Help please immediatley!

[brasillia17]

I have 4 payday loans outstanding which are as follows

Moneyinadvance £176

Lendingstream £260+150

pduk £163

all due on the 10th of august

 

Wonga £434 due on the 31st of august.

I have lost my job and i am going to unfortunatley be able to afford to pay anything! I live with my partner and together our outgoings are now around 200 pounds more than our earnings! My obvious route is to get a job asap but untill that point i really dont know what to do.. i have read through many posts and debthelpline websites advice but just do not know where to start or what to do.... please help.

[renegadeimp]

First get a parachute account and secure your money. Do NOT give any creditor the new bank account info.

 

They advise each of your creditors that you will need to default and arrange a repayment plan of £1 a month to be reviewed in 3 months time. If you are on benefits, get the job centre to write a simple confirmation letter. This way the PDL's must accept the plan.

 

Also, try to stop worrying. These are very low priority lenders.

 

 

Secure your money ( if the PDL's have your debit details, they will raid your account, regardless of what you say). Contact each creditor in writing and not by phone, and advise them of your situation, and give them proof if necessary. Don't give them a P45 or bank statements.

 

Make sure ALL communication is in writing. If they try and call, simply overtalk them and say "everything in writing only please". Then hang up.

[brasillia17]

I have a 500 pound overdraft on my santander account and worried about losing my current account! if they attempt to take money out of my account will i get charged if there is none in there? I know how quickly these things can spiral and that is why i am in this position in the first place. moneyinadvance has already asked for a payslip and bank statment as proof this is the message.

 

Dear Mr .........

Thank you for your recent email regarding arranging a payment plan, before we can do this we would need to see proof of your financial situation, once we have received this we will call to discuss the amount offered and arrange repayment dates with yourself. Also once you are entered into a payment plan we will freeze interest and default charges on your account.

 

 

In order to process your request, please either fax (0844 774 8747) or email ([email protected]) a clear copy of last months bank statement to us and your latest payslip.

 

Please quote reference number .......

 

Kind Regards,

Money in Advance

 

 

 

Regards Money in Advance

 

this was my response

Thank you for your email.

 

I appreciate your response but unfortunatley I dont believe you should be asking me for a copy of my bank statement or wageslip, I am not willing to provide this personal information. I will provide you with an income and expenditure form in an email shortly after i have had time to sit down and work it out. I also appreciate your offer to freeze interest and default charges on my account if i enter into a payment plan but as i said before i dont think i will be able to make a payment at all with my current situation. If you could freeze my account and interest now and not attempt to take payment and review the situation in 2 months time when hopefully i would have returned to full time employment that would be extremeley helpfull in my time of financial difficulties.

 

Kind regards,

 

 

any thoughts?

Edited August 3, 2012 by brasillia17

[renegadeimp]

First, delete your name from the post. AS it can be used to identify you. ALso, set up a parachute account with a different banking group and get your income paid into that. You can deal with the overdraft as and when you need to. The most important thing for you to do right now is make sure your incoming money is fully secure.

[brasillia17]

I am considering a debt relief order, although I know I need to help myself and that may seem extreme I suffer with depression and trying to get my head around writing all these letters and being rejected all the time is very hard I feel as though my head is going to explode with worry!

[brasillia17]

Agreement No:

 

 

Cancellation of Continuous Payment Authority

 

Dear Sir / Madam

 

I have tried to discuss my financial difficulties with you over the phone and spoke to several of your customer service people who gave the advise that i need to default, which i dont think is the best way to deal with the situation! I have tried to arrange a payment plan, I would appreciate if you could put a freeze on my account and interest as i am currently not in a financial position to be able to afford to make any repayment as i have lost my job. I am trying my hardest to resolve this situation and hope to be employed again as soon as possible. If you were to attempt to make payment from my account this would put me in further debt and make it harder for me to make any type of repayment to you in the future as will increasing the debt with adding further interest to it. I would like to reasses the situation with you in a months time on the 6th of september and would much appreciate your co-operation. If I have agreed to making payments towards my debt with you using a ‘Continuous Payment Authority’ I am informing you now that I withdraw my authorisation for you to take any payments from my account with immediate effect. I am cancelling this in accordance with the Payment Services Regulations,

as governed by the Financial Services Authority. Any further use of the card will now be classed as an ‘unauthorised transaction’. A copy of this has also been sent to the bank that issued my card.

 

Thank you for your assistance with this matter,

 

 

Yours faithfully

 

This is the most recent email i have sent them... is this ok?

[renegadeimp]

Yes. Also, get a copy of that letter, and write a short and simple letter to your bank and hand it in in person. Make sure you get a receipt. The bank is not allowed to refuse to accept the letter or refuse to act on your instructions.

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority

Read it fully and make sure you state the FSA regulations (law) to the bank if they start to say no. Do not back down. If the bank refuses to act upon your instruction then they are breaking the law and MUST be reported.

[brasillia17]

The problem i have is that the payday loans sometimes take money out of the bank under different names, the ones i am concerned about or who arent being helpfull is moneyinadvance and paydayuk, if i say to the bank i know longer give them permission to take money from my account and those arent the names of the companys actually taking the payment? i think paydayuk is memcapital but no idea what moneyinadvance is. this friday will be the first time they seek to take payment. Is just providing the bank with the name of the company enough? is there any sample letters for the bank and not for the creditors?? or do i write a generic one saying that I refuse any company to take any type of recurring payment method from my account from hear on? any help is appreciated.

[renegadeimp]

Then get your bank to cancel all CPA's on the account. Do NOT take no for an answer. Make sure you report your card as lost as well, and get a new one.

