Payday loans help

jaychase

hi i have 2payday loads one with quickquid for£900 and one with paydayuk for £600 i have lost my job and cant repay then there due at the end of the month. can i set up a payment plan or will they take me to court

sistafromanothermista

Why don't you call them and ask what they suggest you do?

Asbestross

Hi JayChase,

As previously advised best to call them and advise that your situation has changed. Make sure that you explicitly outline that as a result of unemployment you are now on state benefits (JSA etc). Whilst I cannot vouch for QuickQuid's willingness to help, PDUK are quite reasonable and should allow you to setup a repayment schedule.

I'd also strongly advise you writing a letter to both companies, and remove their Continual Payment Authority. Whilst this is in place, they have the authority to debit any sums from your card as they see fit; until the first payment is made as part of an arrangement, both companies will continue to try for any amount on your card and the last thing you want is to find that the same day your benefits are paid in they've swiped it all.

Remember, if they do kick up a fuss, you are under no obligation to pay them any more than you can afford . Be warned also that you may get some nasty letters once you remove their payment authority, but these are nothing more than template letters and can be ignored. Both QuickQuid and PDUK will NOT take you to court over these debts, so rest assured on that front.

Good luck, and let us know if you face any further difficulty;)

fermi

Useful info and letters in this link.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=41_payday_loans

breathe81

Talk to them, explain the situation and see if you can try to set up a plan. Initially talk to the national Debtline and stepchange to see if they can help and offer advice. They are great help. Stay in contact with the creditors and don't ignore them.

Bella_M_2

I am currently on re-payment plans with both these companies, I stupidly let the loans go to debt collection agencies but either way they've agreed to re-payment & have left me alone to get on with it ie no calls or letters.

Bella M

jaychase

thankyou for your help. i will speak to them and see how i get on what should i do if they dont accept a payment plan

sistafromanothermista

What do you mean?

fermi

jaychase wrote: »

thankyou for your help. i will speak to them and see how i get on what should i do if they dont accept a payment plan

If they refuse, talk to National Debtline etc.

Lenders should show forbearance to those in financial difficulty, so if they unreasonably reject a realistic payment plan and/or use unduly aggressive methods to pursue the outstanding amounts, then it may be worth making a formal complaint and consider referring to the FOS etc.

While it doesn't technically come into force until Monday, many Payday lenders have agreed with the government/regulators to...

Help for customers in financial difficulty

If the customer is in financial difficulty, lenders will:

> Deal with the customer sympathetically and positively and do what they can to help the customer manage
what they owe. This may include making new arrangements about how the customer will pay off the debt.
In doing so, the lender will consider other debts owed.
> Freeze interest and charges if the customer makes repayments under a reasonable repayment plan or
after a maximum of 60 days of non-payment.
> Not contact the customer or take any action to recover the money owed for 30 days, if the customer is
making a genuine effort to agree a repayment plan using either a debt-counselling organisation or a ‘self-
help’ approach (for example, the customer is suggesting a repayment plan). If the customer or their adviser
provide the lender with clear evidence that real progress is being made in reaching a repayment plan, but
work has not yet concluded, the lender will extend this ‘breathing space’ for an additional 30 days.
> Tell the customer about free and independent debt-counselling organisations. These include: Citizens
Advice, the Consumer Credit Counselling Service, National Debtline or the Money Advice Service.
> Not allow you to borrow further from the lender until all outstanding loans with the lender have been repaid.
> Deal with people whom the customer has asked to act on their behalf, with the customer’s authority,
unless those people behave unreasonably.

See what they say first though...