How to go about sorting this mess out!

[mustard7]

They arent chasing.. apart from the odd email asking for me to contact them.

The problem then lies with lending stream. As no default has been issued, will they just keep marking me as a '6' for the rest of my life?

Is there not a time limit between missing 6 payments and then issuing a default?

[Sillyboywyn]

You can write to the CRA and have it removed when over 6 years.

[RobbingHood]

Of course you have to repay the loans, you can't simply borrow money and then not expect to pay it back. Trashed credit file or not, I'm afraid it's people with this attitude that makes the payday loan market operate in an underhand manner.

 

You'll have to face up to it, you borrowed it so you pay it back.

 

The defaults are there legally, you defaulted on the agreement so that's what happens and you will not be able to get them removed. Different matter if it's a CCJ and they didn't tell you.

 

Sorry to be the bearer of bad news or if it's not what you want to hear. There's plenty of advice on here about how to deal with setting up repayment plans etc.

[fletch70]

Robbinghood Do you by any chance work for a pdl. They are legalized loan sharks and many of them can not act legally. You are right that some are easy to set up payment plans however i challenge you to get bank details and a decent arrangement with minicredit.

My 200 minicredit loan turned into 1200 in a matter of weeks. Ok so i did not contact them prior to missing a payment as i had more pressing matters to deal with. I had found my estranged wife dead yet when i told them that they accused me of fraud as i had said i was single.

I have been unable to come to any arrangement with them.

So please move your head and stop judging people and suggesting it's because of customers that pdls behave this way.

There are countless threads on here of people being driven to despair or even worse.

[fletch70]

Mustard, if you do want to set up a repayment plan make sure all you pay is a reasonable amount,i.e loan and one months interest.

 

Personally i would wait till they contact you in writing.

[RobbingHood]

Ah I was waiting for that comment

 

No I don't work for a PDL company, far from it, I am just a realist and tell it like it is.

 

There's too many stories on here of people that simply want to get out of paying the loans off, yet they're quite happy to spend the money when they get it.

 

I don't agree with 99% of how PDL companies work, but I also don't agree with giving advice to people to simply ignore their debts. Not everyone who uses this forum has to join the bandwagon, everyone who takes out a loan knows EXACTLY what they are getting into. I'm not saying pay back all the charges and interest etc, repay what you believe you owe, but burying your head in the sand wont work.

 

Fact is, it is completely the reason PDL's have to use some underhand tactics to simply get their money back because too many people dont pay it back at all - what would you do if that was your business?

 

Sorry to hear about your wife, that is awful.

[Blossom99]

I completely agree with Robbing Hood, and before anyone can say I'm being judgemental I have also been in PDLS debt. Nearly £2K between Payday Express, Quick Quid and Payday Uk. They were not easy to deal with at all but with perseverance I arranged payment plans, and went without a lot, putting every spare penny into paying these of and getting rid. So yes I feel when people choose to ignore their debt it makes a mockery of those who go to a lot of effort to repay their debt. As Robbing Hood said, you borrowed the money and spent it. Nobody is here to judge anyone in financial dire straits who cannot pay their debts. But unfortunately no matter what happens in your personal life bills still need paying regardless. The world is a harsh place like that.

[renegadeimp]

Ah I was waiting for that comment

 

No I don't work for a PDL company, far from it, I am just a realist and tell it like it is.

 

There's too many stories on here of people that simply want to get out of paying the loans off, yet they're quite happy to spend the money when they get it.

 

I don't agree with 99% of how PDL companies work, but I also don't agree with giving advice to people to simply ignore their debts. Not everyone who uses this forum has to join the bandwagon, everyone who takes out a loan knows EXACTLY what they are getting into. I'm not saying pay back all the charges and interest etc, repay what you believe you owe, but burying your head in the sand wont work.

 

Fact is, it is completely the reason PDL's have to use some underhand tactics to simply get their money back because too many people dont pay it back at all - what would you do if that was your business?

 

Sorry to hear about your wife, that is awful.

 

You may think you are telling it like it is, but really you are not.

 

Fact is, it is completely the reason PDL's have to use some underhand tactics to simply get their money back because too many people dont pay it back at all - what would you do if that was your business?

