Dealing with Payday Loan Companies

Mangokitty

SnV, thanks for your advice, its really helpful to know someone understands how bad the PDL companies can get. I only just saw this thread, so I may be a bit beyond help, but here goes. I have 2 outstanding pay day loans. I opened a new account (with the same bank - so I think this may be a problem). My wage is due to go in there tomorrow. I wrote to the PDL company to ask if they would accept a payment plan. They said yes, but then proceeded to take £10 amounts until there was nothing left in my original account, they made me overdrawn at one point and I was charged £25 by my bank. As you say, the bank won't help. They also won't close the account for me. I'm really panicking. Is it likely that they will get to my wages tomorrow before I can draw them out? The wages will go into the new account, but I have to physically go into the bank to get them out as my pin hasn't arrived yet.

Sorry, i know this is probably a bit jumbled but I'm sat here shaking I'm so stressed. I just don't know what to do.

Also, the woman at the bank, was fairly straight with me and said that she had heard of a lot of people in my situation, she said its awful what the PDL companies do once they know you can't pay in full. She said that even if I open an account in another bank, they could still get to my money. Is this true??? I'm terrified.

I get paid monthly, so at least after tomorrow, if I can get my wages, I have a month to find an alternative place to hide my income so that I can manage my payments. As a last resort, I could get my salary paid into my mum's bank account, but it means that I can't set up standing orders/DDs etc to pay my household bills.

Please help, I'm all over the place at the moment.

saltnvinegar

Mangokitty wrote: »

SnV, thanks for your advice, its really helpful to know someone understands how bad the PDL companies can get. I only just saw this thread, so I may be a bit beyond help, but here goes. I have 2 outstanding pay day loans. I opened a new account (with the same bank - so I think this may be a problem). My wage is due to go in there tomorrow. I wrote to the PDL company to ask if they would accept a payment plan. They said yes, but then proceeded to take £10 amounts until there was nothing left in my original account, they made me overdrawn at one point and I was charged £25 by my bank. As you say, the bank won't help. They also won't close the account for me. I'm really panicking. Is it likely that they will get to my wages tomorrow before I can draw them out? The wages will go into the new account, but I have to physically go into the bank to get them out as my pin hasn't arrived yet.

Sorry, i know this is probably a bit jumbled but I'm sat here shaking I'm so stressed. I just don't know what to do.

Also, the woman at the bank, was fairly straight with me and said that she had heard of a lot of people in my situation, she said its awful what the PDL companies do once they know you can't pay in full. She said that even if I open an account in another bank, they could still get to my money. Is this true??? I'm terrified.

I get paid monthly, so at least after tomorrow, if I can get my wages, I have a month to find an alternative place to hide my income so that I can manage my payments. As a last resort, I could get my salary paid into my mum's bank account, but it means that I can't set up standing orders/DDs etc to pay my household bills.

Please help, I'm all over the place at the moment.

Hi MangoKitty

Sounds like you have encountered some of the dirty tricks employed by PDL companies. A bit late for you now, but for anyone else reading this DO NOT EVER trust PDL companies when they say they will accept a payment arrangement. This is what, unfortunately, frequently happens.

When you spoke to your bank, did you ask them to cancel the recurring payment authority? New legislation that was brought in, and came into effect earlier this year means that consumers are able to ask their bank to cancel recurring payment authorities on their cards. Unfortunately many banks are still trying to pull the wool over consumers eyes, or are just not training their staff adequately enough to ensure they are aware of their obligations.

However, if you DID ask your bank to do this, you should have some recourse against them.

Have you got internet access to your bank account? If so then can you log onto your account really early in the morning and transfer your wages somewhere safe before the PDL company takes it?

How much hassle would it be to report your debit card lost/stolen today? (This would mean you would not be able to use the card).

Right now this is the only way I can see you preventing your account being emptied tomorrow. You also should check that there are no D/D's set up or standing orders.

You need to get some breathing space to enable you to protect your wages.

Its not completely true that if you swap banks that the PDL could still get your money. It is only true if the banks are linked in some way, or that you allow the banks to automatically re-instate direct debits.

Try not to stress, there are positive things you can do to take control, but you need to work quickly.

I would also suggest you post a seperate thread to so that other MSE members can help.

Best
SnV

Worriedsick1979

Hi I have created my own thread but just came across this one,

I have a DMP with CCCS and a certain PD company constantly call me at work demanding debit card details and when I terminate the call they keep calling back I have emailed there customer services and I had a response of " we do not deal with 3rd parties you need to pay us now"


Not sure what to do

nottoolate

section 3.48 & 3.49 on pages 72-74

http://www.oft.gov.uk/shared_oft/business_leaflets/credit_licences/oft366rev.pdf

companies should not refuse to deal with dmp companies like cccs or refuse payments from them

if they are saying that then they are directly disobeying the oft

jon1965

Worriedsick1979 wrote: »

Hi I have created my own thread but just came across this one,

I have a DMP with CCCS and a certain PD company constantly call me at work demanding debit card details and when I terminate the call they keep calling back I have emailed there customer services and I had a response of " we do not deal with 3rd parties you need to pay us now"


Not sure what to do

Write to the PDL's complaints department making a formal complaint. As soon as you get your "final response" letter complain to the FOS

Worriedsick1979

nottoolate wrote: »

section 3.48 & 3.49 on pages 72-74

companies should not refuse to deal with dmp companies like cccs or refuse payments from them

if they are saying that then they are directly disobeying the oft

Many thanks no calls today yet so fingers crossed they got the message and are going to deal direct with CCCS

jon1965

Ok first things first
It can take a while to rearrange pay etc, speak to payroll/line manager. Probably too late now because of the BH/
So
It's a pain, but report your card as lost/stolen
Then write to your bank removing CPA (continuous payment authority) to each of the companies. If you have a bank statement handy use the details on there to identify the PDL's.

Once that is done, I would email each of the PDL's saying your situation has changed and you can no longer afford to make the contractual payment however you wish to set up a repayment plan and ask them to freeze all interest and charges.
I would not keep yourself too tight in case anything goes wrong so maybe 6 months?
Then finally keep a record of what you pay them and what YOU know you owe them at this point. Once that is paid off, I would stop paying .
Remember get their bank details and pay by S/O or faster payments . Do not give out your bank /card details

Hope that helps

fermi

No more updates on this?

jon1965

Sad isn't it , that when a problem is solved , no one comes back to update

kayleigh1989

I too a payday loan with mini credit in july a week or less after i joined a.dmp i then received nasty phone calls from a company called opos threatning me saying that it was fraud and they began asking me for ridiculous amounts of money otherwise they would.pursue with fraud i couldnt afford this as a hundred pound.loan had gone upto 1145.00 pound i contacted the financial ombusmen who then contactedd mini credit who then phoned me and cut thel loan to five hundred but then again a received a phone call again from opos/ drswho said i need to get a solicitor as its now a fraud case i did intend on paying the loan back but i got.myself in a mess and had to join a dmp i left this within the.hands of my dmp as they took on the loan i cant understand how it is fraud i diddnt avoid paying the loan. I have also.tried.working with.opos to try a different amount outside my dmp as they scared me with the fraud stuff. i just need to k.ow whether this can be fraud or.not please kayleigh