Time to get away from this mess and sort out my life.

[determinedtobefree]

Hello, I have finally had my lightbulb moment and having started piecing my life back together following 5 years of paying huge interest on payday loans. I have just been accepted on a degree course at University and this has given me the drive and determination to succeed and make a good life for myself. I have worked out that I have paid over £5000.00 in interest alone on these loans, and the thought of this has made me feel physically sick. I currently have 5 payday loans active (Lending Stream, PaydayUK, TxtLoan, Cash Genie and Quid.co.uk) at the moment and a loan with Ladder Loans. I have already made an arrangement with TxtLoan for approx £20.00 a month for 5 months starting at the end of this month which I am happy with so they are not an issue and have been great to deal with. I have also come to an agreement with Lending Stream for around £60.00 a month for 6 months. This is a high amount a month but I want them all gone within 6 months so I am ok with this price. That leaves Cash Genie (£200.00 loan with £60.00 interest) PaydayUK (£100.00 loan with £30.00 interest a month) and Quid.co.uk (£175.00 Balance). I need to know the best email addresses to contact for these companies to arrange repayment plans, but I am scared they won't talk to me and will contact my employer etc. All I want is to arrange a plan for the balance (Loan plus 1 month) over 6 months but I know it won't be as easy as this. The final loan I need to get resolved is Ladder Loans. I borrowed £1000.00 over 12 months with repayments of approx £165.00 a month. I've paid 3 installments of this so I've paid back over half of the amount I borrowed. How should I go about arranging lower repayments with this as I would still need this gone by September but the monthly amount is crippling me. Any help would be very much appreciated. Thanks in advance

[determinedtobefree]

Anyone?

[Guest Payday Survivor]

QuickQuid will probably offer to split what you owe into 3/4 monthly installments if you contact them via live chat. If you can't afford this then decline it and contact them through their resolution service to agree on a reduced monthly figure.

 

Payday UK set a repayment plan with me after one phone call to their collections team. No extra charges/interest added but i should note they did pass it onto a DCA after a while, even though i was making the agreed the repayments. Still the DCA was no problem to deal with either.

 

No experience with the others but i had a similar 12-month loan with Cash Converters. They continued to add interest/charges after we agreed on new monthly repayments but a formal letter of complaint swept those away. They even knocked some of the debt off

 

I trust you have secured your finances by replacing your debit card, removing CPA etc? I always advocate getting a new bank account to be on the safe side and avoid any nasties.

[Lottielox85]

It seems like a huge mountain to climb but it can be done. I've negotiated with most of our PDLs and got payment plans agreed. I've got 10 of them to pay off but after a lot of hard work I will. Be free from them by this time next year!

 

Txtloan were without a doubt the easiest ones to deal with, one email and it was sorted. They just had to wait an extra day for the first payment as my bank were slow I sending it it but after that no issues! I will have even cleared them a month early! Still negotiating with PDUK, LendingnStream and a few others but have been putting aside what I'm offering them each week into my ISA until I get their bank details as I won't pay by card! I might even be in a position to offer one or two a full and final settlement figure soon.

 

Don't panic, it seems impossible now but you can and will get out of the PDL cycle and trap.! I will never ever take another one out and am proud of the fact we will have got ourselves out of £16000 worth of debt in 18 months through working all the hours we can, selling our old crap, etc! I'm absolutely rubbish with money and if I can stick at it then I'm sure you can do it too!

[determinedtobefree]

Thanks for the input guys. I know I'll get there, it's just scary initially! I'm going to cancel my card, ring the bank to cancel all the CPA's and then email all the companies left (Cash Genie, PDUK, Quid.co.uk) With regards to Cash Genie, does anyone know if they're likely to agree a 6 month plan?

Also, with regards to Ladder Loans, I'm going to email them telling them the situation and just give them my I&E and see what they suggest.

[renegadeimp]

THe hardest part of dealing with your debts is taking the first step. Once you have done that, everything else just starts to fall into place.

[determinedtobefree]

Just a quick update, payment plans agreed with everyone. Bank details obtained and card cancelled, CPA cancelled, new card on it's way. Much much easier than I thought. It is possible to break free guys, so if you're struggling, don't worry!

[renegadeimp]

Check your repayment plans and make sure you have gotten written confirmation from each lender, and there are no side clauses attached.