone have an email for them apart from the collections and resolution ones? I want to make sure it reaches the right people ASAP.

 

Many thanks again.

Edited by Crooked Rain

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QQ wont give details because their account is based in america. As for the phone calls at work, you MUST send the the telephone harassment letter and make a FULL complaint to the ICO and OFT.

 

As for the emails, i would send the email to each address i can find, if only to cover my back.


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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Hi Renegade, thanks for the reply.

 

Do I make complaints to them vis email, phone or through their website? I intend to send off the telephone harassment letter now. Will it be okay to send it to the two QQ email addresses I already have (Collections & resolution)?

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Communicate with them through email or recorded delivery letter only. Make sure to CC yourself in any emails, so the headers can be verified in any court case or official investigation.

 

Also, yes. Send the email to all addresses you have for them. Again, make sure to CC yourself.


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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Sorry Renegade I should've worded that better. I meant when I contact the OFT and ICO what is the best way to contact them?

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Email or letter. They can be contacted on both. Just make sure when you contact them that you include as much info as you can pertaining to your issue with them. OFT will just send you a standard "thankyou" letter in response, and add it to their other complaints unless they need more specific information. When it hits a threshold, then they investigate. Thats why it is vitally important that people complain, complain, complain when they have a problem with a creditor.

 

As for the ICO, the issue you have is that the creditor contacted your employer and released personal information to them about who they were. Saying they are "QQ" or whatever word they used, can easily be googled by anyone who wanted to do so. In this case, you also want to write a letter or email of complaint and mark it "Private: F.A.O Compliance Manager"

 

They key is to cover your bases and not to give the PDL any room to wriggle out of it. They have broken regulation and possibly DPA law. I assume you have evidence of this, so you need to be making formal complaints.

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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Thank you for all that, I will do it this evening.

 

The help given on these forums really is invaluable!

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