Help with payday loan repayments. **

[ozzy68]

I have got into a mess with debts with 5 payday loan companies.I have been taking new loans out to pay the interest on another.Last week I decided enough was enough and the only way I am ever to get out of trouble is to ask them to accept a repayment plan over many months(ie £10 a month for a £313 quickquid loan)

Reading previous threads on this forum it seems unlikely they will except such payment plans,my question is If no agreement is reached should I still send money (postal order) to these companies each month,or should I wait until an agreement is reached?.Worried that any postal orders sent will go down a black hole.

Are these companies likely to provide their bank details to set up a standing order?

 

thanks in advance

Sean

[Ell-enn]

Hi, it would be best to ask them for their bank details to make payment - if they realise that is the only way they are going to get paid then they should give them to you.

 

Be warned that they will still continue to take money out of your bank account while ever they have your card details! Do you have another bank account you can use for your salary, bills etc? if not, you will have to cancel your card at the bank - you need to report it as lost - that way any transactions they tryshouldn'tget through (but not guaranteed depending on which bank you're with), if you just cancel the card then I believe their payments might still be honoured.

 

You then need to make sure they don't set up direct debits - if you have online banking you will need to keep checking - send a letter to your bank listing the companies and telling them you have not given permission for them to set up DD's or standing orders on your account.

 

You can then start to negotiate lower payments.

 

Ell-enn

[ozzy68]

Thanks for your reply,Ell-enn.

Should I send these companies money(postal orders)if they do not provide bank details?.Worried that any such payments wii disappear down a black hole.

[robjam1969]

Hi Ozzy

 

between us we have bank details for lots of these firms. Which ones do you need?

 

I wouldn't pay by postal order as will cost you a fortune.

 

whatever you do follow Ellens comments re cancelling card etc as they will just help themselves.

[ozzy68]

Thanks for your reply.

I have debts with the following companies

Payday express

Quickquid

Wageday advance

Money shop

uncle buck.

[robjam1969]

Hi ozzy

 

Both WDA & uncle buck will happily give you their details. I have WDA at work so send me a pm if you need it and I will let you have tomorrow.

 

QQ are difficult bit easy to deal with. Please take a look at their various threads. They happily accept arrangements over 3 months failing that they pass to a DCA but this is not a bad thing.

 

Don't know much about moneyshop or payday express but as always cancel your card and watch for direct debits being set up. Better still new account that these companies can't access. When they can't get your money they will have to negotiate reasonable repayment schedule.

[lozzzy]

is your money shop loan on Cheques or by card? if it is by cheque then you need to speak to the bank about cancelling them!

 

I'm awaiting a responce from payday express and so far... nothing! Not good!