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Too many payday loans :-( can't pay anymore.

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Hi all,

 

Well I've got my self into the same mess as so many others here. I have 4 payday loans and I just cannot afford to pay them back in one go so need to set up payment plans.

 

They are.

 

Quick Quid = £700. paid £175 twice (interest) to roll over. £875.00 to repay in full.

 

Payday uk = £350. paid £87.50 once (interest)to roll over £437.50 to repay in full.

 

Payday express = £400 have not made a payment yet but interest would be £118.00

 

Wonga = £550.00, but breakdown on their webiste is weird. - says capital repayment £550, interest repayment £250.02, transmission fee £11.00, other charges £20 ( i think this was the deferral fee) and - (minus) repayments made is £353.21 but then they say the total to repay is £477.81? seems like I've pad a lot but still a lot to pay??

 

I have cancelled my debit card, and I want to write to each of these to explain that I cannot pay them in full but want to set up re-payment, I am worried because quick quid has my work phone number and I have read around that they will call work numbers, that would be awfull for me and could get me into a lot of trouble - can I stop them?

 

Can anyone help me here with a template to send please?

 

Thanks

 

Myfamily

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You need a full breakdown of all the debts before you negotiate repayments. ALso, before you do that, you need to secure your bank account. If you dont, and they get a hint that you wont repay them on time, they are known for dipping into your bank account and taking what they want anyway.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I have already reported my card stolen, I get paid in two days so can't change that yet.

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OK. Just start by writing to each lender - before you miss payment offering x amount per month for x months. Maybe something as follows:

 

Amounts are for example purposes only.

 

I am writing to inform you that I am seeking advice and assistance regarding my current financial difficulties. I am in the process of going to a debt management plan however, I wondered if you would be so kind to accept a repayment offer with myself. I believe the repayment from a debt management would offer you 10 pound per month and I am wondering if you will accept 50 pound per month on the loan.

 

To this end, I would appreciate if you could allow me to offer to you the monthly payment plan. I am contacting all my creditors today and have advised my bank also. Please email me back rather than phone as I need to ensure everything is confirmed in writing.

 

Also, during this period, could you please confirm interest and/or any other charges do not accrue on my account.

 

Please also confirm your bank details so I can begin payments. I would be happy to make my first payment to you when I get paid in 2 days time.

 

I look forward to hearing from you as soon as possible.

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Get the cpa cancelled or say goodbye to your money.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Quick question,

 

If I have already paid £175 twice to roll over the quick quid one then do I just owe them £525?

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Well, I've defaulted with quick quid - althogh I tried to contact them to set up a repayment plane befroe the payment due date but got no reply, I have offered them £50 per month, but they are refusing to give me their bank details so I can make payment - they insist that I can only pay by direct debit, debit card, or cheque. I have told them that this is not acceptable but I would see what I could do (so I thought I would get a pre paid card instead and not tell them t was pre-paid!!).

 

But I got and e-mail today saying that they will not set up the plan without my new card or bank details and in order to check the details there noeeds to be £1.00 in the account, the address needs to be the same as mine which it would anyway but am wondering if they are trying to check if it's a proper accout that way?

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Hello again.

 

Can anyone help me here, Quickquid are being very awkward about giving me their bank details, has anyone managed to get these details from them, I don't want to give them accout details or card details but if I can find a bank account and pay them that way they can't reject it can they?

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Guest Payday Survivor
Hello again.

 

Can anyone help me here, Quickquid are being very awkward about giving me their bank details, has anyone managed to get these details from them, I don't want to give them accout details or card details but if I can find a bank account and pay them that way they can't reject it can they?

 

I gave them the card details of any 02 pre-paid card and they set up an arrangement no problem at all.

 

Still, they're the only payday loan company i have left to pay off and i've paid little to date since i defaulted in November 2011.

 

Don't worry about them lot too much and use their resolution service if needs be.

 

That's what worked for me.

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Prepaid cards work well. You just need to make sure that you never tell them that it is a prepaid card, and pay it over their website. If you tell them its prepaid, they will decline it straight away as they know they cant pass on the details, or more-so start debiting it whenever they like.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Guest Payday Survivor
Prepaid cards work well. You just need to make sure that you never tell them that it is a prepaid card, and pay it over their website. If you tell them its prepaid, they will decline it straight away as they know they cant pass on the details, or more-so start debiting it whenever they like.

 

Yep!

 

The 02 prepaid card shows when QQ have made numerous attempts to debit the card for money.

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Hi Jbscot

 

CPA = Continuous Payment Authority.

 

I called the bank and cancelled my debit card but some of these loan companise can use the bank details that you give them for money to be paid in and take money out of your account so you have to cancel the CPA on your account from any of these companies.

