Pay Day Loan problem 2

jjsstt

I owe my day loan comp £500,
i called them to try and put the account on hold and give them my CCCS number but they refused to accept it until I made a payment. is this correct?
Also, they said the account is going somewhere else on Friday. any ideas where?

DarkConvict

No - http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

c. refusing to deal with appointed or authorised third parties, such
as Citizens Advice Bureaux, independent advice centres or money
advisers
d. contacting debtors directly and bypassing their appointed representatives
e. operating a policy, without reason, of refusing to negotiate with
debt management companies

You pay only what you can afford, and if you are entering a DMP you give them the CCCS information.
By account going somewhere it probably means collections, if they have card details/guaranteed cheque they will take the funds owed that way straight via your bank account. Otherwise they will just have to wait for your DMP payments to start.

Ames

If they do have your card details then you need to cancel your card asap - report it as lost or stolen. It's also a good idea to get a new bank account not connected with anyone you owe money to, to stop them taking whatever they like out of it, if you haven't already.

jjsstt

already cancelled card.

once they have my cccs number and give financial statement will they still charge £100 per month intrest?

DarkConvict

DMP is informal and offers no legal protection, as such a reduction in charges/interest is a goodwill gesture. Generally payday loans do freeze interest but not always, just because CCCS is helping does not mean dealing with debts is easy, it just means it is easier than going alone.

Happiness6500

jjsstt wrote: »

already cancelled card.

once they have my cccs number and give financial statement will they still charge £100 per month intrest?

Hi i have Payday loan on my dmp operating since October. Promise once the DMP is up and running and the payments (albeit small) they tend to quieten down. I havent had any communication from them since it started.

complimentschemistry

Hi,

It really does depend on the company whether they will stop interest or not. In my time I have foolishly used payday loan companies but have been fortunate that they have let me off extra charges and allowed cheaper instalments. Which company are you using? I'm currently having problems with Wonga.com with freezing interest, so if it's them you're using, unfortunately they are not likely to freeze interest.

If you are on a DMP they can't make you pay more than you can afford... but the problem is they can continue to charge interest so your payment might not do much to the balance unfortunately. Just tell them you will be paying X amount through your DMP on whichever date and there is not much else you can do. They have to accept your payment.

Hope this helps.

emvic

sorry dont knw if i have put this in correct place or not, pretty new to this site,,
I have foolishly getting myself in a bit of a vicious circle with payday loans,
Wonga started off in Jan with 100 i am now upto 800 i cant afford to pay all this back now, i was going to repay then get it out again doing it like an overdraft but thats not going to work payment is just going to go up and up, I aslo hve one with payday uk for 100. and quickquick 120.
SO SO silly of me,, but i need to stop this,
I currently deal with a dept managedment co. could i pass wonga onto them and cancel my bank card - but could they still get me card details via payday uk and quick quid - oh i am in such a mess..
I am trying to get my finances sorted but with this mess i am just going to make it worse - i think.... help pls