help!!

[daisy72]

I have £1,546 worth of payday loans due this week.

 

Clear account 236.00

 

Wonga repayment arrangement 223

 

WDA 525

 

payday express 562.00

 

I dont want to roll over the accounts can i please get some advise as to how to set up a repayment arrangement spread over a year please.

I was in a similar situation but due to my daughter going to university this was my only option at the time now i dont know what to do.

My salarly gets paid into my account tomorrow shall i close my account or report my card stolen.

Problem is i dont have any money i do know natwest offer cash at their branches any advise would be useful.

[gunner-highway]

In the past I have just reported my card as lost then emailed the companies informed them I can not pay and need a repayment plan. They will try to make you pay roll over fees try to get money out of you but stand firm. Work out what you can afford and TELL THEM what you can pay do not let them bully you into agreements you can't afford. DO NOT PHONE THEM OR ANSWER THE PHONE. Do everything via email and back it up in writing make sure you get proof of postage.

[renegadeimp]

You need to secure your bank account. Cancelling your card will not work.

 

You need to instruct you bank to deny all transactions to those companies and cancel any cpas on the account.

 

You can also look into a parachute account.

[mch1991]

Cancel your debit card associated with the account. Cancel all and any continuous payment authorities on the account, consider opening a basic bank account to use as a parachute account to safe guard your money for the time being. Send those lenders a basic income and expenditure sheet with roughly what you can afford to pay and maintain.

[dx100uk]

no need to cancel a card

 

 

just use the CPA cancellation.

 

 

as for an I&E...urm..

only a judge can demand that

 

 

I'd certainly NOT be giving it to any PDL company

that'll be round all of them in 5mins.

 

 

dx

[gunner-highway]

Problem with cancelling a cpa is the bank may still pay out even though they are not supposed to leaving you without money until it's sorted. Renegade and dx are full of fantastic advice. Treat these loan companies with the contempt they deserve.

[renegadeimp]

Actually dx, its worthwhile showing the PDL a very simplistic budget summary so they cant make excused not to adhere to a repayment plan. It doesnt need to be detailed, just a brief summary. Should they take the very unlikely stance of legal action, then it gives you more footing should the PDL try and claim that you never gave them proof.

[dx100uk]

Problem with cancelling a cpa is the bank may still pay out even though they are not supposed to leaving you without money until it's sorted. Renegade and dx are full of fantastic advice. Treat these loan companies with the contempt they deserve.

 

 

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

[daisy72]

Thank you all for your replies to my thread this morning.

I have cancelled one direct debit for WDA i did try to cancel CPA but natwest gave me a phone number available tommorrow. So i will call my bank and cancell the CPA on my account.

 

Can i just ask in terms of the length of repayment plan would 12 months be pushing it?

At present i can only afford to repay 27-30.00 for each of the loans.

Thanks in advance for the advise.

[gunner-highway]

They will probably tell you that they can't give you a repayment plan or they can only offer you a few months. YOU tell them what you can afford. Never fill in any of their income and expenditure sheets you can supply a simple budget sheet to them but remember you do not have to disclose who your outgoings are for or give them wage slips or bank statements. If they won't help tell them you will make a formal complaint and let the OFT know about their actions. KEEP EVERYTHING IN WRITING STAY OFF THE PHONE.

[renegadeimp]

Offer them a plan to be reviewed in 3-6 months. When the time comes, tell them if your circumstances have changed or not, and carry on with the plan.

 

Pay it only by standing order. Don't give them any bank details.