Payday Loan Template Letters

[Lorna2010]

Hi

 

I am one of the many thousands in the payday debt mess however, I am trying to get it sorted. I have contacted payplan this weekend and am waiting for them to contact me. My first task was to set up another bank account which I have done and will transfer my wages etc into that account so they can't touch it, I have 6 loans on the go...............................

 

I have been reading stacks of stuff on the internet and wondered if there is a template letter available for me to send to the payday loan companies to ask for a repayment plan and also all the legal jargon about harassment etc plus stopping interest.

 

I have another problem though in that I have a current account and the overdraft is maxed out, what will happen when I transfer my wages into another account??

 

[renegadeimp]

In the first instance all you need to do is tell them you hare having financial difficulties and you would like a little more time to repay the loan. State your repayment offer per week/month and see what they say. Theres no need to quote any regulations etc until you have their response.

 

 

Check the CAG library on this site. There are a good number of templates you can edit to suit your own needs.

[sillygirl1]

The more 'template' letters these companies receive the more 'automated' responses you wil receive in return. The whole idea of a 'template' letter is for something simple and straightforward. Dealing with PDL companies often is not simple and straightforward. There isalso almost no legal stuff you can use against PDL companies as you can against bank charges.

 

The more you put it in your own words, keeping it short and 'non legal' and to the point and eventually they will cave in.

[sequenci]

There isalso almost no legal stuff you can use against PDL companies as you can against bank charges.

 

Actually, there is plenty. The Consumer Credit Act gives a decent amount of protection and safeguards. Two faves are unfair realationships and time order provisions, for example.

[sillygirl1]

Initially though it is wise NOT to give them any reason to argue back, if they are being difficult then the unfair terms and conditions can be used.

 

I am not in favour of template letters for first time contact, it makes it seem that the person has 'done their homework' and is trying to avoid the debt (IMHO).

 

Funny though whenever I have mentioned legislation against the PDL companies the site team have asked for proof and case law can I now have proof and case law back please!

[sequenci]

Read the consumer credit act. Legislation > Case Law.

 

Specifically:

 

http://www.legislation.gov.uk/ukpga/1974/39/part/IX/crossheading/extension-of-time

 

and

 

http://www.legislation.gov.uk/ukpga/1974/39/part/IX/crossheading/supplemental-provisions-as-to-orders

 

and

 

http://www.legislation.gov.uk/ukpga/1974/39/part/IX/crossheading/unfair-relationships