About to begin taking on a few PDL companies, help would be great.

[OllsP]

Hi all, nice to be part of your community.

 

In short, due to the roll over on one PDL about a year ago, I now have 4 currently running in order to cover each other. I have never missed a payment with any of them. However I now feel the only way to get out of this situation is to take them on.

 

I have no family to help me out, and even if I did my pride would get in the way of asking for help.

 

Ideally I am looking to pay £20 a month into each of my loans.

 

Payments are due on the 31st of May.

 

I have moved all the money / salary out of my current bank account into a new one, and declared my old account / card stolen. As well as asking the bank to freeze the account.

 

The question I would like to ask is 'simply', where is the best place to start, what initial email will help them take note from the off that I am serious?

 

Any help to guide me through these next stressful weeks would be amazing as I only have limited knowledge surrounding PDL's.

 

Thanks in advance

O

[OllsP]

Step one complete:

 

Salary moved to a safe account with a different bank.

 

Email sent to my old bank - Nationwide, removing all active CPA's, yet to receive a response.

 

Will keep you all updated with my progress.

 

O

[OllsP]

Payday loans currently active:

 

PAYDAY UK

 

LENDING STREAM

 

LADDER LOANS

 

QUIKQUID

 

WONGA

 

If anyone with experiance with any of these companies could step forward that would be great.

 

Thanks

 

O

[renegadeimp]

Hi OllsP. I t seems you are on the right track. Just make sure you don't give in to any silly demands they might make. ALso, if they ask for payslips, bank statements etc, just laugh at them and tell them where they can go. The ONLY thing they are allowed is a very simple budget summary.

 

As for the lenders you have issues with, have a read of the relevant forums. There is a LOT of good information in many threads./

[OllsP]

Thanks for the response Renegade.

 

One question which is troubling me, how do I stop the loans from defaulting, which in turn would effect my credit rating?

 

Do I need to arrange the payment plans by the end of the month ideally?

 

Thanks

O

[renegadeimp]

Youd have to come to an arrangent with pdls. Some allow a fair amount of leeway. Others will use your credit file to blackmail you. If you come to an arrangement to pay then really they shouldn't default you. Doesnt stop them trying though.

[OllsP]

If we haven't reached an agreement for a payment plan by the 30th May, will they automatically default me? Due to me missing the payments oustanding?

 

Also, this has just been received from Nationwide regards my CPA's.

 

Dear Member,

 

Thank you for your message.

Unfortunately Nationwide is unable to stop these payments from being debited from your account. However, now that we have received notification from you to cancel this payment, going forward if any future payments are debited, please inform us and we will arrange to refund your account.

 

I would recommend that you contact the retailer or company to ensure that they are aware of your intentions to cancel your payments.

 

 

Regards

 

O

Edited May 15, 2013 by OllsP

[OllsP]

Nationwide are now really starting to annoy me, not even answering questions, such as; 'Why can't you stop the payments, do you not know the law?'

 

Not hanging around, complaints made with the fos.

[OllsP]

RESULT, after a series of emails back and forth to Nationwide, I am happy with the outcome, CPA's stopped!

 

Dear Mr xxxxxxxx,

 

Thank you for your message.

Please accept my apologies for the previous message.

 

We are not able to stop Visa Payments from being debited from your account. These types of payments are set up with the merchant directly and are debited by them and not sent by your bank or building society. These types of payments are not listed with the rest of your regular payments such as Standing Order and Direct Debits and we are therefore unable to see which payments are set up and when these are due to debit.

 

However, once you notify us that you have withdrawn your consent for these payments we can add a note to your account which should notify us the next time these debit and we can then refund these for you.

 

Please be advised that in order to do this we require the names of all merchants you wish to stop making payments to, along with the last time they have debited your account if possible.

 

This goes for all financial institutions. The FSA are aware of how we are proceeding with these types of payments and we are fully compliant.

 

As you have kept your account within your agreed overdraft limit £xxx, the only charges incurred will be interest charges.

 

I would like to thank you for contacting us, if you need anything else please reply to this message.

[renegadeimp]

Wait. Refund? So theyre letting the payments happen BEFORE they do anything about it? Keep that complaint with the OFT and FOS. The law says quite clearly that the bank MUST decline any transaction you cancel. NOT allow it and then refund it.

