Payday mess and solution maybe

Super_Ram

MrRedundant wrote: »

Just trying to understand how you got in this position. Low wage, single living alone and sky and 2 dogs.

Says a lot I am afraid.

Ensure after you sort this you live within your means.

No it actually does not say alot I'm afraid.

Yes I am in this debt and it is my debt but not that I need to explain but my situation was alot different when took these paydays out and although not a good choice I didnt wake up one morning and go my situation is terrible so I best get some paydays out to make it worse

mrs_skint

Super Ram - ignore him, he's a prat. Unfortunately you do get people like that on these forums. Luckily though most of the guys here are really helpful.

Super_Ram

Ok so they have replied with the bank details but I have replied saying can I confirm by setting up this Payment plan that any further Interest is frozen and no payments will be taken from my original account by Direct debit or Debit card.

I have already reported card as lost in public and blocked and cleared my account of any money just incase they get sneaky

Super_Ram

I have now got a reply from then saying all Interest and fees will be froze and no payments taken aslong as the Payment arrangement is kept up

One down, Two to go :T

josie31

Super_Ram wrote: »

I have now got a reply from then saying all Interest and fees will be froze and no payments taken aslong as the Payment arrangement is kept up

One down, Two to go :T

Thats fantastic news SR...hope I find them as amicable to deal with!! Let me know how you get on wth your others!

Oh and ignore the previous comment you got...thouht this was a forum for support and advice not to pass judgement on you!! Thnk we all know where we have gone wrong and don't need our faces rubbing in it! the important thing is we are now taking control and trying to sort it without getting into further debt!!

Super_Ram

josie31 wrote: »

Thats fantastic news SR...hope I find them as amicable to deal with!! Let me know how you get on wth your others!

Oh and ignore the previous comment you got...thouht this was a forum for support and advice not to pass judgement on you!! Thnk we all know where we have gone wrong and don't need our faces rubbing in it! the important thing is we are now taking control and trying to sort it without getting into further debt!!

Thanks Josie31

Ill keep you updated on the progress and hopefully you will have as good progress as me.

Although I dont think I will get off so easilywith the others

Super_Ram

Another question that has come to mind regarding the other paydays and them not getting back to me about a payment plan. I have seen on here some people regardless whether they have agreed a payplan or not start paying the monthly amount to the payday company. Now I can see the advantage to this as you are paying it off and if it takes 3 months to agree a payplan you have paid 3 months off the loan already.

However I am worried about this as if I start paying a certain amount to these other companies and have not got it in writing that Interest and Charges are frozen, then if they take that money plus keep charging Interest/Charges am I digging myself a hole as they can turn around and say they never agreed to a payplan or to freeze Interest/Charges and they hav enow got a good portion of the loan back.

My other option was to take this money I would of paid them had they agreed to a payplan and put it in savings and then once they agree to my terms I have this money saved up.

On top of that am I best to pay this lump sum form the off or stick to monthly payments and use the savings as a chunk payoff at the end. The reason I ask this is I dont want to agree say £100 a month and on the 2nd month say pay £200 and they question why I can pay more and try to argue I should be paying more every month.

saltnvinegar

Super_Ram wrote: »

Another question that has come to mind regarding the other paydays and them not getting back to me about a payment plan. I have seen on here some people regardless whether they have agreed a payplan or not start paying the monthly amount to the payday company. Now I can see the advantage to this as you are paying it off and if it takes 3 months to agree a payplan you have paid 3 months off the loan already.

However I am worried about this as if I start paying a certain amount to these other companies and have not got it in writing that Interest and Charges are frozen, then if they take that money plus keep charging Interest/Charges am I digging myself a hole as they can turn around and say they never agreed to a payplan or to freeze Interest/Charges and they hav enow got a good portion of the loan back.

My other option was to take this money I would of paid them had they agreed to a payplan and put it in savings and then once they agree to my terms I have this money saved up.

On top of that am I best to pay this lump sum form the off or stick to monthly payments and use the savings as a chunk payoff at the end. The reason I ask this is I dont want to agree say £100 a month and on the 2nd month say pay £200 and they question why I can pay more and try to argue I should be paying more every month.

Hi Super Ram

I took this approach for the following reasons:

1) It shows you have a serious intent of paying the money back as you are continuing to make payments, just at a rate you can afford

2) If (and its a big if) they took you to court it demonstrates that you have made an effort to pay the loan back

3) Regards #2 the PDL company would then have to explain why they have continued to accept this token payment effectively 'agreeing' to this amount therefore a judge is more likely to make an order of the monthly amounts already being paid

4) It gives you some leverage if they start threatening things like doorstep collectors as the account by OFT definition is in 'Deadlock' (not dispute, don't confuse the two). While an account is in a 'deadlock' status OFT guidelines state creditors should not threaten doorstep visits.

Not one of the PDL companies I owe money to have continued to add interest or charges while I adopted this method. If they continue to do so then you may have grounds to then cease payment if you wanted to apply a little pressure for them to agree.

SnV

saltnvinegar

BTW I'm sure that this has been drummed into you but ensure any payments are made via standing order into their bank accounts.

Never give a PDL company your debit card details or bank details.

SnV