Paydayloans

[sidhu_82]

Hi

 

I have been reading through the forum all day and I am also having problems with payday loans which have now gone out of control. I don't know what to do anymore or how to get out of it.

 

At the moment, I have the following loans:

 

textloan - £400 loan > £468 on thurs 26th Jul

*

toothfairy - £400 loan > £472 on thurs 26th Jul

 

quickquid - £500 loan > £625 on fri 27th Jul

 

paydayuk - £600 loan > £750 on fri 27th Jul

 

payday express - £450 loan > £580.50 on fri 27th Jul

 

mr lender - £400 loan > £450 on fri 27th Jul

 

swift sterling -£650 loan > £844.87 on tue 31st Jul

 

uncle buck - £300 loan > £390 on tue 31st Jul

 

mini credit - £100 loan > £125 on fri 8th Aug

 

wonga - £1000 loan > £1417.13 on thurs 9th Aug

 

I am really stressing out now and beginning to panick even more so that I have my car insurance due this week which is gonna be another £450 or so.

 

I have followed the ideas on the forum and emailed companies requesting a payment plan and freeze of interest

I'm with Barclays bank and tomorrow will report it lost but still concerned these PDLs have my details.

 

If anyone can help me I would appreciate it knowing there is some light at the end of this.

 

Thank you

[sidhu_82]

I have already received my 1st response from txtloan:

 

Thank you for contacting us.

 

We are sorry to hear that you are finding it difficult to manage financially at the moment and we hope that things will improve for you soon. In view of your situation, we can confirm that we will accept your offer of reduced payments towards your outstanding balance of £468.*

 

We have agreed to accept the reduced payments for the first 6 months. Unless we hear from you, we will try to debit the remaining balance in full on the 7th month.*

 

The repayment plan is as follows:

 

Loan ID: 722356

REPAYMENT PLAN:

Date: 2012-07-31 | Amount £30.00

Date: 2012-08-31 | Amount £30.00

Date: 2012-09-30 | Amount £30.00

Date: 2012-10-31 | Amount £30.00

Date: 2012-11-30 | Amount £30.00

Date: 2012-12-31 | Amount £30.00

Date: 2013-01-31 | Amount £288.00

Total Sum: £468.00

 

Our bank details are as follows:

 

Bank - HSBC*

Account in the name of - TxtLoan Ltd*

Account number - 42028948*

Sort code - 402103*

Reference number – 722356

 

Please note that bank transfers may take up to 3 working days to be processed so please make sure to*

 

allow enough time for your payments to reach by the specified dates. If you fail to follow the repayment plan the loan will continue to follow the original credit cycle as per your loan agreement.

 

It is important that you adhere to the payment schedule. If at any point you are unable to make a payment on time, please let us know in advance so we may reach a mutually acceptable solution.

[havinastella]

Hi and welcome to CAG.

 

I have moved your post to the Payday loans forum where you will get more help.

 

Jogs

[sidhu_82]

And here is the reply from swift sterling:

 

Thank you for your email.

 

Please contact our Payment Services Department on 08000 124 087 or 0333 136 0005

at your earliest convenience to arrange payment. Their hours of operation are

Monday to Friday, 8am to 8pm.

 

Kindly note that Payment Services are only available via phone and would not be

able to answer queries via email.

 

Kind regards

 

Jessica

Customer Care Representative

[havinastella]

Please keep all posts to this thread!

[sidhu_82]

I have received a second response from swift sterling saying the same thing again so I have sent same email back. I don't know what I should do and any help and advice will be most appreciated.

[renegadeimp]

Complain to the OFT. It is your legal right to have everything in writing. They cannot force you to call them by phone. Them doing so, means one thing. They want to bully, intimidate or agree to whatever you say, simply so they can get your details and debit the full amount, possibly making you overdrawn. When contacted, they will just say you authorised them to do it, and you have no proof to say otherwise.

 

You MUST start official complaints, both with the PDL and the OFT. If you don't, then theres no point you being on this forum, and you are letting them get away with it.

Edited July 22, 2012 by renegadeimp

[sidhu_82]

How do I say that in an email without them thinking I am trying to cause problems? I dont want to sound like I am not co-operating as I do wish to pay these off.

 

Could someone tell me if the PDL companies I have loans with are strict or happy to help me with a payment plan. This way I know who is going to cause most problems:

 

Wonga

Quick quid

Pduk

Textloan

Toothfairy

Swift sterling

Uncle buck

Payday express

Mr lender

Mini credit

 

I am more concerned with the higher repayment ones as I don't think I would be able to cope if they keep increasing the interest.

[renegadeimp]

Dont start trying to negotiate payment plans until your bank account and money is fully secure. This allows you to deal with creditors on YOUR terms. Without the worry of them debiting your account, despite what you originally agreed.

 

As for your list, and you arent going to like this, almost all of them are the worst PDL's to deal with.

[Bombaymix]

I have to agree with renegadeimp... The list that you've provided looks like the chit list of payday loan companies.

However... There's plenty of advice on these forums and experiences of how to deal with them.

[2009dg]

paydayuk + mr lender were fine for me, paydayuk eventually backed down but QQ only accept DD so I've refused to pay.

[Blossom99]

You must must must only correspond in writing, it is imperative to have that backup as they can and will deny any agreement over the phone. I have to say I got nowhere with Quickquid, just automated email replies saying that I must call them, they also refused to accept any form of payment other than debit card or direct debit, which I refused, I offered standing order / bacs transfer only, in order to protect myself from them helping themselves to more than agreed, which was very possible. We hit a stalemate and they passed the debt to a DCA who just accepted my offer and I have been making payments to ever since. Payday Express were also very hard work, kept refusing my offers until I basically said fine take me to court (which is what they were threatening) and explain to the judge why u have refused my payment offer, and a judge may order me to pay u less than I have offered. They backed down but it was hard work and took a long time. Paydayuk were the hits who phoned my workplace, and the one and only time I called out of sheer desperation to ask them to stop (before I discovered this AMAZING site) the guy on the phone wouldn't even talk to me until I gave him my debit card number. This still makes my blood boil today. Just be prepared to fight and stick to your guns and remember that knowledge is power, and everyone here is behind you

[Dale1985]

Sidhu_82

 

I am in the same situation as you regarding all the payday loans. I have debts totalling around £3000. After burying my head in the sand, I decided to face them and tackle them to finally get myself free from these!

 

First of all, you need to cancel your bank card and request new details and say that your pin number is no longer secure. They will send out a new card to you. However, it would be sensible to open a new bank account just in case and have your wages paid into that.bIf you have trouble opening a bank account, try Halifax easycash account.

 

So not the payday loan companies cannot access your cash and now you have the power and control over the situation. If you have complete control over your wages, you will start to think much more clearly.

 

Secondly, you MUST contact CCCS! It is the single best thing I have done. They will ask for you to complete a budget sheet and list your payday loans etc and then will then work out how much available expenditure you have to pay off your creditors.

 

I have been with CCCS for over 2 months and paying £135 per month to them and they work out how to distribute this evenly between your creditors. Their service is completely free and confidential.

 

The majority of payday loan companies will freeze interest and charges whilst on the plan as it shows you are actively tackling the debts and intend on paying them.

 

Any more questions and I'll be happy to help

 

Good luck

[PDLVictim]

Hi Sidhu82,

 

Here is some advice from my own experience with some of the lenders you mentioned. I do not know how much you have available each month to repay on your payday loans, so I cannot give specific advice, just some general one.

 

Swift sterling -£650 loan > £844.87 on tue 31st Jul: This is a tricky one. They are only brokers (Northway Financial Corporation) and the actual lender is based in Malta. Because of the interest cap in Malta the majority of the "interest" is actual a broker fee. This can work to your advantage if you default as the interest will not accumulate too much. Another point to know is that if you took the loan out within the last 14 days you can withdraw from the contract and then you would only have to repay the original loan amount (without interest and brokerage fee) within the next 30 days to them. So if you took out the loan on or after the 9th of July the first step is to write to them that you withdraw from the contract. This will reduce the amount you owe to 650 GBP. Even if you took out the loan before the 9th of July I would try to withdraw from the contract, they might agree. The next step depends on the number of times you took out a loan with them. I took out with them several loans, so after I withdraw from the contract in January this year, I sent them an email stating my financial difficulties and that as a long term customer who always repaid my loans in full and on time I would expect some arrangement to repay the original loan amount. In their reply they gave me 6 months (until June) to repay the original loan amount and as I withdrew from the contract they waived the brokerage fee and interest. If this is your first loan with swift sterling they might put you in their usual "debt recovery"-procedure, which basically is that they hold your account for 60 days in which they expect payment. Depending on your available money I would still try to negotiate this further. As with all PDL, only repay by standing order to their bank account. Their bank account is Northway Financial Corporation, Account number 00647610, Sort code 30-00-09, quoting your reference number.

 

quickquid - £500 loan > £625 on fri 27th Jul: They are easy to deal with as they are a big company. Contact them before you default (but after you have a "safe" bank account). They will only agree to a maximum of 4 monthly repayments which would be 156.25 GBP in your case. They do not require any documentation or Income/Outgoings forms from you and the easiest way to setup a payment plan is over the live chat on their website. I do not recommend to call them as they will try to talk you into "rolling over" when you speak to them, use the live chat instead. Make sure to make a screen shot of the conversation after you spoke to them and/or use the "print"-button in the chat window, and save it somewhere, so you have proof what was agreed (but they are a big company and usually also send a confirmation email). If 4 months are not achievable due to the amount you would have to repay, you can "stretch" it a bit by contacting them only 1 day before your loan is due, because then they will set up the first repayment not for end of July but for end of August. You can also be 1 month behind repayments after the first payment on this plan without consequences (apart from a 12 GBP late payment charge) - let's say you pay 1st rate end of August, 2nd rate end of October, 3rd rate end of November and last rate end of December. This would effectively give you 5-6 months to repay and some breathing space in the first month. Unlike other companies they will not add other exorbitant charges or interest to it. If you cannot afford 4-6 months repayment on them, then you will have to wait until they pass the debt on to their DCA (which they will do after 90 days). Their DCA will be able to set up a repayment plan up to 18 monthly payments. I do not know your credit rating and if you want to "keep" it, but basically if you set up the repayment plan over 4 months with them it will either not show up at all, or it will show up as 'Payment arrangement' on your credit file. If they pass it on to DCA it will show up as 'Default'. But do not worry too much about your credit rating, because there is no other way out than repayment plans. If you do not start repayment plans now your debt will grow (mine grew to nearly 11000 GBP with 14 payday companies). QuickQuid does not have a UK bank account to receive payments, you can pay by card over the phone. I set up a third bank account just to pay them and only paid in this bank account every month the repayment rate and then phoned them to pay. Do not set up a direct debit with them (on the third bank account) if you try to play "the delay game" I mentioned above to get an extra month, because then they will try to debit several times and this will incur charges on your bank account.

 

mini credit - £100 loan > £125 on fri 8th Aug: Again I do not know how much money you have available each month, but for this one my only advice is to try to pay them off in full and not to re-loan from them. In my opinion they are the worst (even worse than toothfairy). They will do short payment plans in the end, but only after a lot of hassle and a much bigger lot of charges added.

 

toothfairy - £400 loan > £472 on thurs 26th Jul: These are extremely difficult. You have to email them via their contact form on their website. Do screen-shots when you fill them in and save them so you have proof. Their system will trigger auto-replies if you use "key words" (e.g. repayment plan, debt management program, etc.). I would suggest to write one email via their contact form informing them about your financial difficulties and asking for a repayment plan. You will then get in 10 seconds a "reply"-email in your inbox simply stating "We cannot accept a payment plan". As a next step I would use the contact form again to email them to reconsider their position. Keep this second email short and do not use any of the "key words". This way their system cannot deal with the response and you will get a "manual typed" response from a "living person" (after a few hours probably or on the next day). This response will be that they do not do repayment plans and listing your "repayment options". Obviously this does not bring you anywhere near where you want to be, so these two emails above are just to cover yourself in case you need it as a defense later on. I could not figure out a way to deal with them, what will happen is that they will add interest at the same rate continuously, and some small charges (10 GBP every 14 days). Then after 56 days they will add 350 GBP fees as per their contract. I am unsure what will happen when they finally go to court after months, as most threads here do not show a final outcome. Some of the threads show some kind of full and final settlement, but considering that the debt will spirale from 472 GBP first to 1212 GBP (after ca. 3 months) and then to 1912 GBP (after 6 months) it would be interesting to know what percentage of the claimed amount actually was paid in the end. Anyway, depending on your available money to repay I would try to repay them soon. Probably pay MiniCredit and Toothfairy first this month if you can, and then use the next month for negotiations with the other lenders and start repaying them only from next month onwards.

 

paydayuk - £600 loan > £750 on fri 27th Jul: I arranged my repayment plan with them over the phone and they were a bit rude and pushed me into a higher rate, which I only after 3 months "adjusted". So I think also here try email to negotiate. They arrange plans for up to 12 months (I have read even up to 18 months). Pay only by standing order to their bank account (MonthEndMoney, Sort code 60-00-01, Account number 39524906) and always quote their reference number (your 7-digit loan number).

 

mr lender - £400 loan > £450 on fri 27th Jul: They will try to negotiate over the phone, and worst they will definitely try to say that you have to "roll-over" for 3-times before they can put you on a repayment plan. The best I could managed was to roll-over once, then next month paid the interest only, but made them to waive the interest payment at the end of the repayment arrangement. It also depends how many times you already borrowed from them. I did a lot, so this was a plus on my side in the negotiations. Stay tough with them, and actually this is one lender where it helped to negotiate over the phone, because I simply did not hung up but repeated "Roll-over is getting me nowhere, I need a repayment plan now" I think in the end they were more fed with me than I was with them They do repayment plans over 12 months. Only pay by standing order to PDL Finance, Account number 21538284, Sort code 40-06-23, quoting your 8-digit reference number.

 

wonga - £1000 loan > £1417.13 on thurs 9th Aug: They are easy to negotiate with, though they might require a basic I/E form. They do repayment plans up to 18 months, negotiate by email, pay by standing order to Wonga, Account number 21544926, Sort code 40-06-09.

[sidhu_82]

I get paid this friday so do i have enough time to open a new account. Applied to halifax for the easycash account but they say it can take up to 7 working days and my details will come through post.anyone know of another bank that i can go into and get a basic account so they give me the account number and sort code straight away?

[Dale1985]

You will get your Halifax account number and sort code in a letter after a few days. The card will then follow a few days later. I know this as I have just set one up and have received details and debit card, just awaiting pin number. It has only taken 5 days

Edited July 23, 2012 by Dale1985

[renegadeimp]

try the coop. its opened over the phone and the account number/sortcode can be given immediatley. Although it does take a few days for the cashcard etc to come though the post.

[Jamie Kingston]

I dont think you can in a such a short time - can you get paid into a partners account or parents account until you do? If not, just cancel the current card and stop any direct debits, check the night before payday to ensure that no new unauthorised direct debits have been set-up

[renegadeimp]

Cancelling the card and stoping DD's doesnt always work. Creditors utilise CPA's on accounts now, and most banks are very reluctant to cancel them, even though they are breaking the law if they dont.

[sidhu_82]

I have now called barclays and cancelled my card and been to halifax bank to open a new current account which they were very helpful with and set me up on the reward current account using just a £10 deposit. So my salary which will come in on friday is hopefully safe for now. There is nothing in my barlcays account at the moment so they would not be able to take anything out. Halifax said they will switch my direct debits from barclays - i only have 3 debits listed so i think that is fine. Can someone confirm that none of the PDLs will know about my new account. Still waiting for responses from the emails I have sent to the PDL companies. Will update when i get responses

[Jamie Kingston]

OK, keep us posted, you've done all you can for now and I think rene is referring to very rare cases, you should be OK if you have told them it's been stolen (rather than lost) then all CPA and regular payments get cancelled...

[renegadeimp]

Cpa will not get cancelled unless you instruct your bank specifically to cancel it.

[sidhu_82]

here is the response i have received so far:

[sidhu_82]

Toothfairy: Dear ,Thank you for emailing us.Payment PlansIt is always advisable to stay in contact with your creditors to avoid additional penalty charges.Loans are meant to be repaid in full at the end of the initial loan term. This is made very clear in the terms and conditions you agreed to when you took out the loan. We cannot accept a payment plan. Please confirm when you will be making FULL PAYMENT to close your file. Please note payment of GBP 472 needs to be made by 25.07.12 to stop this file being passed to third party Recovery Agents and further fees being added.however......you can rollover / extend your loan by just paying the interest on day 28 of your loan. You will receive an email explaining this when you are eligibleThanksCollections TeamToothfairy Financet: 08000 882 222

[sidhu_82]

here is reponse from swift sterling > Thank you for your email. We would like to inform you that we do not offer the option for a payment plan.The loan will need to be repaid back in full. If the payment is not made on the repayment date, a late payment fee of £59.00will be added on to your account and the file will be moved to one of ouraccount managers who will be able to hold up your file with him for a fewweeks. After this time frame, if payment is still not made, the file will be passed onto a third party collection agency. Should you require any further information, please don't hesitate to contactme. Sincerely,KatianaPayment ServicesSwift SterlingPhone: 08000 124 087