Payday Stress.. **

[amy_louise]

Hi, This is my first post on hear, i came accross this forum and read a couple of the posts and found it to be extreamley helpful, i am hoping someone will be able to help me, i have alot of payday loans which i can no longer afford to pay, i have managed to set up a repayment plan with a couple of the lenders but there are a few im finding it difficult to get through to, these are:

Capital Finance One

Payday Express

1 Month Loans

 

Capital Finance One i was in contact with a Mr xxxxxxxxx trying to arrange a repayment plan but he is no longer replying to my emails, i tried there customer services and got a reply from a different person saying i have to wait for a reply from Mr xxxxxxx and while im waiting the interest and charges are going to continue, this perticular loan is already at over £600 from a £270 loan.

 

Payday Express and 1 Month Loan have not replyed to any of my emails

 

Please help, i am stressed out to the limit and do not know what to do...

[amy_louise]

Just an update,

Capital Finance One have taken over £300 out of my bank today, I have not agreed to this so are they allowed to just take my money?

[rebel11]

Hi amy

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

 

Have a read of 7 and 8 in my signature. Also ring up your bank and explain that you have not given them permission to take the monies out and they seem to have used the 3 digit CVV code on the back of the card without your permission. http://en.wikipedia.org/wiki/Card_Verification_Value

 

Thread moved.

[coledog]

Hi and Welcome. - The main problem with these companies are that if they have your bank and/or card details they will lift money out of your account. The best thing is to set up a new basic bank account ASAP, the Co-Op have a good one, and make sure that your pay etc get put into that one and you move any money. You can also stop your current bank card if they are using this, tell your bank you have 'lost' it. Do not worry too much about re-paying the Payday loan companies at the present time, get your finances secure first and deal with any other priorities. Let them sweat, they are not going to do anything quickly and NEVER speak to them on the phone put everything in writing. I understand that you should never owe these companies more than the original amount plus one months interest. They should not be charging you in excess of this and would not be able to convince a court that this is justified so do not pay any more.

[steviet]

Hi, i have been reading the forums for past week and they have really helped and gave me the confidence to tackle my pay day loans.

 

i emailed firstly quick quid and they reolied they would agree to a 10 month reapyment plan , i asked for 12 they said yes, so have agreed to that and set up my plan, easy

WDA asked me to send bank statement and I and E , which i did and they have set up a 4 month payment plan with a review after

txtloan , said by email they would do a 4 month plan

payday uk i phoned after defaulting and paid 20 % of loan on phone and they will take 3 payments to clear a/c,

payday express were very unhelpful and said all the usual about only doing plan if bereavement imprisonment etc, so had to pay my interest and see what i can do next month

 

so apart from express every one else was easy to deal with and i hope i can get most of these clear in next 4 months

 

i hope this helps people , dont despair, although i will have to starve for a while, its woth it plus i wanna loose 2 stone

 

xx

[rebel11]

Hi stev

 

Depending on your circumstances, you could apply for a crisis loan.

 

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_10018856

[amy_louise]

Thank you for the advise, i have called the bank and they say all they can do is cancell the card, seen as the orginal loan with CFO was for 270 and they have taken over 300 do you think i should tell them im not paying anymore and that the loan has been repayed?

Most of the companies have been helpful but some are just horrible to deal with!!

[BRIGADIER2JCS]

Stevie, You should never offer to pay

more than you can afford no one should

go hungry for t.he sake of paying these

loan sharks, you are still in charge of

your finances, you must cut some

of these offers back so you can live,

try the Citizens Advice Bureau locally,

they may be able to work out better terms for you.

Just what can these people do to you

take you to court they get £1 month each.

Brig.

[rebel11]

Hi amy

 

Did you speak to the Fraud Department or just Customer Service?

 

If the money isn't returned then you need to explain to them the the £300 is Full and Final Settlement. Do it in writing. There should be a Template in the library.

[amy_louise]

rebel11,

 

I spoke to the fraud department, the guy on the phone said that because they have my card details they can take the money and i cant do anything other than cancel my card, i will write to them saying that the £300+ they have taken is all i am paying, they can threaten me all they like ive had enough of these people!

 

Steviet,

Did you happen to get anywhere with Payday Express, i havent had a responce once but they keep sending me letters e.t.c, if you have a email address for them i wud really appriciate it as i am worried that nothing is being done about it.

