Taking control back over PDLs

Bravehearted_2

You need to get to the money before Wonga does.

Online transfer at midnight to a partners acc??

Withdraw all in cash at the bank??

None of these are fullproof.

I hate to advise it, but it may mean sticking to your original idea for one more month till u get a new account sorted out.

Dolores_H

Bravehearted wrote: »

You need to get to the money before Wonga does.

Online transfer at midnight to a partners acc??

Withdraw all in cash at the bank??

None of these are fullproof.

I hate to advise it, but it may mean sticking to your original idea for one more month till u get a new account sorted out.

That was actually exactly what I was just thinking. I think I'll apply for a 1 week fast track passport now, and carry on as normal, then as soon as the passport comes, set up the new account, and continue with the original plan. So frustrating!

Apples2

PhoenixDF wrote: »

So if I pay all my bills on time, don't miss a payment and avoid any late penalities and pay off the PDL back early when I was short for a few days......that suggests I can't manage money well?

You aren't managing your own money though, you are managing someone elses because your own money management failed.

Good Money management is the avoidance of borrowing to bolster your own income on a regular basis.

Your argument suggests everyone with huge consolidation loans from First Plus, Ocean Finance et al are good at managing money. It isn't solely avoiding a default which makes you a good risk.

xgingerx

Originally Posted by Bravehearted
Wonga are known for agreeing to payment plans but then when you're not looking go in for the WHOLE lot.


Yep your right, my son owed wonga 500 quid and a days before he phoned up to make an arrangement to pay 100 quid a month which they agreed, they took payment of 100 quid over the phone and then too the 500 the day after to actaully took 100 too much ! Then he called to tell them what they done and that an arrangement was in place and they refunded his 100 quid and was and still is in the sh**, the poor bugga, at 21 , low paid and this sort of debt, anyone thinking of taking one out Id try and avoid like the plague, I know that they can have their uses providing you can actually comfortably pay them back.

cashburner

Long time lurker but on the PDL subject I think I'll have my two tuppenceworth if I may?

I agree that taking out PDL'S indicates that your ability to manage money is terrible, these companies make the bulk of their profits through the roolover/defferal process by just allowing the debtor to service the debt by paying the [high] interest every month.

I now admit I am atrocious with money and have been up to my eyeballs in it with PDL companies and other creditors. That's not their fault however, it's mine.

I have had PDL'S with Wonga, Cash Choice, Payday Express, Wageday advance, TXT loan, Peachy, Mni Credit, PDUK, EPDL, Lending Stream and more.

I thought I could cycle them all round and round but then as someone else mentioned the inevitable happend and suddenly the amount available was reduced or they started asking for bank statements to see transactions on my account, they rent thick and could obviously suss out that I was running round the houses borrowing from one to pay the other.

I was in really deep for ££££££ (I am not proud)...... However I have managed to virtually escape thanks to a PPI reclaim from another bank loan. I got the cheque and whilst I was so tempted to do as my username suggests I bit the bullet and phoned them all and told them to take the lot now. I still have a couple to repay as well but have just found out I'm gettin a bonus from work so guess what I will be doing with that?

I will never use these loans again because it just seems like "easy money" at the time and you slide further and further down the slope until you could spend a lifetime just servicing interest payments.

To anyone thinking about taking out a PDL, trust me, think long and hard, if it's a genuine emergency then make sure you can pay it off in one fell swoop without having to go back again the next month. If its for a night out or to "treat yourself" then please DONT DO IT!!!!!!! I thought borrowing a couple of hundred and paying back 250 would be fine and I just slide down the hill, climbed up a bit and then slid further and further down it with no way out until like I said above I got a luck break and grabbed it with both hands.

I now think about what I can do with all that extra disposable income each month and how much I've wasted in recent times through my own stupidity.

I'm turning my life around, I hope I've learnt the most valuable lesson of my life about money and that I can make a better future. I hope others in the same trap can get out as well and if this posts stops just 1 person falling into the trap then it'll have been worth it.

One last thing to all those who call these companies rip off merchants, scammers etc etc etc, I'm afraid they arent, they may just hand out the money a bit loosley to almost anyone but they dont make you take it and they tell you how much it will cost. It isnt their fault people borrow money they know they cant afford to pay back and then have to keep servicing the interest.

