Payday loans: defaulting on payment plan

Lazy_Fair

Hi folks,

I'm in the process of setting up a debt management plan to try and dig myself out of the spiral of debt payday loans and my own stupidity have gotten me into (and continue to!).

I have around 7 lenders I owe money to. The most being Wonga which is around the 1200 mark. My plan is to follow the advice of a poster from the forum (saltnvinegar i believe they're known as) and remove my wages from my bank account on Friday morning before the PDL companys get there.

My question is: I'd previously agreed to a payment plan with Wonga and stupidly missed a due date for a payment, thus defaulting on that plan. After contacting them, I was bullied into a monthly repayment plan of 193 pounds a month. If i were to contact them again, before the 1st payment is due, and ask to have it reduced to at least 100 pounds per month, do you think they'd flat out refuse seeing as I'd previously failed to stick to an agreed plan? Very stupid og me I know.

Thanks for any help guys

Kevin

Apples2

Good luck in beating them to the money..... you're gonna need it.

If I were Wonga, I would think you are completely taking the proverbial, but I'm not them. You won't know until you ask.

I'm sure if you had read the post correctly, it would say the only way to protect your money, is to completely empty your account and open a new bank account with an unrelated bank.

The risk you face is that you have shafted them not once by failing to repay, but a second time by not adhering to your "second" promise of payment. Many Payday Lenders will simply swoop into your account to clean every penny out of it, and continue to do so until they take all the money you owe them.

ihateyes

Lazy_Fair wrote: »

Hi folks,

I'm in the process of setting up a debt management plan to try and dig myself out of the spiral of debt payday loans and my own stupidity have gotten me into (and continue to!).

I have around 7 lenders I owe money to. The most being Wonga which is around the 1200 mark. My plan is to follow the advice of a poster from the forum (saltnvinegar i believe they're known as) and remove my wages from my bank account on Friday morning before the PDL companys get there.

My question is: I'd previously agreed to a payment plan with Wonga and stupidly missed a due date for a payment, thus defaulting on that plan. After contacting them, I was bullied into a monthly repayment plan of 193 pounds a month. If i were to contact them again, before the 1st payment is due, and ask to have it reduced to at least 100 pounds per month, do you think they'd flat out refuse seeing as I'd previously failed to stick to an agreed plan? Very stupid og me I know.

Thanks for any help guys

Kevin

WHat you really need to do is close your bank account and open another bank account with a new bank.

This friday you will need to have a late night and sit up waiting for the funds to arrive and be ready to swoop straight away.

RBS update for example at 2am, Santander at 12am. some PDLs know the time of updates and will collect there and then. Some do their runs before you get up.

I would cancel your card, though this may not stop them.

As you have previously broken arrangements i would seek a DMP. I use Payplan who are free and have been excellent for me.

They will go through and I&E, and do the leg work for you. They also can pay your creditors for you. SO each month i pay them, then they divide and send the payments to creditors.

This shows the creditors you are serious but at the same time, Payplan will make sure, if have the means to live your life, and put food on the table and clothes on your body.

PDLs will be after every pound straightaway even if it means you have no food. they dont care.

good luck

Lazy_Fair

Thanks for the advice.

I'll check out the DMP company you mentioned. Obviously I won't be able to fully open a new bank account in one day, any advice what to do in the interim? Obviously I'll try to get to my wage before the PDL's do, but where should I direct it?

ihateyes

you need to transfer all the money on friday. so if you have other accounts ie saving, or family mmembers where you can transfer too. if there is money in that account at 8am, dont expect it to be there at 8.30am. cos it will have been swiped.

A wee thought..... do you have a Ladbrokes account??? if so once your bank updates deposit your full wage. then you can go into branch and withdraw the money over the counter......

I have a basic debit cad with RBS, and with no RBS cash machines where i stay if i need cash this is what i do

OneLife_OneShot

If you have defaulted on a payment plan with Wonga to put it lightly you re f***ed.

Moneymash

I have to echo what other posters have said... Wonga will take your money in the early hours. I have had two previous wonga loans and thankfully when they were due I was able to pay them off in full (due to excuriating amounts of extra shifts at work, to cover the loan and my monthly outgoings so I wasn't going to be short that month).

It worked out that I was working the night shift before both paydays and was therefore able to check my bank account in the down times and repayment was taken in the early hours. I don't mean to scare you just warn you. They don't even need to know the update times, they will just continually try your account.

KingElvis

They know all the tricks so you'll have to be up very early in the morning to catch them out, they know yours and every shyster trick in the barrel scraping book.

ihateyes

KingElvis wrote: »

They know all the tricks so you'll have to be up very early in the morning to catch them out, they know yours and every shyster trick in the barrel scraping book.

he wont be up early, he will be going to bed late!

taylorpidge

Use payday loans as 0% APR short term loans (if its guaranteed you can pay back)
The big issue with payday loans is that you can't afford the interest they whack on (upto £350 for a £1000 loan) but you can normally afford the original £1000. I got myself in big trouble, having 4 payday loans totalling £3700 to pay back, more than I earn??? Reading online that you have the right to withdraw from ANY credit agreement upto 14 days and don't legally have to settle for 30 days, this is what I did on all 4! Saving me over £1000 in charges and being able to then over the next 3 months gradually getting myself out of debt! I did this every month, but for a smaller amount each month as well as staying in and not wasting any money and finally I managed to clear one by one!! So play them at their own game... APR rate can be 0%. It worked for me, read the small print on your contracts. Good luck everyone and once it's worked for you, spread the word as we may be able to STOP them ripping people off

ihateyes

did you manage to transfer/get your money out of the account???