Writing to PayDay Lenders whilst setting up DMP?

SuzyCat

Hi

Newbie here so please be gentle!

After months of struggling, burying my head in the sand and getting caught up in the Pay Day Loan vicious circle, I finally contacted Step Change and am setting up a DMP.

Have gone through budget with them and given them all creditor details and they say everything will be set up to start in January which is fine and I already feel a huge sense of relief!

They explained about making token payments in the meantime which for credit cards is fine as I can access the account online.

What I'm asking for advice on is what to write in an email to the Pay Day Lenders and how to get bank details for me to make a token payment. I've changed bank accounts already for my salary to go into next week and have contacted the old bank to ask them to cancel all Continuous Payment Authorities and have had confirmation that this has been done.

Do I just email the PD Lenders a standard 'token payment' letter and ask for bank details to allow me to make token payment and then just add a paragraph saying i withdraw consent to use debit card? I'm guessing (from reading on here) that they are unlikely to want the token payment but I believe that I am doing the right thing in offering it as it shows my willingness to settle the debt, albeit longer than they would want.

I must admit I'm dreading the phone calls from them and worried they may call at work so can I ask that if they have to ring (I'll ask for al correspondence in writing as a preference) that they ring my mobile in the evening?

Sorry for waffling on - the PD Lenders are my biggest 'fear' having read about threats of door step collectors etc. I will no doubt be back on here when the nasty letters/emails start!

Thanks for any advice.
SuzyCat

gizmo111

Who are the lenders as they all behave differently.

SuzyCat

I'm ashamed to say it but there are 6!

Swift Sterling
Wage Day Advance
PayDay UK (or MEM Capital)
Mr Lender
MiniCredit - I've heard these are the worst!
1MonthLoan

Thanks

gizmo111

Wage Day Advance and PayDay UK will huff and puff for a coupe of weeks but will settle on the plan.
Mini credit are just a nightmare - will threaten allsorts - when you inform them of DMP make sure you include that any legal action will be vigoursly defended and that you do not accept communication in any form other than post or e-mail.
Don't know the others.
Make sure there is no way they can get any money from your account.
Good Luck

JayC1987

Good luck with your repayment quest.

DaveK1971

Hi,

I'm at the same stage as you with a DMP and have several payday loans. Only one I have that you have is PDUK. They contacted me by email and whilst they haven't yet agreed to the DMP payments they have agreed to hold my account and co-operate with stepchange.

No phone calls at work yet, a few to my mobile but most have been post or email.

SuzyCat

DaveK1971 wrote: »

Hi,

I'm at the same stage as you with a DMP and have several payday loans. Only one I have that you have is PDUK. They contacted me by email and whilst they haven't yet agreed to the DMP payments they have agreed to hold my account and co-operate with stepchange.

No phone calls at work yet, a few to my mobile but most have been post or email.

Thanks - did you contact them to let them know about DMP? I'm due to get paid next Tuesday (27th) so that is when I will default.

SuzyCat

DaveK1971

SuzyCat wrote: »

Thanks - did you contact them to let them know about DMP? I'm due to get paid next Tuesday (27th) so that is when I will default.

SuzyCat

Hi,

Yes I sent them a stepchange template letter advising that I was entering into a DMP. It was a few days after sending it that I got an email from PDUK. I haven't yet missed a payment to PDUK but they seem to class me telling them I was entering into a DMP as defaulting and have put my account on hold etc whilst they talk to stepchange.

SuzyCat

DaveK1971 wrote: »

Hi,

Yes I sent them a stepchange template letter advising that I was entering into a DMP. It was a few days after sending it that I got an email from PDUK. I haven't yet missed a payment to PDUK but they seem to class me telling them I was entering into a DMP as defaulting and have put my account on hold etc whilst they talk to stepchange.

do they send you that template letter in your welcome pack? I've not received one yet and just trying to get ahead with the pay day lenders.

Thanks

DaveK1971

Hi, yes they do. A day or so after doing the debt remedy and requesting the application you'll get a pack with the agreement to sign and the template letter.

iaintw

MiniCredit dont offer any token of payment. my advice is not to paid them cos their are really bad company