Hi, ive a lot of problems with payday loans - part greed, part sillyness and part stupidity. Im finally near the end of a dark dark tunnel i hope the following advice is helpful to anyone struggling with these types of debts. I have had to do a repayment plan with them all and if you fill in an income and expenditure form and send a covering letter, they pretty much have no choice. http://www.creditaction.org.uk/ - they have a great income and expediture form and all my creditors have accepted it. in your covering letter it should detail why you cannot fulfill your credit agreement and you are best being honest : Dear Sirs Agreement Number: *********** I am writing to you to make you aware that I am experiencing financial difficulties due to over-commitment to various payday lenders and find myself more and more stressed. I enclose a copy of my current financial statement and a proposed budget, which shows shows how I am, financially, the month ending *********. I understand I have an obligation to pay credit I take out and wish to come to an arrangement with you. I also enclose a schedule of all my debts from which you will see the available money. I ask that you will accept this offer of ********** for X months. I have worked this out on a pro-rata basis as to what I can afford. As per the recent report released by BIS in May 2012, payday lenders are required to provide ‘more help for customers in financial difficulty by freezing charges and interest’, I would then ask you to freeze interest from the date of this letter. If this changes the amounts I have offered then please let me know as soon as possible. If the balance is lower I may be able to offer more to clear it more quickly. I wish to make a token payment on ******* however, these debts are making me increasingly more stressed and anxious, I wish to get an arrangement in as soon as possible so if you could please confirm your acceptance in writing and advise me how the payments should be made. Thank you in anticipation. thats what i wrote for them all and a few more personal bits of info but it worked

Hi I have had to do a repayment plan with them before and just at the end of paying it. if you fill in an income and expenditure form and send a covering letter, they pretty much have no choice. http://www.creditaction.org.uk/ - they have a great income and expediture form and all my creditors have accepted it. in your covering letter it should detail why you cannot fulfill your credit agreement and you are best being honest : Dear Sirs Agreement Number: *********** I am writing to you to make you aware that I am experiencing financial difficulties due to over-commitment to various payday lenders and find myself more and more stressed. I enclose a copy of my current financial statement and a proposed budget, which shows shows how I am, financially, the month ending *********. I understand I have an obligation to pay credit I take out and wish to come to an arrangement with you. I also enclose a schedule of all my debts from which you will see the available money. I ask that you will accept this offer of ********** for X months. I have worked this out on a pro-rata basis as to what I can afford. As per the recent report released by BIS in May 2012, payday lenders are required to provide ‘more help for customers in financial difficulty by freezing charges and interest’, I would then ask you to freeze interest from the date of this letter. If this changes the amounts I have offered then please let me know as soon as possible. If the balance is lower I may be able to offer more to clear it more quickly. I wish to make a token payment on ******* however, these debts are making me increasingly more stressed and anxious, I wish to get an arrangement in as soon as possible so if you could please confirm your acceptance in writing and advise me how the payments should be made. Thank you in anticipation. thats what i wrote for them all and a few more personal bits of info but it worked

Hi I have tried to barter with my PDLs and the only one playing ball is Quick Quid. Payday express, Payday UK - are being blatantly pedantic even tho I have sent them an income and expenditure breakdown - and Lending stream have not replied yet. This is seriously stressing me out and its making me depressed. I know I was so stupid to take out these loans but I feel I have no where to turn to. heres what i owe: Quick Quid: 875 (payment plan over 4 months at 218.75) Payday Express: 415 (offered 90 over 5 months approx) Payday UK: 310 (70 offered over 5 month approx) Lending stream: £600 (offered 70 over 4 months then 288.75 for 2 months) 1month loan: 75 (plan to pay this off in July) At a stretch I can afford to pay £480 among these creditors - I have other debts that I am paying as well but its the PDLs that are killing me every month. Payday UK wont accept as 'the amount offered is higher than the deferral fee' so essentially because I can afford to defer they wont accept! I said quite clearly, that I did not wish to constantly pay interest and deferral fees, I wanted to pay my balance and as I was in financial difficulties I would never be able to afford to pay it off in one go. Payday Express say they need proof of income loss etc Lending stream have not bothered. Any help with dealing with this would be appreciated. I work in finance and I'm also very afraid that I will lose my job if I have to default or be in arrears.

Argh! i dont want it to be canc off in case theyve made a big mistake or are going to send it on to a DCA - even tho i havent ever been in arrears with them and this was a new loan??!! i just dont get it.

well i have emailed the address they asked me to. if i dont hear anything before monday i'll be ringing them again asking them to send confirmation. if i get nowhere with that then ill be ringing the OFT or Financial Ombudsman. I work in finance (yes i should know better than to have dealings with PDL but sometimes things happen) so im just worried about getting a default notice or DCA on my back - i could lose my job for that!!!

I know i mean they dont record their calls - as ive read anyway. It seems so fishy. i just dont understand it.

hi I applied for a loan yesterday, was accepted and funds arrived in my account yesterday. I tried to log on today out of interest as i was doing my usual monthly budgeting and it wouldnt accept any of my log in details. I used the online chat who advised me my acc was closed - i said i owe you money how can my acc be closed?? they said my balance was zero. I then rang a rep from QQ and they also advised the same info - scarily like an automated msg. they gave me an email address to email to see why they have closed it. I then went back on chat to get proof of the conversation and categorically asked them if they were going to apply for any funds, send me to a debt collection or legal proceedings and they stated no. I also stated i found this suspect and would be writing in with all the info I have. my question is this, has any action been taken with anyone else? i have seen prev posts from a few months ago? thanks M x