Digging out of the payday loan trap

Sassyloco

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Hi all,

Not exactly a new poster but a lot of family know me under my main username and I would rather they didn't know about this. Before anyone says it, yes, I have been stupid. Yes, I know that this mess is entirely of my own making and Yes, I fully intend to pay every penny back

This is a 'kind of' diary to keep me on track whilst I dig myself out of the mess I am in with payday loans.

As of today, my income is £1560 per month. I owe payday loan companies £2,576.29 :eek: All are due to go out of my account on varying dates between now and the 30th with the first one due out tomorrow.

Having taken advice on here, I have switched banks to ensure that my income is ringfenced and have arranged for my wages to be paid to new account. I haven't contacted any of the companies yet as I was informed its better to default first then contact them.

The loans I owe are as follows:

Wonga - £861.79 £144.00
Payday UK - £250.00 £41.00
Payday Express - £200.00 £33.00
TxtLoan - £117.00 £20.00
Quickquid - £525.00 £87.50
OneMonthLoan - £292.50 £48.75
WagedayAdvance - £250.00 £41.00
247 Moneybox - £80.00 £13.00

In red next to the amounts I owe are the maximum repayments I will be able to offer (I plan to start with lower amounts to give me some wriggle room and to enable me to clear any that are particularly difficult a bit quicker), if accepted, this will mean that they will all be clear in 6 months (a necessity as I am pregnant and I need these clear before I go on maternity leave!).

As of tomorrow I will be sending my first payment offer to Txtloan - I will be updating here with my progress and am hoping it will keep me on track

happy_bunny_2

Good luck!

did you close your previous account also?

debtfreewannabe321

Good Luck!

dark^knight

Good luck with this and your baby!

Sassyloco

Afternoon and thank you for the words of support

Happy_Bunny I have had to keep my old account open as my child benefit for DS goes in on Tuesday, I have changed the details online but it said it can take 6 weeks to update I am going after work on Tuesday to close the account down completely. The card has been cancelled so they can't take from there

Txtloan defaulted this morning, not that you would know it - I have had no calls, no emails, no texts.... yet. Like a good girl I have sent my offer of £10 per month via their online contact page and also off my email so that I have a copy in my sent file just incase it ever goes to the point of having to defend it in court :cool: From what I have read, these and Quickquid will be the worst ones to deal with - I am ready though

Feeling really positive today, I have got to the 12 week mark in pregnancy and have made the first step on this journey. I have a HUGE stack of DVD's in front of me to start putting on Ebay (any money raised is going 50/50 to payday companies and for some much needed maternity clothes for me - 2nd hand off Ebay of course).

Thanks again for the support, I felt so low when looking at the figures but now I am starting to tackle it all, it's nice not to feel alone with it all

x

LondonGirl252

Good luck! Sounds like you're well prepared!

happy_bunny_2

Sassyloco wrote: »

Afternoon and thank you for the words of support

Happy_Bunny I have had to keep my old account open as my child benefit for DS goes in on Tuesday, I have changed the details online but it said it can take 6 weeks to update I am going after work on Tuesday to close the account down completely. The card has been cancelled so they can't take from there

Txtloan defaulted this morning, not that you would know it - I have had no calls, no emails, no texts.... yet. Like a good girl I have sent my offer of £10 per month via their online contact page and also off my email so that I have a copy in my sent file just incase it ever goes to the point of having to defend it in court :cool: From what I have read, these and Quickquid will be the worst ones to deal with - I am ready though

Feeling really positive today, I have got to the 12 week mark in pregnancy and have made the first step on this journey. I have a HUGE stack of DVD's in front of me to start putting on Ebay (any money raised is going 50/50 to payday companies and for some much needed maternity clothes for me - 2nd hand off Ebay of course).

Thanks again for the support, I felt so low when looking at the figures but now I am starting to tackle it all, it's nice not to feel alone with it all

x

Ok, worth withdrawing the cash as soon as you can when paid in, as payments have been known to go out even with cancelled cards and the PD companies will keep trying in hope and you don't want funds in there when that happens.

Good luck!

Sassyloco

happy_bunny wrote: »

Ok, worth withdrawing the cash as soon as you can when paid in, as payments have been known to go out even with cancelled cards and the PD companies will keep trying in hope and you don't want funds in there when that happens.

Good luck!

I will be doing this, will transfer the money as soon as it hits on Tuesday to new account

Have spent most of afternoon listing DVD's on ebay - should they all sell, I will have £145 extra to play about with Am listing old university books tomorrow and rest of DVD's :cool: OH said to me earlier, if it's not nailed down in our house at the moment, it's not safe :rotfl:

Am off now to watch Harry Hill and X Factor - catch you all tomorrow

Sassyloco

Afternoon all

Just a quick update - Txtloan have been in touch offering the following as a repayment scheme:

REPAYMENT PLAN:
Date: 2011-11-30 | Amount £10.00
Date: 2011-12-31 | Amount £10.00
Date: 2012-01-31 | Amount £10.00
Date: 2012-02-29 | Amount £10.00
Date: 2012-03-31 | Amount £178.00
Total Sum: £218.00

I am going back to them now to reiterate original offer of £10 per month up to a total value of £117.00 (original loan amount plus 1 months interest).

This could take a while

x

Sassyloco

My response to TxtLoan:

Dear XXXXX,

Thanks for your response. As mentioned in my initial correspondence above, my issue with repayment is not a short term issue, it is one I cannot see changing for the forseeable future. It is for this reason that the above repayment schedule you propose above would not be suitable; at this stage, I cannot commit to being able to pay the £178.00 in March.

I again offer a payment schedule based on the original loan amount plus one months interest to be paid in installments of £10.00 per month with a final balance payment of £7.00 in the final month.

Could you please forward me your bank details by return so I can set up a standing order to make the above payments.

I thank you for your time and consideration in this matter.

Kind regards,

XXXXXX

Sassyloco

Morning all

Just nipped in to let you know that TxtLoan have accepted my offer of repayment and provided their bank details for me to set up a standing order :j

Am very glad the first one is out of the way, Friday will be a difficult day - I have 6 due to default on the same day :eek:

On the plus side, my Ebay sales are going well, have sold a few bits already and quite a few have watchers so am hopeful of having some more income from there

x