5 PDLs unable to pay back HELP NEEDED

[applesandoranges]

I currently have 5 PDLs outstanding and due to my current financial situation I simply have no way of paying them back in full.

 

I am livid at myself for getting into this situation in the first place and have vowed never ever to use another PDL when this is all over but right now at this moment in time it's really getting me down and stressing me out.

 

Wonga - £670 Due 31st July £56 a month over 12 months repayment plan

1 Month Loan - £277 Overdue £23 a month over 12 months

QuickQuid £630 Due 24th August

PayDay Express £360 Due 10th August

Minicredit £125 Due 13th August

 

I was wondering if anyone has successfully negotiated long term repayment plans with these companies and would be willing to help me?

 

I've emailed Wonga and 1Month already proposing a 12 month repayment plan but I'm not feeling very optimistic.

 

The most worrying thing for me however is, because I'm a student and am currently living at home with my parents, these companies bombarding my home number with calls and stressing out my Mum.

Edited July 30, 2012 by applesandoranges

[renegadeimp]

Hi elmonoartico. Welcome to CAG.

 

Lets try and help you out. First you need to calm down, and dont panic. With a bit of forethought and knowledge you can get your finances back on track. However, you need to remember its going to be a rough road as you have some of the worst PDL's to deal with.

 

First thing to do is write to each PDL and send them the following letter, edited to suit. http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter

 

Then you need to contact your bank, cancel your debit card and any direct debits or CPA's that are on your account that are related to the PDL's. See http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(1-Viewing)-nbsp for more info on CPA's.

You MUST secure your money ASAP. The PDL's listed are known for randomly debiting your account whenever they like if they think you wont repay.

 

Also consider setting up a parachute account and put all your money in there to secure it. A good bank to do this with is the coop and open it over the phone. However, the new account MUST be with a completely different banking group than your current one and you must never pay any bills from the new account.

 

Next, go to http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#5 section 3. Use the first link on there for your own records, and never give it to a creditor. Use the second link to give a breakdown of your I&E to a creditor. Work out your offer of a repayment plan using those forms, and write, do NOT phone, and advise each PDL of your situation, stating that you are more than willing to repay the debt, you just need more time. Remember, repayments are done on YOUR terms. The PDL's will try and state they cannot accept less than xxx amount. This is wrong and breaches Regulation. Stick to your guns and send them the same repayment proposal.

 

Be warned though, the PDL's you listed are well known for adding on unfair and illegal charges to a debt to hike it up. They do this in hopes you will either back down and pay whatever amount they say, or that should the debt go to a court, they will get judgement by default and you will be liable for the entire amount. Also understand that you will get a LOT of letters threatening anything and everything they can think of. When you get these, you MUST report them to the OFT, who are the regulatory body for loans, and who are conducting a full investigation into PDL's.

 

Try not to worry. Follow the advice given and then report back once you have a reply from them.

 

 

Hope that helps for now.

Edited July 29, 2012 by renegadeimp

[applesandoranges]

Thanks a lot for the lengthy reply, it may sound stupid but I feel so relieved just sharing my problems on this forum and knowing that there are other people in the same position as me.

 

I've already set up the Halifax EasyCash account and from now on that's where my part-time job wages and student loan funds will be deposited in order to protect them from the PDLs.

 

I'm going to phone the bank tomorrow to report my current card 'lost' and I've already cancelled any Direct Debits.

 

From experience I've actually found the bigger companies such as Wonga and QuickQuid fairly easy to deal with and they only ever contact me via email which is good. It's the various other smaller companies such as PDExpress and Minicredit, and PaycheckCredit in the past were horrendous, that are very difficult and insist on calling my home 10 times a day and causing my parents stress when the answer the phone to them.

 

I'm hoping to hear back from Wonga and 1MonthLoan tomorrow so I'll post back with what they say, hopefully positive stuff but I'm prepared for the worst.

 

Thanks again for the advice.

[applesandoranges]

OK, got a reply from 1Monthloan however nothing so far from Wonga.

 

 

Thank you for your email,

 

In order to ensure your account is settled as quickly as possible we can offer the following Six instalments of £43.34 are payable on the balance of £260.00, Nine instalments of £35.56 are payable on the balance of £320.00 (Further interest added as a result of default/to enter into a repayment plan: 1 X standard interest: £60.00). any longer term repayment plan will be on the balance of £380.00 (Further interest added as a result of default/to enter into a repayment plan: 2 X standard interest: £120.00).

 

 

 

 

 

Whichever agreement you choose the account will be frozen on the figures above.

 

 

 

If you're interested please provide the following details so we can action your repayment plan;

 

™@

 

Payment date (the date you wish the money to leave your account each month)

 

Payment amount (the specific amount for us to take from your account)

 

Card Number (the long number on the front of the card)

 

Start Date

 

Expiry Date

 

CV2 (last three digits from the back of your card)

 

Thoughts?

 

I have replied saying I will repay the principal and one month's interest but have no intention of paying the charges.

[applesandoranges]

Just received email from Wonga accepting my repayment plan of £56 for 12 months.

 

1 down 4 to go!

[renegadeimp]

Repayments are to be done according to youre financial situation. Not what amount they decide to pluck out of thin air. And then have the cheek to hike the debt up even more if you cant meet their repayment plan.

[applesandoranges]

Repayments are to be done according to youre financial situation. Not what amount they decide to pluck out of thin air. And then have the cheek to hike the debt up even more if you cant meet their repayment plan.

 

1 Month Loan have accepted my offer of repayment plan now also and I'm just awaiting them sending their bank account details for me to set up the standing order.

[goonerbhoy]

From my experience with PaydayExpress and MiniCredit i wouldnt hold out much hope of agreeing anything with them, i just tried to clear the payday express loan i had asap and avoid extensions/added interest because it was evident right from the first email i sent that they werent going to agree to any sort of staggered plan. Wonga and Q.Q should both agree fairly easily although quickquid could only offer me a 4 month plan with interest frozen. Good luck anyway, you will feel so much better as you start getting each loan paid off, i'm also living at home with parents and understand how you feel, everytime the phone goes i expect it to be someone chasing me up.