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Hello there, I do hope some of the great members of this forum could help me out!

 

Basically I've been really stupid and have amassed a large amount of debt with these three pay day brokers, I've somewhat come to my sense now and have realised I cannot keep paying off each loan with a brand new one!

 

I have sent emails to each othe the three companies in question, so far the only response i have recieved is from Wonga, who have told me that i have to wait until the due date to set up a repayment plan. I'm sure you can tell this is very stressful and i have absolutely no experience or idea of what these companies can give/ask for?

 

So any advice would be golden...

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You need to make sure your money is safe come payday - they will simply try to collect the debt from your account.

 

You must (and I mean must) cancel your card and contact the bank to stop any Continuous Payment Authority. Sometimes, even if you report your debit card lost and get it cancelled, these leeches can still push through a debit from your account. Ring the bank, report your card stolen and request any CPA's are stopped.

 

Some banks will play ball, you may need to press them to have it done.

 

Safer bet is a parachute account and get your wages safely into an account these PayDay Loan companies know nothing about.

 

Once your money is safe, you basically treat them like every other debt. The general advice is to contact them (in writing only) and offer a repayment plan that you can realistically afford. Your terms, not theirs. Again - advice I received here is you commit to paying back the amount you originally borrowed plus ONE MONTHS interest - that's it. Ask for a sort code/account number so you can make payments - don't divulge your new card details or setup any Direct Debits. Once you have their bank details, you make the payments direct on your terms.

 

They might bully for in Income and Expenditure form, refuse. They don't need to see it. Offer what you can afford and only pay back what you borrowed and a months interest.

 

Getting your money safe come payday should be the priority though, the rest can be dealt with after.

 

You are not alone, a lot of us have been there done that and it is stressful, but you have done the right thing posting for advice and before you know it, this will all be in the past.

 

:)

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We need more info on your debts.

 

Could you post a list of each lender along with full breakdowns of the debts. It is important to note that payday lenders add on unlawful fee's and charges, purely to line their pockets.


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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Also, income and expenditures can be requested and there should not be an issue with this.

 

If you attend debt counseling they would provide this to your creditors. A common financial statement doesn't necessarily name creditors, but they should be able to see that payments are being pro-rat a appropriately.

 

It seems common place on this forum for some users advice given not to provide these, but part of the OFT guidelines state how a lender should use this information.

 

Wonga should be fairly easy to deal with, Payday Express however often need a formal complaint submitting before they agree.

 

Hope this helps.

 

CO

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but part of the OFT guidelines state how a lender should use this information.

 

because PDL's care about regulation right?

 

 

Cags advice is NOT to give out an I&E form, but a simplified budget summary if you even feel like giving anything at all. Remember, these are LOW PRIORITY creditors and arent entitled to any personal info.


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 QuickQuidCustomerService

Hi, Tudgie. We are happy to help you arrange a payment plan that works better for you. We need more information to locate your account in our system, however. Of course, your online safety is key, so I'd like to ask if you would please contact us directly in a way you prefer. The quickest way to sort out the issues you listed here would be if you could ring us at 0800 635 0834, but you can also find email and Live Chat options on our website. Please also mention your post here and your CAG username. I personally alerted our team, and mentioning these details will help our reps identify you and properly escalate you to a manager. We're looking forward to speaking with you soon. Thanks!

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Please ignore QQ customer service. They have yet to help anyone, and indeed we have had people come back to say that they have been pressured into agreeing to thiongs they do not want.

 

To the QQ rep. Please understand that this is NOT the US. Nobody needs to call you at all. We have a legal statutory right in this country where everything is in writing, and there is no need at all to contact the creditor by phone. Especially with a company with as bad a reputation as yours and who loves to add on unlawful charges purely to hike up the debt. Not to mention that you regularly refuse to send people a transcript of the call.


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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hey guys, thanks for the responses.,

 

i haven't approach the matter yet as i'm sure i will need more guidence on it... i've now recieved responses from payday express and wonga, still no email response from quickquid despite me emailing them a couple of times.,

 

here are my responses from the other two...

 

 

Payday express:

 

 

Dear Mr Tudge

 

Account number:

 

Balance £361.20

 

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 90 days past the original due date whether an agreed repayment plan is in existence or not we will 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 .... and one of our Financial Difficulties advisers will be able to assist you.You can also contact us via email at, 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

 

 

 

Wonga:

 

 

Hi there. Thanks for contacting us to ask about setting up a repayment plan.

