Another Idiot

[Guest Payday Survivor]

Hello

 

Another payday loan victim joining the ranks!

 

This place has been very useful to me in the past and i thought i would join to try and help out others, using my own personal experiences with various payday loan companies.

 

At the height of my payday loan mess i had eleven of them, most defaulted and a total debt of so many thousands just over a year ago.

 

Thankfully, after months of battling them over the extra interest/charges and a **** load of overtime i managed to pay ten of them off

 

Can't wait to get rid of the last one and be completely free!

 

Anyways, i'll help in any way i can

 

Jamie.

[Lottielox85]

Welcome!

 

We have 10 of them totalling almost £4000 with interest and charges. We are going to be skins for all of this year but should be debt free by the end of the year!

 

It's definitely a battle. Which companies did you owe?

 

We owe

 

Wonga

Mini Credit

Payday UK

Payday Express

Piggy Bank

Txt Loan

Lending Stream

Easy Finance

Spped Credit

Wage day advance

 

Only managed to negotiate payment plans with three of the ten so far and know I won't get anywhere with three of them but hope to sort the other four some point this month.

[Jendev06]

I am another payday idiot and after months of worrying myself sick I need to take action. I can't sleep at night and I never stop thinking about it. I owe 3 at the moment Wonga, Quickquid and Payday Express. The Wonga is the largest and if I could sort out a payment plan with them I would be able to get the others paid off no problem. From what I have read on here Wonga seem the easiest to deal with so I am going to default on my next Payday and hopefully get a plan set up with them. Any words of advice would be greatly appreciated. I feel like I have ruined my life I just can't stop worrying, I earn a good wage bit I am always skint because I was stupid enough to take out these loans!

[renegadeimp]

Why would you think you have ruined your life? PDL's are some of the lowest priority debts you can have.

[Jendev06]

Why would you think you have ruined your life? PDL's are some of the lowest priority debts you can have.

 

I just feel like worrying about them has taken over my life. Hopefully I can get back on track and sort out a payment plan

[renegadeimp]

Trust me when i say, there are PLENTY of people in worse situations than you. WE have a few people here that were in debt for more than 14,000 solely with PDL's. After a good few months, theyre pretty much out of debt, due to negotiations/settlement offers and challenging unlawful charges.

[Jendev06]

That's reassuring that people have been able to pay them off and be debt free. Hopefully that will be me soon!

[fletch70]

Maybe not the right way to do it,but when i lost my job i wrote to them all. Some were good and one even offered a 50% discount over three months, i paid less than i borrowed. The rest the louder they shout the louder i shout back. I have not made a payment in over a year and frankly i do not intend to while they harass me. I use all the legal tools. Remember as well that if they sell your debt in an absolute assignment it takes more than an email to tell you.

Discredit have been told in no to uncertain terms that should they peruse i will counter claim for damages due to their lies unlawful charges and harassment. Not heard from them for 6 months.

I have no income or assets so what can they do.

[Guest Payday Survivor]

Welcome!

 

We have 10 of them totalling almost £4000 with interest and charges. We are going to be skins for all of this year but should be debt free by the end of the year!

 

It's definitely a battle. Which companies did you owe?

 

We owe

 

Wonga

Mini Credit

Payday UK

Payday Express

Piggy Bank

Txt Loan

Lending Stream

Easy Finance

Spped Credit

Wage day advance

 

Only managed to negotiate payment plans with three of the ten so far and know I won't get anywhere with three of them but hope to sort the other four some point this month.

 

I had loans with 24/7 MoneyBox, One Month Loan, Payday UK, Payday Express, Money Shop, Cheque Centre, Mini Credit, Wageday Advance, Txtloan, Cash Converters and the one i have left is QuickQuid.

 

Most of them were fairly easy to deal with but Payday Express, Money Shop and 24/7 Moneybox were a pain in the butt!

 

Good luck with it.

 

Jamie

[Guest Payday Survivor]

I just feel like worrying about them has taken over my life. Hopefully I can get back on track and sort out a payment plan

 

Just don't take out anymore!

 

Jamie

[Jendev06]

Just don't take out anymore!

 

Jamie

 

Oh don't worry I definitely won't! I will never go near a PDL again!

[IdaInFife]

Maybe not the right way to do it,but when i lost my job i wrote to them all. Some were good and one even offered a 50% discount over three months, i paid less than i borrowed. The rest the louder they shout the louder i shout back. I have not made a payment in over a year and frankly i do not intend to while they harass me. I use all the legal tools. Remember as well that if they sell your debt in an absolute assignment it takes more than an email to tell you.

