Dealing with Payday Loan Companies

acmenan

Hi all, I hope I am in the right place!

Firstly I've got to say that this forum is a god send. Having read through the numerous posts you people are providing great advice for people like me who have got themselves in a serious mess.

So onto my mess. I currently have two payday loans pending for payment at the end of this month 1 = £1443 (Wonga) 2 = £478 (Payday UK) I have other loans, credit cards and mortgage commitments totalling £1500 a month and my salary is £1650. Yep I know I'm an idiot but I think importantly I have recognised that this cant go on any more and I need to sort it out now!

Reading through the post I intended to take the following action and wanted to double check with you kind people that I am on the right track:

1) Yesterday I entered all my financial information into the CCCS system. They have recommended that I undertake temporary payment arrangements with the companies that I owe money too. They have recommend that the value of the agreements should be £1 a month although I feel this may be too small amount for the companies to swallow (your views would be greatly appreciated on this?)

2) I will today set-up a separate bank account in a separate bank for my wages to be paid into. I have spoken to work and this can be achieved for my next pay day.

3) Once the bank account is set-up I will then move my critical direct debit across. Mortgage etc. I will not give the information to anyone else.

4) I have the template letters from CCCS and I intend to send these to all the companies that I owe money to confirming my situation. I will also use the template letter regarding contact at work and telephone abuse to try and head off their next move.

5) I am not intending on cancelling my bank card as there is a chance Halifax (Current Bank) will honour the payday payments and in which case I feel I will be in a better position to deal with them regarding the debt (your views again would be greatly appreciated?)

It is a case of then sticking to my guns and working through each arrangement with the individual companies. My partner and I are looking to either sell or rent are property and at which point my cost base will reduce quite substantially allowing me to get this mess sorted more quickly. I just need to protect myself in the short term which I am sure is something people can appreciate.

As I said at the start I want to reiterate how thankful I am for the information you have supplied. The pressure stress and pain of financial mismanagement can be one of the hardest things to deal with in life and you guys help people through it which is quite simply the sprit of human kindness!

Thanks all.

Moneypenny21_2

Hello all,

Can I just start by saying thank you to SnV for all the fantastic advice on this thread and also thank you to others who have contributed to it-what a great resource :-)

I too have got into a lot of bother with payday loans companies (4 of them, very foolish I know) - so last month when I could no longer cope with the mounting interest I contacted National Debt Helpline who advised me to close my bank account and get a new one, work out my personal budget and write to all my creditors offering pro rata payments, which I have now done.

The only problem is, I'm not sure what to do next - it hasn't been a week since I sent the letters but I feel incredibly anxious as no-one has replied yet and I am being phoned constantly by these people (I never answer as I was advised to keep all contact in writing) - should I send more letters asking them to freeze interest and charges and accept my repayment offers or just wait a bit longer?

Any advice greatly appreciated...

One_Fine_Day_2

So very pleased to have found this thread; am another fool in the payday loan trap and could do with some of your wisdom:

I owe £935 to payday uk; it's dragged on for month after month of rolling over and I simply cannot pay it and feed the children.

Following the advice on here, I've opened a new account with the co-op today, but pay day is this Friday and there simply is no way to get my wages into my new account as it takes payroll a few days and I haven't received my new account number yet. I have reported my barclays debit card as stolen today, but am desperately worried that this won't prevent them taking the full whack this month. Can anyone reassure me, or tell me what more I can do?

Thanks in advance.

One_Fine_Day_2

Shamelessly bouncing this up in the hope that someone can help - the panic is setting in.

One_Fine_Day wrote: »

So very pleased to have found this thread; am another fool in the payday loan trap and could do with some of your wisdom:

I owe £935 to payday uk; it's dragged on for month after month of rolling over and I simply cannot pay it and feed the children.

Following the advice on here, I've opened a new account with the co-op today, but pay day is this Friday and there simply is no way to get my wages into my new account as it takes payroll a few days and I haven't received my new account number yet. I have reported my barclays debit card as stolen today, but am desperately worried that this won't prevent them taking the full whack this month. Can anyone reassure me, or tell me what more I can do?


Shamelessly bouncing this up in the hope someone can help - the panic is setting in.

Thanks in advance.

One_Fine_Day_2

Nobody with any words of wisdom? Has anyone else reported their card stolen? Did it work?

Workie_Ticket

I did the sam as you with these - reported my Barclays bank card as stolen - they weren't able to take any money.

I defaulted on the loan and ended up paying back £375 instead of £750 to clear it.

One_Fine_Day_2

Workie_Ticket wrote: »

I did the sam as you with these - reported my Barclays bank card as stolen - they weren't able to take any money.

I defaulted on the loan and ended up paying back £375 instead of £750 to clear it.

Thanks for your reply - that's given me some hope; much appreciated.

LookingUp

Posted this on another thread ashort time back, but heres responses I got from various PDL companies:

Eventually had to bite the bullet and make arrangements with all creditors.
Responses received from the various companies as follows (may be useful to others in the same boat):
Payday Express : sent me income and expenditure pro forma and accepted my offer no questions asked
PaydayUK: would not accept my offer and stated a minimum amount of £20.00 pm. I agreed to this as just able to manage it and once cleared it will allow me to increase others.
Uncle Buck : as with PaydayUK but wanted £32.50pm. Again agreed on basis as above.
Wonga: accepted I & E breakdown and my offer of repayment
Lending stream!: No response to my offers of repayment, so keeping pushing them.
QuickQuid: Would only accept 3 monthly payments, each representing one third of my loan with them and in the absence ofa debit acrd, insisted on DD. I accepted this as a) DD can be challenged more easily if they took a different amount or additional payment and b) I knew that I was due to receive extra cash which would clear other arrears allowing me to reduce those payments meantime.
QQ could have been a difficult one otherwise.

As other threads recommended, I cancelled my original card and set up an alternate bank account

HTH

LookingUp

Since the above, finally got through to Lending Stream who accepted my pro rata proposal for 6mths then it will be reviewed

Theyre not the best at answering e-mails and was worried interest might have gone up ...it hadnt

southernbelle

LookingUp, thanks for that list - I have been worrying myself sick over Wonga. I am going to write to them today and tell them what I can afford to repay them. Was feeling really scared about it (why are they so scary?) but now feeling a bit more hopeful