next steps for payday loan debt repayment

sirloyneofcowes

Hi all
First proper post so be gentle with me.

Just sent off two emails to wonga and swift sterling to repay by installments. Sent off a breakdown of income nd outgoings to them as well. And also requested from swift sterling to only contact me by email and not by phone. How amenable are these to repayment plans, or am I wasting my time?

Tixy

Have you cancelled the CPA with your bank so that they cannot take funds out directly?

Most payday loan companies will accept a repayment plan once they cannot get money any other way. Wonga are certainly signed up to the good practice charter for payday loan companies, which its worth reminding them of if they don't agree to your repayment offer. Not sure if swift sterling are also signed up to it?

Did your letter say how much you can afford to offer a month, or just ask to pay in installments?

sirloyneofcowes

Hi,
Included a statement of earnings and outgoings, plus what I can afford. to pay them. Just had reply from wonga to log on to my account and set up a repayment plan, which I will do.

Swift sterling just phoned home number and got through to my wife... Big mistakwhen shes been cleaning (I pity the fool who tries to sweet talk my wife at the best of times)

matttye

sirloyneofcowes wrote: »

Hi,
Included a statement of earnings and outgoings, plus what I can afford. to pay them. Just had reply from wonga to log on to my account and set up a repayment plan, which I will do.

Swift sterling just phoned home number and got through to my wife... Big mistakwhen shes been cleaning (I pity the fool who tries to sweet talk my wife at the best of times)

You'll probably face an uphill battle trying to get them to communicate with you in writing. I would just keep reiterating every time they call what a massive waste of time it is to keep calling you when you will only communicate with them in writing. Make a note of the date+time for every call for possible future complaints about their conduct.

sirloyneofcowes

HURRAH! Success with swift sterling. No more phone calls, accepted my offer of payment , frozen interest and charges, and I don't start paying it off until my next payday

Now to go back to wonga... Watch this space

John1993_2

sirloyneofcowes wrote: »

HURRAH! Success with swift sterling. No more phone calls, accepted my offer of payment , frozen interest and charges, and I don't start paying it off until my next payday

Now to go back to wonga... Watch this space

Well done.

Now, are you also going to address the issues that lead you to taking out loans that you could not afford? You will probably now have access only to the very worst end if the debt markets, meaning that if you have a genuine emergency in the next few years you are well and truly screwed.

You've just alleviated the symptoms of your underlying problem, please use this breathing space to spend some time fixinng the cause.

Sinhanada

sirloyneofcowes wrote: »

HURRAH! Success with swift sterling. No more phone calls, accepted my offer of payment , frozen interest and charges, and I don't start paying it off until my next payday

Now to go back to wonga... Watch this space

Well done on that one! I had huge issues with Wonga though. Despite repeatedly asking them to stop interest and charges, they continued for 60 days taking a £650 repayment upto £1800. By this time I had sorted my self out and moved to Step Change.

The only thing I can say is stop direct debits and change bank card if you used that for repayments (Call the back to say it's been lost).

You are taking the right steps of moving out of there and despite what people say, we all make mistakes. The important thing is that we learn from them which you clearly are

sirloyneofcowes

Wow, this is just like therapy, hi my name is sir loyne and I'm a loanaholic

I know my credit rating is screwed for six years and thats what has put me on the road to recovery.I've stopped my bank card, cancelled the cpas and the direct debits, so I'm now in control a bit more.no more hiding in the sand for me.

Thank you all for your help and support with this