PDL question

Timtim87

Hi,

I've spent a lot of time reading all the other advice you extremely helpful people having given to others in the same situation as me. So just have a question regarding PDL loans.

I have cancelled my card and opened a new account but have been told by HR that this months wage has to go into my old account. Now I'm afraid that Wonga will be able to get their hands on my money. I've tried to talk to them, email them etc. but they won't talk about a payment plan until I default on the loan.

So, I've cancelled my card (reported it stolen) and can move my wages a day before Wonga are due to collect. I have checked with my bank and the only direct debit on my account is for my credit card. I'm afraid if Wonga try to collect, the bank will payout and I'll be in my overdraft.

Is this possible?

Vikipollard

I hate to burst your bubble, but cancelling your card will more than likely not work. It is very hit and miss as you've given authority to debit the money.

Is it worth writing to your bank withdrawing your consent to continuous payment authority? At this point I dont think you have anything to lose by trying, though again, they may try to tell you they cant do that when they actually have to.

Have you got internet banking on your new account? If so, is it worth sitting up at midnight and as soon as your wages hit your account transfer them to your new account? Again, only throwing ideas about for others to comment on. It may mean a delay of a day or so before you can access the funds though, but I'm sure someone more knowledgeable than me will have a view.

If you do transfer your wages before Wonga get in there, be sure to make a payment to your credit card at least over the phone before cancelling your direct debit with the old account. Not that you are going to need to worry about your credit rating for the next six years, but you can minimise the stress for yourself.

And when you start negotiating with Wonga DONT give them your new bank details or make payments by card or they will just take what they want regardless of what they say.

gizmo111

Cancel your overdraft so there is no facility and instruct the bank that you withdraw authorisation for Wonga to take money. Do they know when you get paid? Alerting them to this may not have been the best of ideas as they may try and take the money early.

gizmo111

When will your wages be due and which bank will they pay into?

Timtim87

My wages are coming in on the 27th of April and Wonga is due out on the 28th. Wonga don't know my wages are coming in a day early.

My wages go into my old bank account as I didn't give HR enough notice to get paid into my new account.

I've just emailed the bank to say I withdraw authorization from Wonga.

Do you think that will be enough to prevent them from taking money?

gizmo111

Timtim87 wrote: »

My wages are coming in on the 27th of April and Wonga is due out on the 28th. Wonga don't know my wages are coming in a day early.

My wages go into my old bank account as I didn't give HR enough notice to get paid into my new account.

I've just emailed the bank to say I withdraw authorization from Wonga.

Do you think that will be enough to prevent them from taking money?

Probably not banks ar pretty stupid and don't take any notice at first. Make sure you stay up and transfer that money at midnight when it hits account before they get a chance.

Timtim87

Well the money will be in on the 27th so will have all day to transfer it before Wonga come sniffing.

gizmo111

Timtim87 wrote: »

Well the money will be in on the 27th so will have all day to transfer it before Wonga come sniffing.

You've already told them you can't pay on 28th - if this is your noraml paydate it won't take a genius to work out that 28th is Saturday and you will get paid Friday.

Timtim87

They can't take money out of my account before the 28th as that is the agreed date. They may be sneaky but they aren't above the law.

billinghamfan

They will take it as it is a 'payday' loan so they will take on the day you get paid ie the Friday.

Move the money at midnight as suggested or you will get shafted. Also note that if you try they are not above the law approach how long do you think you will get your money back especially when you are trying to avoid the payment.

You have been given good advice please take it.