Seriously think about the beans on toast route for a couple of months if it helps you get away... The most important thing I guess is once you escape, never, ever go back!!!!!

[Deleted User]

Here here cashburner, as someone else who has turned it around (once thought I had no option but to go for a DRO) 'now being a go getter' have paid 5 back now for the 'final time' after a 2 and a 1/2 year game! it so can be done and the best bit today I found out why and how I got into the Payday loan trap ! one of my secured payments the leccy - well turns out I was always overpaying which accounted for a massive dent in my budget !!!! if I hadn't been 'in debt' I would prob have never found out - it is true you learn lessons only when you have been in that dark hole!

Can't express the enormity of how I feel knowing I'm 'payday loan free' (if I could bottle it I would!) when I got my bank statement yesterday it finally sunk in it wasn't cringe-worthy or littered with payday loan co's ! it had got so embarrassing I even stopped opening bank statements before I defaulted just knowing the awful trap I felt stuck in - yes the defaults are worth it!!

Sorry for hijacking OP, just wanted to show really how people can fall, oh so prey, easily to these companies and people should be so, so careful when entering into any kind of financial transaction

Oh PS one top meal idea for the baked beans is to team up with a portion of flavored rice add to it a couple of spring rolls (which you can buy cheap enough in large packs (freezeable to) off at the supermarket) and there's my very own 'baked bean chinese' ! seen me through many a night!

Dolores_H

Well, I finally did it. I spent all month organising a new passport and opening a new bank account with a different bank.

My wonga loan is due on Tuesday and I didn't want to contact them regarding the payment plan until my wages were confirmed to go into my new account, but they now are.

I just emailed collections@wonga offering a monthly repayment of £40 (I think this is realistic), and have asked them to keep all contact via email. Hopefully this is my way out of this horrible pay day loan trap.

Thanks to all for your help.

smokealot_2

Hi,

Im a newbie also,

I am in the same position as you and as long as you can stick to it your theory will work, wonga will not decline you if your trust rating is high, there making a profit and wont cut it off.

Stick to your plan and keep the faith, you will get there.

chin up girl yu can do this

smokealot

Dolores_H wrote: »

Lantanna, well I really hope that doesn't happen, or I'd be screwed!

my money's working out so far as:

get paid £1400
pay back to Wonga £1200
leaves me with £200
Borrow £800 from Wonga
Pay my rent (£600, leaves £400)
Pay my phone bill and other bills £120

Leaves me with around £280 a month to live off which I can definitely do if I'm careful.

I'm mostly selling clothes and shoes on ebay, usually get about £5 for each item, every little helps!

Dolores_H

Hmm.

So I woke up to this email from Wonga, anyone else have experience of how to respond? I don't want to call them so that I have everything in writing...

"
Hi there. Thanks for contacting us to ask about setting up a repayment plan.

We appreciate you alerting us a potential problem and understand that unexpected things happen in life, but we are unable to agree a repayment plan and treat your account as if it's in arrears before your agreed repayment date. The reason is that we want to give you every opportunity to stick to the terms of the original agreement without forcing you into an arrears situation.

If you can pay some of the outstanding balance you may be eligible to extend your loan for up to 30 days. You can do this within a week of the current repayment date, but not on the day that repayment is actually due.

As a responsible lender, we do require a part-payment of the balance. This means that the outstanding balance is decreased and that you only pay interest on the remaining balance. There is a £10 fee.

If this may suit your needs then you can apply for a new repayment date by logging in here - https://www.wonga.com/Login.aspx - and choosing the 'Extend my loan' option. It's all online and you can also add and select alternative payment cards if need be.

If you can't make any payment however or you don't want to extend your loan for some reason, then please make sure you call our friendly team on the morning of your due date and discuss the situation with an advisor. At that point we may be able to agree to a repayment plan, after discussing the options.

We do want to help you get things sorted so please contact us on 0844 842 9109, between 9am and 10pm, Monday to Friday. If your due date falls over a weekend or bank holiday, please call us the day before.

Thanks for keeping us posted and getting in touch."

Mara69

Call or e-mail on your agreed repayment date and tell them you need to set up an agreement.