Payday loans and response

Stephh_2

I have several payday loans and have realised I won't be able to pay for them. I have contacted a few and they have agreed to freeze the interest and gave me a payment plan to follow.

However, there are 3 companies who do not wish to help me with a payment plan. One loan is for the amount of £500 and by next month's pay date (june), it will be £620 with the interest.

Another one was £500 and they charged me £150 interest, then they charged £25 after one date over the due date, then £55 for three days after and today (sat) another £50 and not given a reason for this charge. Total equals now 771. I called them on Mon 23rd and they told me, in a nutshell, to f*&k off, not my problem, you will have to pay this amount within 50 days otherwise we will send you to court.

The other one is currently £459 and they do not answer to any calls or emails.

I am going to send a letter by recorded delivery on Tuesday to all three companies asking for a payment plan and to freeze interest.

I would like to know if anyone else has dealt with this situation before and if you may have any advice for me? Is what the 2nd company doing is legal? I want to pay these off, but with frozen interest as the original loans were around £500 or so. I am happy and willing to pay them but they are being quite difficult. Any advice would be appreciated

fozmcfc

Also post your post over on the Debt Free Wanabee section of the board, many people been in your situation.

Basically though, companies do not have to accept payment plans, many won't until you have fallen into arrears.

But you seriously need to stop taking out loans and get yourself sorted, so start to post on the debt free wanabee boards and get yourself sorted.

Welshdebtor

Loving the typical threat of "we will take you to court"

I think your best bet is to write to them offering payments, do not let them pick as they may choose an amount too high for your budget.

If you can afford £10 to each monthly,then pay £10, if you can afford each to get £70 then pay each £70 a month. Or if you can only afford a £1 a month for each then pay £1 a month. So in summary choose an amount you can afford, remembering to budget for unexpected things such as car breakdowns etc.

They will most probably refuse to freeze interest at first but just continue to make repayments. You can also mention something like "So and so have agreed to freeze interest and I find it disappointing you have failed to do the same".

KingElvis

Change you bank account too or they will just take it anyway.........

MrHudson88

Iv used pay-day loans in the past and at one point foolishly owed to 6 different ones and in 6 months I now owe to none.

Firstly make sure you stick to the ones that were kind enough to let you set up a plan as once you break a plan it will be difficult to convince them to let you set up another one.

Secondly pester the ones that wont let you. Phone them and send them e-mails explaining your situation that you can't afford to pay them and your getting in worse debt as a result. If they are responsible lenders as they all 'claim' to be then they will recognise that people struggle to pay and will come to an arrangement.

Third. Dont suffer on your own tell a family member or friend you trust as they may help you in some way be it giving you advice lending you a few quid so on.

Lastly visit citizens advice bureaus website and a branch if theres one near you. They are very powerful in the world of finance and will fight for you to be treat fairly. They will sit down help you and then contact lenders directly who are being awkward and demand they be more flexible.

Good luck with it all it CAN be sorted

ged1980

Stephh wrote: »

I have several payday loans and have realised I won't be able to pay for them. I have contacted a few and they have agreed to freeze the interest and gave me a payment plan to follow.

However, there are 3 companies who do not wish to help me with a payment plan. One loan is for the amount of £500 and by next month's pay date (june), it will be £620 with the interest.

Another one was £500 and they charged me £150 interest, then they charged £25 after one date over the due date, then £55 for three days after and today (sat) another £50 and not given a reason for this charge. Total equals now 771. I called them on Mon 23rd and they told me, in a nutshell, to f*&k off, not my problem, you will have to pay this amount within 50 days otherwise we will send you to court.

The other one is currently £459 and they do not answer to any calls or emails.

I am going to send a letter by recorded delivery on Tuesday to all three companies asking for a payment plan and to freeze interest.

I would like to know if anyone else has dealt with this situation before and if you may have any advice for me? Is what the 2nd company doing is legal? I want to pay these off, but with frozen interest as the original loans were around £500 or so. I am happy and willing to pay them but they are being quite difficult. Any advice would be appreciated

A few have froze intrest but 3 wont?

Have to ask why did you take out so many payday loans.

Enfieldian

ged1980 wrote: »

A few have froze intrest but 3 wont?

Have to ask why did you take out so many payday loans.

It is too late to be bothering with that question now.....

Apples2

ged1980 wrote: »

Have to ask why did you take out so many payday loans.

Typical cycle we see on here everyday.
Sorry OP - A generalistic comment, not aimed at you.

No money = Take a PDL
No Money = Can't repay PDL = Rollover
No money = Can't rollover = Take another PDL to pay the first
No money = Can't repay PDL = Rollover
No money = Can't repay PDL = Take another PDL to pay the first & rollover second
No money = Ignore the first and second PDL = Take a new PDL
No money = Ignore first, second and third = Take another PDL
No money = Ignore PDL 1-4 = Take another PDL
No money = Ignore 1-5 = Take another PDL
No money = Nobody will lend = why are they all so unreasonable? = Post on MSE.

jetsontinydog

This is my first post so sorry if it is in the wrong forum!

my son has taken out two loans one with pay day loans and the other with wonga!

he has no money and no job so i am thinking the best thing to do is for me to take out a credit card 0% jobby to at least freeze the interest and i will get the money out of him.

what card do you suggest. Really desperate as i dont do credit normally but just dont have the £1,500 to get him out of this hole. He is due to start work next week so it is just a short term fix. can anyone provide some sound advice.

andy.m_2

It would be kinder to let him learn his lesson.
He will have a battered credit file for a few years and will have the rest of his life to enjoy.

If you bail him out you will be learning the lesson for him and in a years time you will be here again.

Sorry it's not what you wanted to hear but it is the truth

jetsontinydog

I know that but i am fed up of getting these companies ringing the house because he doesnt pay. Its driving me mad.

ps thanks for the response i know your right!!