where do I start?

[micheybabes]

Got myself into a mess with PDLs and really worried about where start.I've been following some threads on this site and I know that is out there and it's possible to get back track with my finances but I'm just feeling so overwhelmed at moment

 

Here is a breakdown of what I owe

Wonga £800

Quick quid £375

Pounds to pocket £600 (150 for four more months)

Money shop 500

Cheque shop 600

 

I've built this debt up over year or so right I'm finding that I do not have any wages left for the rest of the month. I'm paying all my priority debts eg mortgage, council tax etc they are all up to date. My pay day loans are all Upto date this month but I need to work out I'll do before the end of the month when payments are due again.

Any help would be greatly appreciated

Thanks

[rebel11]

Hi michey

 

Welcome to CAG

 

The guys will advise as soon as they are available. Stay calm.

[renegadeimp]

Hiya michey. Try not to worry. Your issue is easily dealt with, especially as you are doing it a good few weeks before the payment is due. Be aware that dealing with PDL's will be VERY frustrating.

1. The very first thing you need to do is secure your finances and your bank account. This means cancelling any CPA's on the account and also demand that your bank block all transactions to the lenders. If they refuse, then you will need to look at formal complaints and also consider getting a parachute account with another banking group to which your income can be paid in, so you can be sure that your money is secure and the PDL's cant touch it.
    
   
2. Once you have done this, you must inform the PDL's at the earliest opportunity that you cannot meet the repayment and you would like them to consider a repayment plan based on YOUR financial circumstances. Be warned, the PDL's you have listed will try and generate their own repayment plan. You need to refuse it and stick to what YOU can realistically afford.
    
   
3. Then once it is agreed, you need to get their bank details and only pay by standing order. If you let them have access to your account by way of Direct Debits or Debit card, they WILL strip your account clean leaving you with nothing. Sadly as well, some banks seem to be complicit in this and completely ignore regulation, which is why i mentioned step 1.
   

 

That should keep you going for now, but if you need any more advice, make sure to come back and we can help more

 

Oh, have a read of the following links as well. Just incase the PDL's and your bank give you the run around.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?396982-New-payday-loan-survival-guide-by-mike-dailly-govan-law-centre.

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority

http://www.consumeractiongroup.co.uk/forum/showthread.php?395493-Been-refused-cpa-cancellation-since-nov-2009-Go-get-your-money-back-now!!

 

Theres a LOT of very good information there so make sure you take your time and absorb it

[micheybabes]

Thank you so much for taking the time to reply I really appreciate it. I'm feeling quite anxious getting the ball rolling but I know it will be worth it xx

[renegadeimp]

No need to feel anxious. You've got plenty of time to sort things out. Other people leave things till the last minute and expect miracles to happen. Have a good read of the info i posted and let us know if you have any questions.

[silverfox1961]

Hi,

A lot of payday companies will send you an income and expenditure form to complete. This you should NOT do as they ask for information they do not need. I do feel an I&E from the National Debline is far better and does help.

 

Others will disagree with the above statement by saying that they have no right to an I&E but I have noticed that PDL companies tend to get a bit huffy if you don't and some will not agree to a repayment plan without one. rather than getting into letter tennis over it, you would want this to go as smoothly as possible.

 

The payday companies now have the FCA on their back and they should be a bit more complaint with debts such as yours. If they refuse to treat you fairly, they could be at risk of having their licence suspended or revoked.

 

Do your I&E ( a full one for yourself and a shorter one for the companies) then work out what you have left over. Don't forget rainy day money and having a life money. What is left, you offer pro rata to each debt.

 

Don't let them walk all over you. These debts are non priority.

[renegadeimp]

No PDL has any right to see a full I&E. The only thing they can see, and it covers your back and shows compliance to a court, is as mentioned above, the simplified one from national debtline. If the PDL doesnt like it, tough luck to them.

[manontheweb]

I cannot offer professional advice but I can tell you what I did, and that was to get a new bank account and get my wages and important direct debits moved over to that, and then let the Payday loans default when they try to come out at the end of the month. YES you will get phonecalls and you can either answer them and say that you want to arrange a payment plan, or you can ignore them and email/write to the companies in order to try to setup a repayment plan

 

Once you have one month of not paying off the PDL's in full it will make such a difference, I think its worth the bit of hassle that you will get from them to start with.

 

Also get any CPA's on the 'old' bank account cancelled so that you don't run up an overdraft with the bank when the PDL's try to take their money out.