 

I have to wholeheartedly disagree with that comment. It's obvious you have no idea of the people behind most of the PDL's in the UK. If you did, there would be no possible way you would have posted that comment.

[Jamie Kingston]

RobbingHood - took me a while to learn that but you are 100000% right. I went to court as well because of ignoring, stupid mistakes. Be upfront honest and negotiate.

[fletch70]

so what do you do when the pdl demands charges and won't give you bank details.

I have another that were very good to start with when i lost my job,then in one day added 400 to the balance and have refused to explain why. They then sold it to MMF who have broken several guidelines and refused to accept there was an ongoing complaint even when i gave them the name of the person at the bcca who was dealing with it.

 

All this is before we even go near the fact they prey on the most vulnerable and inspire of what they claim lend money to people who frankly should never get credit let alone expensive credit.

 

You seem to think that everyone who borrows is intelligent articulate and without any other issues. That is obviously not the case.

 

I am not prepared to give the reasons i got in a mess but some will know and while not blameless how can i possibly service 40k of debt on a single persons means tested benefit. The only way would be to.for example deal in drugs as so many do.

[janes]

hi

I defaulted on loan with them they kept ringing me at work so I got really angry and told them to delete my details or I would contact financial ombudsman. i have not heard a word since a bit worried as I have not paid any thing and that was in decemeber. should I just sit tight until them contact me

[t1ger10]

Hi,

 

I had the same from Payday Express when I defaulted. Some advice....

 

1) keep a log of calls including time and date

2) I would advise not to avoid the debt - if you can, email them with an affordable repayment plan proposal and also let them know not to contact you at work due to disciplinary actions that may be taken, and prefer communication via email or writing.

3) Most likely, they will refuse your repayment plan proposal or you will not hear back from them.

4) if you do not hear back from them within 48 hours ( and put that you would like a response within 48 hours in your email), then submit a complaint following their complaints procedure.

5) do not speak to them on the phone - keep everything in writing

6) If they still do not give you a repayment plan or respond to you or you are not satisfied with their response, you can refer the complaint to the FOS - this is how I managed to get my repayment plan agreed.

7) what I also used to do is everytime they rang on my mobile (several times a day, using different numbers), I would email them every night, stating the times they telephoned asking for them to stop harassing me as it was causing me and my baby distress. I would advise that they communicate via email or writing.

 

All the above was submitted as evidence to the FOS.

 

Good luck, but please try not avoid it as then you are only delaying the problem.

[renegadeimp]

Hi,

 

I had the same from Payday Express when I defaulted. Some advice....

 

1) keep a log of calls including time and date

2) I would advise not to avoid the debt - if you can, email them with an affordable repayment plan proposal and also let them know not to contact you at work due to disciplinary actions that may be taken, and prefer communication via email or writing.

3) Most likely, they will refuse your repayment plan proposal or you will not hear back from them.

4) if you do not hear back from them within 48 hours ( and put that you would like a response within 48 hours in your email), then submit a complaint following their complaints procedure.

5) do not speak to them on the phone - keep everything in writing

6) If they still do not give you a repayment plan or respond to you or you are not satisfied with their response, you can refer the complaint to the FOS - this is how I managed to get my repayment plan agreed.

7) what I also used to do is everytime they rang on my mobile (several times a day, using different numbers), I would email them every night, stating the times they telephoned asking for them to stop harassing me as it was causing me and my baby distress. I would advise that they communicate via email or writing.

 

All the above was submitted as evidence to the FOS.

 

Good luck, but please try not avoid it as then you are only delaying the problem.

 

Good advice here. Also, make sure you inform the OFT with as much info as possible. To add on to point 7, keep a diary of all texts/calls/emails etc and forward it in a complaint to OFCOM.

[mustard7]

I thought I would share my recent experience of this horrendous company.

I was first contacted about 4 months ago regarding an old payday loan debt. The contact was in the form of text messages only.

I had the usual threats of home visits etc etc but nothing ever came of it..

I've never once been written to by this company.! Not had a thing in writing.

