Pre-default payment plan advice

[JGJ]

Hello All,

A very close family member has asked me to arrange a pre-default payment plan with 2 PDL company's, as they are in serious financial difficulties and need to maintain their priority debts etc. PDLs namely:

1)CFO Lending

2)Wage day Advance

.

I have spoken to Barclay's Bank this evening on their behalf as the initial info they were given by Barclay's was an absolute distortion of the facts re the cancellation, of the cancellation of recurring transactions/continuous payment authority regs, as per the "Financial Conduct Authority Regs"

 

I actually thought I was talking to a representative of a PDLco. I wonder if they have slipped a few covert operators into Barclays??

 

The Barclay's rep I spoke to eventually and apologetically confirmed that my protestations were correct and that the call taker previous, had mis-interpreted the situation and the appropriate action for cancellation, would be initiated immediately.

 

We will be going into the local branch of Barclay's first thing tomorrow to deposit a letter for signature and proof of request to cancel the above recurring transactions / continuous payment authority and that no payments in any form, are to be made from their acc.

 

Could the Caggers with the experience of dealing with the above PDL comps, please assist in the formulating of the letter to send re the request to set up a pre-default payment plan.

 

All advice/info will as usual be very gratefully received.

 

"EXEMPLO DUCEMUS"

[renegadeimp]

You need to secure the banka ccount first and get FULL written confirmation that no payments will be allowed to those lenders or their merchants. THAT is the main priority. The two PDL's you have listed are well known for taking money from peoples accounts once they know you are about to default.

 

There is no need for a template to converse with the DCA's. Just say something along the lines of " im currently experiencing financial difficulties which means i will not be able to meet the payments as agreed on my loan. I will however be able to make the following payments and at these intervals. Please find enclosed a copy of my budget summary. As a gesture of goodwill by yourselves, i would appreciate it if you could refrain from adding on any interest or charges on to the account as it would do nothing to help me or my situation".

 

Always start politely and positively, then if they start to get cocky, we can ramp up the letters and play hardball with them. Also, the letters should be send by Recorded delivery, not email. It is known for emails to go "missing" and for the lender to claim nothing was received. If you send it by Recorded delivery, then they cant say a thing.

[JGJ]

renegadeimp,

 

Thank you very much for your swift reply and words of wisdom. it is greatly appreciated.

 

"EXEMPLO DUCEMUS"

[PDLVictim]

Hi JGJ,

 

WageDayAdvance is not too difficult to get to setup a repayment plan. In my case they set one up over 8 months. But beware, even though a repayment plan was setup and even though the CPA was cancelled WageDayAdvance continued to setup a new Direct Debit with my bank every month 2 days before payday for the full amount (which I cancelled every month 1 day before payday of course ). So this is something to watch closely on your account in the future (as CPA (which uses the card number) is different to Direct Debit (which uses the account number).

 

CFO Lending is more difficult to setup repayment plan, but not impossible. Also here beware, as they might try everything to fish for your card details. Always pay by standing order to their bank account.

[JGJ]

PDLVictim,

 

Thank you for your words of warning they are greatly appreciated.

 

"EXEMPLO DUCEMUS"

[JGJ]

renegadeimp,

 

Do you think that adding a paragraph to the letter, stating that I will only communicate with you in writing and that it is my" Legal Right" to communicate with you in writing, under Article 8 of the European Convention on Human Rights.

 

Or will I await their response to the shorter version.

 

All advise/info will as usual be gratefully received.

 

"EXEMPLO DUCEMUS"

[renegadeimp]

Dont put the human rights bit in. It has no bearing on it.

 

Have a read of http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter