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Dealing with Payday Loans

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marilyna
marilyna Posts: 150 Forumite
in Debt-free wannabe
I have 7 Payday loans.

  1. Pounds to Pocket
  2. PaydayUK
  3. Swiftsterling
  4. Mr Lender
  5. Quickquid
  6. Moneyshop
  7. Speedloan

I decided to get on top of things, when one of my PDL's did not reloan this month. It is sobering realising how long I have had some of these PDL's and how much money I have thrown away. I have never defaulted on any of the loans, but now have to, to get my life on track. The end of every month was a constant juggle, and most of the time I paid all my PDL's back in full, then reloaned. A few of them I would roll over. Have written to most explaining my situation, defaulted on two yesterday, and am waiting for them to contact me.

PaydayUK and Pounds to Pocket have come back to me with proposals. Pounds to Pocket have said they will not accept standing orders or giro slips. I will not give them my debit card details.

Swift sterling, won't discuss anything in writing at the moment, and I won't speak to them on the phone.

Have any of you had any success with any of these companies?

Did they freeze interest when you paid them back?
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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Combo Breaker First Post
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    Firstly as an absolute priority, open a basic bank account and have all your income(salary, benefits etc) paid into that so PDL cannot take lump sums from your account, which they tend to do on as a matter of course if you read some of the other PDL threads.
  • matttye
    matttye Posts: 4,828 Forumite
    First Anniversary First Post Combo Breaker Debt-free and Proud!
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    Stand firm and tell them you'll pay by standing order, faster payment or cheque; something that you're in control of.

    If you allow them to set up a direct debit or CPA, they'll just take whatever they like from you.

    If they continue to harass you by phone and ignore your requests to correspond in writing, make an official complaint to each company in writing and complain to the OFT as well, as they're breaching debt collection guidelines.

    The above post is not a bad idea either. I know you've cancelled CPAs with your bank and so far they haven't allowed money to come out, but out of an abundance of caution it's probably a good idea to move your money elsewhere anyway.
    What will your verse be?

    R.I.P Robin Williams.
  • marilyna
    marilyna Posts: 150 Forumite
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    Deleted User wrote: »
    Firstly as an absolute priority, open a basic bank account and have all your income(salary, benefits etc) paid into that so PDL cannot take lump sums from your account, which they tend to do on as a matter of course if you read some of the other PDL threads.

    Yes, spoke to HR on Friday, and having my salary moved somewhere else.
  • marilyna
    marilyna Posts: 150 Forumite
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    matttye wrote: »
    Stand firm and tell them you'll pay by standing order, faster payment or cheque; something that you're in control of.

    If you allow them to set up a direct debit or CPA, they'll just take whatever they like from you.

    If they continue to harass you by phone and ignore your requests to correspond in writing, make an official complaint to each company in writing and complain to the OFT as well, as they're breaching debt collection guidelines.

    The above post is not a bad idea either. I know you've cancelled CPAs with your bank and so far they haven't allowed money to come out, but out of an abundance of caution it's probably a good idea to move your money elsewhere anyway.

    Thanks Mattye,

    I will stand firm. There is no way I will allow them to set up a direct debit or CPA.I wait to see what they do this week. Will keep you posted.:lipsrseal
  • marilyna
    marilyna Posts: 150 Forumite
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    PaydayUK emailed me yesterday demanding payment, and asking me to contact the collections team. Yet the collections team had sent me an email last week regarding a proposal of a repayment plan.:mad:
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    marilyna wrote: »
    PaydayUK emailed me yesterday demanding payment, and asking me to contact the collections team. Yet the collections team had sent me an email last week regarding a proposal of a repayment plan.:mad:
    It's just one member of the department not communicating with the other members. They see a late payer on the system and the first one to get to it tries to get the debtor to pay. Just ignore it.

    They will all eventually freeze interest. The sooner the do it the better for you. Do not roll any more over. Your credit will be destroyed by one default so having 7 defaults on one day will make no difference whatsoever.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • marilyna
    marilyna Posts: 150 Forumite
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    HappyMJ wrote: »
    It's just one member of the department not communicating with the other members. They see a late payer on the system and the first one to get to it tries to get the debtor to pay. Just ignore it.

    They will all eventually freeze interest. The sooner the do it the better for you. Do not roll any more over. Your credit will be destroyed by one default so having 7 defaults on one day will make no difference whatsoever.
    Thanks, I had suspected that they all don't communicate with each other. I have defaulted on all of them now. That was what I had to do to get out of the spiral. So rolling over, is a thing of the past.;) My credit file is trashed now.

    Negotiating with PaydayUK now. Pounds to Pocket are insisting they don't accept standing orders, so I am not bothering with them. Have written to everyone else, waiting to hear.
  • sexyshark
    sexyshark Posts: 298 Forumite
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    i noticed that one of them is swift sterling these with me was a pain in !!!!, they always said to me they don't except payment plans by the person, only by dmp managed by either stepchange or payplan,

    So I had to wait 2 months until they passed it on to a dca
    Sealed pot member 095 SPC No 7 £578.32
    sealed pot No 8 Target £750 TOTAL £1059.86:j
    sealed pot no 9 Target £1200 TOTAL £1073.38:cool:
    sealed pot no 10 Target £1200 TOTAL £1209
    sealed pot No 11 target £1250 total £TBC
  • marilyna
    marilyna Posts: 150 Forumite
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    sexyshark wrote: »
    i noticed that one of them is swift sterling these with me was a pain in !!!!, they always said to me they don't except payment plans by the person, only by dmp managed by either stepchange or payplan,

    So I had to wait 2 months until they passed it on to a dca

    Thanks Sexyshark,

    You are right. They have just called me insisting that I speak to them on the phone, and settle my debt today. They said if I don't call them today, they will pass it over to debt recovery. I am happy to communicate with them via email, but they won't have it.

    I am not with a DMP, and would rather deal with this myself.

    Have you come to an agreement with the DCA yet?
  • sexyshark
    sexyshark Posts: 298 Forumite
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    marilyna wrote: »
    Thanks Sexyshark,

    You are right. They have just called me insisting that I speak to them on the phone, and settle my debt today. They said if I don't call them today, they will pass it over to debt recovery. I am happy to communicate with them via email, but they won't have it.

    I am not with a DMP, and would rather deal with this myself.

    Have you come to an agreement with the DCA yet?

    yes i have i received an email from clarity and for my £648 they excepted £30 every four weeks,

    once it is passed on you will hear very little from swift after they pass it on, in fact my dealings with clarity has been very easy and everything was done online, and I have not even spoke to them



    I hope this helps
    Sealed pot member 095 SPC No 7 £578.32
    sealed pot No 8 Target £750 TOTAL £1059.86:j
    sealed pot no 9 Target £1200 TOTAL £1073.38:cool:
    sealed pot no 10 Target £1200 TOTAL £1209
    sealed pot No 11 target £1250 total £TBC
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