Payday Loans :(

LauraE88

Hi,

First of all, apologies for posting again about something that has been asked many times but I really need some help.

I started off with one payday loan but after 'borrowing from Peter to pay back Paul' i have now ended up with 6

Wonga, Quickquid, Early padyday loans, 1monthloan, Cashgenie and Payday Express.

I understand that the best thing to do is cancel my card and any direct debits associated with it and get a replacement sent out?

what is my best course of action after that? I would like to get some sort of repayment plan in place asap.

If you need any further info or for me to post up what I currently owe then please let me know.

Thanks in advance for nay help, it's greatly appreciated

Tixy

How did you arrange to pay these payments? if it was by debit card payment (ie you gave your debit card details) then yes cancelling your card would stop them. But you mentioned direct debits? if you gave them your bank details and agreed they could set up a direct debit then cancelling your card will have no effect.

After that you have 2 courses of action - 1 to send them letters yourself asking to set up a monthly repayment plan - template letter here if you need it - http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6 then to chose ' Ask your creditors to accept pro rata offers of payments on your debts' from the drop down list.

Or you could contact one of the debt charities here - http://forums.moneysavingexpert.com/showthread.html?t=2077631 to seek advice and see whether you would qualify for them to act on your behalf.

Some payday loan companies seem to be very accepting if a charity is involved.

Have you worked out a monthly budget to work out how much you can afford to offer in monthly repayments in total?

LauraE88

HI Tixy,

Thanks for your quick reply.

Well, when I applied for these loans it was through their websites and they have my debit card details although i remember on a few having to enter my sort code account number, not 100% sure if this is for credit check reasons or in order to set up a direct debit (obviously should really know this, hindsight is marvellous).

I am just going through the letter template now - worked out a rough budget, need to make it a bit more thorough now.

LauraE88

I'm trying to download the personal budget sheet from the National Debtline website to include with their letter, but it's not working for me. Anyone know of any other good templates i could use?

Also, I live in N.I, not sure if this makes any difference or not, it's just that i know there are different laws in England & Wales.

WelshWitch28

I had a loan of £140 with debit card loans and agreed to pay them back in January (tie me over for christmas), unfortunately I lost my job in January. I contacted debit card loans to inform them I had no income and was in receipt of ESA (£60 a week). I completed their expense form and it clearly showed I can not meet my outgoings. I offered a repayment of £5 a month. Since then they have taken £40 every month from my debit card for the last three months despite me telling them I couldn't afford it. To add insult to injury they have refused to take these amounts off the balance and keep telling me it is a rollover fee!!! This should have been paid off by now or nearly there anyway! I would like advice on how to stop these idiots taking this money unlawfully from my account?

mazza25

WelshWitch - you need to cancel your debit card. It's not unlawful what they are doing, as when you sign for these loans, they have a bit in their T&C's which says they will recover the money by 'other means' if necessary.
If you cancel your card, they can't take the money out that way.
The rollover fee is effectively interest. They really do prey on people.

woody01

I would like advice on how to stop these idiots taking this money unlawfully from my account?

It's not unlawful.
They are taking the money that you signed up to let them take.
T&C's are not implemented by idiots, but it's often ignored by one.

Unfortunately though, they do prey on vulnerable people, but they only give money to people that ask for it.

Wutang_2

mazza25 wrote: »

They really do prey on people.

How do they do this then?

WelshWitch28

Thanks for your replies!
I think it is unlawful when they offered me a repayment plan but have not put it into place.
A conversation with them yesterday stated they would not take the £40 but were looking for £15 a month instead of the £5 I offered.
At a push I could have probably paid the £15 but after them taking yet another £40 from my account today they can jog on for it now!!
And idiot I may be for not reading the terms and conditions but when you lose your job and have three kids to provide for then all logic seems to go out of the window!

Tixy

The thing is that if you don't come to an agreement with them they will keep taking the £40 rollover each month. And your debt will not come down.

You need to agree a repayment plan with them in writing, talking to them on the phone is unlikely to get you anywhere. You might want to try something along the lines of the second letter from the drop down menu in this link - http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

michael001

Hiya

Just wanted to offer abit of support - I am in EXACTLY the same position as you.

Its not normally a Direct Debit you would have set up, as they would have had to send you the D/D mandate, most of them will just save your card details then charge the card with the amount of the repayment on the repayment date.

I have just contacted the CCCS and am going onto a DMP. I 'lost' my debit card and got it cancelled at my back - so none of them can take any further money.

I have written them all a letter to explain that I am in financial difficulty and I will be making one goodwill payment byPostal Order (so they don't get the details of my new card) then the rest of the payments will come from the CCCS.

All of them have really kicked up (except Quick Quid) - threatening everything under the sun - bailiffs, 'Enforcement Officers' etc etc but the CCCS have said they normally will accept a Debt Management Plan after a few months.

Call your bank now and tell them you have 'lost' your card - you will get a new card with a different number, and the old card will be cancelled. NEVER give your new card details to them!

As Tixy said calling them will get you nowhere, just rack up your bill calling 0871/0870 numbers and end up in an argument. The best thing to do is write to them by email to discuss a repayment plan, then you have all the correspondence saved.

To be honest they probably wont like to set the plan up over more than about 2/3 months, as they will want the money back ASAP.

I would suggest you to contact the CCCS - I did and they were fantastic , especially when you have more than one PD loan going at the same time.

Hope this has helped xx