Payday Loan Nightmare - Help PLS

superstar24

sammy -

the payday loans you had were they with high street lenders? just out of curiousity how did you deal with the situation when the banks bounced the cheques? did you offer the pd companies a payment plan? did they accept

superstar24

just thought i would give everyone an update:

I have managed to have the interest frozen on 2 of the payday loans and agreed repayments:

Payday UK - £562.50 - £80 repayment agreed
1month loan - £390 = agreed repayments of £60

[Deleted User]

Good luck with sorting this out. Looks like its gonna be hard work but you sound sensible enought to do it....

superstar24

certainly. am taking the right steps. have sent e-mail to another payday company today so hopefully they will come around too....

TotallyBroke

That's great news, update your soa to show this. It will keep you focused and show you how far you have come so far.

superstar24

more success:

I just got interest frozen on quickquid and agreed to payment plans

Payday UK - £562.50 - £80 repayment agreed
1month loan - £390 = agreed repayments of £60
Quickquid - £70 = payment 1 made today of £100 bal 650 to paid in 3 installments of 170 , 225 & 225.

has anyone had any dealings with Harvey & Thompson pawnbrokers & chequeca$hing? hoping to get plans set up there too...

Dpm01867

To be fair, i know its not the correct way to deal with these companies but i had a few and in the end just couldnt pay them, I initially set up a payment plan like yourself which was too high, then i got them to accept over a six month period which i still didnt stick to. in the end both pay day uk and quick quid accepted my phone call of a full settlement at a reduced cost so i saved over £400.00.

If you choose to do that please make sure you get them to send the amount in writing that they will accept for the final payment

superstar24

Dpm01867 wrote: »

To be fair, i know its not the correct way to deal with these companies but i had a few and in the end just couldnt pay them, I initially set up a payment plan like yourself which was too high, then i got them to accept over a six month period which i still didnt stick to. in the end both pay day uk and quick quid accepted my phone call of a full settlement at a reduced cost so i saved over £400.00.

If you choose to do that please make sure you get them to send the amount in writing that they will accept for the final payment

well to be honest the repayments i have offered them are what I was paying in interest alone every month so for the moment i can afford it. however if i do have spare cash lying around then i would definately call them and ask them for a settlement figure which would hopefully be lower than what i am paying at the moment....

Tixy

Glad to see you are having success with them, and good of you to report back. Often people ask how well payday loans companies take to reduced payments / DMPs and whilst we can advise its good to hear evidence of them being fairly reasonable.