Request for Payday advice.....( kinda urgent ). **

[RDJ2010]

First off this forum is a godsend, Spent a few days browsing the threads.

Hats off to the people that take time help.

 

Righto.

 

1) I have 6 payday day loans and like a lot of others here have been paying off interest and reloaning for god knows how long. Decicded this has to stop.

 

2) People I have loans with are below and how much I am prepared to pay.

 

Wonga : 420 / can pay 75 month.

Payday Express : 600 / can pay 75 month

Payday UK : 420 / can pay 75 month

Safeloan : 310 / can pay 50 month

Quickquid : 250 / will pay off in full next month if they hold interest / charges.

Cash Genie : 100 / will pay off in full next month.

 

3) Does that look reasonable, If the interest is frozen theres a good chance i will be able to pay them off quicker, Anyone had any dealing with SAFELOAN?, Most of the other firms have a thread or two dedicated to them ( so will gather info from them ).

 

4) Wonga are going to be nightmare aren't they

 

5) REALLY IMPORTANT : could someone point me to a TEMPLATE ( is there one for payday loans in the letters section? ) to send first of all to these guys once I have defaulted re. freezing interest / setting up plan / make offer etc.

 

Many many thanks for reading and I will keep you guys upto date on how things work out and no doubt will be back for some more advice.

 

cheers

 

rob.

Edited March 24, 2010 by RDJ2010

[RDJ2010]

No one

[merbie13]

I have posted today, as am just doing the same with Quikquid, payday express and payday uk, hopefully someone will help us this evening !!!

[dansnowdon]

Hi

 

i am in the same situation as you, just a couple fo different companies. i think wonga may be the most difficult. i have 7 loans, but 3 of them are only around £130 (including interest) so on my next payday im going to pay these of, then split the rest of my money bewteen these 4.

 

Payday Express have been very vrey good, i set up a plan for 3 months (4 months ago) for £175 a month, and on the 3rd month i didnt have enough money in there, i thought s**t, im going to go back to square 1. But the bloke just said to me, i cant split the last £175 over another 3 months

 

Quick quid adds £12 to default, but they are pretty good, they wont interest on a daily basis like wonga.

 

i have been emailing payday uk back and forth and they said they can talk payment plans once i defaulted (i have got my wages paid into a seperate account now) so im pretty sure i will default.

 

If you have done what ive done, and read pretty much every link here about payday loans, you get very worried and anxious about it all, but it isnt that bad - once you sort all of this out, you fell so much better.

 

End of the day you cant get blood from Stone, and these companies know that - just try to pressure you to repay it. They will not take you to court, just pass it on the a 3rd party agency, which is a good situation i think.

 

good luck mate, its a crap situation to be in, but atleast ur trying to sort it out, and in a few months you shud be sorted. Thats what i think bout. Im use to living on £50 a month, i cant imagine what its going to be like to have ALL my wages to myself lol

[RDJ2010]

cheers dan.

 

REALLY NEED TEMPLATE STILL

[merbie13]

Sorry to hijack but Dan did you send an income and expenditure form to payday express?? this is what they have asked me to do!!!

[dansnowdon]

No i didnt have to do this, i just told them that the reason i wanted to set up a plan was because i alot of payday loans, and want to get them sorted. Have you got an I&E form?

[merbie13]

No i was going to sort of do one if needed. they asked for it and a letter accompying it of reason for change of circumstances. The email was from a lady called alice and it seem a reasonable email, not sh%@*y at all

[dansnowdon]

Yeah i think they were reasonable, i looked on this site and there have been some bad reviews..they have been helpful with me, maybe it just depends on who you deal with. If you do an I&E form, dont forget to include costs for the little things, like clothes and haircuts..sounds silly but all that stuff can be included. and before you send it, make a few copies incase the other companies need them.

 

good luck with it all

[ALFIE1978]

I have an income expediture form which I designed and sent to all my payday loan company's when sorting out a payment plans.

A few points to remember with I/E forms are 1) They don't have to be given to creditors despite what they may tell you.Only a court can request an I/E form.But if there's nothing to hide why not? 2) Include only your income / expediture and YOUR contrubution to household bills.The creditors don't have a right to know the ins and outs of the rest of family members 3) As said before include everything you can..including birthdays/christmas.

If you want a copy of my form (blank!) PM me.I pulled the info as to what to include from Insolvency service / cccs and CAB.

[gordon'salive!?]

How's it going?

[GENIE000]

Hi

 

I have two loans - one is £1,234 with PTP, the other is £960 with QQ (including interest). Been going on reloaning for over a year and decided enough is enough last month. So, i cancelled the direct debits and sent them both a letter saying i cannot afford to pay in one go and offered to repay the balance over six months. I also threw in that I'd spoken to a solicitor and knew my rights, and reminded them of their obligations not to harass me by phone etc.

 

No payments came out of my account by the usual direct debits as it was cancelled - it was a very good feeling to see a months salary go in and not vanish immediately !!

 

I told PTP that I could pay £205.80 per month for 6 months and paid it into the account number they give on their website, made sure I got a receipt. I then waited for the bombardment of phone calls and emails. However, Im very surprised to say it has not been bad at all. I picked up one call from Monica Hooper at PTP, she tried to give me a bit of grief, but I think as I had made a payment in line with the payment plan i suggested she was ok about it. Not heard anything from her since - sounds i got away lightly not getting Gavin Armstrong.

 

QQ have sent a few emails saying I cant pay over six months, but could over three. I said couldn't afford it and would only do six. They then said four, I have said id do it over five and am still waiting to hear.

 

Anyway, from my experience i wish I had defaulted a hell of a lot earlier than this. If you have large loans outstanding like mine, but you can make reasonable payments then defaulting is a far better option than continually reloaning. It seems that they give you the most grief if you default then say you can only afford to pay £1 a month or something

 

Anyway, just thought i would give back a summary of how im getting on, its thank to all the advice on these forums that im finally getting control of my finances back and am now almost through a month without having to reloan !

 

Cheers, and good luck

 

Genie00

 

P.S. RDJ2010 I would say try to clear Wonga first as they seem to be the ones who charge daily interest. There's no point paying QQ all in one go as all they do is add £12. Just check the T&C's for the different loans and try and clear the ones that will accumulate interest before the ones that just add a one off charge.

Edited April 14, 2010 by GENIE000