3 Payday loan companies - Advice needed

[gazza1978]

Hi all, just discovered this website and looking for help.

 

Currently owe

 

Wonga 1200

PDUK 500

PDEX 500

 

Been taking out pdl's for quite a while and due to shortage of money have now these 3. I get £1200 per month in wages and roll the debts over but with these loans this is a particularly tight month and i don't have the ability to roll wongas over again.

 

Prior to finding this website i already rolled over my pduk and pdex loans until next month.

 

Wonga is due tomorrow and i've emailed them today stating im in financial hardship and that i won't be able to afford to pay and asked what my options are. (I did briefly think about taking out a 4th loan to cover it but i've seen the light finally!)

 

Due to rolling over my wonga loan, it's now due tomorrow instead of when i get paid on Thursday so hoping i can get some alternative in place before they clear my account out on Thursday.

 

What are my options. I have other direct debits that come out of the bank account i get my wages paid into and have maxed the £400 overdraft so changing bank accounts is not really an option, tho i could put the money is a different account if i get it in time. (which has previously been used for pd loans with these companies in 2011, so not sure if they can still get the funds from there?)

 

Any advice would be appreciated!

[renegadeimp]

Default on all of them then start negotiation a repayment plan. Rollovers are nothing more than a very easy and free way to make the PDL extra money for absolutely no work or effort.

 

HOWEVER, you will need to report your debit card as lost, cancel any DD's on your account and ALL CPA's ( Continuous Payment Authorities) on your account. THe main reason is because many PDL's have been known to completely strip your bank account to zero balance when they get a hint that you arent going to pay them on time, or you intend to default. You may also need to get a new bank account for your day to day money and use your current one as only a bill paying account.

 

Doing the above will safeguard your money, and put you back in control.

 

If the PDL's try to add on extra charges, you can ignore 99% of them as they are legally unenforceable. Thats why the PDL or a DCA will eventually say they are offering a big reduction in the repayment as a settlement, which conveniently comes to the same amount as the total charges.

[gazza1978]

If i transfer my wages into another bank account, Will they be able to go back to claim the money from that if it was previously used for their PDL's? Also does anyone know what time they start trying for their money?

[gazza1978]

Ok so i called them today and they've agreed to a payment plan and have sent me an email and it shows on my wonga account.

 

They stated that they'll not take any payments till the 1st payment plan installment. Has anyone had wonga agree to a payment plan in writing, but still take all the money from their account before the 1st payment date?

[JOHNINYORK]

Gazza.

Regarding Wonga.I have found that they are efficient so long as you KEEP IN CONTACT WITH THEM.I did arrange a payment plan with them,but I had to make the first payment in cash as I was waiting for a new card.They did send me an email to say that I had defaulted on my first payment as the bank had declined the payment.So,a quick email and phone call resolved the matter.They also sent me another email with the dates of the forth coming payments.

I do not know if this has been of any help to you.But whatever arrangement you make with them,GET IT IN WRITING.

 

Regards,John.

[gazza1978]

Thanks John. I repeatidy asked for it in writing on the call and to be fair i noticed the email already in my account by the time the call finished. Im just worried when i get paid on Thursday that they'll go ahead and take the lot..... due to the other direct debits i have in place and the overdraft i can't afford to move it and start missing other high priority direct debits.

[toptrapper]

Gazza1978

Be careful if phoning Payday Express, in my experience it's best solely to communicate in writing only (and i'd recommend that you do) as they have been known to *ahem*, misplace recordings of these at a later date.

[JOHNINYORK]

Gazza.

That is what I was concerned about with cancelling my card,would the DD's still be paid.Santander said that would be no problem as they would be honoured,but any card transactions using the 16 digit serial number would be stopped.So, get your card stopped.I could not even get cash out from the cash dispenser,I had to go into the branch for cash and use my old card.Then tell them you are waiting for a new card and provide them with some form of ID.

 

Regards,John.

[renegadeimp]

If they take more than what was stated in writing then they have stolen from you. However wonga are one of the more reputable pdls. Mainly because they have ambitions of becoming a bank.

[the tinkerman]

Hi

 

When you agreed the repayment plan with Wonga do they freeze the interest as well.

 

Tinks

[JOHNINYORK]

Tinkerman.

With Wonga,you have to go into default with them.Then phone them up on the day of default,then they will arrange a payment plan and interest is frozen.If you are considering this,make sure that they send you an email with the TERMS IN WRITING.As this will save any confusion at a later date.

I rolled over with them once,before I was going to roll again,I phoned them up.I was told to empty my bank account as they will try and get the payment,then phone them again on the day the payment was due.But you must phone them before 5pm,otherwise extra charges will be added.I owed them just under £340,they allowed me to repay back each month roughly £34 spread over 10 months.

But you cannot prearrange a payment plan,you have to go into default.I did phone them up several days before the payment was due,only to be told to phone again on the day of default.

 

Regards,John.

[gazza1978]

Hi Tinkerman, yes the email stated that they have stopped the interest.

 

Only worrying thing is ireceived an automated phone call about an hour later from wonga saying they have not received payment and then a text at 3pm to say they attempted payment and to pay before 5pm to avoid a charge.

 

I plan to ring them again tomorrow morning and ask why they were still attempting payments........ I'm hoping they stop attempting payments at 5pm but i'm not so sure..........

[JOHNINYORK]

Gazza.

More or less the same thing happened to me.A quick phone call resolves the matter and they will send an email to confirm this.I have found if you use their "contact us" on their web site,it can take a day or two for them to reply.

 

Regards,John.