Hi abby, Quickquid is not using CPA anyway... I have several suggestions: 1) I do not know if the Wonga payment due is a full repayment or already a payment plan. If full, arrange a repayment plan with Wonga as well (they do up to over 18 months). 2) Quickquid will add 12 GBP to your account, but otherwise will stay quite calm. I would move the payment plan out therefore (i.e. start repaying one month later than agreed). Once you did then 2 of the 3 instalments they will agree to repay the last instalment in six further instalments

Hi Sturdymo10, First to answer your questions: Why should I E-Mail QuickQuid rather than phone them? As the two above already stated: 1) So they cannot bully you into paying more than you wanted and 2) to have written proof Is it appropriate to call them to make the arrangements and then E-Mail them to confirm? This would be an option if you are "tough" and confident enough to deal with them over the phone Is there any law, bill or statute I should quote if they disagree with my plan? They will not disagree with your plan as it is over 4 months - they will accept it. Or anything else I should say to assist my request? To the contrary, do not say too much (as renegadeimp already pointed out) In your situation the quickest way to arrange a repayment plan with them is over their live chat. Login, state that you are in financial difficulties and chat with them. They will agree to 4 month plan. Take a screenshot/printout as proof (but they will send you an email anyway). You cannot use their UK bank account for repayment, so standing order is not an option. Open a new basic bank account instead where you pay in only the monthly rate two days before due, and then pay with this new bank account via direct debit.

Hi the_pit, Wonga are the easiest to deal with. Send them an email before your loan is due and state that you are in financial difficulties and are unable to repay the loan on the due date. They will reply and will send you their I/E form in Excel to complete. Before you complete it, complete this in a separate Excel and see first how much money is left for non-priority debts, and how much their percentage/ratio will be. Wonga is know to agree to repayment plans up to 18 months, so you should try to end up with a result in their I/E form to pay them 78 GBP per month. You also have to secure your bank account where they have your debit card details (lose your debit card). Do NEVER EVER take out a loan with Toothfairy, MiniCredit or 247moneybox! Have a read through other threads here about these and you will get the idea why. Actually I would not advise to take out any further payday loans at all. I understand you need flight tickets, etc, but first of all try these steps: 1) try to get agreements to spread the existing debt even more (e.g. tax over 3 instead of 2 instalments, loan or credit card payment breaks or moving instalments to the end of the agreement, etc.) 2) try to avoid charges 3) try to get further credit cards (Vanquis, Aquacard, CapitalOne, Risecard), because these are cheaper than payday loans 4) if you really think you have to take out payday loans, go with companies who will easily agree to repayment plans (i.e. PaydayUK, Safeloans, Peachy, etc)

Hi the_pit, One thing I would suggest is to stop the payday loans immediately. Arrange repayment plans with them and get them to freeze interest and charges. This will give you 1K more available income every month. You then should take half of that into savings (so you have cash available for unexpected expenditures), and half of it to clear the other debt, starting with the one with the highest interest rate (e.g. one of the credit cards). Let us know who the payday loan companies are and we can advise you on the best strategy with each of them. If you are worried defaulting on them might affect your credit rating or your Barclays account, do not worry. First, if they agree to repayment plan, it will show up as 'Payment arrangement' (if it shows up at all). Secondly, I also bank with Barclays and they do not seem to concerned about this (I still have my Premier account with them with high overdraft).

So looking at the OFT site MCO has appealed to the first tier tribunal. Now looking at the tribunal site, some of their cases took a year before the first hearing. It seems this will take forever...

Hi, Yes, they cannot refuse a payment made to their account, but they also cannot be forced to provide account details. Obviously they must have a UK bank account, because they are sending you the money when you take out the loan within minutes, this is realistically not possible from a US account. What I meant was that just strictly from a legal perspective the only form of legal tender everyone has to accept is cash. They are not asking for credit cards. They actually specifically ask, when you pay over the phone, if it is a debit or a credit card, as they cannot accept credit cards, so it seems this company is big enough to know the rules...

Hi Princess901028, The only thing they have to accept legally is cash. Why do you not open a separate free bank account just for this purpose, transfer money to it every month by standing order, and let them direct debit from that account then?

Hi scotslad26, Peachy (CashOnGo) had arranged a repayment plan with me over 12 months. They will however not freeze interest, but instead revert to a realistic interest rate (e.g. 20% instead of 4000%).

Hi Zero Tolerance, In this case I would phone or write to PaydayUK themselves. It seems someone used your details and/or address and took a loan out with them, and PaydayUK itself is more likely to sort this out quicker than the DCA.

