Payday 1st Stop NOTICE OF DEFAULT

davetheman

I took out a payday loan and unable to pay back in full in November last year, I tried emailing to agree to repayment plan but I just get email back saying to call them which I refuse due.

I was expecting this to be passed onto a 3rd party whom hopefully are more agreeable to a payment plan.

Today I have recieved a Notice of Default from Payday 1st saying if I don't repay the full amouny by 14/2/13 they will take me to court.

I am happy to make payments by installment S/O only however but getting know where

balmk

And you refused to call them because.....?

If they had referred your loan to a debt collection agency, they would have been equally insistent on you paying back what you owe.

You can wait for this to go through the courts, but you will end up with a CCJ which, whilst permitting you to pay the loan back at a mutually acceptable rate (subject to reviewing your income and expenditure), will be registered on your credit file along with the default.

davetheman

When speaking to them they put you under reall pressure to pay. I am wanting to pay this back at around £100 a month and only owe £500

VitaK

If they say they 'will' take court action to recover the money, then you need to act now. If you don't want to call them, then writte a letter with your repayment offer and include a statement of affairs, so they can see that the £100 is what you can resonably afford.

You can get more advice from one of the debt free charities.

davetheman

Actually says:-

3. ACTION WE INTEND TO TAKE

If you fail to pay to us the total arrears referred to in paragraph 2 by the date stated we will:

• Serve Notice on you in writing demanding payment of the outstanding balance, as stated below;
PAYMENTS TO BE MADE
Arrears: £562.43
Outstanding balance under this agreement: £562.43
Total amount to be paid: £562.43

• Take court action, if necessary, in connection with the above.


So guess will have to write to them rather than email then

simeyb

davetheman wrote: »

Actually says:-

3. ACTION WE INTEND TO TAKE

If you fail to pay to us the total arrears referred to in paragraph 2 by the date stated we will:

• Serve Notice on you in writing demanding payment of the outstanding balance, as stated below;
PAYMENTS TO BE MADE
Arrears: £562.43
Outstanding balance under this agreement: £562.43
Total amount to be paid: £562.43

• Take court action, if necessary, in connection with the above.


So guess will have to write to them rather than email then

I suspect that if you had called them, offered £100 a month for £500 and being able to prove that that was realistically affordable, they would probably have accepted - them selling the debt would have cost them alot more - you really should have picked the phone up - now you £562.43 whereas you could by now have owed £400?

davetheman

I have tried phoning and they want to know why and don't seem to listen, hence prefer to do via email and then they reply saying call them

Tixy

Yes - write to them explaining your circumstances and your offer of repayment. You might want to enclose the first payment with the letter even.

As you cannot pay within 14 days then a default notice will be added to your credit file, but hopefully they will decide that your offer of £100 a month is sufficient not to take further action.

They don't really want to take you to court, they would rather you set up a repayment arrangement, but if you have paid nothing for 3months then they will want you to start repaying or will consider court.

Willing2Learn

Make the written offer and send it by post (recorded delivery preferably). State that their response should also be in writing.

They do not have a duty to accept the offer.

Whether they accept the offer or not, start repayments in accordance with your offer and schedule set out within your letter.

Also, contact one of the free debt counselling services such as Stepchange or National Debtline for further advice and support

davetheman

How would I pay as need there bank details to setup a standard order

Willing2Learn

Do they not have methods of payment on the letter they sent you, incl bank details?
You could send them a cheque each month.
Or phone and ask for their bank details (Yes I know you don't want to phone)