Payday Loan Payment Plan question?

cakey_baby

Hi Everyone

I recently posted on here about the mess i am in with payday loans. Since then I have contacted all of my loan companies asking to set up a payment plans. I have received emails and phonecalls from them today as this is when my payment is due and told them that I did send emails to let them know I am having difficulty paying them all off. My question is if they ask for my bank details again what should I say to them? Do I tell them I only want to pay by standing order or will this mean they wont agree to a payment plan?

Thanks again everyone for your help I would have still been in this mess if i hadnt came on here for advice.

Sunnylooloo

Hi

gosh sorry you in a bit of a pickle. I'm not too great about payday loans I'm afraid. But I personally ring and pay my creditors on my debit card (i'm in arragements with all of them) it just keeps me on top of them all - apart from one who is standing order from my bank.

Good luck someone with more advice will be along

Ellabelle

I personally don't have any experience with setting up plans with pay day companies but-

What I would say though is don't give them your new bank details. They could then take what ever they want from your account leaving you without what you need for every day expenses. In the case of pay day loans don't give them debit card details either because some (like Wonga) take money this way and can again take what ever they want. I would'nt put it past payday companies to take more than you have agreed.

If they won't let you set up a standing order I would contact CCCS or payplan and set up a plan through them. They can then make the payments on your behalf.

EB xx.

saltnvinegar

Hi cakey_baby

I have 4 payday loans and have successfully negotiated payment plans with 3 out of 4. Wonga are not answering emails but I have a tactic to that which I will post if successful.

As already advised under no circumstances give them your bank account or card details. There are enough horror stories of these companies making requests of smaller payments until they get an authorised transaction (which then wipes out any money in your account you had for essentials).

If they have these details already then I would advise setting up another account at another bank and have your wages paid into this. Your wages are then ringfenced and you can pay your creditors what you can afford.

2 out of the 3 I contacted agreed to being paid by standing order. The other I am having to send by postal order (do not send a cheque as they then have your bank details!).

Keep firm but polite and you should be ok.

SNV

cakey_baby

Thank you for that saltnvinegar its really helpful! Also do i just keep a log myself with the payments im worried that they can say i owe more if i pay this way? Uncle Buck is demanding I pay £45 per month unless they charge interest. The most I can pay them at the moment is £30 as im splitting the last of my money with all my payday lenders can they legal add on interest if I have offered them this?

Sorry for all the questions again!

DarkConvict

Before you make payments, do ask for the current outstanding balances, maybe even how that balance is made up so you can write it all done. Then do keep a log of your repayments to them, remember unless they agree to freeze interest it will be added on top.

And yes, Standing order is the way to go. Its the best and safest approach.