@Rene: The contract has not ended, the 12 months above are an "example" for illustration purposes. The contract ends January 2018 (after 100 months). Hi calmbeforestorm, FLM is not like a payday loan, but more like a standard loan, with two differences: a) obviously the high interest rate of 199% (but which is still so much lower than the thousands percent charged for payday loans) b) no fixed monthly repayment rate, only minimum payments (similar to credit cards) So it is more a mixture of credit card and loan. If you only make the minimum payments you would pay until January 2018. Now looking at the terms and at your payment history, what surprises me is that you did not make the minimum payments, you only paid interest. So I see only one possible way out, but I am not sure if it might work: Per their terms you should have paid "he sum of 1% of the total outstanding balance, plus interest added" but you never paid the 1%, you only paid interest. So actually you already defaulted on the loan from the beginning. So after 3 months they should have terminated the contract, put you on default and obtained the money owed in one sum from your guarantor, which they did not do. If they would have done so they would have only been able to charge you 8% interest (if your guarantor would not have been paid), not 199%. So I would write to them, stating that they missed to collect the minimum payments since 2009 from either you or your guarantor and that they missed to default you, terminated your contract and that you therefore would like to have a judge in court to decide this case, but alternatively offer them in full and final settlement and without prejudice to keep the money they already received from you (the 1800 GBP) and close the account.

It is "company", not "companie" and I am assuming you are referring to the 2006, not 1974. To answer your question: Your question is wrong in itself, as you are assuming that interest is charged on default fees by payday loan companies, which it is not. The issue with defaulting on these type of loan is a) the interest on the original loan amount itself which continues to apply b) the amount of other fees (e.g. transfer fees to DCAs, solicitor fees, etc.) itself The default fees are minimal amounts and are not causing the issues Neither is interest charged on default fees (nor on any other fees), nor is interest itself calculated compoundly (no interest on interest) To take Toothfairy payday loans as an example: If you default on a 400 GBP original loan you would get charged: a) monthly 144 GBP in interest (that is 1728 GBP per year!) b) DCA transfer fee (200 GBP), Solicitor fee (150 GBP), CCJ fee (45 GBP), Warrant of Execution fee (45 GBP), Other legal fees (appropriate amounts) c) Default fee (10 GBP per default) So not only is the default fee reasonable (10 GBP is reasonable), but compared to the interest and the other fees after one year you would end up with: 2922 GBP total debt (this consists of 400 GBP loan, 2302 GBP interest and other fees and only 220 GBP default fees). So the default fees are only 7.5 % of the total debt (reasonable).

Hi scotslad26, I assume their reasoning will be that you are an existing customer and therefore entered into a long-term agreement more similar to a credit card agreement than to a payday loan. This would be similar to e.g. MiniCredit. In this case they would be in their rights. However we would need to see the very first loan agreement you had with them to know more. From what I find in their agreements this is not set-up long-term. I also find that it is 14 days, not 7? Also the interest accruing is not clear in their agreement as it does not state how long it will be applied (e.g. until you have paid back), which they would have to state as you have 30 days after cancellation to pay back. So not sure if this interest after cancellation is enforceable, even if you take the whole 30 days to pay back: • You have the right to withdraw from this agreement without having to give a reason. This right starts on the day after the day the agreement is made, and continues for 14 days (the “Withdrawal Period”). To withdraw you must notify us that you intend to do so within the Withdrawal Period. You can do this by telephoning us on 0800 0126 860 or posting notice of your withdrawal to Payday Express, 4th Floor Northside House, 69 Tweedy Road, Bromley, Kent, BR1 3WA. • If you withdraw you will have to repay any credit that you have drawn down during the Withdrawal Period and any interest accrued at the interest rate stated in your pre-contract and the agreement. This must be paid within 30 days of you giving us notice of withdrawal. The amount of interest payable per day is set out in your precontract and the agreement.

Hi Renegadeimp, Bank of Scotland (BOS) is not connected to Royal Bank of Scotland (RBS).

Hi princess901028, WEB LOANS PROCESSING LIMITED 15 LYNDHURST TERRACE LONDON UNITED KINGDOM NW3 5QA

Hi Bennyuk, I managed to get a repayment plan from LendingStream over 12 months directly with them. The repayment plan will be for the whole sum contracted (e.g. if you entered into their 6-months loan it will be for the total amount, but over 12 months, so 6 months interest free and no charges). Contact them as early as possible (so your next rate is already lower which gives you breathing space for the hefty 4-months QQ arrangement). Only communicate via email and only pay by standing order to their bank account (Account number 13434028, Sort code 20-19-90). Regarding QQ just FYI you would be able to stretch it one month further if you need it. When you are in the fourth month (fourth rate) there is also then the possibility to get into a further repayment plan over ca. 6 month for the last rate directly with them.

Hi atko1957, Bank of Scotland Easycash account is an account you can open and run online, has no fees and will usually accept you/your wife even with a low credit rating. Also report your Lloyds card lost (some PDL will try CPA, but others just try either to simply debit your card or direct debit). If you could let us know what PDL companies you owe to, we should be able to give more specific advice what might happen and also when and how to inform them.