[OllsP]

I've just done some simple maths, and was rather shocked by the results.

 

Totalled up all my payday loans, divided it by the total amount I can afford to pay monthly, and was left with how many months it would take.

 

For example £3000 toal debt divided by £180 total amout I can pay monthyl across all lenders.

 

Comes to just over 16 months, take into account some loans will be paid off quicker than others, should even be a few months sooner.

 

My question is, why are this PDL companies so un-helpful when it comes to setting up payments plans. If they just agreed I would have them paid off in full in no time, including their interest, and never have to use them again!

 

Currently in email battles with 7 of this companies, hopefully these plans will all be agreed soon.

[renegadeimp]

My question is, why are this PDL companies so un-helpful when it comes to setting up payments plans.

 

Because its a corrupt industry that is pretty much unregulated. It's why we call the companies 'legal loan sharks'. They exist soley for money. They couldn't care less who they loan money to, or the difficulty they might have paying them back.

[OllsP]

4 / 7 PDL companies have agreed a payment plan so far. Paying £20 to each of them a month.

 

They are putting up a fight, however if you just keep badging them more than they badger you, they will soon be keen to agree.

 

I like to follow every email up with a call, and just let them know again and again I'm willing to pay £20 a month. Seems to be working.

[toptrapper]

Sounds good so far although can I suggest you don't follow up by calling them? if you want to follow them up, send them an e-mail as PDL's have the morals of an alleycat, cannot be trusted and will twist your words.

 

Which PDL's are you struggling with?

[OllsP]

Lending Steam / Payday UK / Wonga

 

Once these are sorted, I will be very happy indeed. I'm very stubborn, and due to reading up on the law / CAG, I feel 100% confident when dealing with these crooks.

[toptrapper]

Read this thread on lending stream. if they're ignoring you, register a complaint asap and contact the OFT.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?390722-Arch-Enemy-Lending-Stream&p=4237741#post4237741

 

I thought Payday UK might have upped their game following the recent PDL Suicide where their own DCA Keyes Whitlock were named and shamed. Keep emailing them ensuring you keep full records of when your reasonable contact them and if/when they ignore your requests to make payment. The same with Wonga, the key to any of these PDL's is to ensure everything is kept in writing and keep off the phone.

[OllsP]

I've got indivdual files tracking all emails sent and received from each lender. Trying to keep as organised as possible, as it will help if / when I need to get the fos or oft involved.

 

Thanks for all the infomration and help, its very much appreciated! Will keep you updated with my progress.

 

I should mention I used a template letter in the first instance, and it seemed to stop all calls from these companies. Just make sure you update the law refs.

 

Template below:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?310474-Wage-Day-Pay-Day-Loans-Letter-Template-for-non-payment-**

[toptrapper]

Looks as though you've got it all covered! Good work!

[btd332]

O/P how did you set up a repayment plan with ladder loans? Also currently paying them a crippling amount monthly and haven't been able to afford this last few months, how were they to deal with?

[OllsP]

Ladder Loans were the easiest of the lot, they did put up a little fight, however if you stay persistent they soon give in.

 

I think it also helped, that I did not have a huge amount outstanding with them.

[OllsP]

Happy face on me today, all re-payment plans agreed without direct debits, apart from Lending Stream, who have not even replied to my initial email.

Can I confirm that I am ok to pay these lenders via bank transfer from my new bank account using online banking without them being able to access my new account?

[toptrapper]

Good result OllsP.

Lending Stream ignoring you? Unfortunately not a surprise but annoying none the less. You've registered your complaint and they've decided not to respond, the ball's in their court. make your intended payment on-line and tell them again what you've done. Are they still dealing with the account or have they referred your account to their inhouse debt collection numpies Resolution Recoveries?

[OllsP]

I have no idea, they have literally done nothing. Payment is not officially due to the 31st of the month. So I'm guessing they are going to attempt to take the money from a closed bank account, and then kic off.

 

Will send them a chaser email next week and see if I get a response.

 

Feeling like the pressure is off now, and I can get on with paying these stupid debts off.

 

Thanks for everyones help, great forum, only wish I found it earlier...