Payday express - whats the likely outcome ?

[biffa1965]

Folks as stated in a previous thread I have been a member of CAG for a few yrs now and the help and advice I have in the past and been superb. I must admit to being ashamed having found myself in a dangerous position with four PDL,s. One of the four is the infamous Payday Express, whom after reading about on CAG appear to be one of the main hardballers. I borrowed £600 off them and by the time I am scheduled to pay them back on the 28th of this month, will have risen to £750. We are struggling badly, leaving me no alternative but to default. I have read through quiye abit of the PDE forum and can find little to suggest what possible outcomes can be. They seem to play hardball from the onset, I see little evidence of repayment plans being set up, so the question Iam asking is ..What can I expect from them (trouble and harrassment I know) but what practicably ?..Is it likley to go to debt collectors after a period of time ? and does anyone with experience of them know what they do in terms of the interest...Folks abit long winded, I know..but could do with some pointers when dealing with these

[toptrapper]

Hi Biffa,

 

Payday Express will (in my experience anyway) pass the account to Castlebridge. They are the inhouse DCA but may possible charge you for passing the account from one desk to another. Don't be surprised they'll contact you day and night to get their pound of flesh.

 

They will set up a repayment plan, but you may struggle to get one arranged without referring to the Ombudsman and OFT. OFT recently published guidance for Payday Lenders (below) of their failings and how they should treat customers. Whatever they say, being in debt is not a crime, don't let them make you feel like a criminal. They should be ceasing interest if you're in financial difficulty - the report should help you out. I would suggest you don't speak to them over the phone, but insist on everything in writing as in my experience they've "lost" details of calls in the past.

 

Good luck.

 

http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/