Quickquid, Payday express, The Moneyshop, HEEEEP Plz-

[twinkles123]

Hi all

 

I took out payday loans from the above company and have been using three of them for the last two years and paying back each month without fail. Last month when i realised I couldn't pay them back the full amount I offered to pay back a reasonable amount, below is the outcome for each

 

Quickquid - owe £1300 (thanks to interest) refused the amount i offered

The Moneyshop - owe £300 - agreed for me to pay in installments but will add 25% interest of the amount each month even though I offered to pay back £25 per month

Wonga - £700 - (thanks to £300 interest in charges) - Agreed to freeze interest and accept £40 per month for three months however will increase amount in January

Payday express - now £500 - original loan was £300 - they refuse to accept installment and keep adding interest.

 

I have now resorted to putting them all on hold after cancelling my card except for wonga who i will pay at the end of the month. I received 8 txt messages from Payday express in one day which was extremely stressful. and also they send me emails with the wrong amount saying i owe them £850, when i called them they acknowledged it was an error and to ignore that amount. I am not sure where to go or how to deal with this anymore apart from ignoring everyone now since they refuse to accept any offer i make and continue to add interest. Can someone help?.

 

In future i will put everything in writting when responding to them, i now keep my mobile phone switched off because Payday express send me text messages every hour sometime 2 an hour, i don't answer my housephone either as Quickquid, the Money shop and Payday express ring constantly.

 

Please help, I am at a loss as what more i can do

 

twinkles

[twinkles123]

apologies for mis-spelling i meant HEEEELP... I was so tired and stressed i couldn't string a sentence together but if anyone out there has any advice i would truely appreciate it.

 

I look forward to taking onboard ideas to deal with my current financial saga with the loan sharks

 

thanks loads

 

twinkles

[asmilecostsnothing]

Hey Twinkles,

 

Not sure if your trying to put a full and final offer to these guys? they won't have it just yet from personal experience unless you can repay in full there and then with the lender.

 

Quickquid - owe £1300 (thanks to interest) refused the amount i offered

From my experience they like you to be able to agree on 3/4 month plan to keep account with them and only charge a default fee - I found the interest hasn't risen

The Moneyshop - owe £300 - agreed for me to pay in installments but will add 25% interest of the amount each month even though I offered to pay back £25 per month

Not sure on Moneyshop maybe re-approach them and ask really nicely (heard that might work)

Their also not meant to add interest after loan term has expired - may need more looking into

Wonga - £700 - (thanks to £300 interest in charges) - Agreed to freeze interest and accept £40 per month for three months however will increase amount in January

When review comes you'd just re-explain then you can't afford the increase but you have kinda already got them on side - surprised these couldn't maybe work out a long term plan straight away which would be better

Payday express - now £500 - original loan was £300 - they refuse to accept installment and keep adding interest.

Get complaining and reporting - they will soon want to get you on a plan, as they'll want their money

back

 

Generally if you make payments they can't refuse.. or wait to be transferred to a debt collection agency who will accept a plan or settlement offer with discount maybe but they will still keep calling and harrasing

With the texts this will stop as soon as you get 1st payment to them - had the same with 247 Moneybox

 

I've found this a game of negotiation with the fairer ones out there (if I pay x can we do z), knowledge (read other threads, find out your rights from National Debtline etc) and will power (got to be persistant keep at them)

 

Any conversation you have I'd urge to follow up in writing so you get a papertrail going which can be used in evidence and they can't later deny

 

If I can do this you can too x

[twinkles123]

Hello asmilecostsnothing

 

Thanks heaps for your advice, Quickquid has again refused an offer and told me they will be forwarding the debt to a debt collection agency in 90 days (after it has accumulated more charges/interest unless i can make an offer of £110 a month. so I'm lost as what i can do with this account. The Moneyshop I will try and call again with a different approach but the last time i spoke to them was the third time asking if they will accept a £50 payment and the advisoe i spoke to said thats all good but each month they would still continue to add interest onto my account which i find hopeless because most of the money i pay back will be covering the interest so i lost hope there.

I have phoned Payday express and they have informed me they will be transferring my debt to The Moneyshop as they are a sister company and i should call the Moneyshop to pay this debt as well.

