SwiftSterling PayDay Loan - HELP!

MrKeg

STUPIDLY I took out a payday loan in early December - only to lose my temp contract a couple of weeks later. I'm unable to pay back the 410 that I owe! This includes a 59 pound charge they put on to the loan despite me having told them I would be unable to pay.

I requested to be put onto a payment plan to start once I start work again. However, they are asking for evidence of me leaving work and 60 days worth of bank statements. I was a contractor, so I don't have a letter confirming the ending of my contract - although I could perhaps get one.

Are they allowed to ask to see copies of my bank statement? Is there not sensitive information on there? It's just something I don't feel comfortable doing, especially as I have read threads suggesting that they aren't the most trustworthy of companies.

This is really stressing me out now. I'm not working, trying hard to find a new job as quickly as possible and still having to deal with this company who are making things quite difficult for me. They haven't offered to freeze the debt either until they get all the documentation they need.

What should I do? PLEASE HELP!!

x

Tixy

They are allowed to ask to see copies of your bank statements.
But they cannot force you to show them, and it would not be advisable to.

With a payday loan the first step is to ensure that they cannot take any money from your directly, so it is always advisable to contact your bank and cancel the CPA to the payday loan company (see this link. https://www.nationaldebtline.org/EW/factsheets/Pages/41%20EW%20Payday%20loans/Default.aspx#quicklink1)

Once you have done that then I would write to the payday loan company setting out an amount you can afford per month and asking them to freeze interest/charges/action on the debt.

I requested to be put onto a payment plan to start once I start work again.

Unlikely any creditor will agree to a repayment plan that doesn't have a definite start date. Generally creditors are unhappy at receiving no payment at all and it would be more usual to make token payments each month in the interim, with a view to increasing payments once you are in a position to do so.

MrKeg

Thanks Tixy. Nice to know they can't force me to send it!

I have mentioned to them that I would like to discuss this with CAB and Financial Ombudsman before agreeing to anything.

I will get that CPA cancelled as soon as possible - there isn't anything in my bank at the moment anyway! I've withdrawn my last measly 40 quid which is to see me until I find new work...which is proving so difficult in itself! This is all stressing me out so much...was a stupid thing to do in the first place but Christmas was clearing me out...usual story!

I did mention to them that I would be happy to pay it off over two months, but its so hard to know when I will be able to start. I suggested end of February...but I will see if I can make a token payment to them to keep me off my back for now.

MrKeg

I am on Live Chat with them now and they seem to be pretending I am giving in my information wrong so wont let me talk to them about my account. This is really weird!!! They are saying my birth date doesn't match - but I've spoken to them twice today on this live chat thing.

They seem to be trying to make it as difficult as possible to communicate with them.

Customer services asked me to contact LiveChat if I had any questions, but they are sending me back to an email address. They don't seem to reply to emails!

I think I will def make a complaint about it.

DCFC79

Write to them, emails are likely to get ignored/unanswered.

DebtDonkey

At the end of the day you borrowed money from them and now you cant pay them. Wouldn't you be a bit annoyed?

I have always found Swift Sterling one of the better payday lenders.

Also, they can still take money from your account even when non in. Although this doesn't happen as often as it did

Lips_and_Lashes

Getting a CPA cancelled can be a little tricky. The creditor tends to ignore that you've told them to cancel it and the banks usually say they cannot do it. Therefore the creditor (mostly payday loans in my experience) tend to dip in and out of your account leaving you high and dry. It might be worth looking at opening another bank account, just a basic one with no overdraft facility. I think there are a few options out there but I found Barclays to be particularly easy. This should be your first port of call.

Secondly, it is advisable to keep a paper trail so email/write to communicate with them.

As you cannot determined a date when the debt can be repaid, pay them token payments of £1 per month. Do this via standing order so they don't have your bank account details.

I wouldn't send them a copy of any bank statements, they have no authority to see them. You can tell them what you can afford and they cannot refuse repayments.

Send them an email/letter requesting they freeze any interest and charges as your circumstances have changed and you are now in financial difficulty. There are some great templates over on the CAG.

More importantly, try not to panic about this. Deal with the situation and learn from it. Are you able to sign on JSA to give you some income? Good luck in your job search .