PDL - Response time for Repayment Plan?

[Megan99]

Good morning,

 

Thanks for all your help yesterday with my credit card problems, I am now turning to my PDLs!

 

Basically my husband and I have 3 totally app £1400 with Wonga, QQ, P2P.

 

On the 5th August I posted letters to all 3 companies (as well as emailing) asking to negotiate repayment plans. I enclosed full I&E schedules. Wonga emailed back saying they had cancelled the continuous payment authority (that was it). To date I have had no response from the other 2, except for emails saying my next payment is due!

 

How long should I wait before moving things up a gear?

[renegadeimp]

Never give a pdl a comprehensive I&e. They don't need it.

[PDLVictim]

Hi Marguerite Tuffs,

 

The companies will usually wait until the original repayment date (or in case of Pound2Pocket until the next instalment date) and try to take the full amount from your account (therefore the importance to cancel CPA and debit cards and watch the account for DirectDebits setup by PDLs).

 

Once this date has passed and they failed to take payment they will respond to your repayment plan offers. As you have informed them upfront, no default fees should be due and interest/charges frozen.

 

Wonga should be no issue, they do repayment plans up to 24 months and are fairly easy to deal with.

 

Quickquid usually only do 3-4 months and Pounds2Pocket usually only does 1 month repayment holiday, at least this is what they will initially tell you. You have to be firm with both and insist on a repayment plan which suits YOUR needs, in the end they will give in (I had longer repayment plans with them but it was a fight).

[Megan99]

OK had this email from Wonga yesterday - strange as already sent them I&E and if I try to negotiate a repayment plan online it only offers repayments of £135pm which it totally ridiculous!

 

"We always try to help you settle your loan asap. Acknowledging difficulty repaying is half the battle, so thanks for getting in touch to discuss a repayment plan.

 

We do appreciate your current difficulties but need to know more about your financial situation in order to help. We need you to complete an online income and expenditure form. This can be done by logging into the ‘my account’ area of our site, clicking ‘applying for a repayment arrangement’ and following the onscreen instructions.

 

Once you’ve completed the income and expenditure form, you’ll be able to propose repayments you can reasonably make. If these payments are acceptable, your repayment plan will be set up within seconds. If not, we’ll suggest reasonable repayments using the information you gave us. You’ll be able to confirm this by responding to our email.

 

We’ll suspend all collection activities once you’ve completed this form and interest will be frozen once we receive your first instalment.

 

If you need any help completing this form, please call us on 0207 138 8331.

 

If you feel you’ll benefit from free, independent money advice, you can contact these organisations:"

 

So they havent agreed to my letter of 5th August asking them to freeze interest and charges....

[PDLVictim]

OK had this email from Wonga yesterday - strange as already sent them I&E and if I try to negotiate a repayment plan online it only offers repayments of £135pm which it totally ridiculous!

 

"We always try to help you settle your loan asap. Acknowledging difficulty repaying is half the battle, so thanks for getting in touch to discuss a repayment plan.

 

We do appreciate your current difficulties but need to know more about your financial situation in order to help. We need you to complete an online income and expenditure form. This can be done by logging into the ‘my account’ area of our site, clicking ‘applying for a repayment arrangement’ and following the onscreen instructions.

 

Once you’ve completed the income and expenditure form, you’ll be able to propose repayments you can reasonably make. If these payments are acceptable, your repayment plan will be set up within seconds. If not, we’ll suggest reasonable repayments using the information you gave us. You’ll be able to confirm this by responding to our email.

 

We’ll suspend all collection activities once you’ve completed this form and interest will be frozen once we receive your first instalment.

 

If you need any help completing this form, please call us on 0207 138 8331.

 

If you feel you’ll benefit from free, independent money advice, you can contact these organisations:"

 

So they havent agreed to my letter of 5th August asking them to freeze interest and charges....

 

Hi, if you complete their online form take care to only leave enough disposable income to cover your intended repayment rate. They will agree to whatever rate is left over on their income and expenditure form.

[renegadeimp]

On their form, just lie. Invent random amounts until the repayment comes to what you want it to be.

[Megan99]

ok will have another go but I think the last time I tried that it wouldnt accept anything than £135 pm.

[Old Cogger]

On their form, just lie. Invent random amounts until the repayment comes to what you want it to be.

 

 

Oh and do not forget to state the amount you pay me (LOL) they may believe it

[renegadeimp]

ok will have another go but I think the last time I tried that it wouldnt accept anything than £135 pm.

 

 

 

Doesnt matter what wonga says. Their I&E form is not legally binding in any way, shape or form. Thats why i said lie on it.

[Megan99]

Just to update you I have received an email from Wonga agreeing to repayments of £25 per month over 26 months (hoping to clear sooner as and when funds allow).

 

Am I allowed to ask them for a full breakdown of how they have arrived at this final figure of £662.85? Ive written sometime ago in my book the original amount of loan was £400? Now when I log on it does not give me any details at all of my loan, simply the repayment plan in force???? This seems strange as it doesn't even show the date loan was taken etc?

[Megan99]

yep loking back through my letters I sent the original loan in March was for £450 - now its now jumped to £662.85??

[Megan99]

Thank goodness I printed a lot of things off!

 

How does this calculate:

Total amount owed: £662.85 This comprises of:

Capital Repayment: £450.00

Interest repayment: £643.90

transmission Fee: £22.00

Other charges: £30.00

- Repayments made £483.05

[renegadeimp]

You can reclaim the transmission fees and those charges.