Payday loan mess need to get free

[idiot1971]

Hi everyone

 

I like may others have fallen into the pay day loan nightmare and now i'm determind to get out of it. I have read the other threads and theres some great advice that i'm going to follow. I've already opened a new bank account to have me wages paid into and then i can start setting up some sort of payment plans with these pay loan people.

 

I know its going to be a hard struggle but anything is better then having these payday loans bleed me dry every month.

 

My wages will start getting paid into my new account next month which is great. But i wonder if anyone could help me with a little problem i have now.

 

I got paid yesterday and some of the payday loan payments came out except one, which was for wonga. The bank put a stop on it because they thought it was fraud. So i thought great i'm going to transfer the rest of my money into my new account.

 

This is were its all gone wrong, even though the money was in my account the bank still hasnt transfered the money to my new account. Does anyone know what might have gone wrong. I dont have the money in my new or old account anymore. i rang them yesterday and they said they would transfer it straight away but still nothing. I know both accounts accept the faster payments system.

 

I'm really stressing about this to the point of being sick, if anyone could help that would be great and give me some advice.

 

Thanks

 

idiot1971

[renegadeimp]

First of all, well done for starting the path to getting debt free. Now on to your issue.

 

Some banks are known for taking their time to do pretty much anything. Are you able to check your bank and see if any transactions have happened? It would be listed as a bank to bank or account to account transfer or direct payment. Whatever has happened, it will be on your statement. Review it, and if something doesnt seem right, give your bank a visit or a call, but do NOT speak to the first line/front desk reps. Go right to a supervisor or manager. Make sure you get their name and a reference number, so you can quote it in any future correspondence.

 

 

I'm thinking that the transaction is simply pending and will complete soon. Normally it goes through as a faster payment if you tell them to do so, but if not, it will go through as a regular transfer which can take up to 3 days to finalise.

[idiot1971]

Hi renegadeimp

 

Thanks for the reply, panic over!! The money has been transferred. This is the first time in over a year that my money is mine and not going to the payday loans that I have.

 

Im ready to fight the 5 payday loans now as I was sick of them taking so much money. Yes my fault but I just couldn't get out the trap. Part of me feels a bit bad in not paying them this month but a large part of me feels really happy to be back in control of my money.

 

Silly really but I can't remember feeling this happy and relieved for a very long time

 

Thanks for listening everyone

[renegadeimp]

 

If you need any help specific to any PDL's, feel free to make a new post/thread and we can help you out.

 

Some things to remember, NEVER talk to them on the phone. EVER. And make sure everything is in writing, and they arent forcing you to repay a debt that is inflated with unfair/illegal charges.

[Jamie Kingston]

renegadeimp - i agree with a lot of your posts and advise, except NEVER talking to the lenders, my experience is better, fairer deals can be brokered and easier done if you speak to the lender. If they are rude, or threaten you hang up, the worst thing that you can say to them on the phone is NO. NEVER EVER give your card details or bank details, always set-up a standing order or make regular cash payments, and anything you discuss on the phone, have it confirmed in an email, but I cannot see anything wrong with talking to them on the phone as long as you're a strong enough person!

[renegadeimp]

WE're going to have to disagree there. Previous experience and thousands of threads on these forums alone show that a creditor should NEVER be contacted to by phone. Unless you can record the call in full.

 

If they are rude, or threaten you hang up, the worst thing that you can say to them on the phone is NO.

Thats not why we say not to call them. We advise not to call them because most creditors are polite on the phone and either verbally agree to a low repayment plan/settlement offer, then take the entire amount from your account. Regardless of what you say. Then theres the problem of them trying every trick in the book to get you to agree to THEIR proposals, including threats of court action. Most people simply don't know their rights and break down and agree to them.

 

It's also CAGs stance on dealing with a creditor or DCA. Never phone them unless you have the ability to record the full conversation. It has nothing to do with how strong you are on the phone.

[Jamie Kingston]

OK, but again, you don't give your account details and anything agreed to is confirmed in email - so I cant see the validity of your points? "Thats not why we say not to call them. We advise not to call them because most creditors are polite on the phone and either verbally agree to a low repayment plan/settlement offer, then take the entire amount from your account. Regardless of what you say. "

[IdaInFife]

WE always advise never to talk to ANY creditor or Dca by phone unless it can be recorded because then you have no evidence or back up of what has been said and agreed. Always in writing unless you can record the call.

 

[Jamie Kingston]

- back on track then!

[idiot1971]

Now I've got my new account I will NOT be giving out my bank detais or card number. What I need to do now I suppose is look at the templates and get these off to the pdl companies. I suppose the only thing I'm worried about is the forth coming phone calls.

 

But I must say this, this is the first time im feeling happy and optimistic about the future. I haven't felt like that for about 18 months. I didn't realise how down I have been and this must have affected my family do much.

 

Thanks everyone

[renegadeimp]

Dont worry about phone calls. Send each pdl the telephone harassment letter and if they break it, simply overtalk them and tell them they are breaking the law and you will be reporting them. Let them know you want everything in writing only and hang up. Do NOT get in a conversation with them or answer any "security questions". If someone asks for you by name, simply say "who is speaking please". If they keep asking, keep answering with the same answer. If they say "this is so and so Debt collection", without you acknowledging who you are then theyve just broken the Data protection act.