 

Wonga whom i expected to be the worst at resolving this issue have been quite understanding to my surprise, I have been with quickquid and The Moneyshop longer (2 years) longer than all the others and expected a bit more sympathy as they have made quite a substantialamount from me yet they are the ones refusing to accept anything that i have offered. At times i feel i want to ignore all of them, change my number, not answer my door and ignore the letters but in my heart i feel bad but don't known what else to do with them. The good news is i haven't received ANY txt msges from Payday express (shocking) today so maybe they have passed my debt on. I just feel at least after a month of charges they could stop adding interest but it seems by the time the debt collectors get to me i will be paying so much interest from these companies because they refuse to send the debt untill after three months of charging me interest ...I am so stressed out, I know it is my fault for even borrowing from them in the first place but it got to a stage i couldn't pay my full rent because I was owing so much... apologies for going on and on, I will call all of the creditors again on Monday with offers and hear what they have to say meanwhile if you have any advice on how to handle the conversation please forward.

 

Ever grateful

 

Twinkles

[asmilecostsnothing]

Hi again Twinkles

 

Try not worry you will soon get your sparkle back ! do not beat yourself up everyone has been there I've done 2 yrs can remember Payday Express before their involvement even with the Moneyshop.. and like you say you've paid a lot of interest already on previous loans taken and roll ons/extensions etc (another valid point to add and I would try certainly streering any conversation/reply this way too)

 

I really hope someone can confir that once a loan period has finished really no more interest can be charged.

 

Glad Wonga came through this is positive - maybe use anything you get from them to show and prove to the others, that is what I done with each just flash in the non cooperative one's faces let them see how ludicrous their being with proof you are not ignoring the stuation - after all a debt that rises can lead to their loss because you have choices in dealing with debt so it's in their interest to work with you and not against

 

Try these contacts for Payday Express

customercare@paydayexpress.co.uk

 

and make use of the letters in the libary - rather then try ringing wait and only answer their calls as I found it frustrating to call and a total game of jackal and hyde which could also be denied and very often the telephone answerers have few powers and are just simply following orders to a script - try going as high up in the chain of command as possible and making a formal complaint as that will allow you to esculate further if needbe, whether that is the OFT, Financial Ombudsman, Trade Association CFA covers both PDE and QQ...

 

Consumer Finance Association

 

 

www.cfa-uk.co.uk/

 

Anything you need please don't hesitate to ask, sorry this is bit of a jumble but the first reply crashed out on me doh !!!

 

 

Kindest regards

xxx

Edited February 9, 2012 by seanamarts
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[dx100uk]

I really hope someone can confir that once a loan period has finished really no more interest can be charged.

correct

 

aND

they have no legal remit to add ANY charges after the loan period has expired

 

see the other threads for more info

 

dx

[asmilecostsnothing]

I really hope someone can confir that once a loan period has finished really no more interest can be charged.

correct

 

aND

they have no legal remit to add ANY charges after the loan period has expired

 

see the other threads for more info

 

dx

 

Thanks so much for confirming dx, but how do we get round point 2 on the 'no legal remit to add any charges...

it is a bit hard when the very likes of Quick Quid and a couple others don't actively provide their details to be paid - they have all the control it seems so surprisingly or not out of my six the only one I've faced charges with have been the ones with the no control over paying. yep we could wait sit it out but I would have throught this has the potencial to then grow the debt to stupid amt and make problems a whole lot worse?

 

I guess you would recommend reclaiming charges after payment has gone through ? because I couldn't afford to sit it out

I'm just curious as had quite a ride in the last couple of weeks where another one of my creditors was trying to grow a debt though "the interest on your account is calculated on the capital balance." (I guess similiar to user Drob's thread that was posted this week) they believe they are right on a defaulting account and are now only waivering as such only on the basis I've agreed to pay up much quicker only because I've gone to great lengths to make extra money to meet the payment and I guess greatly cause I'm in charge of payment!!!, but what about the folks who are unable to do this??

 

Sorry if I sound like a whinger don't get me wrong I've made leeway with 4 out of 6 and now in a better place I guess thats how I'm trying to look at it but would maybe hope your reply helps others in the future on this matter.

 

I learnt to negociate but think it might have been to late for me !

 

Sincerest thanks

Edited November 6, 2011 by asmilecostsnothing
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