Unable to meet Payday loan repayment

The_Offside_Rule

I won't bore you all with the reasons why I can't afford to repay this, but all I will say is that I've been in hard times lately and am taking my first few steps to get back on track.

Also, I've heard about the evils of payday loans before and believe you me, lectures and negative advice from the odd one or two of you will not be helpful.

Anyway, I've had a payday loan out with Payday Express recently but can not afford to pay it back in full at this moment in time, although my income is looking bright over the next few months as I am starting a new job in September with considerably better pay.

I have sought the advice of CCCS and duly filled in the letter template and sent my financial report (as instructed by CCCS) by email.

Today I had a reply. This will be a direct copy and paste from the email. I'll give you 5 points for every spelling mistake you find.

Thank you for your resent email.

If you are requesting a Repayment Plan withen Payday Express you must meet the following Criteria below.

Severe Disability or illness
Imprisonment
Terminal illness or Metal illness
Deceased
Redundancy or Reduced hours (contractual hours reduced by company)

If your financial circumstances have changed due to one of the above, we would be able to consider a repayment plan.

We will require you to send in bank statements and wage slips covering the last 2 months to show that you are now in receipt of either financial support or a reduced wage. If you are now unemployed we will also need to see proff of unemployment or redundancy. Alternatively if your circumstances have changed due to personal illness we will require evidence in the form of a doctor’s note or hospital letter, as well as the bank statements.

Please be advised that if you do not fit the above criteria or you are unable to provide documentation, a repayment plan cannot be considered.
Should you wish to discuss these options or your account please call our office on 0208 461 6705 and one of our advisers will be able to assist you


Regards,

Payday Express[/COLOR]

Is there any truth in what they are saying? Can they really not accept a payment plan? Surely there is a law that says that they can't refuse a payment proposal?

Also, is there a way from them trying to debit the whole amount from my nationwide account just for now?

I'd never try and wriggle out of paying anything back, it's just that I need to do it in stages.

Thanks to you all.

Tixy

Stupid idiots - nice to see they'll accept a payment plan from you if you are dead.

No creditor actually has to agree to a repayment plan although most will eventually. But if they choose not to accept it then the only thing they could do is take you to court. And at that point you'd demonstrate to the court that is all you can afford and then you'd still only end up paying in installments. So its really not in their interest to take you to court.

Did you offer a set amount in your repayment plan? I certainly wouldn't supply them with any of the info they are asking for. Do you have an address for them? I would write to them thanking them for their email, state that you cannot afford more than you have offered and that you have been advised to offer this amount by CCCS, enclose your first monthly payment and saying you are not under any obligation to provide them with your personal documents and you have no intention of doing so.

Regarding your bank account - if you haven't changed your bank account then yes they will keep trying to take any amount that is in that account. You need to change to a new bank account as per the advice in saltnvinegars thread see this link - Dealing with Payday Loan Companies

saltnvinegar

That is one of the most stupid emails I have ever seen, and I've seen a few.

Its also complete ballhooks. :mad:

I've got a payment arrangement with Payday Express without meeting one of those criteria, and I'm sure you will too. Tixy's advice is spot on. Keep plugging away and keep repeating your payment proposal and they should cave in eventually.

Best

SnV

DVardysShadow

rdf1988 wrote: »

Is there any truth in what they are saying? Can they really not accept a payment plan? Surely there is a law that says that they can't refuse a payment proposal?

They can refuse any plan which falls short of the original contracted payments.

But they cannot refuse payments which you make under a rejected plan. Well, they can, but if they take the matter to court, they can't benefit from having refused payments.