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Hi,I have been in contact with Lending Stream trying to sort a payment plan out and they have asked for a copy of my pay slip - do I have to provide them with this does anybody know please? Really don't want to pass it onto them if I can help it.Also, payday express have said I can only arrange a payment plan if I come under the following criteria: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.As none of these apply to me - I just got too many PDL's and are unable to pay them off without getting myself further in - does this mean they won't help me set up a payment plan? As this is my lowest PDL of the lot, I am less worried about them but I have learnt that their interest will be ridiculous and of course they will keep adding it on.Any advice would be appreciated. Thanks x

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Hi Joannebrown1982,

 

Legally you do not have to provide the payslip to LendingStream. Also legally no PDL has to accept repayment plans.

 

That said it will help in the negotiations if you provide the payslip to LendingStream together with a simple Income/Outgoings list showing that you can only repay over e.g. 12 months.

 

LendingStream is easier to come to a repayment plan than PaydayExpress. Depending on who the other PDLs are, what you owe them and how much you have available to repay each month, I would rather try to get reduced repayment rates from the other PDL and offer PaydayExpress a full and final settlement of 60%.


24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

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They have replied and I think I finally have agreed a payment plan with them. They haven't mentioned the payslipn again so I'm hoping they won't! I have payment plans now set up for Wonga and Lending Stream. Payday Express and Quick Quid are proving the hardest to get any help from at the moment.

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Also legally no PDL has to accept repayment plans.

 

Have a read of OFT guidance on debt collection. You are correct where you say they dont have to, but they must negotiate, taking the persons financial situation into account, and must come to a compromise that doesnt worsen the debtors situation. They cant simply say "no", as it would be a violation of the terms of their credit licence.


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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