Payday loans advice please

sugar9

Hi we are up to date on all our debts but have got in a mess with 2 payday loans. We have taken advice and changed our bank account so they cannot take this months payments. We owe £375 on one and £605 to another. Whats the best way to communicate with these people. Are we realistically likely to come to an agreement regarding a payment plan? Does anyone have a template letter we could try. We do want to clear these as soon as possible but cannot pay them both at once. Thank you for any advice you can offer.

paxon

i have delt with many of these beasts!

it depends witch ones they are whats the companys names.

superpete

id let the loan finnish (if its the check one) e.g. make your current acc overdrawn (after starting to use a new one remember to make your income go to the new one) then deal directly with the bank your accounts are with.


Superpete

sugar9

Hi thanks for your advice. The payday loans companies are: Quick Quid (£157), Payday Loan UK (£375) and Payday Express (£605). Am currently waiting for some advice from CCCS, phoned them today and a debt counsellor is phoning on Friday morning to go over our finances.

Superpete - it not the cheque one the payments are due to go out of our old account via debit card. We have changed bank accounts but are keen to clear these asap but that would mean £1100 coming out. I've also heard that if you default on these type of loans Quick Quid charge over £100 fee just for defaulting. CCCS said offer them what you can afford (via giro payment) for now until we have had debt counselling on Friday.

NorthernLas

The only sure way to stop your debit card being used is to tell the bank that you think it has been stolen.

Then you needs to agree a payment plan with the payday loan companies at a value that you can afford.

The following thread is another poster saltnvinegar who is dealing with payday loan companies and paying them off in a self managed dmp

https://forums.moneysavingexpert.com/discussion/2673537

Great that you are getting advice from CCCS, when the payday loans phone you up you can tell them this.

saltnvinegar

sugar9 wrote: »

I've also heard that if you default on these type of loans Quick Quid charge over £100 fee just for defaulting. CCCS said offer them what you can afford (via giro payment) for now until we have had debt counselling on Friday.

Hiya

Regards that fee from QQ I can only tell you my experience but that was not the case at all. In fact I found QQ one of the best of my creditors to deal with.

They agreed to my payment plan, and froze interest, with no additional charges applied.

The best advice I can offer you is to send them letters with your offer and hound them relentlessly with this offer as this at least shows you are willing to try to sort something out.

As CCCS have advised, do not offer more than you can afford.

Good luck

SnV

sugar9

Hi thank you all for your advice. We have changed bank accounts and arranged for wages to be paid into new account. So payday loan debits will not be able to come out of this months wages.

SnV - I read a thread on here from someone who said they were charged £102 default fee from QQ. But I think you're right you have to hound them with letters and Emails with your offers. We are up to date with all other debts and priority debts so would rather not go into DMP if we can avoid it. If we could arrange a manageable payment plan with the PD loans then I'm hoping we'll be ok. Thanks again for yr advice.