Help with several Payday Debts and advice needed.

[pb8111]

So basically ive fallen into the trap that over the last couple of days reading on here that many others have also.

 

It seemed so easy...fill in a form..15 mins later have 300 quid to spend..

 

2 years later it has spiralled out of control and I have at one point got to the stage where i considered taking my life over it all.

 

I have juggled 9 payday loans for 2 years and now im at my wits end and just want a way out....I have a relatively decent income 35k + and being skint after 10 days on this type of income is quite simply not on.

 

I have the following payday loans

 

pounds2pocket - borrow 1k..pay back 200 quid a month for 12 months

wonga -1000

text loans - 300

payday express - 680

peachy 115

wage day advance 300

1 month loan 290

mr lender 390

lending stream - 600

Minicredit - 900

 

What chances have I got off agreeing repayment plans for all these companies...I have today done what I keep reading which is open a new bank account and get my wage paid into that new account.

 

I can put aside sort of 700-800 to get these paid off within 6-12 month no problem...ive got myself into this mess and im going to pay my way of it.

 

couple of questions.

 

1) are these companies easy to agree repayment plans?

2) what sort of amounts can be realistically be expecting to pay on these per month.

3) reading alot of bad comments about minicredit - am i going to have to bite the bullet with this one?

4) what is this £1 token gesture mean a month...what is it preventing

5) how will i pay the monthly repayment plan...which account and whats stopping them taking the full amount when i give them my card details.

 

any help at all would be very welcomed and appriciated

 

thanks

 

M

[quackquack]

Hello and welcome and

 

 

please stop worrying we will all help u in the right direction .

 

 

you earn a good wage so we need to help u get back on track so u can enjoy ur money again

 

 

so the firSt thing you do is email each one telling them u cannot pay on the next due date due to severe finacial circumstances

explain how much u can afford to pay them individually and that you are sorry you will have to default

but require a payment plan immediately

 

 

now normally the pdl wont agree to a plan until 24 hrs after u default

when again u should send another email repeating your previous request for a payment plan say for six months ..

 

 

some will comply some wont some are arrogant so therefore please do not speak to any of them on the phone ever

as they can be intimidating and rude and

 

 

when u send ur emails you tell them that you will only be in contact by email so that email copies can be saved for future reference to you

 

 

..this is time your time to be in full control now and not them offer them ur payment

see what they say if any refuse

 

 

send a repeat of ur offer by email again and if they harrass you by phone

then come back here and we will help u deal with that issue too

 

 

so be very firm at all times with them dont give up and ensure all direct debits have been cancelled

and u have a brand new bank card in case of raids and

 

 

please dont worry u will be free soon enough if u take the correct advice issued on these forums

 

 

so good luck and chin up u will be ok soon and come back

and let us know how u got on and for further advice if needed

 

 

xxxxx

[quackquack]

Ps calculate how much u can easily pay each one per month and offer that amount only never offer more than what u can afford

[pb8111]

Many thanks for your help so far quackquack...tomorrow I will start firing of emails to these companies

[quackquack]

Also type in above the payday loan company names to see how others got out of the pdl trap to help u gain control

[quackquack]

Thats no problem sunshine u can do this i did and am free now but u can rest assured that the people on here will certainly help u get free xxx

[Blossom99]

Going by my own personal experience I found it easier dealing with the DCA,

 

 

at the end of the day they want the money and as long as you stand your ground and offer what you can afford per month, and tell them that if they want their money them they accept your offer, otherwise they get NADA. And

 

 

if they threaten you with court action them you can reply by letting them know that even if they take you to court a judge will only make you repay what you can afford anyway, plus they will have to explain why they refused your offer of repayment, (this worked for me)

 

 

All correspondance must be in writing as back up, email worked for me. when making repayments, its by standing order only, as much as they persist, don't give your bank details.

 

 

I dealt with Payday uk (passed to equidebt) quick quid (Mackenzie hall) and payday express (CastleBridge credit) but they are all cut from the same cloth. Just dont back down, they eventually will.

 

Also the £1 a month offer is I think an offer to make when you are in extreme dire straits and its literally all you can spare.

 

 

I wouldn't advise that unless you have no alternative, otherwise it will never get paid off.

 

 

This is only my opinion though, but if you can afford to pay more then just remember that the feeling you get when you are free of these sharks and your money is yours again, is worth a few months of tightening your belt.

[quackquack]

Thanks for above advice but lets not scare people about dca yet as many many of us on here have not had the need to go down that road and have dealt with the pdl ourselfs and sucessfully gained control as im absoulutly sure this will be sorted and confined to the person dealing with it themselves in the correct manner so at this moment in time its early days and hopefully payment plans will soon be in place and if we do get a difficult pdl one wel sort that out too as there are sillygirl a smilecostnothing and many others to assist with this issue

[Blossom99]

oh yes, I'm certainly not an expert and can only advise based on my experience. I only mentioned DCA as that's what happened to me, really don't want to scare anybody

[quackquack]

Hi blossom ur advice is helpfull as always ur a star but just wanted to point out its early days yet re above and im hoping we can all help to solve it in the way we have all started off and not scare people into thinking it cant be done our way as im testament it can be done with help from others first

[renegadeimp]

If you are in bad financial circumstance you can send a letter asking them to wait until you have a better financial footing, or enter yourself into a Debt Management plan. The company doing the DMP will contact all your creditors and come to an arrangement. Even if that means they have to accept £1 a month.