 

We appreciate you alerting us a potential problem and understand that unexpected things happen in life, but we are unable to agree a repayment plan and treat your account as if it's in arrears before your agreed repayment date. The reason is that we want to give you every opportunity to stick to the terms of the original agreement without forcing you into an arrears situation.

 

If you can pay some of the outstanding balance you may be eligible to extend your loan for up to 30 days. You can do this within a week of the current repayment date, but not on the day that repayment is actually due.

 

As a responsible lender, we do require a part-payment of the balance. This means that the outstanding balance is decreased and that you only pay interest on the remaining balance. There is a £10 fee.

 

If this may suit your needs then you can apply for a new repayment date by logging in here - and choosing the 'Extend my loan' option. It's all online and you can also add and select alternative payment cards if need be.

 

If you can't make any payment however or you don't want to extend your loan for some reason, then please make sure you call our friendly team on the morning of your due date and discuss the situation with an advisor. At that point we may be able to agree to a repayment plan, after discussing the options.

 

We do want to help you get things sorted so please contact us on ...., between 9am and 10pm, Monday to Friday. If your due date falls over a weekend or bank holiday, please call us the day before.

 

Thanks for keeping us posted and getting in touch.

 

 

Kind regards,

 

 

Customer Care

Wonga

 

 

in regards to the actual amount i owe:

 

Payday expess - 361.20 - 8th feb

Quickquid - £551.25 - 8th feb

iWonga - £525.48 - 10th feb,

 

My income for this month will be around £400 as i only work part time and spend the rest of the time as a student. Any futher advice would be fantastic, i haven't done a thing yet until i get a clear idea of what is the best way forward... Thanks.

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PDE are talking out of their arse.

 

Wonga starts off well, but then starts to break OFT guidance yet again by saying they require "part - payment as a responsible lender" and there's a £10 fee". Sorry wonga, if you were a responsible lender you wouldnt be forcing people to pay more unlawfuls fee's which make the debt higher as well as demanding a lump sum when youve been told the debtor cant afford it.

 

Also they are breaking guidance yet again by saying you can rollover the loan, meaning you pay the interest up to a date you choose, therefore paying out yet more money without the debt going down.

 

They then say you have to call them if you have problems, which again is a violation of OFT guidance. Specifically the part that says a debtor must be contacted in the manner he/she wants, and not forced otherwise.

 

They really are stupid.


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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iWhat would you recommend sending back to these emails renegade, i am willing to accept repayment plans with all three but because of transport in getting to Uni and paying for my phone bill i end up with about i£100 pounds to spread between the three, do you think i should offer i£33 pounds a month to each lender and briefly explain my financial footing, whilst also cutting down what they are already telling me?

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No. Here's what you need to do first.

 

SECURE YOUR MONEY. If they get a hint you are going to default, they will strip your bank account. To secure it you need to write a letter to your bank stating that you wish to stop ANY and ALL transactions including CPA's to the named lenders and their associated merchants.

 

Take the letter to your nearest branch, get them to photocopy it and sign, date and stamp both copies. They keep the original, you keep the copy.

 

From the moment that is done ( the bank cant refuse. If they do, they are breaking the law), you are covered if any money is removed. Should the money be removed, the bank is legally obliged to refund the money immediately and cancel any charges that might have been levied on the account due to the debits.

 

 

It might help if you use a parachute account.

 

 

Once this has been done, sit down and work out your entire income and expenditure. Make sure you allocate money for socialising ( normally 1/3 of what is left after all high priority bills are paid), then the rest can be split between the creditors. If you need help with a budget planner, try http://www.nationaldebtline.co.uk/england_wales/pdf/personal-budget-sheet/pbs-monthly.pdf I know CAG has a planner too, but the link address escapes me right now.


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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Okay i will do that tomorrow... but because i have given the bank the letter it doesn't mean the have to do that? Or is it a request the bank can't turn down can they refuse to stamp and date it?

 

Also due to the content of the letter is there an official layout or just as simple as you told me?

 

Thanks alot for the help!

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There is a law made in 2009 which states that the bank cannot refuse to follow your instructions to cancel payments to a lender.

 

have a read of http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(2-Viewing)-nbsp


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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