Keyes Whitlock - Payment Plan acceptance

jazzajojo

Hello everyone

I just have a quick question about the above company. I have negotiated a payment plan with them for a payday loan I had with paydayUK and theyve asked for my card details to set up the payment plan.

It's great that theyve accepted a payment plan, but I'm worried about giving them my card details in case they try to clear the whole amount when I get paid? Has anyone dealt with them before? Are they likely to do that? I cannot afford to have them take the whole amount out of my account.

Has anyone else offered to pay them via online banking or something?

any help is much appreciated.
Thanks
Jo

ItMightBeUsefulOneDay

Don't give a DCA your debit card details or bank details. They can and will take what they want, when they want. The full amount. Plus some charges. Plus some VAT. Plus some more charges. You will really struggle to get ANY of this money back, the banks don't give a stuff and will just slam you for overdraft fees and bounced cheques.

Get THEIR bank details and set up a standing order so you control the payments (amount and frequency). They'll give you all sorts of grief about how that's not possible and they must have your details or the deal is off. Rubbish. Don't be bullied, send them the first payment by recorded post on the agreed date and watch them cash it anyway.

jazzajojo

Thanks Imightbeusefuloneday, you certainly are useful!

I have replied to them stating I will be making the payment via online banking and asking for their details. I will make sure i only pay via online banking!

Thanks for your help!

KingElvis

Fot the love of God, don't do this.

They will empty your account and you'll be left with nothing.

jazzajojo

Thanks King Elvis, i'll make sure to keep them to myself.

I've asked for their online banking details now so i will only do it through that!

tiggerbum

Hi there, I'm in the same position with payday uk at the moment. I just wondered if you wouldn't mind telling me what you offered them as a monthly payment offer as I'm too scared to answer the phone to them at the mo in case they wont accept my offer.
Any help or advice from you would be fab, thank you xx

motgs

Hi,

To get a monthly offer to this company and similar I just did a realistic budget (CCCS were really helpful with setting one), then divided the total amount of money I had left over per month by the total amount of all my debts. For example, say you have £200 left over per month after your essential spends. Say your debts are as follows:

Credit card £2000
Loan £4500
Store card £1200
Payday loan £300

Total debt would be £8000

£200 divided by £8000 = 0.025 so monthly payments would be:

Credit card 0.025 x 2000 = £50
Loan 0.025 x 4500 = £112.50
Store card 0.025 x1200 = £30
Payday loan 0.025 x300 = £7.50

I then wrote to all creditors with my budget and list of debts and told them I was able to offer £X per month which was a fair proportion of the money I owed all creditors based on the formula above. I think when you set it out like that and show that you genuinely can't pay more than that without defaulting on rent, council tax etc or starving they pretty much have to go with it.

To give you an example, I was receiving letters from some companies offering me a monthly payment of £70 or so, but when I wrote to them with the above information they accepted about £5 per month because clearly it was that or nothing! There is one small payday loan I am currently paying £1.97 per month on! Hardly seems worth it, but it shows that you intend to repay it, and hopefully I will soon be in the position to clear some of the smaller ones like that and redistribute the leftover money to some of the larger debts.

On another point, echoing what other people have said, DO NOT give companies like this your bank details! I had serious problems with them just taking what they wanted and leaving me to get into further debt just to pay the rent etc. I now have closed the account they have access to, opened a new account at a different bank (with no overdraft facility to prevent me making the situation worse), opened an instantly accessible savings account, and got a prepay credit card. I get my salary paid into the current account, move all money I am not using for direct debits into the savings account, and put my money for repaying debts onto the prepaid credit card, which I use to make payments to any company I don't 100% trust, as all they can access is the money i put on there.

I have had to become obsessed with budgeting, but am getting much better at it and have stopped getting all the horrible letters and phone calls that were making my life hell.

Seriously, be brave and get on with it. Even if you don't have much to pay them, get an agreement in place because it should get them off your back and you will feel a million times better for taking some positive steps. After a horrendous 18 months it finally feels like there is some light at the end of the tunnel and I am feeling so much more able to cope, less anxious and less depressed. I just wish I'd been brave enough to do it sooner!

Good luck! :-)