Payday Loans - Why did I do it!!!!!

[Concerned77]

Hi There,

 

Over the past 18 months we've got ourselves into a bit of trouble with Payday loans and now owe quite a bit of money to them (I'm just getting figures off the several companies we used).

 

I've read on here about paying just balance & 1 months interest. Is there a tempate I can use to send to the companies requesting this.

 

Many Thanks

[biggeorge]

Hi Concerned77,

 

You firstly need to ensure that any funds/income you have coming in is secure, Normally a new bank account is the best way and get funds/income into the new account.

Look on here for Cancellation of CPA for your bank and hand deliver to your branch obtaining a receipt for this, always follow that up with a copy sent recorded delivery.

 

Work out what you can afford to pay the PDL's per month and write to each explaining your circumstances have changed and you need a payment plan at £ (quote what figure you came up with as spare).

Depending on the amount you offer and your circumstances you should get some arrangements in place. If they say your amount is not enough you tell them that's all you can afford and its that or nothing,

do not be bullied by them. Do not ring them unless you can record the call, keep everything in writing.

As for the loan amount and 1 months interest, that is correct although I'm not sure if that includes any roll overs or increases/top-ups to the original loan.

 

George