£2200 of PDL Debt - help please

[suemumof3]

Hi there, I am wondering if anyone can help, over the last 6 months, I have accrued £2200 of PDL debt which I am desperate to clear. After hovering on the site for a while I know that I need to secure a parachute account, which I am trying to do and need to contact these people with offers of payment. I have listed them below:-

 

Wage Day Advance - £270

Mini Credit - £220

Payday Express - £170

FLM Quick - £325

Peachy - £280

Money in Advance - £455

Mr Lender - £470

 

I have worked out I have realistically £500 (I could stretch to £700 but that would mean no back up money) a month to clear, this little lot off and have started the email process today but explaining to WDA that I would like to stop the rollover process and go on a payment plan as I am struggling financially. I offered £90 as that would clear it in 3 months. This was sent at 9:55 am and the full amount is due to leave my account on Thursday. I have not had an answer yet but have missed a call from a private number on my mobile. How long do they usually take to respond?

 

I am lucky in the sense that the payments are spread over 2 paydays so only have WDA, PDE and Mini to worry about this week! Can anyone tell me how easy the lenders I have are to deal with, I am not expecting this to be fun by any stretch of the imagination but a bit of fore knowledge is a good thing I think!

 

Many thanks to you all in advance.

[PDLVictim]

Hi suemomof3,

 

I have summarized a bit of information how these lenders reacted with me and what was the maximum number of months they accepted for repayment plans. Some will want I&E, in this case you can send them a very basic I&E overview, listing things like rent, car, energy bills, food, etc. Also list other debts (credit cards, other PDL, loans, etc), but do not name companies, just e.g. PDL company 1, PDL company 2, etc.

 

I would suggest to have a try for the maximum number of months instead of repaying everything in 3-4 months. The reason is that there will come other unexpected expenses in your life when you least need them and then it would be good to have a little bit of saving, otherwise you might end up taking PDL out again and find yourself in a similar or worse situation soon. Therefore I have added recommended amounts below taking the 500 GBP you have per month.

 

Last but not least only communicate in writing to them! And never state any reason for your difficulties, just "Financial difficulties". Remember, these are unsecured loans and lowest priority debts.

 

Wage Day Advance - £270 - Did an agreement with me over 8 months without problems, so offer 33.75 GBP over 8 months

Mini Credit - £220 - They are hell to deal with. Repay in full in the first month if possible.

Payday Express - £170 - Difficult. Offer 21.25 GBP over 8 months

FLM Quick - £325 - Difficult. Offer 27.08 GBP over 12 months. Insist on freezing charges and interest!

Peachy - £280 Easy, did 12 months with me without hassle. They do NOT freeze interest, but reduce interest to a reasonable amount (was around 10% with me). Offer 25 GBP over 12 months.

Money in Advance - £455 - No experience. Offer 37.92 GBP over 12 months

Mr Lender - £470 - Medium. They will try to insist you rollover 3 times before repayment plan or that you have to pay 1 month interest before repayment plan. All rubbish. They have to accept repayment plan straight away without any arrangement fees, etc. and have to freeze interest and charges. Insist on this and tell them you will complain to fos and oft. They do repayment plans over 12 months, so offer 39.17 GBP over 12 months.

 

The above will mean you are paying them 404.18 GBP in the first month (because of Minicredit) and 184.18 GBP the months after that (leaving you more than 300 GBP every month to put in a savings account). Remember, they are freezing interest and charges once you are on a repayment plan, so no hurry here

 

If you like also have a look at my two threads here about

 

- Re-claiming interest and charges if you have had multiple PDL over months (or years) continuously:

Mis-sold PDL - Claim back interest fees - any experience?

 

- Re-claiming the advance transmission transfer fee from Minicredit:

Minicredit - Transmission Fee becomes Drawdown Fee

 

and feel free to join in reclaiming these

 

[renegadeimp]

Hi there sue. I see youve already got some good advice from PDLvictim ( he probably has more direct experience with some lenders than most posters here).

 

I've got a few letters you can send to those lenders if they start to act funny with you when you try negotiating repayment plans. A lot of people have used them and they normally make the PDL do a quick 180 and come to an agreement. Let me know if you need them, if your initial contact with them doesnt work out.