Hi dakky, Good choice of PDL companies I say this because you are lucky as all of them will agree to repayment plans. You say you have about 200 GBP left each month to repay them back, that is why you would offer each 50 GBP. The issue I see with that is that: a) you have near to nothing left to repay your Halifax overdraft (which takes priority over the low priority PDL debt) b) you have near to nothing left to build up some savings. So even assuming your gambling problem is under control, still when an emergency comes (car repair, washing machine brakes down, etc.) you would be tempted to take out further PDL loans. All four companies will agree to at least 12 months repayment plans, Wonga and MEM to 18 months, so as charges and interest will be frozen during this repayment period it is basically interest free money. So do not offer them 50 GBP, but instead over 12/18 months: MEM: 21.50 GBP (18 months) Safeloans: 21.67 GBP (12 months) Wonga: 24.17 GBP (18 months) LendingStream: 34.67 GBP (12 months) This totals to 102.01 GBP each month leaving you 97.99 GBP. Regarding Halifax the overdraft interest (classified as a fee I guess) is really high. It should be a third of it. I would therefore contact them and ask if they can transfer the overdraft into a personal loan. This will give you a better interest rate. Assuming you repay about 60 GBP as loan rate to Halifax, you would then be able to save about 40 GBP into a savings account for emergencies. Regarding the PDL email all of them (if not done already so). State you are in unexpected financial difficulties, but do not go into too much details. Offer them the amounts above. Some will ask for I&E forms (especially Wonga has a new special I&E form which they use to calculate if they can accept your rate). Once you have got the first initial replies back, let us know them and I am sure we can help where needed.

Hi, I have to agree with RobingHood. While I understand that e.g. MrLender are not in their rights to discuss the loan with anyone else, according to their email they would be willing to either accept a full and final settlement offer or a repayment plan. I understand that at the moment there is no money left for a full and final settlement offer, but talking to them for a repayment plan (e.g. token payments for now to be reviewed in 3-6 months), if only just to freeze the charges and interest, would be a first step. This is in addition to my earlier advice.

Hi acid53, I was in a similar situation, not with EarlyPayday, but with a different PDL. In my case the PDL itself (after I asked them to review) contacted the CRA and changed the status from 'Default' to 'Payment arrangement' and I would think this is the normal way, as Experian itself cannot change it. However, I would just give it a go and contact Experian, let them know the response you got from EarlyPayday, and ask them to contact EarlyPayday to request confirmation that this can be changed. The email response from EarlyPayday you received basically indicates that they are willing to change it ("we can get them to amend your report") so why not just drop Experian an email? Hope this helps.

I assume Toothfairy will be next, simply because their current director is starting to apply for new payday company licenses not only in May, but two times in mid July... I wonder if I should pay them back or wait... 20 July 12: Company Number 08151668 Registered Office 15 LYNDHURST TERRACE LONDON UNITED KINGDOM NW3 5QA Incorporation Date 20/07/2012 Licence Number:0652156 Licence Status:Pending Trading Name(s) (Current): Tune Tribe Tunetribe.Co.Uk Tunetribe.Com Tunetribefinance.Co.Uk Tunetribefinance.Com Current Individuals that run the organisation: NamePosition Gary Chapple Current Address(es): Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS, United Kingdom 17 July 12: Company Number 08146918 Registered Office 15 LYNDHURST TERRACE LONDON UNITED KINGDOM NW3 5QA Incorporation Date 17/07/2012 Licence Number:0652104 Licence Status:Pending Trading Name(s) (Current): Iceland Cash Iceland Cash Card Iceland Finance Iceland Loans Iceland Money Icelandcash.Co.Uk Icelandcash.Com Icelandcashcard.Co.Uk Icelandcashcard.Com Icelandfinance.Co.Uk Icelandfinance.Com Icelandloans.Co.Uk Icelandloans.Com Icelandmoney.Co.Uk Icelandmoney.Com Current Individuals that run the organisation: NamePosition Gary Chapple Current Address(es): Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS, United Kingdom 30 May 12: Company Registration No.: 08089684 Incorporation Date: 30 May 12 Licence Number:0651739 Licence Status:Pending Trading Name(s) (Current): Communitypayday Communitypayday.Co.Uk Communitypayday.Com Current Individuals that run the organisation: NamePosition Gary Chapple Current Address(es): Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS

Hi pigsmightfly80, I would not go into the shop as they might talk you into things. I would instead write them a letter or email asking for a complete and full breakdown of your current debt with them. Once you have this post it here and we might then be able to advise on the next best steps... @renegadeimp: Not MEM, but MCO

Hi, Well, I guess they would freeze the interest if you could send them something from your old job that you are no longer working there.

Hi brasillia17, And what I forgot... It does not matter if they cancel the CPA or not, because you can cancel it with your bank (which you already did) so they should not get any money, or if they do your bank has to refund. The only issue I see is that your bank will take time to refund probably...

Hi brasillia17, Can you get anything else proving that you are no longer working, e.g. a letter from your previous employer? I would still make them token payments of 1 GBP per month to show your willingness to pay should it ever go to court, so I would tell them that and ask for their bank details (if you do not have them already). But this would for now not solve the problem that the interest and charges are not frozen yet. I guess to get them to this point you would need something to show them you are not earning anything right now.

Hi Rickyatsea, As far as I am aware WageDayAdvance has something in the contract that they can set up a direct debit until loan is repaid. Even if you are on a repayment plan they will set up a direct debit every month for the full amount 1-2 days before your income is due. So you would need to cancel set every time 1 day before your income is due.