Payday Loans - Plan required!

David_Brent

SimIsOnTheUp wrote: »

Hi David_Brent,

Thanks for your help.

Am finding it very hard to think straight, but am determined to sort this.

I am about to call A&L, and cancel my Visa Debit / Cheque Guarantee card, as well as my cheque book.

Will it be safe, to reorder a new card and cheque book, do you think? - ie - can The Money Shop still take money out of my account?

My worry is that they will just try and take a Direct Debit out from A&L next month, and then in turn, A&L will slap on 5 x £30 charges

I'll check online daily, as I do already.

Can The Money Shop still get these cheques cashed, even if I cancel my cheque book and card? I'm worried they will, due to my having used a cheque guarantee card.

Also, I can't really call A&L bank, and ask them to cancel the specific cheques, as that will raise suspicion, and the bank will see, that I've written the cheques without funds in my account.

Thanks,

Sim.

Will it be safe, to reorder a new card and cheque book, do you think? - ie - can The Money Shop still take money out of my account?

No they can't touch your account as long as you have rang the bank and told them you have 'misplaced' your card and cheque book and ordered new ones. If they tried to take a card payment with your cancelled card it would simply get declined.

My worry is that they will just try and take a Direct Debit out from A&L next month, and then in turn, A&L will slap on 5 x £30 charges

Did you sign a direct debit mandate? I don't think you would have? If unsure talk to your bank and make sure theres nothing setup.

Can The Money Shop still get these cheques cashed, even if I cancel my cheque book and card? I'm worried they will, due to my having used a cheque guarantee card.

Not if you can reported your card and cheque book 'missing' cheque gaurantee won't mean anything.

Also, I can't really call A&L bank, and ask them to cancel the specific cheques, as that will raise suspicion, and the bank will see, that I've written the cheques without funds in my account

Keep it simple - say you have lost your card and cheque book - don't cancel specific cheque numbers.

At the end of the day all they have are cheques from you, and your card details written on the back? As long as you cancel both... you will be fine, though do check no standing order is setup with this pay day company (you could check this online also). They cannot take any payment from you once your new card and cheque book arrive as you will have a new card number they won't be able to run it through as they dont have it..only your old details which were cancelled.

SimIsOnTheUp

Thanks very much David.

I am about to call A&L bank now, and ask them to cancel both my card and cheque book.

You asked, whether or not I'd signed a DD Mandate at The Money Shop, I think I did, as I remember a form with my bank details on.
I'm not 100% however.

As I'm so stressed about this, I'm just going to take the first step this evening, and cancel the card and cheque book for now.

Thanks again,

Sim.

SimIsOnTheUp

Just got off the phone with A&L.

Have now cancelled both the Visa Debit / Cheque Guarantee Card and Cheque Book.

They have reordered new ones also.

I'm just so worried that The Money Shop, will still be able to guarantee the old cheques, due to them having been 'guaranteed' by my old card.

I am seeing the CAB next week, as my total debt stands at around £14K :-/

Thanks,

Sim.

David_Brent

SimIsOnTheUp wrote: »

Just got off the phone with A&L.

Have now cancelled both the Visa Debit / Cheque Guarantee Card and Cheque Book.

They have reordered new ones also.

I'm just so worried that The Money Shop, will still be able to guarantee the old cheques, due to them having been 'guaranteed' by my old card.

I am seeing the CAB next week, as my total debt stands at around £14K :-/

Thanks,

Sim.

They can't take any payment from cancelled cards or cheques so don't stress about it.

The form you filled in maybe a standing order form where you just give your sort code and account number/bank name/address. Make sure you check this is cancelled with your bank or even do this online.

I hate these types of companies with vengence - it is a discrace that they are allowed to start up business in the UK full stop with ridiculous interest rates and charges they are feeding like leeches on desperate people with not much money.

Good luck with it all and I hope your meeting with CAB goes well, keep us updated on your progress keep your chin up!

