Payday loans help

[silsal]

Hi I need some advice regarding my current situation I have a number of payday loans which I have recently defaulted on. I got into the cycle of borrowing to pay of interest and now I am in a right mess. I am scared to go to work incase they contact me there. I have around 13 all together.

 

Can someone advise me on how to deal with them and come to an arrangement, they are asking for my bank statemants. My bank account is overdrawn so I can no longer use it. I have changed the account my wages go into.

 

Thanks for any advice

[silverfox1961]

Hi and welcome to CAG

 

You must stay off the phone. Ringing them will only give you grey hair.

Deal with each one in writing and offering an amount you are not going to default on, even if that is £1 a month. They won't accept it of course but at least you are showing willing.

 

Can you list who you owe and a rough amount of how much (NO exact figures)

[silsal]

Hi Silver fox, and thanks for the reply.

 

I owe

 

wonga £600

CG £175

cfo £250

text loan £350

Lending stream £500

WDA £400

loan extra £300

Peachy £150

tower capital £150

Speedcredit £300

 

All the above I have already defaulted on today, been bombarded with texts calls and emails.

 

Minicredit £200

Ferratum £150

fast cash adavnce £250

 

 

Have not defaulted on these yet. I am worried sick I borrowed the first few loans to pay my rent as I was in court for non payment, then I just kept on borrowing to cover interest. Lat month my bank account was emptied just through interest payments only.

[silsal]

I am scared about them contacting me at work

[stressy91]

I have around 14 creditors, so hard keeping track of who I owe, I usually ring them but if you are not speaking to someone very high up you just get a poor response and they aren't very flexible. Minicredit though are the worst, incredibly rude, they don't worry me too much but there letters do worry me (they just have my second name on them, anyone in my family could open it!)

 

I've started to look into my options, I'm considering a DMP (although minicredit don't accept these) or a debt relief-order.

 

Does anybody know when mincredit pass the debt on to a debt collector?

[silsal]

I have just sent e mails to peachy, offering £5, WDA £20 and 247 £20, stressy who are the companies you owe money to

[stressy91]

Oh by the way, a group of people who were formerly in debt set up a website dedicated to payday loans and how to deal with them. You don't need to go into a dmp or anything and it won't affect your credit file. I'm not sure whether its worth using them though, they'd charge me around £10-20 however my friend did it and is saving quite a bit as he was informed things like what the minimum repayment plan is (he actually got toothfairy to do a repayment plan) and also that minicredit can settle for much less than they threaten. There called[edited] , I think they might be worth investing in them when I get paid

just so I can see the bigger picture. All I wanted to know is has anyone used them and are there any other services like this?

Edited January 31, 2012 by silverfox1961
NO links that charge

[stressy91]

I owe peachy too, they accepted £25 per month, WDA said they will hold my account if I pay them £7 a month. My other loans include Wonga, quick quid, pduk, payday express, the loan store, minicredit & toothfairy. the rest of the creditors are overdrafts and credit cards. Such a stupid position to get into! I'm really worried for my family

[silsal]

Hi just a quick update, I emailed all my loan providers and have received only 1 reply, asking for my bank statements and also a copy of my doctors note because I am sick at the moment.

[sillygirl1]

They are NOT entitled to that information, only a court can order this from you.

 

Complain about all the companies who haven't replied, and the one asking for bank statements and doctors note to

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading who are doing an in depth investigation into payday loans

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

 

You might be asked to sign a witness statement by the OFT and TS but this is normal, it means your complaint is being taken seriously.

 

You can phone them if you don't want to email.

[silsal]

Thanks sillygirl, just a quick update 3 have no requested my bank statements but I am sticking to my guns and not giving in, they are for my eyes only, with regard to the doctors note I told them yesterday that under no circumstances would I send a doctors note that is a personal private thing, dont want to say to much more as I am aware that they read these pages and I might be identified