PoundsToPocket/QuickQuid Question

OhSoStupid

Hi anyone who is reading this.

I have got myself into a bit of trouble having obtained loans from P2P & QQ. I owe them about £1500 combined and need to ask them arrange a payment plan as I cant afford the monthly repayments.

Does anyone have any experience of negotiating a payment plan with them? I feel awful at the moment as they are both only about a month old, but a dip in income and increase in outgoings has affected my disposable income.

Does anyone think they would be prepared to freeze interest and accept £150 per month until fully repaid? I accept they would never let me borrow again, but that would probably be doing me a favour. I had hoped to get a longer term, lower interest loan to consolidate, but due to previous bankruptcy, wasn't able to. (I know I should have learned my lesson!)

Many thanks in advance everyone.

*Foolish*

Hi, sorry I can't help with regards to pounds to pocket, but I arranged a repayment plan (prior to my DMP) with QuickQuid using their online chat service. It was quite easy to do, I told them how much I could afford, at first they were £20 above that, but after some discussion we came to an agreement.

Once you have these paid off, please don't use them again. It's a horribly spiral that is so difficult to get out of and I'm talking from experience. Hope you get sorted.

OhSoStupid

Hi *Foolish*, thanks for your reply.

Did QuickQuid freeze your interest when you arranged payment plan by online chat?

Thanks.

fermi

P2P are members of the CCTA and as such have agreed with the OFT to:

http://www.ccta.co.uk/admindocs/codes_of_practice/payday_short_term_addendum_member.pdf

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.

fevlo

Ive got a re-payment plant with Quick Quid
Arranged through online chat. They do like to get you to pay over 3 or max 4 months though.
They did freeze Intrest and charges were just 1 month plus 1 x £12 late payment fee.
Last payment for me is this month :j PDL trap is so easy to get into and so hard to get out of.

OhSoStupid

Thank you Fermi and Fevlo.

I would greatly appreciate further replies from people in similar position.

Thank you

lantanna

Pounds to Pocket and Quick Quid are affiliates.

I'm having major diffs with Quick Quid at the minute I was in a DMP with the CCCS and they accepted my payment from them via Standing Order.

Since I've moved to self managing my DMP I have made great strides with all my other creditors apart from Quick Quid.

They state that they will only let me pay by giving them my card details which I will not do.

They are also notoriously difficult to get hold of and operate from Hawaii!

OhSoStupid

Thank you for your post lantanna.

David1345

lantanna wrote: »

Since I've moved to self managing my DMP I have made great strides with all my other creditors apart from Quick Quid.

They state that they will only let me pay by giving them my card details which I will not do.

Just wondered if you'd made any progress Lantanna? I'm in the same position - I want to pay by standing order or bank transfer, but they're not interested. Have you found a way to convince them?

lantanna

No nothing. I haven't even heard from them from the last time I spoke to them which was at least over two weeks ago.

I suspect they will sell the debt and someone else will come chasing it very soon - which would suit me if I could pay them by standing order.

They did offer me a settlement figure of half of what I owe but again had to be paid by card and I wasn't in the position to pay it.

They've already defaulted me and I've kept my emails etc as evidence that I was contacting them to pay the debt.

Who knows..............I'm sure it won't go away but I am surprised I haven't heard from them.

Let me know if you get any success!!

David1345

Thanks Latanna - I'll post here if I find a solution. Frustrating isn't it, when you're trying to do the right thing!