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Good morning, I need some help and advice. I took out two loans before Christmas, one with Quick Quid for £300 and one with Lending Stream for £400.

I have paid one payment back to Quick Quid of £44 and I have paid two payments to LS - £153 and £212 but there is still a balance of over £400 outstanding. I am currently signed off sick from work and awaiting an operation so I am on SSP. I cannot afford to repay at the rate they want - the next LS payment due is for over £200!! I contacted my bank yesterday and cancelled the CPA. They told me that if either company took any money from my account it would be refunded within 48 hours. What else do I need to do now? I have not contacted the companies yet. I know that realistically I need to offer them at least something but I am worried that they will not accept my offer. I have been advised that I can claim Housing Benefit and Council Tax Reduction to help me over the next few weeks but I still will only be able to afford a maximum of £10 per month to each company. I would be grateful for any help and advice on the proper way to deal with this as painlessly as possible. With many thanks.

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I appreciate that it is personnel info, you can provide the sick note if you'd prefer. Still give them a ring, ask to speak with whomever deals with customers facing financial issues and explain whats happening, I suspect QQ and Lending Stream will be quite understanding and offer to take minimal payment for a while, while you get back on your feet, you are after all offering to make payment even if its a smaller amount than expect.

 

In the mean time, don't borrow any more money, not only will it look like you're not being truthful with QQ/LS but it'll only end up looping back to you not being able to afford repaying it.

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I have absolutely no intention whatsoever of borrowing any more money!! It has to go down as the most stupid thing i have ever done in my life!! Obviously I had every intention of repaying and had I been entitled to company sick pay, may have been able to keep up, however I have not been there long enough so it is a case of getting ssp for the for-seeable future. I am signed off for another month as of yesterday and will need quite a lot of recovery time.

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Hi,

 

I didn't mean to imply you might borrow more money, however from my own silly experience the temptation to make a "problem" go away by borrowing more ended up in a DMP for two year so far, something I'd rather no one else went through if they can avoid it.

 

It's good that you do want to repay and you are showing you want to make payment with the reduced amount. Hopefully once you are back on your feet again everything goes smoothly for you.

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It's ok...I know that wasn't what you were trying to say. It really was such a stupid thing to do and I deeply regret it as it has caused a great deal of distress at a time when I really don't need it. I just know that calling these companies is often problematic and I wondered if putting it in writing would be better? The bank told me that they would be informing the companies that the CPA had been stopped.

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In this case giving them a quick call would be the first step, if they refuse then a letter would be the best course of action. Stay calm and let them know whats going on, I really doubt they will refuse a payment during this time, if you are off for a whole month it should be in theory two months before you have a wage packet again.

 

Just as an aside have you considered using some holiday to at least boost what you have or have you had to drop out of work full stop?

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Hi, the first thing I did when dealing with pay day loan issue was to close by bank account, so they could not take money from my account and then I emailed each one of them, detailing my financial difficulty and asked them to freeze the interest on the loan to prevent further charges and I offered them a small amount every month. They agreed to this and after one year, I was pay day loan free. I had to deal with over 8 companies and they all agreed to this solution. Hopefully, this will help you in your current situation.

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