Quick Quid

Jay1234

I have a payday loan that I am really struggling to pay off as the interest is so high.

It is with a company called Quick quid.

Just wondering if anyone had had dealings with them and whether they accepted a repayment plan. I can pay around 100 pounds per month which would pay it off in 7 months. The interest alone on the loan is 150 pounds per month and so at the moment i am stuck in a cycle of just paying the interest.

I don't want to go down the route of a debt management plan for my other debts as I am managing them at the moment but this payday loan is really making me struggle. I'm not looking for an easy way out - i spent the money and so i want to pay it back, just at the interest rate they charge i'm not sure that i am going to get there.

Any advice would be welcome!!

Tixy

Hi

Most pdl companies will start by telling you that you cannot make a repayment plan with them. The only way to get a repayment plan with pdl companies is to first default on the loan and protect your finances by opening a new bank account not connected to your current bank account that this company has the details of.

If you default it will of course have an impact on your credit rating and they almost certainly will charge you fees & extra interest for defaulting on the agreement.

Have a read of this thread which explains your options - Dealing with Payday Loan Companies

ihateyes

if you default as tixy say, they can be awkward but generally will accept a 3/6mth payment plan.

remember it is only a 31 day loan, so this is all they can legally charge you in interest, and dont accept the charges..... some threaten court, but rarely go that route, as they then got to explain 'what is seen' as unfair terms and conditions/charges etc....

Jay1234

Thank you both for the information.

The link was really useful so hopefully i can sor this payday loan out and get it paid off.