I'm stuck n that nasty loop

michael3429

Evening all

Not going to make up any excuses for the hole I've got myself in.

Basically I have payday loans with pduk quickquid and wonga. I always said I wouldn't be one of those people. But greed and certain circumstances after that have got me stuck.
I'm not at the point where what I have borrowed is more than my wage

This month I will get paid around 1500 and I owe out 1700 but obviously still got other things to pay.

I've read through previous posts on advice on how to get out this loop, people recommend missing pay,ends with these companies and cancelling your account then set up a deal with them.

If I contact them before the payment is due do you think they will agree something with me but still try to wipe my account. Basically pduk loan is 350 quickquid 700and wonga 550 if possible I wild like to set up to pay them all 100 a month until its all gone as the charges I'm paying back are obviously shocking. I've given thousands to these companies over last 12 month by deferring all the time. And I really need to get out this.

So my question is do I phone them to deal with it or bounce them first and deal with them as people have different views on different forums. I just can't afford for them to say yes sir we will agree to 100 a month then suddenly more money comes out. I understand the agreements I've got with them and they will do almost anything to get there money back etc and to be fair it's me that's borrowed off them it's my mistake and trust me I'm living with it, I've never been so depressed in my life, things starting to take there toll on marriage and kids so time to get out this mess.

Many thanks in advance for replies and advise

[Deleted User]

Right first thing (top priority) is to get yourself a new bank account with an unconnected bank or building society (just to be on the safe side)

It is good you have already determined an amount to pay and you must be really strong, approach now because you never know you might avoid or lessen charges, but do not, repeat do not call the payday loan companies no matter how tempting - you need everything in writing in case anything does go wrong.

Some will say leave and let it go to go to a DCA who may be easier to deal with (I don't believe the codswallop!) but that is a personal choice.

Come on if I can do this, you can break free to!

michael3429

Thanks for your reply. So your saying don't phone the companies to arrange anything??? I just don't want the stress of been hunted down and phone calls left right and centre I just want to arrange something with them but I know there attitudes will be w want our money and we want it now, I really would pay them if I could I'm not one to avoid that I understand I borrowed it so I should pay it back

I've already got a separate account, just need to change payee details in work so wages go into another camp

asbokid

michael3429 wrote: »

Thanks for your reply. So your saying don't phone the companies to arrange anything??? I just don't want the stress of been hunted down and phone calls left right and centre I just want to arrange something with them but I know there attitudes will be w want our money and we want it now, I really would pay them if I could I'm not one to avoid that I understand I borrowed it so I should pay it back

I've already got a separate account, just need to change payee details in work so wages go into another camp

have you sought impartial advice from debt experts??

There is loads of useful advice from martin lewis et al..

http://www.moneysavingexpert.com/loans/debt-help-plan

and then there are the statutory and charity organisations that can help you personally..

http://www.nationaldebtline.co.uk/

http://www.citizensadvice.org.uk/

immoral_angeluk

As soon as you tell the companies you are having problems alarm bills will ring and they will probably try and reclaim the money from your account before you have chance to move it.
Change bank account first to a complete seperate bank and then contact them.

KingElvis

Don't kid yourself you have time etc, these companies are ruthless in getting back what you owe and will raid your bank account with automated systems. If they come to an "agreement", ignore it, they'll raid your account for whatever few pence you have anyway. All they want is their money back and they couldn't care a dead rat for you, your family, your dying relative etc

Move banks today, or even better, go back in time and do it yesterday.

Pegjes44

Wonga will agreed with a repayment plan but you need to call them first and explained the situation.
QuickQuid will also agreed with a repayment plan, send them an e-mail.
PDUK are not very helpfull, sorry.

Transfer your money to a different bank account as soon as possible.
Don't forget, pay them back and never use them again.....

michael3429

Thanks for the replies everyone I really do appreciate your time.

If I was to phone them and set up payment plans will they just try help themselves with funds in my new account or is that against there agreement if I hand over payment details to pay a amount etc will they then just use the details again. What's best method of payment.

Asbokid thanks for the links

KingElvis

I can only go by what I've read on here but I'm not a "client" of these people so I may be wrong.

They agreements are worthless, they will raid your account anyway........

Pegjes44

Don't give your new banks details. Ask them for their bank details and pay them by Standing Order

[Deleted User]

michael3429 wrote: »

Thanks for your reply. So your saying don't phone the companies to arrange anything???

That is not what I've said, I am against debt avoidance, you need to have things confirmed in writing rather then have rambly telephone conversations which can easily be denied as has been my experience, in fact you may even find some just won't talk so don't be surprised, because it alllows the build up of charges so everything in writing you are creating a papertrail which can be used as proof

That said I've never been 'cleared out or raided' but that is because I got to the companies before they came a-calling, was honest, willing and was a step ahead with my money safe in a new account, but I really can't say it was all sweet either...

The old bank account I closed/shut completely but you could be surprised at how many go's PDUK had trying to get payments!

I'm also bucking the trend again - PDUK were fine with me after a lot of persistance in the end and providing what they asked eg. income and expenditure details, one of the only ones who were...

Wonga and Payday UK bank Details can easily be got for setting up standing orders, Quickquid I paid by D/D on a 4 month plan no problems but if you are worried you could also use Paypal for QQ payments