Payday Loans - Plan required!

MBOBE

And my credit rating isn't the best, I don't want to end up in court but I guess a couple more default notices won't make much difference...

david.l_4

well in that case I would say that’s the best route to go as I had/have 5 of these loans and no one would negotiate with me before I defaulted but after they were more then willing to as I guess they want there money and was worried about having to sell it to a dca for dirt cheap.

MBOBE

Ok so if I write to Payday Uk, QQ, Wonga and the money shop to explain my position and ask for details of how to make payments, then just keep making payments till they're cleared?
I'll pay off Payday Express this month, then clear the others one by one whilst still making token payments to the rest, does that sound like a plan? 5 months and they could all be gone, but do you think it would get to the courts by that time? And lastly, any suggestions as to which bank I should open an account with? I'm currently with Barclays, an account I've had for many years and I used to have an account with HSBC which is now closed after I cleared my overdraft...

RAS

Hi

basicaly yes.

But you MUST have a new bank account and have caqncelled the cards. Expect all hell to break out but tell them you expect to pay them off in 6 months and see how it goes.

Others here have done it and the PD people have put up with it.

MBOBE

With all hell breaking loose, would that include them sending a representative to my home address? My partner would freak! She doesn't know about the payday loans...!

rainbowfairydust

MBOBE wrote: »

With all hell breaking loose, would that include them sending a representative to my home address? My partner would freak! She doesn't know about the payday loans...!

its unlikely they will send anyone round . Just get your debit card cancelled for starters. Then once you have a new card. Wait until you default with each payday company. Once you have defaulted (they won't do anything until you default your account). Email them & explain your circumstances , attach a copy of income & expenditure along with the email/letter (which ever you prefer) and offer them the amount you can afford.

With QQ i got nowhere so just waited for Mackenzie Hall to come to me (this took around 3 months so another option for you is to save some money to offer them a full & final settlement) .

Mackenzie Hall are not that much better than QQ and have refused my offer of payments. However i have been paying £50 per month to them so if they want to take me to court then they can do ( and they have sent me a CCJ letter, im not worried about it what so ever as i am paying what i can afford).
A judge will be able to see this is all i can afford on a monthly basis & i at the very least have been making a payment to them. I also suspect its another scare tactic to get me to pay the requested amount each month.

MBOBE

Thanks, I'm feeling much more confident about sorting this out now. I could clear Payday Express first, then Wonga, then smash some overtime to pay QQ in August, and then the last two in Sept and if necessary October.

Should I expect them all to pile on charges? I accept I'll be penalised but I don't wanna be robbed!

rainbowfairydust

MBOBE wrote: »

Thanks, I'm feeling much more confident about sorting this out now. I could clear Payday Express first, then Wonga, then smash some overtime to pay QQ in August, and then the last two in Sept and if necessary October.

Should I expect them all to pile on charges? I accept I'll be penalised but I don't wanna be robbed!

I think QQ only slapped one months interest on , i would guess its the same for most companies

Good luck anyway, i hope its get sorted out !I do agree you should pay off payday express this month. Let all your other accounts default & then get emailing offering a payment plan

MBOBE

Thank you, I'll try and get a new bank account this week and I'll let you know how it all works out!

eyeopener2

MBOBE wrote: »

With all hell breaking loose, would that include them sending a representative to my home address? My partner would freak! She doesn't know about the payday loans...!

I know this isn't an easy thing to think about but you need to tell your partner about the Paydayloans and the trouble your having. If she finds out, or court action happens and you haven't told her the reaction will be much, much worse.

Take it from one who knows. My marriage very nearly collapsed due to not telling or trusting enough to confide in her. The debt wasn't the issue.