QuickQuid Nightmare

mias_mummy

Hi there- I posted this on Debt Free Wannabe but it might be better placed here:

Hi all,

I posted on here a good few months ago after having finally admitted to myself that I needed to take a good hard look at my finances and sort out my debts.

I am really pleased with how far I've come- I've written to all my creditors and arranged payment plans which are affordable. They have all been really helpful (had to barter a bit with Littlewoods but payments are now manageable, if not quite as low as I would like.) My current account has been closed and I am paying back NatWest the loan, overdraft and credit cards I owe them at a pro rata rate. Capital one have accepted a very reasonable monthly payment. All charges and interest have been stopped and I can't tell you how relieved I feel! I have got my creditors to agree to this plan for 12 months and with my reduced payments, I am managing to save a very small amount each month so that I will be able to pay off a larger proportion in due course. I now have a simple no frills bank account with no overdraft facility and I pay my creditors out of this each month.

My problem, however, has been my two payday loans which I took out in a moment of absolute madness. Payday Express have so far been quite reasonable- I have two payments of £65 left to make and then I am free of them forever !!

The problem is Quick Quid! I don't even know where to start. I owe them £520.43. I had been paying it off each month only to take out a new loan but I realised this was only delaying the inevitable and so I just did not pay- and of course my bank account has been closed so they have no access to my money- phew! They want me to pay £173 each month but this is just completely beyond my means. I have written to them repeatedly and all that they respond with is automated responses - "This is not acceptable, collection procedures will not be stopped" They are also demanding to know my current banking details. i take it I shouldn't give them to them?

I desperately want to pay off what i owe- I realise I took this loan out out of stupidity and I want to make amends, I really do- but I can't do it at the rate they are asking for. I have asked them to at least send me the details to pay a little off each month- I figure they might not like it, or think it's enough, but at least it's something. No response to this.

i understand they are likely to pass me onto a debt collection company. PArt of me wants to just let them get on with it- as hopefully they would conduct themselves more professionally- but I've heard so many horror stories about the collection agents they use that I am terrified.

What should I do?

I have worked so hard to sort out my debt problem. I don't owe anywhere near as much as some of the people on this board, but it has been such a huge worry and now that I am finally confronting it, I am able to eat and sleep properly for the first time in months. I am so much happier and less stressed- but QuickQuid is my one obstacle and I just don't know how to make it better.

Advice please?

Thank you!

michael1983l

Wait for them to pass it onto a collection agency, they have no extra powers than them and will allow you to arrange a payment plan. Just remember you cannot pay them what you cannot afford so QuickQuid can go whistle for it. I might even go as far as requesting them to pass it onto the collection agency sooner rather than later due to them not negotiating with you.

I wish people would read all these accounts of these Payday companies and steer well clear.

wayne99

QQ are only interested in clearing any balance in 4 payments that seems to be there general stance, if you miss three payments they enter a default on your credit report and do not send you any warning for this.

all offers you make will be ignored if they fall out of there "4 payments" collection procedure, i.e if you debt was £400 as a maximum they would only accept an offer of £100 per month to clear, if you offered £99 per month they would reject the offer.

generally after 90 days they will pass to a DCA who normally will allow you to clear in manageable payments.

i know this information as i made the mistake of having a loan from QQ and it was a nightmare to try and clear it as they would not move from this "4 payment" rubbish.

i would just simply ignor them and wait untill it goes to a DCA and then negotiate a payment plan with them.

Just a word of warning tho about the default notice, it will effect your credit worthyness for years to follow, even if you settled prior to 90 days they will slap one on your credit file anyway.

I have had a nightmare with QQ but when it got passed to a debt collector the nightmare ended, along with the interest charges, phone calls at work and home, emails every day etc etc, so although a debt with a collection agent is not a good thing it was a relief that all the hounding from QQ had stopped.

ta

wayne.

LDJ2009

michael1983l wrote: »

Wait for them to pass it onto a collection agency, they have no extra powers than them and will allow you to arrange a payment plan. Just remember you cannot pay them what you cannot afford so QuickQuid can go whistle for it. I might even go as far as requesting them to pass it onto the collection agency sooner rather than later due to them not negotiating with you.

I wish people would read all these accounts of these Payday companies and steer well clear.

Michael, we really need to start up a website to make people aware of the alternatives to payday loan companies. The amount of new posts regarding these companies is frightening. Maybe we could ask Martin to add a tab to the main site to cover payday loans.

Mias Mummy, i'm in the same situation although i owe QQ £849. My account is currently on hold with them as i have a complaint regarding QQ that is being investigated by the Financial Ombudsman Service.

What have you offered if that's not too nosy a question. I can send you the email i received from QQ with the payment slips so you can send cheque (not advised) or postal orders based on what you can afford.

After 90 days from the date of default, your account will most likely to be passed to 1st Credit or Mackenzie Hall. Both have mixed reviews but they are UK based so are easier to deal with (i hope)

Please also speak to your local credit union as you may be able to borrow at a low APR from them and they are very understanding and non-judgemental.

Lots of luck and we're here to support you if you need an ear:)

michael1983l

LDJ2009 wrote: »

Michael, we really need to start up a website to make people aware of the alternatives to payday loan companies. The amount of new posts regarding these companies is frightening. Maybe we could ask Martin to add a tab to the main site to cover payday loans.

Mias Mummy, i'm in the same situation although i owe QQ £849. My account is currently on hold with them as i have a complaint regarding QQ that is being investigated by the Financial Ombudsman Service.

What have you offered if that's not too nosy a question. I can send you the email i received from QQ with the payment slips so you can send cheque (not advised) or postal orders based on what you can afford.

After 90 days from the date of default, your account will most likely to be passed to 1st Credit or Mackenzie Hall. Both have mixed reviews but they are UK based so are easier to deal with (i hope)

Please also speak to your local credit union as you may be able to borrow at a low APR from them and they are very understanding and non-judgemental.

Lots of luck and we're here to support you if you need an ear:)

I will back any movement against these payday companies and will devote a portion of my time to it if I beleive what we are doing can help others keep out of the clutches of these leeches. I'm all up for helping where I can.