Wonga, Quickquid & Lending Stream = Help

wongawalloped

Hello

I've managed to fall into the good old Pay Day Loan trap.

My current situation is:

Wonga
Borrowed: £900
Owe: £1175 (15th February)

Quick Quid
Borrowed: £900
Owe: £1125 (15th February)

Lending Stream
Borrowed: £200
Owe: £72 every month (5 months total)

I'm also repaying £40 to a friend a month, £50 to a 0% interest loan, £63 to Student Loans plus rent and bills etc.

My income is £1380 every month.

I'd like to get out of this vicious cycle but am really worried about next month as there's no way I can pay off Wonga and Quickquid.

The interest every month is nearly £500, i'd much rather that went to paying off the loans instead. Do you think a DMP is the best option for me?

lilly2011

I've helped my Brother sorting out his payday loan mess so i can hopefully make a few suggestions.

First off, you need to cancel your debit card. It must be reported lost. Check your account for any direct debits from these companies and cancel them as soon as they appear.

How much is your rent and bills?
Wonga will accept an installment plan. Have a look on their website via your account section but if I recall, when the next installment fails, it comes up with an option to put a payment plan in place automatically.

Quickquid will accept intallments but only usually over 4 months. They will insist on payment by card but push for alternatives such as PayPal as they do not give out their bank info for bank transfers.

I've never dealt with Lending Stream sorry.

If plans are agreed stick to them as one missed payment will potentially mean any late payment charges or interest that has been frozen will be added on.

Go through your belongings for anything that can be sold such as old phones, games etc.

Best bit of advice I can give you is do not get involved with these loans again. My Brother was left contemplating suicide over £5k of debt purely on payday loans until he broke down and told me about it.

Good luck

Catslovelycats

lilly2011 wrote: »

I've helped my Brother sorting out his payday loan mess so i can hopefully make a few suggestions.

First off, you need to cancel your debit card. It must be reported lost.



Good luck

Sorry I can't give any advice, but this comment alarms me and you want to think carefully before you rush into doing this. Isn't it fraud!? I'd have thought this could cause greater problems if it isn't actually lost.

lilly2011

Why is it fraud? Reporting it as damaged means the next card will be a replacement potentially with the same number meaning PDL companies can still access it.

The vast majority of threads residing this subject suggest the same action

oopsadaisydoddle

lilly2011 wrote: »

Why is it fraud? Reporting it as damaged means the next card will be a replacement potentially with the same number meaning PDL companies can still access it.

The vast majority of threads residing this subject suggest the same action

I think youll find the threads advise that cancelling the card will NOT guarantee stopping any money coming out. Once the companies have your card details, the bank will often honour any payments from that card even if it has been cancelled. This means they can raid your account whenever and clean you out.

OP's best course of action would be to open a basic account with another bank that isn't in the same banking group and have any income paid into that. In the meantime they should get in touch with the companies offering whatever they can afford. Maybe post a statement of affairs in the debt-free wannabe board and get some advice on how to survive on as little as possible in order to pay these loans off as quickly as possible.

lilly2011

I never said it will guarantee to stop the money coming out. I only suggested it needed cancelling.

Thanks for the slap on the wrist. I won't bother attempting to give advice on here again

oopsadaisydoddle

lilly2011 wrote: »

I never said it will guarantee to stop the money coming out. I only suggested it needed cancelling.

Thanks for the slap on the wrist. I won't bother attempting to give advice on here again

It wasn't intended to be 'a slap on the wrist'. But what purpose would cancelling it serve if the card was cancelled when it doesn't stop the money being taken.

There's no need to stop giving advice. I only posted what I posted because if OP did follow your advice and cancel the card thinking it would stop any payments, then he'd be in for a big bad shock! There are man threads on here saying exactly the same whereby people have cancelled their card thinking it would stop everything and then they come in here in panic because these companies have literally wiped out their account, leaving them with nothing.

Niv

Hi Wonga,

If you post your SOA people may be able to suggest areas where you can cut down on your expenses and potentially pay these loans off quicker.

Have you a parent that could lend you a couple of grand for a few months so you can pay these off then pay them back?

Niv

oopsadaisydoddle

Please excuse my lack of punctuation and bad wording - on my phone and hard to read what I've already written!!

DCFC79

oopsadaisydoddle wrote: »

Please excuse my lack of punctuation and bad wording - on my phone and hard to read what I've already written!!

Looks like you have upset lilly, i do agree that cancelling the card wont do anything re the payments.

OP why so many loans ?
I suggest a spreadsheet with all your outgoings and incoming so you can see whats spent where and update it each month.

mourning33

Hi,

I've been in a very similar situation with you before with equal amounts of debt and similar income.

In regards to Wonga, They won't let you set up a payment plan until the payment bounces. So the best bet is cancelling your card.. But speak to them before and say you are having financial difficulties and due to unforseen circumstances the payment will most probaly bounce. at least you've been honest and they have it on record. After it bounces call them again (you will be hounded with text messages anyway) and explain that you called before and that you need to set up a payment plan (i split mine over 6 months). If your honest they'll more likely to help you than blagging with some excuse or just ignore them. Considering i was in the PDL trap through my own lack of lending sensibly, I found them relavtively friendly considering there a loan shark! on the Payment plan your interest is immediatly frozen if you continue to keep up to your agreed payments.

Quickquid. Same rules apply, except i found them to be a bit more unhelpful but be polite you they'll let you set up the plan after a bounced payment.

Get an excel sheet of your income and outgoing and budget tightly!