PDL help please!

[Lottielox85]

We have been rather foolish and got stuck in the PDL trap and this month just cannot carry on!

 

I have emailed all the companies we owe money to, with the exception of Easy Finance And Speed Credit who don't appear to have an email address for me to contact them on! With them they can have my original loan amounts and one month interest, not a penny more!

 

We owe the following companies

 

Wonga £561

Txt Loan £198

easy Finance - they say over £1000 with their illegal charges we say £90 left to pay

Speed credit - again they say over £1000 we say £210 left to pay

Payday uk - £250

Lending stream £600

Wage day advance £310

Mini credit £570

Piggy bank £590

 

Also owe just over ££8000 elsewhere but am managing to meet minimum repayments on all these and have the £90 per week spare for the PDLs. Will worry about these when I have got out of the PDL trap!

 

That is as things stand at the moment. If they continue ageing interest and charges on then this is only going to increase!!!

 

I have offered all the companies £10 per week. So far no replies from any of them!

 

I wrote to Lloyds TSB at the start of January to cancel the CPA for all these companies. They adamantly refused to do this and I have since written to them making a formal complaint, reminding them of their legal obligations. Since my first letter Lending Stream have taken nearly £200 from the account so I will be insisting on a refund for this.

 

I have set up a new bank account with Barclays and from 31st all our money will be going into this account! Going to be a tight few months but hopefully we can be free of the PDL debt by the end of the year! I've taken on a second job to do it, and am working 6 days a week now, barely seeing my husband! Thankfully I work from home on one job so see my daughter!

 

My questions are what do I do with regards to the easy finance/ speed credit/ ndr fiasco. I can't contact them at all, and I. Pretty sure the letters I'm sending are being ignored! I am not paying them back £1000 for a £200 loan. And I have told them this and informed them I am we'll aware of my legal rights (thanks to this site). Do I ignore them or not?

 

And how likely are the other companies to agree to my repayment plans? I'm hoping to be debt free by the end of the year and am doing everything i can to sort this!!!

 

Any other advice would be greatfully received, especially in regards to trying to negotiate repayment plans with all these companies!

[manontheweb]

Easy finance appear to have a form online where you can send them a question and put in your email address:

https://www.easyfinanceclub.com/contact/

 

Alternatively wait until they all sell the debts to a debt collection agency and they are usually more forthcoming with contact details!

[PDLVictim]

Hi Lottielox85,

 

I understand you have 90 GBP per week (or 360 GBP per month) to repay those. This should be more than enough to get out of this!

 

You have to approach these companies differently, as not all will negotiate or agree with your repayment offers. As manontheweb already mentioned, some it is better to wait for the DCA.

 

Here is what I would do:

 

Wonga £561: They will send you an income/outgoings form to complete. When you do this please take care that your available income to repay non-priority debts is not higher than the repayment rate you want to achieve with them. They do plans over 18-24 months, so I would suggest to end up with them with 31.17 GBP monthly. Do not give them your card details, but pay by standing order to their bank account!

 

Txt Loan £198: They do repayment plans over 12 months. Negotiate by email only and offer them 16.50 GBP per month. Pay only by standing order to their bank account. Keep your repayment plan acceptance email they will send as they might try later on to question the agreement!

 

easy Finance - they say over £1000 with their illegal charges we say £90 left to pay: Pay them 1 GBP token payment to their bank account every month. After 1 year offer them 100 GBP in full and final settlement.

 

Speed credit - again they say over £1000 we say £210 left to pay: They will not agree to repayment plans. Pay them 1 GBP token payment to their bank account every month. Hope that they lose their license later this year If not, after one year offer them 250 GBP in full and final settlement.

 

Payday uk - £250: They do repayment plans over 18-24 months. Offer them 13.89 GBP per month and only pay by standing order to their bank account.

 

Lending stream £600: You will not get back the 200 GBP. They do repayment plans over 12 months. Offer them 22.23 GBP per month and pay by standing order to their bank account, once repayment plan confirmed with them. Ignore the online account balance as this will vary. Keep all email communication.

 

Wage day advance £310: They do agreements over 12 months. Offer them 25.84 GBP per month. Pay by standing order to their bank account. Take care: They will set up a direct debit every month three days before your salary/income is due for the whole amount. You have to cancel these direct debits manually.

 

Mini credit £570: They will not agree to repayment plans in the region you need. Request their hardship form and complete. Offer them 1 GBP token payment if they freeze interest and charges at 570 GBP. Once you have through one year of this (and repaid some of the other lenders) offer them a full and final settlement of 60%, e.g. 340 GBP.

 

Piggy bank £590: Offer them 49.17 GBP over 12 months and only pay by standing order to their bank account.

 

So overall this is 161.80 GBP per month over the first year, and then a bit less later on. You had 360 GBP so keep the remaining 200 GBP in a savings accounts for the next time you are in trouble so you do not need PDLs again.

 

Try to negotiate as above and keep calm. These are unsecured loans, there is a way out and your health and family is more important than these PDL. If they harrass you, send them stop harrassment letters or get a new phone number/email address.

[renegadeimp]

Here's the easy way to deal with it.

 

1. SECURE YOUR BANK. This may mean you need to cancel any and all transactions to the lenders and cancelling the CPA's. It may even mean you have to set up a parachute account. Going from your list of creditors, most of them are well known for completely draining a bank account dry.

 

2. Send each creditor a simple email or letter ( make sure you get a read receipt or send by royal mail recorded delivery) which states this:

 

Reference: xxxx

 

Dear Sirs,

In regards to the above account, i am currently experiencing financial difficulties which will have the effect that i will not be able to pay off my loan as per the agreement. However, i am restructuring my finances to allow me to repay the debt at a rate that doesnt leave me in further financial hardship. I would appreciate it if you could supply me with a FULL and COMPLETE breakdown of the debt in order for me to do this.

 

I require this information within 7 days from receipt of this email/letter

 

Sincerely.

 

xxx

 

3. Once you get this info, post it up here and we can tell you 100% what amounts they are able to charge and what amounts are unlawful and unenforceable.

 

 

 

Please don't worry. A lot of people here have been in even worse situations with lenders. Some to the tune of 15-20 thousands pounds. They got out of it by following good advice and keeping a cool head. Dealing with these creditors is going to be a long and tough journey, but keep your head together, and it will get sorted.

 

Also, if ANY of them try to telephone you, dont get into a conversation, just say "in writing please", even if it means over talking them, then hang up. Let us know if they continue to call and we'll help you with a letter to stop them.

 

Contrary to what others advise, my advice would be NOT to pay or negotiate any payment just yet until you get the breakdowns of the debt AND you have drawn up a full Income and Expenditure form for your records only.

[Jamie Kingston]

follow the advise of the two above - there is nothing more we can add right now, except don't worry you have it covered.