 

I could help you by linking you to a simple I&E sheet to work out your exact situation, but would need details of the amounts owed to each creditor and your static income per month in order to write a letter you could send to each company. It's far better to get in touch with a company such as the national debtline who can easily help you sort out your finances and they can even negotiate on your behalf.

[pb8111]

Just to update you.

 

Regarding the payment plans ive managed to get the following to agree

 

txt loans

1month loan

peachy

 

so far lending stream and minicredit havent replied to numerous emails.

 

the rest havent replied to my first email

[renegadeimp]

Minicredit are a complete bastard to deal with. They contacted by sister in regards to a loan she had, demanding that she pay £1030. That was after we sent a recorded delivery letter to them with concrete proof that they took amounts of £25 from her bank account when they felt like to pay off the £130 original loan. Then they had the cheek to send another letter saying that theyve had no contact.

[Maloni_1301]

Hiya,

 

I am trying to arrange a payment plan with 1month but they are wanting to add 2x£270 ontop of the loan and previous interest amounts they are calling this standard interest rates?

 

Please help what did you say in response to this?

 

Many Thanks

[renegadeimp]

Tell them its unfair and youre only paying the original loan plus interest. Not inflated amounts that have no basis in reality.

[Maloni_1301]

Thanks I have sent them an email to that effect and said the other payday loan companies freeze their interest and did not charge an amount let alone and amount that's more than the original loan amount. Wait to see what they say

[pb8111]

Just to update....repayment plans set up with

 

wonga

lending stream

1month loan

txt loan

mr lender

payday express

wage day advance

 

 

 

Only minicredit and P2P not playing ball now despite numerous emails.

[sillygirl1]

The last two need reporting to the OFT and Trading Standards, they are notoriously difficult to deal with, I have a sneaky suspicion both lots are 'one man band' organisations and do not have the staffing resources (or technical know how) to deal with anything other than a straightforward loan and subsequent swift repayment. No real evidence for this other than their unfailing ability to deal with people reasonably and quickly.

[pb8111]

P2P are a subsiduary of quickquid i believe as i always get phone calls from america

[sillygirl1]

No they are not, they have a different parent company - cannot stress this enough..... Just because you get calls seemingly from America they may not be, they may be 'routed' through from somewhere completely different.

 

P2P were operating from Malta and QQ from a completely different country.

 

My apologies after a quick check there is Pounds2Pocket who are part of CashEuroNet, PoundstilPayday (also called P2P are the different one as they are brokers.....).

 

Either way it doesn't matter where they are from the fact that you borrowed money and want to repay it is the key.

Edited May 10, 2012 by sillygirl1

[pb8111]

ah right okay lol ill bow to your superior knowledge

[renegadeimp]

There was a suspicion a while ago, but it was shown that they just had similar "business styles"

[sillygirl1]

It would appear that CashEuroNet are trying to become big players in this market, clearly they seem to like the PDL sector. Does anyone know who is behind them? I can't seem to find anything much, ie names of directors, previous companies owned.

[renegadeimp]

Youd have to track it through the American company records, which is hard since they are done on a state to state basic unless they are incorporated.

[silverfox1961]

For information

Casheuronet UK LLCFC027527 Categories:

 

Consumer credit Credit brokerage

 

Right To Canvass Off Trade Premises:No

 

 

Trading Name(s) (Current):

 

Cashnet.co .uk Pounds to Pocket Pounds to purse Quick Payday Quick Quid quickquid.co.uk quickquid.com ThePaydayComparison.co.uk

 

Trading Name(s) (Historic):

 

Cashnet Cashnet uk

 

Issued Date: 04-Jul-2007

Expiry Date: 04-Jul-2012

 

 

Legal Formation:

 

Body Corporate (incorporated outside UK)

 

Current Individuals that run the organisation:

 

NamePosition Linscott John Curtis Mr Feehan Daniel Ray

 

Nature of Business:

 

Other

 

Current Address(es):

 

Address TypeAddress Accept Notices/DocumentsAbogado Nominees Ltd, 100, New Bridge Street, London, EC4V 6JA Correspondence483, Green Lanes, LONDON, N13 4BS, United Kingdom Principal Place Of Business200 W Jackson, Boulevard 14th Floor, CHICAGO, Illinois, 60606, USA Registered OfficeCapitol Services, Inc., 615 , South DuPont Highway, Kent County, Dover, Delaware, DELAWARE 19901, USA

 

Historic Address(es):

 

Address TypeAddress CorrespondenceCash America Net Holdings, 1600, West 7th Street, Fort Worth, Tarrant, 76102, U S A Principal Place Of BusinessCash Amercia Net Holdings, LLC, 200, W. Jackson Street, Suite 2400, Chicago, IL, Cook, 60606, USA Principal Place Of BusinessCash America Net Holdings LLC, 200, W. Jackson Street Suite, Chicago IL, Cook, 60606, U S A Registered OfficeCapital Services Inc, 615, South dupont Highway, Dover, Kent, 19901, U S A Registered OfficeCapitol Services, Inc., 615, South DuPont Highway, Dover, Delaware, Kent, 19901, USA