Then I started to get phone calls.. Voice messages from 'mike'. But still, nothing in writing.

By now I was getting perhaps 2 or 3 calls per day and the same amount of text messages too.

However, this past week they seem to have upped the anti.. I'm now getting text messages at 12:46am and 2:50am!!!!

That was the last couple of nights.

I guess it's time I send them a letter or two?

[mr_mastiff]

I thought I would share my recent experience of this horrendous company.

I was first contacted about 4 months ago regarding an old payday loan debt. The contact was in the form of text messages only.

I had the usual threats of home visits etc etc but nothing ever came of it..

I've never once been written to by this company.! Not had a thing in writing.

Then I started to get phone calls.. Voice messages from 'mike'. But still, nothing in writing.

By now I was getting perhaps 2 or 3 calls per day and the same amount of text messages too.

However, this past week they seem to have upped the anti.. I'm now getting text messages at 12:46am and 2:50am!!!!

That was the last couple of nights.

I guess it's time I send them a letter or two?

 

Mustard7, I would be of a mind to ignore them until you receive a letter. If they do not have your address then do not give it to them.

 

Have you moved recently and their letters are going to your old address? How much was the loan for and how old is it?

 

Keep a record of all MSG/TXT from them.

[mustard7]

Ive not moved address in 5 years, however the original payday loan was taken while I lived at this address, so it is very likely that they have my current address if they wish to visit.I am not hiding from this debt, but I do think that texts in the middle of the night is a little out of order. Harrassment actually!The debt I believe is for around £250, but I cannot actually remember.I know that if they did visit then they would be wasting their time. I wont discuss anything with a stranger that comes knocking on my door. Its in writing only or I will just ignore.Is it worth putting a complaint about the 1am texts?

[renegadeimp]

Youll find those texts are automated. The only way to deal with it is a formal complaint to their compliance officer. Wait the 8 weeks, and get the FOS involved, then consider legal action depending on the outcome.

 

See Harrison vs Link. It was mainly dealing with telephone calls, but the principle is the same.

 

Just remember, it isnt a quick process, but the more you cover your back, the stronger your stance would be.

[mustard7]

Just a quickie..

What's the difference between a opening balance, default balance and a regular payment?

Looking at noddle I have the following for a defaulted payday loan

Opening balance £100

Regular payment £445

Default balance £445

[BRIGADIER2JCS]

Opening balance = Credit Facility available or in the case of a loan the amount drawn down.#

 

If this is a PDL then Reg. Payment is the sum due.

 

Default Balance the amount required to remedy the default.

 

Looks like interest and charges have been added to £100 loan.

[mustard7]

So if I was to settle this loan/debt, would I need to pay the £445 or would it be the original £100 + 1 months interest?

[BRIGADIER2JCS]

Hi there is no actual basis for this proposition of paying the original loan + 1 month interest, but you could try but it not likely to accepted in my opinion.

[mustard7]

Hi,

A few years back I had many financial difficulties and as a result I got into lots of mess with payday loans.

One being with payday express. I took out a loan for £240 back in 2011 which I defaulted on.

I initially tried to negotiate a repayment plan but got nowhere with it. So it's been sat dormant for the last 3 years. I've not made any payments or acknowledgment in that time.

However, my circumstances have now changed for the better and I would like to start the process of settling these debts, and if I can clean up my credit file In the process then even better.

So...

I have on my credit file a default from payday express. Problem is it is not for the £240 loan that I took out. It is showing as £715. (I assume charges and interest added on)

 

What's the best course of action to take from this point?

Thanks in advance

[citizenB]

Have they attempted to make contact with you during this period ?

[mustard7]

I have the odd letter from time to time. But nothing else.

[citizenB]

Righto, well for sure you should challenge any charges - so you might need to send a Subject Access Request to them unless you have copies of statements.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387306-Full-Subject-Access-Request(1-Viewing)-nbsp

 

This will give you access to all data in connection with your relationship with this company.

 

It will cost you £10.00 and they have 40 days in which to comply.

 

Once you know what you can reduce the amount by, then you can make an offer to settle the debt. Do be aware that it is unlikely they will remove the default from your file until the 6 years is up !