Advice re Payday loan repayment plans

[Jamie Kingston]

You should start a new thread - From what I understand it would not affect agreements already in place, only once the new legislation comes into affect. Caggers with more experience should be along soon to give more concrete information.

[westfield]

Penny ignore what cfo say. In my opiniom you only owe what you owe now plus maybe a default fee

[zydeco]

adding a £35 set up fee

They just love to add unlawful fees don't they?

 

@Gav Kasso

The capping of pdl interest won't affect people with loans before the legislation comes into affect.

laws generally don't act retrospectively, although it would be nice if in this case they did.

[Penny Dropped]

Just had a call from my colleague. Still only THL and1i Month Loan have responded. Wonga sent a auto generated email 14 hours after her 1str email re a repayment plan advising they will respond to her email within 24-48 hrs. Advised her to call them to explain her predicament as many have said she will need to complete a I&E. She was informed this must be done by midnight aas payment is due tomorrow. She had offered them £79 pcm. firt attempt they said £314 based on her I&E - riduculous givne she clearly couldn't afford this. After 3 attempt trying to get it to around £79 she got the respons that someone will contact her in the next 3-4 days but they will stop interest and charges. do you think they will forward it onto a DCA so soon? I think I'm as anxious as her as to what her bank account will be like in the morning given sh couldn't totally secure her money in another account.Forgot to mention the bank stated the forms they completed were to cancel the CPAs but this can only be done if the PDL company request the amount she has specified, and we all know they are likely to try varying amounts if their first attempt fails. The info I found on CPAs didn't state they could only be stopped providing the bank were advised of the specific amount that would be collected.

[Jamie Kingston]

I reckon Wonga will accept, they don't want to be seen as being unreasonable. Wait out the 3 - 4 days, it doesn't cost any more to wait.

[toptrapper]

Agree with what Jamie K has said, although I'd suggest caution in phoning Wonga (or any other PDL for that matter) unless you have recording equipment. In my experience what they tell you on the phone on what they believe is entirely different.

 

£35.00 for a repayment plan? Cheeky sausages! THL may say that in their T&C's (and having looked at their T&C's, they seem to have been made up on the hoof), this does not make them fair. To be honest I've not heard of these people prior to this thread? I'd be tempted to ask for a justification of the charge, how they believe this is fair and how it's justified when they're clearly dealing with a vulnerable customer.

 

Just because they ask for a kings ransom, doesn't mean that's what your colleague is forced to pay. What's their justification for £314? When they contact her, again make sure you get this in writing.

 

I'm not sure the banks suggestion that a CPA can only be cancelled if a PDL company request the amount? That suggests to me this may be too late? I've taken this comment direct from FSA's own website which confirms -

 

"Cancelling a regular card payment

 

When you give your credit or debit card details to a company and authorise them to take regular payments from your account, such as for a gym membership or magazine subscription, it is known as a ‘recurring transaction’ or ‘continuous payment authority’.

 

These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.

 

In most cases, regular payments can be cancelled by telling the company taking the payments. However, you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments. Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments."

 

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

[westfield]

Although many pdls have improved their service that is hardly exciting news as anything would have been an improvement. I would certainly not talk on the phone. Email or letter only,not only is it your right it also in my opinion sends out a message saying you will not be pushed around but want to keep a dialogue open.

[andydg]

been following this thread, any updates?