Discredit have been told in no to uncertain terms that should they peruse i will counter claim for damages due to their lies unlawful charges and harassment. Not heard from them for 6 months.

I have no income or assets so what can they do.

 

Deffantley not the right way to do things,

 

CAG do not condone debt avoidance

[fletch70]

There is a difference though. If i had a job i would pay as i was doing when i was working. Now however i can't pay.

 

What you call debt avoidance others would call exercising their legal rights.

[Lottielox85]

I'm not paying anything to easyfinance, speed credit or minicredit. I'm putting what I have offered into my ISA each week and when they see sense I will pay them what I owe. I am now earning interest on that money, nota lot but its something! i have offered every PDL we owe £5 a week which is affordable to us until. Leaves no money for luxuries but we can eat, pay our bills and manage to run the car. Most have been more than ok with this, and as I pay off each PDL I am increasing my payments to the rest, only by 50p each time I pay off a loan but every penny helps to clear the debts!!! I have worked out we can be PDL free by christmas and we owed over £6k at the height of our debt.

 

I've reported a few to the OFT and threatened to report a few others. They soon back down! I found Wonga, TxtLOan and PiggyBank were the easiest to deal with and every week piggybank email me confirmation of my payment and my new balance. They froze my account at the loan plus one month interest without even asking!

[bbfc]

I would always suggest contacting the PDL company's before you default. I did this with Wonga and it was all straightfoward and quite easy to setup actually. I've gone from owing them just over £1200, to paying back £173 p/m for the next 7 months. I can now sleep at night and my whole months wage is not used straight away to pay back a PDL.

[fletch70]

I found,admittedly a while ago that no one would talk to me until i missed a payment.

 

I have to ask but are the amounts you are paying back reasonable or the amount that they are demanding.

 

For example minicredit went from owing £200 to over 1200. And they accused me of fraud because i said i was single then contacted them saying sorry but my wife has just died. Both true statements.

 

I hate minicredit with a passion and as the saying goes wouldn't. p*** on them if they were on fire.

[bbfc]

I offered them £170 p/m and they came back with £173. So I accepted. They will ask for non-priority debts, which they won't really take into account. It's more about your essential expenditure.

[fletch70]

I was meaning the total amount not the monthly installment. In my example if minicredit came back saying i owed them a reasonable amount i would talk to them. They know that and until they do they can whistle

[Lottielox85]

I've spoken to citizens advice who said we should offer then £15 per month but we have offered £5 per week. Any more than that and our kids will suffer and why should they go without for our stupidity ? Obviously they aren't spoilt but they need clothes, food, school trips etc. at the end of that day the PDL will get what we can afford and not a penny more. I have more important things and I am still paying them off. And will clear what I owe within 12 months!

[fletch70]

Of they refuse your fiver a week you can then say well on advice from cab we have revised it to them£15 per month. Just make sure once you have paid off what is the right amount you stop and refuse to pay more

[citizenB]

I offered them £170 p/m and they came back with £173. So I accepted. They will ask for non-priority debts, which they won't really take into account. It's more about your essential expenditure.

 

I dont understand - why will they not take non priority debts into account ?

 

Your I & E should identify all your priority debts - you can anonymise your non priority debts, but they should be dealt with in order of priority of amount and date opened. A percentage of your disposable income should then be allocated. No creditor can insist that their debt takes priority over another.

[fletch70]

Citizen B I didn't really understand that bit. However from experience,particularly with PDL s they do not care about other non priority debts. In two cases they both wanted a sum that if i had paid to all creditors would have left me with negative money each month.

[citizenB]

I thought it was pretty straightforward - I responded to a statement of bbfc

 

"They will ask for non priority debts, then simply ignore them by not taking them into account"

 

I pointed out that the pDL company have no right at all to prioritise their own debt as all creditors should be treated to the correct percentage of disposable income.

[fletch70]

Sorry CB i was agreeing with you that i didn't understand that bit either.

Also noted that i have found they do want to priorities their own debts.

[citizenB]

 

This is why so many people end up paying ridiculously large sums to small and insignificant debts. The louder, more obnoxious, threatening the creditor the more money they get through intiimidation.

 

It is in every "debtor's" interest to immediately sort out a budget sheet and work out their disposable income. Then each creditor gets a percentage according to value of balance. This is the way in which Debt Counselling charities and the courts work.