Payday loans: defaulting on payment plan

KingElvis

ihateyes wrote: »

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

I bet the good folk at Sponga got there first :rotfl:

ihateyes

KingElvis wrote: »

I bet the good folk at Sponga got there first :rotfl:

i suspect so. ive been there learnt my lesson. as many people say there is a market.

The problem is these companies are ruthless when it comes to missing a payment.

Can you imagine if mainstream bank/lenders conducted themselves the way these companies do??

Lazy_Fair

Hello again,

I managed to get my wages out and into my girlfriends account around 1am last night.

Just off the phone to PayPlan who have taken all my details and say they'll send oit letters that i can send to my lenders.

Since there's no money in my account and the lenders are due to be paid today, Iv'e had a few phone calls today, including to my office. Are there any measures I can take to minimise the madness until, hopefully, they agree to payment plans?

holyroller

Just tell them you bank with Natwest or your employer banks with Natwest.
That might buy you a few days lol.

KingElvis

Expect them to pursue you like a dog for weeks, months even years.

ihateyes

Lazy_Fair wrote: »

Hello again,

I managed to get my wages out and into my girlfriends account around 1am last night.

Just off the phone to PayPlan who have taken all my details and say they'll send oit letters that i can send to my lenders.

Since there's no money in my account and the lenders are due to be paid today, Iv'e had a few phone calls today, including to my office. Are there any measures I can take to minimise the madness until, hopefully, they agree to payment plans?

Call PayPlan back ditch the letter scenario.

Companies feel better if they are dealing directly with the DMP, as they feel you are being serious about paying the debt back.

i opted to have Payplan write to my creditors on behalf of me. Also i then make a payment to Payplan once month, they then distribute the money out to the creditors.

This takes all the hassle away from me, and letters etc.

Payplan will give you a reference number. Call the PDL's and advise them you are entering a DMP, and Payplan will be in touch under ref: x

I had defaulted with wonga, but they instantly accepted Payplans offer.

Lazy_Fair

ihateyes wrote: »

Call PayPlan back ditch the letter scenario.

Companies feel better if they are dealing directly with the DMP, as they feel you are being serious about paying the debt back.

i opted to have Payplan write to my creditors on behalf of me. Also i then make a payment to Payplan once month, they then distribute the money out to the creditors.

This takes all the hassle away from me, and letters etc.

Payplan will give you a reference number. Call the PDL's and advise them you are entering a DMP, and Payplan will be in touch under ref: x

I had defaulted with wonga, but they instantly accepted Payplans offer.

Called Payplan back regarding the DMP. Apparently they will only enter an individual into a DMP once their debts are above 5000 pounds. Mine currently sit around 3900.

ihateyes

Lazy_Fair wrote: »

Called Payplan back regarding the DMP. Apparently they will only enter an individual into a DMP once their debts are above 5000 pounds. Mine currently sit around 3900.

Its a pity, because they are good, and have taken a lot on for me. while some still call, and the odd letter comes generally it has been fab.

Whatever you do stay away from these DMP companies that charge you.

Steve07

One option might be to refinance and actually cover the cost. Even if you have to take out a larger line, you'll pay less interest in the end.

Thought of trying Zopa or another peer-to-peer site?

Apples2

Steve07 wrote: »

One option might be to refinance and actually cover the cost. Even if you have to take out a larger line, you'll pay less interest in the end.

Thought of trying Zopa or another peer-to-peer site?

Cracking piece of ridiculous advice there Steve, don't give up the day job.