 

Apparently some banks are better than others at doing this, I called mine and they were quite good, 2 of these companies tried at the end of last month to take their money and it was refused.

 

Still having problems with quick quid though, they refuse to give me their account details, so I'm going to reduce my offer to them now and tell them that I'm going to send them a postal order each month, (the reduction in their offer is to take into account the increased cost to me to pay them this way - petrol, cost of the postal order, postage and time going to the post office) :-)

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I agree with Jamie. Never pay a PDL by Direct Debit. They can alter the date and amount they debit as and when they choose to do so.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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using the old card stolen just doesnt work,the only thing is to open an account with another bank,the co-op and barclays both do a basic visa debit account with no credit checks.

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this CPA or recurring payment is scary. The FSA have told the banks that if someone requests to cancel a transaction at the bank then this MUST be completed and therefore if any further transactions are taken from the account then this would be an unauthorised transaction. The banks are frequently telling the customers to contact the retailer or payday loan company to cancel this CPA or recurring payment. The direct debot scheme offers more protection than the Continuous Payment authority. This is why even when we cancel our debot card and have no direct debot set up they can just take as much as they want whenever they want. I am going to call the bank of scotland today to cancel these CPA's and to test their knowledge on this and then I will cancel my debit card. I will then contact Wonga and QQ to request that any recurring payment/continous payment authority is cancelled immediately.

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Hi Everyone,

 

Can anyone help?

 

I sent e-mails to all the Payday loan companies above and told them I have had a change and cannot afford to paybakc in one lumps sum and asked for an arrangement.

 

Payday express were due today and have so far called me 12 times!! They have sent an e-mail which reads

 

"Thank you for your recent contact and your request for a repayment plan.

 

Our accepted criteria for a repayment plan are as follows:

 

 

· Significant Loss of income

 

· Unexpected change in personal circumstance, e.g. Long term sickness

 

· Severe Disability or illness (including close family members)

 

· Terminal illness or Mental illness (including close family members)

 

· Deceased (including close family members)

 

· Redundancy or Reduced hours (contractual hours reduced by company)

 

 

All or any of the above may require documented evidence, i.e.

 

· If you are now unemployed or in receipt of financial support, please provide proof of unemployment or redundancy. If your contractual hours have been reduced by your employer, please provide a letter from your employer on company headed paper to confirm this.

 

· If your circumstances have changed due to personal illness, please provide a copy of a doctor’s note or hospital letter.

 

 

If your financial circumstances have changed we may be prepared to consider a reasonable and affordable repayment plan.

 

A repayment plan does not vary or release you from the terms and conditions of the signed loan agreement, so if you fail to comply with the terms of repayment plan we have the right to obtain payment of the full amount outstanding together with accrued interest and charges from any of the debit cards that you have supplied to us.

 

At 120 days past the original due date whether an agreed repayment plan is in existence or not we may register a default on your records with credit reference agencies.

 

 

Should you wish to discuss these options or your account please call our office on 0115 908 1163* and one of our Financial Difficulties advisers will be able to assist you. You can also contact us via email at collections@paydayexpress.co.uk, there may be up to a 3 working days delay in responding due to the number of emails we receive.

 

 

Our opening times are: Monday to Friday: 9am – 5.30pm

 

Best regards

 

Express, Collections Support "

 

 

I am currently going through hell with a repossession case with Barclays First Plus and my wages have not changed but sue to court case, I have various other expenses and I just cannot afford this, I am not prepared to give them proof of anything!! I don't think they are entitled to it - are they?

 

Can anyone help me with a reply to this e-mail, I have made my offer and that's it, I am not sending any documents to them.

 

Please help.

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Stick to your guns. They have no right to see any of that info. If they refuse to give you bank details, send in postal orders and tell them that you are deducting the cost of the po and stationary used, from the amount you owe. They cannot refuse this payment.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Hi Renegade

 

Thye haven't so far refused to giveme bank details, but I am not going to send them any of the things that they list but I don't even fall into any of their "criteria".

 

Can you help me with a reply to that effect, not sure how to word it, I want to pay them bakc but I can only afford a small about £10 a month at the moment, just so stressed don't know what to do!

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Im at work right now but if nobody else posts one, ill write on up when i get home.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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They have now called me 20 times using 01159081162 and 3 times using 02031894795, unbelievable.

 

Getting really pee'd off, I have not answered the phone but if it carries on tomorrow then I will and the poor person on the other end is gonna get it!!!

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Ok. Heres what you do. Write down the date and time of each call. Send the company the telephone harassment letter. Give them 2 days to receive it and action it. Keep those calls logged. If they still harass you, inform the OFT, giving the details of every call, and also OFCOM.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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