Digging out of the payday loan trap

Sassyloco

Hi Tink

Your first step would be to report your debit card stolen/lost so that they can't get access to your funds that way - if you have another bank account you can divert your wages to, that would be better - if not, open one asap. You have to kind of think of your current account (the one they have the details for) as a 'toxic' account. Just make sure that the new account you set up is not connected in any way with your old bank ie. don't go with another bank in the same group.

The letter I have been sending is as follows:

Dear Sirs,

I refer to the above advance which falls due on 25/11/2011 and regret to advise that due to the financial difficulties I am currently experiencing, I will be unable to make full payment on the due date or in the foreseeable future.

I would therefore request that you accept my offer to repay the full amount borrowed plus one months interest ( £X.XX ) in instalments of £X.XX per month.

I would, however, be willing to review this in the future.

Please provide me with your bank details in order that I can set up a Standing Order to commence payments as soon as possible.

Please also note that I only wish to communicate with you by email or in writing.

Please do not attempt to contact my employer or contact me at my place of work.

I look forward to receiving your positive response.

Yours faithfully,

XXXXX

Quickquid haven't yet replied to me but I will be updating here when they do.

You will feel so much better when you take back control of your finances, PDL's have been a part of my life for months now and it kills me to think how much I have paid in fees etc. I feel so much better now I am tackling it head on and I am sure you will too

Good luck

Sassyloco

Morning

Another update - Wonga have agreed to a 12 month payment plan

Wonga - £861.79 offered £72.00, Accepted £74.20
Payday UK - £250.00 offered £20.00 (to a max of £41.00)
Payday Express - £200.00 offered £20.00 (to a max of £33.00)
TxtLoan - £117.00 offered £10.00 - Accepted
Quickquid - £525.00 offered £40.00 (to a max of £87.50)
OneMonthLoan - £292.50 offered £30.00 - Accepted
WagedayAdvance - £250.00 £41.00 (defaults 30.11.11)
[STRIKE]247 Moneybox - £80.00 £13.00[/STRIKE] :j

Payday UK are still calling me, heard nothing yet off Quickquid and Payday Express, resending emails this morning.

x

DaisyChains_2

Thank you so much for this post, Sassyloco!

I have found myself in the same pickle with payday loans! I have a Wonga loan (£979.37) that is currently in arrears as of 25th November and a Quickquid loan (£877.50) that is due 23/12/11 that I will be unable to pay in full. I was completely at my wits end trying to figure out what to do until I read your post! I did not think that I could arrange a payment plan with these sorts of short-term loan companies.

I have emailed Wonga with an offer and also sent an email of to Quickquid. I also spent some time talking on live-chat with a QuickQuid representative about payment plans which may be quicker than waiting for an email response. They explained that they could arrange for me to repay the loan amount in 3 equal instalments or 4 at the most without added interest, if I required anymore I need to contact the Collections department who can extend the monthly period.

I just wanted to say thank you as I was so worried about the repayments that I couldn't see the options that were probably staring me in the face! Good luck with your repayments too

regret70

just wanted to say hello and good luck.

I am in exactly the same boat and am trying to pay them back desperately. Wonga agreed a repayment plan with me but i am scared they will just try and take the full amount anyway, do you think this could happen??

thanks

skp10

regret70 wrote: »

just wanted to say hello and good luck.

I am in exactly the same boat and am trying to pay them back desperately. Wonga agreed a repayment plan with me but i am scared they will just try and take the full amount anyway, do you think this could happen??

thanks

They could try, the best bit oF advice we had was to set up a new account so that they couldn't and to pay them by stAnding order which you would have complete control over.

JamesWMH

Hi,

I was wondering how easy it was to arrange the payment plan with Wonga? I've got quite a hefty loan (730 to pay on repayment date). And I'm really going to struggle paying this off, I'm going to extend in until after christmas, and pay off a chunk with any money I get, and then try to set up a repayment plan. I'm also hoping my new Aqua credit card arrives soon, so I can pay a big chunk off with that.

I look forward to hearing how it's all going.

lesleyvhalifax

JamesWMH wrote: »

Hi,

I was wondering how easy it was to arrange the payment plan with Wonga? I've got quite a hefty loan (730 to pay on repayment date). And I'm really going to struggle paying this off, I'm going to extend in until after christmas, and pay off a chunk with any money I get, and then try to set up a repayment plan. I'm also hoping my new Aqua credit card arrives soon, so I can pay a big chunk off with that.

I look forward to hearing how it's all going.

you cant pay off wonga with a credit card i have already tried

alanjamesbaker

Hi Sassy! I'm new to posting here, I've been "lurking" for about a month and have absorbed some fantastic advise from here.

Good luck with dealing with them!

Personal experience in dealing with QQ, They will not stop contacting you at work. They will tell you that it is their right to use ANY of the numbers you provided to try and get payment. I found the only way to get them off my back was to try and answer their calls on my Mobile or Home number. During their calls I just asked them to refer to my written offers and advised them that I couldn't pay what they were requesting. They eventually passed my debt onto McKenzie Hall DCA, They were a lot easier to deal with. Removed ALL 3 telephone numbers from their system straightaway and only ever send me letters now.

Keep us updated on how you're getting along!

I'm about to default with payday express... I should hope they aren't too bad with me, They've probably had the best part of £1600 off me in the last 2 years in extension costs on a £300 loan!!

Sassyloco

Hi all

Daisychains Glad you have found the post helpful, hope you manage to sort out your payments soon, it sounds like you are making good progress

Regret70 I would definitely not put it past a PDL company to take everything out of your account, I would look into setting up another with a completely unrelated bank to be on the safe side. Good luck with Wonga

JamesWMH Wonga were very easy to deal with, I sent them the email and they came back next day with a plan over 12 months so hopefully you will be fine with them Good luck!

AlanJamesBaker You will find an infinite amount of knowledge on these forums It's funny, QQ have not even been in touch with me since Friday when I defaulted, despite me sending them the email over daily to try and arrange payment. Have had no phone calls/ emails off them at all

PDE replied to me this morning saying that they only set up payday plans in certain circumstances: Serious illness, unemployment/reduced hours and death being the ones I can recall. I intend to keep sending my offer of repayment anyway and putting the money aside until it goes to a DCA :cool: Good luck with your loan repayments

The only other news from me is that PayDay UK have accepted an arrangement with me so my list is as follows:

Wonga - £861.79 offered £72.00, Accepted £74.20
Payday UK - £250.00 offered £20.00, accepted £40.00
Payday Express - £200.00 offered £20.00 (to a max of £33.00)
TxtLoan - £117.00 offered £10.00 - Accepted
Quickquid - £525.00 offered £40.00 (to a max of £87.50)
OneMonthLoan - £292.50 offered £30.00 - Accepted
WagedayAdvance - £250.00 offered £20.00 (to a max of £41.00)
[STRIKE]247 Moneybox - £80.00 £13.00 [/STRIKE] :j

x

tink28

Hi Sassy - just an update from me:

Quikquid - arrrggghhhh are so annoying!! I sent them the email Friday, and had a response within about 2 hours rejecting my offer. Am now on the webchat thing... have offered £20 a month until end of Jan and then will review.... they came back with an offer of 4 x £220 installments :mad:. I just said I can't afford it - am waiting to see what they say about the £20 again now.

Have emailed the other 3 companies with offers so just wiating for a reply.

Well done on your updates