[brasillia17]

I have already reported my card as lost and a new one is in the post, although i have heard some banks will still allow them to take payment mine being santander? if i write this to the bank and hand it in at the desk?

 

**********

**********

**********

**********

07 August 2012

Santander

55 Otley Road

Leeds,

West Yorkshire

LS6 3AB

Dear Sir/Madam,

I am Writing to you to to tell you that I would like you to stop all ‘Continuouspayment authority’ payments from my account as of today the 7thaugust 2012 which I understand to be my right as stated here inaccordance with Regulation 55 of The Payment Services Regulations 2009. My accountnumber is ******** and sort code **-**-**. I have informed the company’s ofthis also but believe they may still make attempt to take payments.

Thanks for your co-operation.

Yours faithfully,

***** *****.

[renegadeimp]

You need to write to y our bank and instruct them to cancel the CPA's on your account. Once they are given this letter and you have gotten a receipt, under UK law, if they allow any money to be paid to the merchant by way of a CPA or even a debit card transaction, then they MUST refund the money. If the transaction put you into an overdraft, they must remove it and remove all charges.

 

Your letter is good, but it can be reworded.

 

ALl you need to put is:

 

Dear Bank Manager of xxxxxx bank.

 

I request that upon receipt of this instruction that you cancel all CPA's relating to xxxx merchant immediately on Sort code: xxxxx Account Number: xxxxx

 

Under Regulation 55 of The Payment Services Regulations 2009 you are obliged to comply immediately with this instruction.

 

Sincerely

 

XXXXXX

 

Dont ask them, you must DEMAND it. You dont need to give the ending statement that you have tried to contact the PDL. That is no concern for the bank. Under the law, they must carry out your instructions regardless of what they might think.

 

Make sure you allow them a couple of working days before any confirmed transaction is due to take place, as a lot of banks are very lax towards carrying it out. You dont have to but its good practice.

 

Also, hand it in person to your bank and get a receipt. If they refuse to acknowledge, take names and employee numbers and get complaints in to all the relevant authorities. If they try to deny you were there ( some banks have been known to do this.... halifax) the CCTV will show you were there.

Edited August 7, 2012 by renegadeimp

[Jamie Kingston]

if you report your card as stolen, not lost, that should work on it's own...

[renegadeimp]

Lost works the same. The bank cancels the card regardless.

[brasillia17]

08 August 2012

Santander

55 Otley Road

Leeds,

West Yorkshire

LS6 3AB

DearBank Manager of Santander bank.

 

I request that upon receipt of this instruction that you cancel all CPA'srelating to Wonga, Paydayuk, Moneyinadvance and Lendingstream merchant immediately on Sortcode: 00000 Account Number: 00000000

 

Under Regulation 55 of The Payment Services Regulations 2009 you are obliged tocomply immediately with this instruction.

 

Thanks for your co-operation.

Yours faithfully,

;;;;;;;;;;;;;;;;;;.

this is the new letter, do i take it sealed addressed to bank manager and just hand it to desk and ask for a reciept or actually ask to give it to bank manager?

[renegadeimp]

Yes, take it sealed to the bank. ALso, check your bank statement and find out the merchant names, as some banks wont process the instruction unless they know the names of the merchants. For example, PDUK is MEMFinance or something like that.

[brasillia17]

that is one of my problems see earlier post that i dont know merchant names for lendingstream, moneyinadvance.

[renegadeimp]

Check your bank statement. It will be on there. If you dont have one, just go to the bank and get one from there. Then edit the letter and take it in.

[brasillia17]

they havent attempted to take payment yet this will be the first time so it isnt on my statement, the name they use to credit my account will that be the same?

[renegadeimp]

They use different names for processing transactions.

 

In addition to your CPA letter, add the fact that you want ANY and ALL future transactions by the companies stopped.

[brasillia17]

how will i find out the names of the merchant then? im confused

[PDLVictim]

Hi brasillia17,

 

LendingStream will try to debit your account under the merchant name "Lendingstream.Co.Uk"

 

Moneyinadvance will try to debit your account under the merchant name "Money In Advance Limited"

[brasillia17]

that is great would anybody be able to confirm wonga and payday too just so i know ive got it all right?

[renegadeimp]

Just remember, if they havent debited your account yet, the CPA's might not exist. Make sure to tell your bank you want all transactions stopped. If they try to say no and ask why, simply tell them you will be paying them though an alternate account, but they are refusing to remove account details.

[PDLVictim]

Hi brasillia17,

 

Payday UK will try to debit your account under the merchant names "www.Paydayuk.Co.Uk" or "MEM Consumer Finances" (It seems they get bored easily so keep switching these names )

 

Wonga will try to debit your account under the merchant name "www.Wonga.Com"

[brasillia17]

08 August 2012

Santander

55 Otley Road

Leeds,

West Yorkshire

LS6 3AB

DearBank Manager of Santander bank.

 

I request that upon receipt of this instruction that you cancel all CPA's andstop all transactions relating to merchant’s Lendingstream.co.uk,Money In Advance Limited, www.Paydayuk.co.uk,wonga.com and MEM ConsumerFinances immediately on Sort code: AccountNumber:

 

Under Regulation 55 of The Payment Services Regulations 2009 you are obliged tocomply immediately with this instruction.

 

Thanks for your co-operation.

Yours faithfully,

*********.

This is my new letter and hopefully all is right and correct. The bank should definatley give me a reciept to say they have recieved my letter??? thank you all for your help it is easing my stress and much appreciated.