 

Thanks

[coledog]

Good = tell them to back off, these people rarely take people to court as they cannot justify their rates and charges and they actually make enough money from the people they do fleece IMO. Look at your own finances and sort out your priorities, keep your income save. If you have anything spare, agree repayments but only if you can afford it and only ever pay the original debt. DO not give you Income and expenditure to anyone, only a court can demand this and never speak to them on the phone - letter or email only, you make the offers, they do not tell you. Remember this is their problem not yours as they are the ones who are upset about this.

 

Your income must have been stretched in order to get into this, so sort this out and work out what you need to live on then you can deal with the rest.

[coledog]

Amy Louise, don't keep trying to contact the likes of Payday Express - these companies will send out threats but that is all they are. If they cannot communicate with you properly, ignore them until they do. Keep all correspondence as evidence

[coledog]

Hi and Welcome

 

Quickquid are an absolute pain. Never speak to them on the phone other than to tell them you will only communicate in writing and are reporting their behaviour, particularly phoning your work.They only actual tend to chase you for a limited period of time and then pass the account on to someone else. Only offer what you can afford as a manageable repayment and stick to this and only ever agree to pay the original loan plus one months interest no more. If they are not prepared to accept your plan, let them stew for a bit as they are very unlikely to take this to a court.

 

Do not cave in to the harassment, I know it is difficult but hopefully they will get the message.

 

Report them to Trading standards and OFT

 

Trading Standards via http://www.consumerdirect.gov.uk/contact

 

OFT http://www.oft.gov.uk/

[BRIGADIER2JCS]

Amy, it might be worth warning the bank that

any transaction by the creditor are not authorised by

you as it has been known that they will attempt

further transactions and they've been taken

from a newly issued card automatically, this from personal

experience with a car breakdown contract.

 

Brig.

[sillygirl1]

Amy, I've asked for the post to be made a new thread, then we can deal with each company separately and keep track of who is the worst (QQ are in the top three...)

 

Ignore their threats, they will fall flat on their faces should they try to take you to court, keep emailing them with an offer and ONLY repay the original loan and one months interest, legally that is all you owe, no matter what they may claim.

 

Keep everything in email, and keep a printout of the emails in date order, they will pass you onto various alleged debt collection companies who are also powerless. As long as you keep offering what YOU can afford and put the money to one side each month there should be little problem should it go as far as court (which in their case is unknown as yet).

 

They will threaten doorstep collectors and these have no powers whatsoever, they cannot come round to your workplace, nor can they call your employer.

 

You need to report the level of phone calls to

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading

http://www.tradingstandards.gov.uk for Trading Standards

 

Get those complaints rolling in and insist the authorties take action as you are feeling very very depressed about this.

[amy_louise]

I just dont understand these payday lenders, are they all crazy???

I also have a loan with TXT Loan which was originally £100, its now at £180 which we agreed i could pay £50 per month to pay it off and yesturday i made the £50 payment by standing order, today i have an email from TXT Loan saying my account has defaulted and that i have broken the agreement!!!!! WHAT!!!! now im more stressed than ever! im lost hear...

[BRIGADIER2JCS]

Hi, They may be referring to the fact

that making the agreement to pay

by installments is a default on the

original agreement.

Or that the payment made was late.

[amy_louise]

The payment came out of my bank account as soon as my wage was paid in so the early hours of Friday, so theres no way it could have been late, there talking as tho i havent made any payment??

[coledog]

If it was by SO, they would not have received it instantly - it can take up to 3 working days. Tell them in writing that it has been paid by SO. You are sensible doing this by SO, NEVER give them your bank or card details or let them set up a DD as these companies are known to clear out bank accounts.

 

It is worth considering setting up a new bank account if having problems with Payday loan companies, to keep wages etc safe

[sillygirl1]

Get complaining about PDUK and TXTloan, they are two of the worst, the only thing they understand is if you complain to the authorities properly they will suffer and possibly loose their credit licences.

 

http://www.tradingstandards.gov.uk - for Trading Standards (complain to these first, they may be able to do something)

http://www.consumerdirect.gov.uk - for the Office of Fair Trading, remind the OFT that they have sanctioned payday loan companies for taking amounts out of people's bank accounts 'at will'

 

You no longer owe PDUK any money so write to the bank and the company stating that as PDUK have breached their own terms and conditions the relationship is over and complaints lodged with the OFT and Trading Standards. Also lodge a complaint about the bank to the banking ombudsman as they are in the wrong too. Your agreement was for xxx amount and THEY allowed a company to take XXX amount, which is over the agreed amount.