Payday loan lenders

inneedofafriend

OK - basically if you are in so much debt that you cannot manage to pay back payday loans you may have, is it possible to tell them in writing how much you can afford to pay back and is it true that by law, they must accept what you offer them?
I know on the phone they would say, oh we can only take a minimum of "X amount" in a repayment plan etc, however, is it true that so long as you are able to pay back SOMETHING (even if £5 a month) then they must accept ?
I am sure I have read something like this online before but cannot remember on what site.

inneedofafriend

And is it the same with debt collectors?

jmhgibson123

think that is true, but......they do not have to freeze interest so you could make things a lot worse by not clearing it..and not all payday lenders have signed up to a good code of practice so will charge massive on defaults

dancingfairy

They should accept the money you send them as they would be extremely foolish to reverse the transaction and would then be on shaky ground trying to pursue the debt. They do not have to 'accept' it though. They can take you to court if they are not happy. It would then be up to a judge to determine how much you should pay. This should, in theory be what you are offering if you can show that what you have proposed is a reasonable amount based on your current situation. They could though try and make you bankrupt or put a charge on your house or go for freezing your bank account or an attachment of earnings although many of these options are rare (with the exception of a charging order which seems to becoming very common).
In practice, a lot of lenders will eventually accept your offer if they believe it is reasonable.
df

BillJones

inneedofafriend wrote: »

OK - basically if you are in so much debt that you cannot manage to pay back payday loans you may have, is it possible to tell them in writing how much you can afford to pay back and is it true that by law, they must accept what you offer them?.

No, absolutely not.

dubs57

If you write to them and explain that you intend to pay them back but cannot afford to pay such a large amount all at once I found some PDL companies were quite willing to set up an affordable payment plan. I would contact them by letter rather than speaking to them on the phone also and dont give in to them trying to pressurise into paying more than you can afford or you will never be free of them.

inneedofafriend

Thank you everybody for your responses. I think the bulk of them are irresponsible lenders (basically legal loan sharks), however I cannot really say negative about them without it being classed as cheek, as I was the one foolish enough to go to them in the first place (to try and steer clear going near the bottom of my Overdraft limit).

I am now paying the consequences of my own actions, and I accept that. In direct response to dubs57, what exactly is your reason for stating that it is better to contact them by letter rather than by phone? Is that because on the phone they would find it easier to bully and intimidate, and less willing to negotiate?

dubs57

Yes exactly.

matttye

inneedofafriend wrote: »

Thank you everybody for your responses. I think the bulk of them are irresponsible lenders (basically legal loan sharks), however I cannot really say negative about them without it being classed as cheek, as I was the one foolish enough to go to them in the first place (to try and steer clear going near the bottom of my Overdraft limit).

I am now paying the consequences of my own actions, and I accept that. In direct response to dubs57, what exactly is your reason for stating that it is better to contact them by letter rather than by phone? Is that because on the phone they would find it easier to bully and intimidate, and less willing to negotiate?

Also you have a record of what has been said if you correspond in writing.

An agreement on the phone is pointless because they can just deny all knowledge unless you record the call.

NHS_worker_bee

inneedofafriend wrote: »

OK - basically if you are in so much debt that you cannot manage to pay back payday loans you may have...

You can contact StepChange debt charity online or by phone to discuss your options and next steps. Good luck.

inneedofafriend

@ NHS worker bee; would I perhaps be better at just getting a company to put me into a debt management plan rather than me contact the PDL companies myself to offer what I can afford? That way I'd also be paying them all with the one payment every month as opposed to paying them all seperately with different payments .?