Another member who has fallen into the PDL trap

InvernessIron

Good Morning,

Yet another member of the forum who has fallen into the trap of PDL, however I now seem to be making progress in clearing this debt. I will break it up into the debts I have.

Wonga - £1056 - Monthly payment of £132 until October

Quid - £250 - Monthly payment of £50 until July

Mr Lender - £600 - Monthly payment of £60 until December

Pounds To Pocket - £900 - Monthly payment of £225 until June

Now I have £740 outstanding with QuickQuid and they are the only PDL company who will not discuss a payment plan with myself. Have contacted them nuemrous times but they have said it isn't a procedure they follow which is really worrying me. I am wondering if there is anyway I can get a payment plan sorted with them?

I also have two credit cards, one with Barclaycard (£1000 Limit) and one with RBS (£1300 Limit).

Now while it is a high figure all together (well I consider it high), there does seem to be a light at the end of the tunnel. Once I finish the earlier loan payments I will use that money to help clear some of the longer lasting ones, which means I should be free of PDL debts by the end of October.

I then aim to clear my Credit Cards by January, I am currently paying just over the minimum each month. However once the PDL loans are paid off, I am to pay around £600 per month off these cards.

I earn around £1100 per month, interested to know if people think the way I am going about things is the best way, or if there is another way I should look at?

Quite a relief to get the figures written down and shared, thank you for any help that can be given

SRT81

You earn £1,100 and you're paying £467 on the payday loans as well as the minimum payments on your cards?

Doesn't seem like that would leave you with much money to pay rent, live on, etc.?

Do you live with parents or something like that?

InvernessIron

Unfortunately as you say it doesn't leave me with a great deal for the month, however I live with my parents, give them £100 a month for living costs.

The way I look at it, I have got myself into this mess, and I would rather just get it out the way as quick as possible.

thecassman86

Can you give us the list of your outgoings? I.e. Everything you pay out including your credit card payments etc. That way we can see what you have left each month.

thecassman86

Also, if possible, can you let us know the APR's you're being charged for the PDL's and CC's ?

Toomuchdebt

Quickquid were quite happy to agree a payment plan with me. I pay £20 a month.Outstanding balance is now under £200.

20ewindmill

I set up a payment plan with QuickQuid. Albeit it was £200 - there wasn't much negotiation but still. I would definitely persue them for a plan.....

sourcrates

InvernessIron wrote: »

Good Morning,

Yet another member of the forum who has fallen into the trap of PDL, however I now seem to be making progress in clearing this debt. I will break it up into the debts I have.

Wonga - £1056 - Monthly payment of £132 until October

Quid - £250 - Monthly payment of £50 until July

Mr Lender - £600 - Monthly payment of £60 until December

Pounds To Pocket - £900 - Monthly payment of £225 until June

Now I have £740 outstanding with QuickQuid and they are the only PDL company who will not discuss a payment plan with myself. Have contacted them nuemrous times but they have said it isn't a procedure they follow which is really worrying me. I am wondering if there is anyway I can get a payment plan sorted with them?

I also have two credit cards, one with Barclaycard (£1000 Limit) and one with RBS (£1300 Limit).

Now while it is a high figure all together (well I consider it high), there does seem to be a light at the end of the tunnel. Once I finish the earlier loan payments I will use that money to help clear some of the longer lasting ones, which means I should be free of PDL debts by the end of October.

I then aim to clear my Credit Cards by January, I am currently paying just over the minimum each month. However once the PDL loans are paid off, I am to pay around £600 per month off these cards.

I earn around £1100 per month, interested to know if people think the way I am going about things is the best way, or if there is another way I should look at?

Quite a relief to get the figures written down and shared, thank you for any help that can be given

My advice, if quikquid wont play ball with you, ignore them for a while, they will soon sell the debt on, or pass it to a collection agency, sounds daft I know but DCA`s are much more willing to accept a payment arrangement than an original creditor would be.

dubs57

I have successfully negotiated payment plans with 2 payday lenders of 30 pounds a month but after loads of letters offering the same and giving them an income and expenditure form the one ignoring me is the moneyshop. I seem to have no choice but to ignore them back.It is a wonerful feeling never to have to take one of these out again. It is worth persevering and not giving in. They are still getting paid back .

SRT81

The Money Shop are a bit crap when it comes to chasing. Ignore them and they'll sell it on to Empingham probably (that's what they did with me).

Which is handy because The Money Shop wouldn't budge an inch on negotiating a settlement offer, however Empingham have accepted £140 for a 'full and final' on a balance of about £450.

EDIT: And, I've just had a call off Empingham regarding the letter I sent saying that I'll pay the money as soon as they send additional confirmation that no-one else will chase for that debt, and that it'll be marked as settled on my credit report.

They said it'll be in the post today.

InvernessIron

First of all, many thanks for all of the replies so far. Always good to hear from others who have been in a similar situation.

My monthly outgoings are as follows:

Rent: £100
Mobile Bill: £12
Season Ticket: £60
Travel: £100

Will contact QuickQuid this evening and again chase up a payment plan, if they say they can't enter one, is it worth missing it and just seeing if they pass it on? I am a bit unsure as if that is the best option. Obviously my credit rating has already taken a battering, but surely that wouldn't help at all?