SimIsOnTheUp

David_Brent wrote: »

They can't take any payment from cancelled cards or cheques so don't stress about it.

The form you filled in maybe a standing order form where you just give your sort code and account number/bank name/address. Make sure you check this is cancelled with your bank or even do this online.

I hate these types of companies with vengence - it is a discrace that they are allowed to start up business in the UK full stop with ridiculous interest rates and charges they are feeding like leeches on desperate people with not much money.

Good luck with it all and I hope your meeting with CAB goes well, keep us updated on your progress keep your chin up!

Thanks for the info.

I will keep tabs on my A&L account, just in case The Money Shop try and apply for a DD / SO.

Am starting to feel a bit better now.

Determined to sort this out, step by step!

Thanks again,

Sim

MBOBE

Just to update -

Moneyshop - £125 paid, £125 outstanding
PaydayUK - Payment plan agreed £160 pm for 3 months
QuickQuid -Payment plan agreed £320 pm for 3 months

Nothing as yet from Wonga or Payday Express!

jont80

If and when you get a reply from Wonga or Payday express can you write up what happens here and keep us upto date.I too am in a similair situation as yourself just on a smaller scale. What did Payday UK say when you asked to be put on a plan ? I have £600 desposable income and after refer my loans would only be left with £175 coming off the actual debt.It seems like throwing thousands away to cover such a small debt.When you agreed to the plan did the interest stop with Payday UK ?

Debt_Doll

MBOBE wrote: »

Hi guys,

Just hoping for some advice. Like many others I foolishly took out payday loans and have paid thousands of pounds to not pay back the original amount borrowed and now it's too much to cope with!

I have:
Quickquid £1000
Wonga £600
PaydayUk £450
Payday Express £350
The Money Shop £250

Therefore I am paying £550 approx a month, for the last 6 months, but only extending the loans, never actually paying them off!

Now it is time for a change, I've paid more in charges than the original amounts and just want rid of them. However, I'm not sure about the best way to go about it....

I could afford to pay one off a month if I didn't have to pay to extend the others, and that's my pickle! For example I could pay Payday Express and The Money Shop from June's wages but I'd then still have to come up with £450 to extend the others which I can't afford to do!

Any ideas?

Ps you guys are awesome!

MBOBE

I don't know if this is going to be of any help to you but I too have a few payday loans 1 of which includes Quickquid and I contacted them via e-mail to explain that though I was willing to pay them back I was struggling with repayments, they have been very helpful and set me up on a 3 month repayment plan with the option of taking a payday loan out with them again if I wish (which I wont be as want rid of these payday loans. The e-mail contact I used was [EMAIL="Support@quickquid.co.uk"]Support@quickquid.co.uk[/EMAIL] or give them a call on 0808 2344558

Hope they can help you

Debt_Doll

Sorry MBOBE I must need glasses cos didnt see that you have already set up plans

Sorry

simax

SimIsOnTheUp wrote: »

Thanks for the info.

I will keep tabs on my A&L account, just in case The Money Shop try and apply for a DD / SO.

Am starting to feel a bit better now.

Determined to sort this out, step by step!

Thanks again,

Sim

Hi Sim,

I'm afraid what you've read on here is not 100% right.

Guaranteed cheques CANNOT be stopped. Once guaranteed by the card, they will be paid out of your account, even if it means you go into unauthorised overdraft.

Many moons back, I did actually lose my chequebook and card after getting £80-odd quids worth of shopping from Tesco (Yes, a few years back I know). When I called Nationwide I explained what happened and they stated any guaranteed cheques will clear in the normal way, even if stoppped and if any transactions that process look dodgy, then I report them as fraud etc....

Lo and behold, the cheque cleared (albeit via a "Sundries" debit on my account as the cheque had technically been stopped).

So, unfortunately these cheques will clear on your bank, so you'll have to come to an arrangement with the bank for the money.

Hope that helps.