Help required please with Payday Lenders

higginbottom1

Hi all

I am hoping somebody can help me.

I have been really stupid, and I have accumulated 3 payday loans over the last 12 months, which I can no longer afford to pay back.

Pounds to Pocket have been very understanding, and have agreed to a payment plan, and ot review this in 6 months.

Wonga and Lending Stream are being really unhelpful. I have sent them 10 emails each, with a schedule off my debts and full income and outgoings. I have confirmed what I can afford to pay, and I have requested their bank details. They are now simply not responding, and I do not wish to call them as it will result in nothing being achieved.

I now I have been silly, but I had severe depression when I took out the loans and stuck my head in the sand. My income is now £700 less per month as I have had to take a lower paid job, as I was made redundant. I do want to pay this money back, but I cannot do this without their bank details.

Can anybody please confirm how I proceed next. I am emailing them everyday at the moment and I am getting no response. If I post a cheque they will more than likely not encash it.

I now I deserve this, but I could really do with some help. I just want to sort my life out and this is a good start.

Any help would be much appreciated.

Thanks

susannicola

go to citizen advice bureau, they are the best to help with any sort of debt, they can arrange for you to pay a small amount back x

LeaLea89

Give the Citizens Advice Bureau a ring, they are really helpful, they can help if the lenders are a tad awkward to deal with and they have the clout to make them listen hope this helps

happygirl148

Wonga's website says you need to fill in a I&E form to set up a repayment plan this can be found in your wonga account they will not set up a plan until you have logged in and filled in this form they wont accept it sent by email you need to login to wonga to do it or call them as below

http://help.wonga.com/articles/What_Is_external/What-if-I-can-t-pay-my-loan-on-time/?q=if+i+can%27t+pay+in+one+hit+could+i+set+up+a+payment+plan+&l=en_US&c=Topics%3AContact_topics%2CMarkets%3AUK%2CProducts%3AWonga&fs=Search&pn=1

What if I can't pay my loan on time?


You should call us straight away on 0207 138 8330 and we’ll deal with your situation in a reasonable and helpful way.

If you let us know you can’t repay on time, we can see if setting up a repayment arrangement would be the best option for you. Please bear in mind that interest will continue to accrue on your overdue balance after your promise date until a repayment arrangement is put in place and you will incur a £20 missed payment fee if you fail to make full repayment or set up a repayment arrangement by 11pm on the third day after your promise date. So it is important that you contact us as soon as you can.

To set up a repayment arrangement, you’ll have to complete an online income and expenditure (I&E) form. This will help us understand your financial circumstances so we can try to arrange a fair, affordable and flexible plan.

The I&E form will be available in the ‘my account’ area of our site from 7 days before your promise date and for the whole time you’re in arrears. Once you’ve completed the form, we can put in place a repayment arrangement that suits your circumstances.

If we can’t do this, we’ll try to reach an alternative solution that takes into account your financial circumstances.


Lending stream also will not accept it by email you have to call them to discuss repayment plans it says on their web page -

If you are having difficulties in making payments on time, it is important that you immediately get in touch with us. We are a responsible lender and will be able to discuss alternative payment plans with you. If you do not contact us our automated system will attempt to collect repayment and if there are insufficient funds this will send your account into arrears and you will be charged a late fee. So please get in touch with us on 0203 564 7028 so that we can discuss payment options with you.

Also speak to Stepchange or Citizens Advice Bureau they will be able to help you sort it out

tomtontom

Please try to call the lenders before contacting CAB. They are stretched to breaking point and people need to help themselves as far as they can before taking up precious resources.

Tixy

If you have only emailed them so far then I would write to them (post) with your repayment offer and asking for their bank details so you can set up a standing order. You could include a first token payment with that letter or you could wait for the bank details

They are far less likely to ignore a written letter than an email.

National_Debtline

Hello there, we've a useful factsheet on payday loans which you can find by clicking here. It has lots of information about what you can do if you cannot pay a payday loan.

If the lenders are not engaging with you please do consider complaining. The four main payday lender trade associations have issued a ‘customer charter’ which sets out how their members should behave. If you are unhappy with the way your payday lender has behaved, the charter may help you make a complaint. You can see the full charter at www.cfa-uk.co.uk.

I think Tixy's idea of a letter is a very good one, do consider writing rather than sending an e-mail. I really hope that it does the trick.

Best wishes,

David @ National Debtline.

higginbottom1

I have tried to complete an income and expenditure form on the Wonga website, and surprise surprise, it does not allow my. It simply states that I have to ring them.

The reason I do not wish to ring them is, as I do not trust them. They will simply try to get more money out off me, which I cannot offer due to my other crediters.

As they will not accept my emails, which include a full schedule of debts, plus an income and expenditure schedule I will write to them.

They really are awaful to deal with, and if they do not respond to my letters, which I am also going ot keep emailing then I will complain to the FCA.

Do not be stupid like me and stay away from all pay day lenders.

sexyshark

have you changed your bank yet as that would be my first step

debtfree2014

Hiya I had a payday loan with Wonga, I did ring them and they were fine. Set me up a repayment schedule and only took what they said they would and the total amount got paid

thank you

sourcrates

higginbottom1 wrote: »

I have tried to complete an income and expenditure form on the Wonga website, and surprise surprise, it does not allow my. It simply states that I have to ring them.

The reason I do not wish to ring them is, as I do not trust them. They will simply try to get more money out off me, which I cannot offer due to my other crediters.

As they will not accept my emails, which include a full schedule of debts, plus an income and expenditure schedule I will write to them.

They really are awaful to deal with, and if they do not respond to my letters, which I am also going ot keep emailing then I will complain to the FCA.

Do not be stupid like me and stay away from all pay day lenders.

Actually your creditors are two of the better lenders in the payday loan market.
I don't always advocate phoning a creditor/DCA, but there customer service staff are normally very accommodating, they can easily set up a repayment plan for you with very little fuss.
As regards Wonga, after your payment date has passed, a repayment option will appear on your online account, just click on the link and you can sort it all out online.
The way lenders deal with problem payers has changed, they will deal with you a lot more positively now, I suggest you ring them, you can sort this in 5 mins.