[micheybabes]

Thank you so much for replying here is where I am so far

 

 

Cancelled my cpa with bank both verbally and in writing

 

Notified wonga of my financial situation and proposed repayment offer, waiting to hear back from them

 

Quick quid have been a pain in the **s! Original loan was for £300 paid at 75 per month and then 375 end of next month. Spoke via live chat so I could save transcript they offered a payment plan of 93 quid a month over 4 months, if I can't pay 75 how can I pay 93?? They are now asking for my step change details which I've refused to give them but have offered to complete a basic i&e form

 

Does all this sound like I'm being sensible ??

 

I'm also in the process of opening a parachute account, just need to take my id into branch to complete

 

Thank you in advance for your advice

 

Michelle

[renegadeimp]

Just keep on with qq. They still think they operate under US law. Even if they decide to agree with you, theyll just sell the debt on.

 

It looks like you are getting things well under control. One thing I want to add though, with the cpa, you need a copy of the letter signed stamped and dated by the bank, or get it confirmed in writing.

[micheybabes]

Just keep on with qq. They still think they operate under US law. Even if they decide to agree with you, theyll just sell the debt on.

 

It looks like you are getting things well under control. One thing I want to add though, with the cpa, you need a copy of the letter signed stamped and dated by the bank, or get it confirmed in writing.

 

Thanks for that, they have emailed me again saying they lawfully require me to give them my debt management details, I take it I don't have to do*this?

[renegadeimp]

If you are in a dmp it's a good idea if you want them included but theres no law for it.

[micheybabes]

I'd rather leave my dmp as it is and get quick quid paid off separately, thanks for the advice regarding it being law or not

[renegadeimp]

Are you with a free DMP, or a paid one?

[micheybabes]

Are you with a free DMP, or a paid one?

 

We're with step change, due to be paid up next year.

[renegadeimp]

Thats good. It sounds like you are getting it all sorted. Slowly but surely.

[micheybabes]

Ok guys need to pick your (expert ) brains again

I've managed to borrow some cash off my brother which will pay Quick quid off in full (i actually HATE that company)

My original loan was for £300

i paid £75 "interest fee" on 29th March

then was due to pay 75 quid again on the 24th April

and then full amount plus interest the end of may

 

surely the settlement figure would be £300 right as Im paying the loan in full a full month (and a week) early or am i getting the figures totally wrong. I spoke to an "adviser" last night via live chat who confirmed the outstanding figure was £300 to settle loan, however when i've just called to settle i was told the figure is £353.27???

 

I've kept a transcript of last nights convo but they can't find it and have passed me on to a manager apparently while notifying me that for everyday interest will be added - how kind! Gggggrrrr

 

Help!!!

[renegadeimp]

By interest fee do you mean a rollover or deferment fee? Theres nothing in guidance etc to stop them chargibg it but it is definitely contestable.

 

Theyre basically making a profit of you having bad financial circumstances. Perhaps negotiate with them. Offer them the money to clear it.

 

If you want to do that then you need a specifically worded letter.

[micheybabes]

I understand it to be a deferment fee. These people are so hard to talk to, as said before it's like talking to a robot. I just want it clearing now but obviously don't want them fleecing me

 

thanks for your advice

[renegadeimp]

They are pdls. They exploit lack of law to do what they do. Qq dont care because they are us based. They threaten everything but all they can do is sell the debt on.

[manontheweb]

I would let them sell it on and then setup a repayment plan with the debt collection agency

[micheybabes]

We apologise deeply for any inconvenience. After careful review of the chat dated 15/04/2014.

Our representative did not provide interest accrued in your settlement figure.

The correct amount of £353.57 to settle your loan in full as of today's date was quoted today via online chat.

If you pay your loan off in full TODAY, we will honour the amount of £300.00 and waive the additional charges due to the

inconvenience.

 

 

Just received this email, RESULT (i think) least thats them gone now!

[dickturpinn]

IF you were trying to add a PDL to your stepchange arrangement and you took out loan after your original agreement Stepchange would rip up your payment plan as when you agree to your monthly payment plan you also agree to not incurr any more Debt

[micheybabes]

yes, thats the main reason i didnt want them involved! thanks

[micheybabes]

Well six weeks later I thought I'd give you an update.

 

Paid quick in full (thanks to my brother)

Sorted a payment plan with money shop loan just today. I was paying them £100 per month. Cancelled my cpa with them and they were adamant I gave them card details before plan be agreed but I stuck to my guns and have set a standing up with them. £30 a month.

Wonga have probably been the best and I've got standing order set up with them over another 11 months for £63 a month.

Just got pounds to pocket to sort now. They accepting any payment offer that doesn't involve paying my debt off in three months - which what had to begin with.

 

 

I'd like to thank so much the invaluable advice available on this forum. I felt so much stronger and confident when dealing with these companies thanks to the information and help received here. Looking back I wish I'd have took head out of the sand long ago instead of worrying non stop!

 

Thanks so much xx