QQ repayment plan help

[badmoneyethics]

I have been browsing to see what help I can get with my payday loans, I currently have an outstanding loan with quid quick at £700, they're charging substantial interest on this to the tune of over £100 per month as its a flex credit loan so it reduces over the term.

I have drafted an email from information collated on the forum and I'm wondering if someone would be kind enough to take another look and let me know if I'm asking for too much or too little here.

 

Thanks.

**************

Dear QuickQuid,

 

I am writing to inform you that I will not be able to make the full payment of loan #xxxxxxx on 20/1/2014. I have spoken to an advisor on Live Chat who advised me to speak to yourselves regarding a repayment plan.

Unfortunately due to no fault of my own, my circumstances at work have changed and I am left paying substantially more for travel arrangements than I am used to.

Below I have outlined my proposed repayment method after looking at my budget.

 

20/1/14 - £140

20/2/14 - £150

20/3/14 - £110

20/4/14 - £90

20/5/14 - £85

20/6/14 - £85

20/7/14 - £85

20/8/14 - £85

20/9/14 - £85

20/10/14 - £85

 

Regards,

my name

*************

My rationale for the payment plan is as follows:

Currently QuickQuid are wanting this

 

Payment # Due Date Principal Amount Interest Amount Payment Total

1 20/01/2014 £70.00 £158.19 £228.19

2 20/02/2014 £70.00 £170.28 £240.28

3 20/03/2014 £70.00 £128.24 £198.24

4 17/04/2014 £70.00 £112.28 £182.28

5 20/05/2014 £70.00 £106.64 £176.64

6 20/06/2014 £70.00 £94.38 £164.38

7 18/07/2014 £70.00 £64.12 £134.12

8 20/08/2014 £70.00 £56.76 £126.76

9 19/09/2014 £70.00 £34.20 £104.20

10 20/10/2014 £70.00 £16.53 £86.53

 

So if I can offer them the reduced rates I have proposed, it would leave me more than enough for travel to work as its almost doubled from £90 to £180 through trainfare rises and working routines so reducing the interest I am paying (which is basically what I'm proposing, while still paying some interest) would allow me the funds I need.

 

Should I be asking for all interest to be cancelled? Or am I asking for way too much here and being silly?

 

Thanks for any help.

[renegadeimp]

Ask for all interest and charges to be stopped while youre on the plan. If they refuse, drop them to a quid a month for the life of the debt.

[holycrosser]

Ask for all interest and charges to be stopped while youre on the plan. If they refuse, drop them to a quid a month for the life of the debt.

 

How can you get away with just paying £1 youd end up owing thousands?

[havinastella]

You don't owe thousands, It's a £700 loan. Is this a 30 day loan? All their charges and interest will never stand up in court and can be brushed aside.

 

OH they are a US company and can't bring a court case under UK laws. Go figure.

[renegadeimp]

Yep. They dont go anywhere near a court. They just threaten and intimidate, then hike up the charges and sell it on.

[daztomo]

Quick question to the original poster...

 

 

Did you manage to get them to agree the repayment plan or did you just get their bank details and start paying off what you agreed in your plan? and ignored any emails/letters from then on?

 

 

I ask because I'm in the middle of arranging a plan with them, I've sent an email telling them how much I can afford to pay, and included an income/expenditure file. waiting to hear, live chat with them was no help

[badmoneyethics]

They wanted £100 a month which I managed to work into my budget, they didn't reduce the interest thought which I'm not going to complain about.

[renegadeimp]

Why did you let them force you to pay more? They get what YOU say. NOT what they want. As for the interest accruing, they never took your circumstances into account and you allowed them to profit off your circumstances.