Setting up Payment Plan for Payday Loan Company

pink_apple · 14 December 2010 at 11:35AM

Hi everyone

I am after a little advise please.....

I owe quickquid approx £600, I can not afford to pay this back nor keeping extending the loan. I wrote to them a few weeks ago, basically saying that I was looking at my debts, could they please hold any action on the account etc and would be in contact again within 28 days. Anyway, a few days later they called me the day after payment was due, I explained I had written in (sent recorded and id checked it had been delivered - it had) the girl said that I was best to speak to them rather than writing, so I explained I couldnt pay the full amount back and asked if we could set up an arrangement.

She said that once I had paid £112 (finance charge) which I think they are going to attempt to take friday is paid then they could look at setting something up. :mad:

The account is clear so they will not be able to take anything from it friday. However, I know come Monday they will be on the phone again.

How do I go with this....I can afford approx £50mth to pay back. How do I make them listen?

I also know that I should never have taken the loan in the first place...... :embarasse

I have nothing I can sell....so no point in that being suggested.

Any advise would be very much appreciated

Tixy · 14 December 2010 at 11:56AM

Hi

Is this the only debt you have? or do you have others? are you seeking any help from any of the debt charities?
Payday loans companies seem to be really bad at agreeing to a repayment plan when you are dealing with your debts yourself, but are often pretty quick to agree if a charity is involved. If it is your only debt and so you are dealing with it yourself then I would follow up your previous letter with a monthly offer of £50 per month, they may not agree to it straight away but at least you will have made your offer. You then need to start paying them that offer, but not by direct debit, ask for their bank details so you can set up a standing order, or for a paying-in book.

Next time they ring ask them to write to you and that you want all communication to be in writing - if they says its best to speak to them, like the girl did last time -then just say no you want things in writing. You can also send a letter saying them same (I'll fetch a template) that they have to act upon.

Edit - template letter http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4

pink_apple · 14 December 2010 at 12:00PM

Thank you for your post.....seems like I am going the right way about dealing with them.

I have a DMP with Vincent Bond, but this debt is recent and I am a bit embarrassed to go to them and tell them I have a new debt....although, this is my first and last payday loan....I have learnt my lesson

Tixy · 14 December 2010 at 12:09PM

How long have you left on your DMP?

You might want to consider moving to a charity who will run your DMP for free (I'm assuming Vincent Bond are charging a fee each month?) Plus if you moved to a charity now you could then also include this debt. IMPORTANT - Where to seek professional impartial advice about your debts.

pink_apple · 14 December 2010 at 12:14PM

Yes, they do charge a fee. I will look at moving to a charity....it makes sense

Thank you so much.

alice87 · 14 December 2010 at 6:10PM

Hi Pinkapple

When I was setting up my payments (on my own) these were quite tricky - they don't listen seeming to be the main problem. I emailed them every single day saying further to previous emails I need bank details & reference number to pay you etc etc - went on for about 10 days and they tried to phone a lot but I never answered. Eventually they agreed though. I got a bonus from work so ended up paying the lot off as it was quite low so don't know what would have happened going forward.

Good luck!

essex_jim_2 · 21 December 2010 at 4:58PM

pink_apple wrote: »

Thank you for your post.....seems like I am going the right way about dealing with them.

I have a DMP with Vincent Bond, but this debt is recent and I am a bit embarrassed to go to them and tell them I have a new debt....although, this is my first and last payday loan....I have learnt my lesson

I'm with Vincent Bond too, I wouldnt worry about telling them you have a new loan. Not one bit. For the record, as I know many on here are against companies such as VB as they charge fees, but they really, really worked for me. I had about 12 different creditors and could never have kept on top of payments and letters for that many. They done it all for me, chased like hell until everyone accepted and my whole DMP was wrapped up with everyone agreed inside 2 months of me picking up the phone to VB. Yes they may charge but if I'd gone through a charity or done it myself I bet it would've taken longer and I would've built up more charges which kind of makes the money saving argument irrelavant. My way meant ALOT less stress.

Hax · 21 December 2010 at 5:19PM

essex_jim wrote: »

I'm with Vincent Bond too, I wouldnt worry about telling them you have a new loan. Not one bit. For the record, as I know many on here are against companies such as VB as they charge fees, but they really, really worked for me. I had about 12 different creditors and could never have kept on top of payments and letters for that many. They done it all for me, chased like hell until everyone accepted and my whole DMP was wrapped up with everyone agreed inside 2 months of me picking up the phone to VB. Yes they may charge but if I'd gone through a charity or done it myself I bet it would've taken longer and I would've built up more charges which kind of makes the money saving argument irrelavant. My way meant ALOT less stress.

Jim - the CCCS will provide exactly the same service as VB. I started with Gregory Pennington and yes, they were great - but when I discovered the CCCS, I moved over to them and things ran just as smoothly.

Also, creditors are more likely to accept a DMP through one of the charities. The reason being, you probably end up paying more in fees to VB than any single creditor gets and they see that as money that they should be owed. E.g. If your monthly payment to VB is £400 and they take say 15%, that's £60/month they're taking. Some of your creditors may only be seeing £10 to £15 per month and will begrudge agreeing to a DMP where the arranger is getting such a large fee.

Taking out new credit when on a DMP is always going to be a gamble.

Ellabelle · 21 December 2010 at 6:34PM

essex_jim wrote: »

I'm with Vincent Bond too, I wouldnt worry about telling them you have a new loan. Not one bit. For the record, as I know many on here are against companies such as VB as they charge fees, but they really, really worked for me. I had about 12 different creditors and could never have kept on top of payments and letters for that many. They done it all for me, chased like hell until everyone accepted and my whole DMP was wrapped up with everyone agreed inside 2 months of me picking up the phone to VB. Yes they may charge but if I'd gone through a charity or done it myself I bet it would've taken longer and I would've built up more charges which kind of makes the money saving argument irrelavant. My way meant ALOT less stress.

I would echo what Hax has said. We are not against the fee chargers because they charge fees per se. Some of them do an excellent job as essex_jim has said. We are against them because the charities do just as brilliant a job as the fee chargers and because of the way they are funded, do this at zero cost to the debtor.

I am with the CCCS and they have been wonderful. A really excellent service for free!

In my opinion, as things stand, with the likes of the CCCS providing a wonderful, efficient and swift service, paying for a DMP is like throwing money down the drain.

saltnvinegar · 22 December 2010 at 10:46AM

Hi Pink_Apple

I am on a self administered DMP and managed to come to an agreement with QuickQuid.

As you have found out getting them to listen is incredibly difficult. In the end I was put in touch with a guy called Robert Elston at Quick Quid who seems to have the authority to make these decisions. I will PM you his email address as I don't know if putting a private address on a thread breaches any rules.

I send them a postal order every month and they have been fine with this.

Best

SnV

Setting up Payment Plan for Payday Loan Company

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