My ongoing payday loan battle! **

[suepoo85]

Hi All,

As most of you know I have a number of payday loans outstanding but the first part is won, they don't own my wages anymore and i'm not scared of their silly little threats lol!

Anyway I was just wondering where I stood because at the moment I am paying back a few DCA each month but I feel like I have already paid back what I borrowed and now am just paying interest which is getting ridiculous. Even though the interest was frozen when I came to arrangment to pay I feel its a bit excessive. And please don't say "i knew what i was getting when i signed the contract" i have heard all that i'm just trying to get myself out of this mess...anyway here are the stats!

Prime payday : Still £252 outstanding, borrowed £150 been paying £40 each month since october

Castlebridge collections : Still £601.25 outstanding, borrowed £160 (!!!) from payday express been paying £25 per month since october

PDPMS collections: Still £990!! Borrows £200 from Wonga been paying £30 since september

In time Finance: £426.41 borrowed £150 from cash genie been paying £30 per month from october

I had another 2 but these are paid off now

Just wondering where I stood with the interest because a few people have said pay back what I owe and then stop but then won't they do me with the contract i signed? I just don't want me to be throwing my money away each month. I have emailed each of them asking for a detailed statement of figures of how they came to this figure...and guess what not one has replied

Cheers guys

[robjam1969]

Hi Sue

 

My philosophy has been to pay back the amount back borrowed and one months interest only. After that they will have to take me to court for it. They will jump up and down but little they can do. Few will go to court and if they do its not such a bad thing.

 

You have to be prepared to put up with the hassle but it's worth it in the end. You have done well so far - time to stand up for yourself some more.

 

To be honest you could refuse to pay them full stop but doesnt look so good if they do go to court. I think you have paid enough back already

 

Good luck

[suepoo85]

Wonga's collection team (PDP Management) just sent this email in reply regarding the charges

 

I have requested a statement of account from Wonga showing interest and charges but in the meantime have enclosed an extract from their site highlighting the risk of high interest and charges if the loan is not repaid in agreed time.

Please contact me if you have any further query

Short-term credit

We don’t want to keep you in debt. That may sound funny coming from any lender, but Wonga provides fast cash advances for a few days or weeks. We’ll only lend you money for up to a month and you are always free to make early repayment with no hidden fees.

Unlike some lenders or credit card providers, we won’t keep rolling your existing balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise to. If you have any doubts over whether you'll be able to do that comfortably, please don’t apply in the first place.

Transparency

We'll always tell you upfront what the cost of your cash advance will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our service has a Typical 2689% APR, but bear in mind that APR is a measure of annual interest and a Wonga loan is only for between one day and a month. Only using APR when considering a Wonga cash advance is a bit like trying to plan a short hotel break using the theoretical cost if you were to stay all year! We also add a £5.50 transmission fee that helps cover the cost of our super-fast cash deposit system - the quickest cash transfers on the web. Again, this is included in the total cost you'll be shown up-front.

Failure to stick to your side of the deal

The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you ask us to change your repayment date, or don’t ensure sufficient funds are available for the automated collection.

If we can’t collect payment from your debit card first thing on the day you selected you will incur a £10 administration fee towards the cost of a failed collection. Interest will also continue to accrue.

If we are declined by your bank a second time and haven't heard from you, you will have failed to honour your loan agreement. We will hand your account to a debt collection partner and may add further default charges totalling up to £105 towards the costs of our collections efforts. Sustained failure to repay a loan will also lead to a black mark on your credit record and potential legal action, both of which could make it very difficult to gain credit in the future.

None of these things are worth risking, so if you have doubts about whether you'll be able to comfortably repay a loan, please don't apply in the first place.

Hmmmm yes thank you i knew that in the 1st place she has basically copied and pasted off the website lol what shall I reply do you think x

[suepoo85]

Sorry I couldn't wait for a reply because I was angry lol this is the email I sent back but now I feel like i might have gone a bit over the top! Never mind I have put up with far worse from them!

 

Thank you for reply.

I have sought legal advice on this matter from one of the solicitors in my company. I completly understand the terms you have highlighted below and openly admit yes I took the loan out and knew the charges, but I did not anticipate the financial difficulty I would be heading towards, I did not know that I would lose my job. As you know there was a global recession at the time and I was one of the casualties of this. Obviously I do want to pay this debt off as I have been making payments towards it for the past 4 months after my offer of monthly payments was finally accepted.My loan was for £200, with a £10 late payment fee would make it £210, and with a £150 default fee as stated in your extract from the wonga website below would make it £360. This is the amount that I will be paying back to you, as this is what I have been advised to do. I await the detailed statement of accrued interest.

Kind Regards

[suepoo85]

now i have an out of office reply until monday when she only emialed me back an hour ago?!

[robjam1969]

Sue

 

More than generous in my opinion. They may question you about the solicitors 'in your company' - they will sniff out that you have a new job

 

Just keep going - you are doing fine.