LDJ's quest to get rid of my payday loans thread

in Debt Free Diaries
44 replies 4.7K views
Hello,

After much lurking, i have finally decided to join this site and start a thread to log my progress in trying to rid myself of the evil payday loan debt that now stands at £6616 :eek:

I like to think i'm a reasonably intelligent person but for the life of me, but i wish someone could have given me a kick up the backside last year when i got involved with payday loans.

It's the usual story really, my car needed £800 of repairs to get through the MOT, then we needed a new boiler etc etc... and so it spiraled.

I'm paying nearly £700 per month to extend/renew these loans and it has now started to affect my mortgage and household bills being paid.

I also have a small problem with my heart in that i am on medication due to an irregular heartrate that has gotten worse with all of the stress.

My lightbulb moment was last week when i nearly ended up in hospital with chest pains after realising i had no money after being paid as the payday loan companies had debited me earlier than i had expected.

I've started contacting all of the companies to ask for my accounts to be sent to their collections teams so i can start negotiating paying them off over a few months

I'd really appreciate some advice and support if there's any going spare

xx
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Replies

  • I hope you get a good response from this as I'm am trying to the same and have emailed them only to be told only deal over telephone but I want everything in writing for my records.
  • pepe2008pepe2008 Forumite
    5.2K Posts
    I hope you get a good response from this as I'm am trying to the same and have emailed them only to be told only deal over telephone but I want everything in writing for my records.

    They HAVE to accept a request to make contact ONLY in writing.

    OFT Guidelines Section 2.2g...'ignoring or disregarding debtors legitimate wishes in respect of when and where to contact them...' is unfair.

    Download the full Debt Collection Guidelines at www.oft.gov

    and always COMPLAIN.
    :D:D stay wonky :D:D

    ....one-way ticket to Portugal booked !
  • GeorgeUKGeorgeUK Forumite
    7.7K Posts
    Payday loan companies are not known for their generosity and may continue to add interest and charges for a while.

    It might be worthwhile trying to get a loan from a credit union - their rates aren't as good as the high street banks, but are a little more forgiving if you don't have a great credit rating. See if there's one near you, but you may need to be a member for a few weeks before they allow you to apply for a loan.
    http://www.abcul.org/page/members.cfm
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • LDJ2009LDJ2009 Forumite
    159 Posts
    Thanks for the replies :)

    George, i managed to get a small loan from my local credit union to clear the payday loan that had the most outstanding. I'm saving as well with them so eventually, i'll be able to borrow more.

    Three payments were due today

    Quickquid - emailed 3 days ago and told them of my problems and that i wanted to go onto a payment plan. Advised they'll be in contact after the loan is passed to their collections team - as i type, i've just had an email from them sending me a payment reminder

    Payday Express - spoke to them on Tuesday - beyond pleased as their collections team agreed to me paying £70 per month over 5 months to clear the debt :T

    PoundstilPayday - sent them the same email as Quickquid, they ignored my email telling them i only want contact by email but the collections person that phoned me was fine actually and went through the whole process about how it'll be transferred to Clarity.

    Wonga - payment isn't due til the 9th and their renewal process means that they ask for 20% of the balance plus a small charge each time you renew so i have emailed them asking for clarification that in 5 months, if i was able to keep renewing and paying off the 20%, would this clear the debt.

    I had a chat to a friend of mine last night who was in a lot of debt after her partner left her. She really made me see sense as i was letting my mortgage and household bills fall behind because of the payday loans so i'm ready to stand up for myself and fight these payday loan companies and not let them ruin my life and more importantly, my health.

    L x
  • edited 3 November 2009 at 6:49PM
    LDJ2009LDJ2009 Forumite
    159 Posts
    edited 3 November 2009 at 6:49PM
    Received the default notice from PTP today by email so that's a step towards the DCA getting involved. That way, i can at least set up a payment plan

    Feeling a little deflated today and am in a panic about if the companies will start phoning me at work even though i asked them not to in writing :(

    Have a lovely weekend all xx

    p.s i'm rather proud that i haven't spent any money in 4 days now. Amazing what you can rustle up from the depths of the freezer :T
  • LDJ2009LDJ2009 Forumite
    159 Posts
    Emailed QQ and PTP today to offer £60 per month to clear the loans.

    Not holding out much hope though :rolleyes:
  • LDJ2009LDJ2009 Forumite
    159 Posts
    Received an email from QQ last night at 10pm :rolleyes:

    They're not accepting my payment offer and want me to contact them to make a suitable payment arrangment.

    Would appreciate some help from anyone who has been in this situation before.

    I had about 2 hours sleep last night through stressing about the mess i'm in :(
  • Hey there,

    Not been in this situation (ie with payday loans) but didnt want to read and run, those in the know will be along soon! Just wanted to say that from what I've been through it does get sorted ....just take bleep bleep time! But you'll get there, what you must try not to let it do is affect your health, easier said than done I know, your health is something you cant put a price on. They can't have what you haven't got. From my experience ONLY deal in letters, it can bite you on the bot if you dont.

    You will get there and I am sending HUGE wishes that it's soon!

    Have you tried CCCS? Or another charity? They may help and take some of the stress from you which is clearly causing you the probs by dealing with those who are not playing by the rules!

    C
    Debt: LBM = Oct 07 - £21k. DFD - [STRIKE]DEC 10[/STRIKE] [STRIKE]JUN 10 [/STRIKE] [STRIKE]MAY 10[/STRIKE] [STRIKE] MAR 10 [/STRIKE] 5th FEB 10 £0 :money:
    Now to attack the mortgage!!
    Balance at Feb 10: 185,848.89
    Current Balance:180,820.81
    MFD: July 2019
  • LDJ2009 I am in a similar situation.

    Once the debt is passed onto debt collectors, it is easier to set up repayment plans. Keep at it. AND THEN DON'T GO THERE AGAIN!!!!

    Believe it or not, they will allow you to borrow off them again once the debt is settled. Don't do what I did, and use them again :mad:
  • LDJ2009 wrote: »
    Received an email from QQ last night at 10pm :rolleyes:

    They're not accepting my payment offer and want me to contact them to make a suitable payment arrangment.

    Would appreciate some help from anyone who has been in this situation before.

    I had about 2 hours sleep last night through stressing about the mess i'm in :(

    Stick to your guns. Tell them that it is all you can afford. If they don't, they will pass on to a debt collector, who will be more willing to accept a lower payment for a couple of months (but then they turn the screw and ask for more, which may be possible as you're saving on the rollovers etc)
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