payday loan advice please anyone!

purplerain0000

Hi,

I will try to keep this short as possible,i have several payday loans which after extending each month because i couldnt afford the reypayment etc i am now stuck in the trap of trying to settle.

I have tried contacting each company explaining i am in finincial difficulty and requesting a payment plan.

So far only one has replied stating that i must fill in the I&E form enclosed and after that an agent will review and propose an amount until then the account is still subject to payments on the original dates.

I had an overdraft on my bank account which i borrowed money(from a relative) to clear off on friday under the assumption i could close the account and sort out reypayment plans with each PDL company at a rate i can actually afford,only to be told that it would take two weeks....in which time the PDL companies will have gone in for their money rendering me OD again.

I have spoken to CCCS tonight and have an advisor calling me back later this week to see what my options are. I have opened a basic bank account and have my wages going into that so thats at least something. i just wondered if anyone had any advice or past experience so i can get an idea if these companies are likely to agree to a plan etc

give_them_FA

You need to insist that your bank does not make any further payments to them so as to buy you a bit of breathing space. You can now stop a continuous payment authority and I suggest you get in the bank and make sure you do it ASAP. I saw another thread where the bank did not appear to be aware of this so you need to be insistent and don't give up till you succeed even if it means right to the manager.

They are much more liable to agree to a plan if you are able to say "take it or leave it" because they can't raid your bank account.

[Deleted User]

Hi Purplerain

It does largely depend on who your PDL lenders are? some will be easier then others
I've just come out of a 6 month repayment period (lived like a nunn during which time, really cut back, sold stuff and picked up extra hours at work where I could) the only advise I can offer is be honest and it really is best to get these paid of rather then try and enter into long term repayment plans at all costs where possible

Also if you can afford to buy the book 'when payday loans go wrong' it is about a fiver to buy with free p&p if through amazon, this is going to be useful to someone starting out on the journey which will be bumpy and give-up-able at times but hang in there and it will be worth it
The above publication will be a real good souce, the chap behind it actually got a load of the payday loans companies to accept full and final settlements at less then the amount due back

All the best - how did it go with CCCS tonight?

x

camuk81

have you set up another account for any payments to go in and out of

purplerain0000

Hi all thank you for the replies,

I Have informed my bank i am aware i can cancel the continuous payment authority and i informed them the following lenders:
quickquid
payday uk
lending stream
cash genie

were no longer authorised by myself to take payments as i had informed each company i was withdrawing authority,the lady on telephone banking made notes on my account but said i couldnt stop them i emailed the bank through online banking quoting the terms as stated FSA 2009 document and again got a response "you cant we will honour payments" aaargh!!!

I do have another account set up yes its an old one that i wasnt using so thankfully my wages can go there its just the fact that i cleared the OD on the existing one thinking i could close down and sort out my own reypayments with the PDL companies only to find that payments will still leave in the duration its gonna take me to shut it....two weeks seems a long time to close the account!

Cccs were very nice but i cant get anything in place till the councellor calls me on thursday and the lady advised me the Dmp if i did enter one would not be set till April so again the account will have been emptied albeit by OD means by then its so frustrating

purplerain0000

Just to add im also now confused as i cant close the account till this DD clears hopefully by tomorrow....so do i close it and wait the 2 weeks knowing they will raid it so then i cant close coz O/d again or do i leave it allowing the Pdl's to take me O/D again so they are paid but im effectivley in same position just owing the bank instead of them??

Fergie42

Hi Purplerain...Don't panic there is tons of stuff on here about this situation. Close the account asap so they can't get their payment and stick to your guns about what you can afford every month. You don't have to give them an I&E statement and some of them will threaten court, doorstep visits etc. but none of this will happen.
Get all of your money in another account they can't touch (parachute account) and start living again at a level you can afford. OFT are currently investigating payday loans. Go to my post 'Money Shop took all my money this morning' and national debtline have posted a link to OFT on there.
You will have a few difficult conversations with the companies but if it becomes too much quote the harrassment line and that you only want to deal with them by writing/e-mail.
Take care and a few deep breaths and this will be over soon - take it from someone who's been there xxxx

National_Debtline

Hello there, here is the OFT review information for you. There is also a complaints form that you can fill in.

http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/

Best wishes,

NDL.

give_them_FA

purplerain0000 wrote: »

Hi all thank you for the replies,

I Have informed my bank i am aware i can cancel the continuous payment authority and i informed them the following lenders:
quickquid
payday uk
lending stream
cash genie

were no longer authorised by myself to take payments as i had informed each company i was withdrawing authority,the lady on telephone banking made notes on my account but said i couldnt stop them i emailed the bank through online banking quoting the terms as stated FSA 2009 document and again got a response "you cant we will honour payments" aaargh!!!

If they pay these in defiance of your written instruction not to pay them then they become "unauthorised" and the Bank cannot claim the money from you. Make sure you have given them written instruction, -recorded delivery- then sit back while your Bank pays off the loans for you.:rotfl:

purplerain0000

Thank you again for the links and advice. Today i received two replies from Cash Genie and Payday uk both accepting payment plans starting next month so that is a relief.

I got another email from the bank again tellin me i have to cancel the agreement with the company and if they attempt to obtain funds as per the contract i signed its basically tough! S0 i emailed them back attaching the Fsa link to the article "know your rights" and informed them i am aware i CAN request the bank stps them and as far as im concerned ive done this 3 times now.

I got home to a letter from " MEM Consumer finance" ?? regarding the email i sent on 26th Feb withdrawing my consent to continuous payments....this basically says im breaching the terms etc etc and if i dont contact them to set up a payment plan they will take it to court i have no idea what company this is related to.

Also Lending Stream are proving a pain i have emailed 5 times to the link on the cntact us page i have rung the 0845 number only to recieve an automated reply and no option to speak to anyone,so am struggling to get any kind of reypayment set up as i cant get hold of anyone. Does anyone know of any alternative contacts for them? as these are due to take their monies soon and obviously i want to stop them.

Regarding the bank Santander states on its site it will take 2weeks to clse an account is this correct?

[Deleted User]

MEM Consumer Finance IS Payday UK - Also referred to as Monthend Money sometimes to