Payday Loan companies what was your experience? feedback

Smokealot

Hey There,

(no Trolls please, plenty of celebrities on twitter to for you to vent at and honestly I couldnt give a toss)

THIS THREAD IS ABOUT EXPERIENCES IN CLEARING YOUR PDL`s NOT AVOIDING THEM.

I am starting this thread for those of us who are looking to escape the payday loan trap.

Im looking to draw on the expriences of those who have defaulted and how they resolved it or are currently struggling with the company in question. You never know by bringing it all under one thread we all might learn something that we didnt know already (:rotfl:think we all learned something didnt we)

Im hoping also, that by having this information here others may read it and avoid PDL`s altogether.

If the company was agreeable to a payment plan, please list the name, how you agreed the plan (i.e via mail, email etc) and any other information you think is useful.

If the company was not agreeable please tell us where you are with them now and the experience you have had.

I know there are great threads on how to protect your money elsewhere on MSE so I dont want to start another.

I have put a list below of the main PDL`s (not all mine) if yours isnt on this list just tell everyone about it anyway.

PDL Experience
Wonga ?
Qucikquid ?
Toothfairy ?
PDUK ?
Payday Express ?
TXTloan ?
Mr Lender ?
Monkey dosh ?
speedy loans ?
payday advance ?
cheque centre ?
early pay day ?

As I say sharing the information may help others, i know these forums have helped already as i embark on ym journey to freedom.

young_un

Hey there,

2 years ago I worked full time in a cafe getting paid weekly at 19 I partied every weekend and one of these occasions I was short on money . I had seen an advert for wonga and thought yea this is great I can pay it back next week.

Next week never came I borrowed more thinking it'll be easy to pay back.

Long story short over the last 2 years I have been trapped in the wonga cycle I have been in a great job for the past year and finally earning more but I was still paying over £800 to wonga every month and then borrowing from them again to pay my bills.

2 months ago I decided to take the bull by the horns and emailed them asking for a repayment plan as someone on here suggested. They sent me an application form to fill out and then email it back to them. Thankfully they agreed to £117 a month and it will all be paid off by January 25th 2013. I never once had to speak to them on the phone it was all done via email.

I have felt like such a fool for falling into the trap so young.

princess18

First off, I think this thread is a brilliant idea OP

I'm now starting a self managed DMP after getting in a pickle, some are PDLs.
I found payday uk to be brilliant in negotiating a plan. I've dealt with them mostly over email, only ringing to confirm bank details. Without even seeing my soa they agreed to £15p.m to be paid off by April 2013. They have already taken first payment and I was reassured to find they did just take the £15 as agreed.
Pounds2day (a 6 month pdl) have also been very accommodating.
Wonga have currently agreed to freeze interest until we come to an arrangement.
Payday express on the other hand are refusing to help without meeting their criteria with evidence. Merely 'financial difficulties' doesn't seem to be acceptable. Only unemployment or serious illness (which other than going on maternity leave I've just been stupid and over calculated my incomings and financial commitments.

bexiboo92

I think this threat is a brilliant idea!
Having moved out just over a year again with my boyfriend and both of us being young, we stupidly moved into a non economic flat and spent too much money leading me to fall into the trap of pay day loans.
I'm in the process of dealing with Wonga, Payday UK, Payday Express, Wageday Advance, Mini Credit and Speed Credit.
So far I've found Wonga, Paday UK and Payday express to be incredibly helpful, I've signed onto a DMP and all of these companies have happily accepted the offers.
Wonga were amazing; being one of my highest loans, they happily accepted £50 a month for a £650 loan, have frozen interest and very occasionally send me an email offering me a reduction on the loan if I can pay by a certain date.
I have had problems with Mini Credit; they refuse to accept a DMP offer and will take money out of my account at any opportunity they get.
Speed Credit have to be the worst company I have dealt with; rude staff, constant calls, emails and letters, threatening emails saying they'll send ballifs and still bug me despite the setting up of my DMP.

I've been in this ridiculous cycle for 9/10months and I'm slowly starting to see the light at the end of the tunnel via re-paying the loans and repaying what I owe

endora

When you guys say you are repaying, it would be interesting to know what you are repaying, for example if you borrowed, say, £500, how much will you end up repaying when you set up a repayment plan. The advertised interest rates of such companies are obscene and many also impose ridiculous charges, rollover fees, setup fees, etc.. The question would be: are you repaying the loan itself and maybe the first month's interest or will you end up paying several times the amount you borrowed?

nfollows1982

I can only speak from my experience of Wonga, but they are VERY easy to deal with and VERY understanding and accomodating to repayment plans.

My wife took out a £300 loan with them which she couldnt afford to pay back and I contacted them with a repayment plan, offered them £10 a week.

It was all done via email and within 1 hour they had frozen all interest and charges and set up the payment plan no problem.

HeadInTheSand

Hello,

I have 11 PDL ouststanding. All being dealt with my Debt Management Company.

Out of all of them, I found the Money Shop and Payday Express the easiest to deal with.
PAYDAY UK gave me grief,
!!!!!!!!!!!!!.com have no form of contact other than logging into your online account no reply to emails, letters and no phone numbers other than recorded messages...

Wonga just stopped contacting me altogether after sending them a letter asking for a breakdown of charges. (that was 9 months ago which was unusual)

the key to dealing with them is communication. dont hide, speak to them and they will accomodate your needs.

ignore them and they will just stick you on an autodial system where you will get calls all day every day...

until I had my LBM, i was receiving about 90 phone calls a day between 7:30 am & 6pm.... sigh. lol.

positive: After contacting my lenders and asking them NOT to contact me on my works phone number, every single one of the main lenders never contacted me at work again. so they stick to the guidelines.

vicious circle indeed. especially if you are borrowing of 1 to pay the other. seems easy at the time, but is the wrong road to travel down.

what annoys me most about PDL's , is the ease at which you can obtain a loan. hardly any verification on most of them, they just take your word for it and give you the cash.

as a test, about 5 months ago, I took out 2 payday loans in totally ficticious details, using a spare bank account in my name (even though the agreement name was different to the bank account name)

They got accepted and deposited into my account. I paid the money back within the hour and cancelled the agreements. It was purely to show how these companies do not want you to pay the money back. they want you to default and incur interest.


used as a one off for ermergencies, paid back in full on payday, then you have no problems. Its a good source of a loan if you have bad credit. Long term solutions is a NO NO!

HeadInTheSand

oh, I see the one PDL i mentioned got !!!!!!!!!!!!!! oh well. perhaps thats a sign for me? lol