Payday Loan Hell

[furryboo]

Hello one and all,

I have been thinking long and hard about putting a message up on here and have finally had the courage to do it!

Basically, until a year ago everything was going smoothly, everything was being paid and my family was managing ok! Then just less than a year ago we were forced to move house (a smaller house so I thought the cost would be less), changed jobs and put my son into Childcare! Well everything went pair shaped from there and I bascially lost all control over our finances. We are now bascially £640 worse of than last year! I have been using payday loans to try to cover all our bills and leave us with some disposable income but things are now spiralling out of control.

I haven't missed any payments but the costs for all these payday loans are increasing! Now the other side of all of this is that a relative has offered to get a loan so I can clear all my current debts and get myself back on the straight and narrow. The problem is this relative has a poor credit rating and I cannot find a loan provider that doesn't charge a massive APR.

Can anyone offer any help us to were to go to either get a loan or get some advice?

Thank you for any help. I am really greatful.

furryboo

My original chat thread is here (merged into this shiny new one) ---> Debt and Loan Help Pleazzzzzzee....... - allaboutFORUMS

[furryboo]

Re: Payday Loan Hell

Name of PDL: Capital Finance
Amount Borrowed: £450.00
Date of original loan: 16/03/12
Due date: 28/03/12
Paid or missed: Missed

History:

To follow

[furryboo]

Re: Payday Loan Hell

Name of PDL: Pounds to Pockets
Amount Borrowed: £800.00
Date of original loan: 30/01/012
Due date: 28th of each month
Paid or missed: Paid first 1st installment, missed todays!

History:

To follow

[furryboo]

Re: Payday Loan Hell

Name of PDL: Payday UK
Amount Borrowed: £390.00
Date of original loan: 08/12
Due date: 28/03/12
Paid or missed: Deferred 3 months paying only interest, now missed!

History:

To follow

[furryboo]

Re: Payday Loan Hell

Name of PDL: Payday Express
Amount Borrowed: £360.00
Date of original loan: 01/03/2012
Due date: 28/03/12
Paid or missed: Missed

History:

To follow

[Never-In-Doubt]

Re: Payday Loan Hell

Hi,

I have created this new thread for you and created the original five posts that explain your situation and explain the 4 payday loans that you have.

I will post up a template that you need to send to each one, basically you're treating them all the same so send the same template - if they get funny and refuse, then fine, there will be one for that as well.

I will do the templates shortly and post them here - for now sit tight and await my opening this thread for public use.

Thanks

Niddy

[Never-In-Doubt]

Templates

These are the only templates you will need to refer to. Don't respond the same day - let things drag out and take your time. If they email you on Monday reply the following Monday - remember you're living in a car!

Good luck, and remember when they do reply, just give us a brief update - don't copy the whole email as we only need to know if they say ok or go away.....

Template 1
Stop paying and send this to each PDL (PDL = PayDay Lender)

Dear Sirs,

Ref: xxxxxxxx

I write with reference to the outstanding balance on this account. Unfortunately I am no longer in employment and thus I cannot afford to repay the balance.

I also no longer live at the address held on file, and cannot give you a forwarding address as I am currently residing in my car. Obviously given the nature of things, please remove all phone numbers and addresses from my account as you'll be wasting your time - I'm moving away and when I get settled and in work I'll be in touch with new contact details.

In the meantime you can contact me using the following email address which I'll pick up as and when I log-in via an internet cafe.

Email address: name@whatever.com

Yours faithfully,

Template 2
Assuming you want to make a monthly offer, send this

Dear Sirs,

Ref: xxxxxxxx

I write with reference to the outstanding balance on this account. Unfortunately I am no longer in employment and thus I cannot afford to repay the balance.

I'd like to try and maintain dialogue and repay the original capital borrowed and therefore submit a payment proposal of £xx.xx per month.

I would consider this payment proposal ongoing until such time as my circumstances change to a level that affords me any disposable income. I have 4 of these payday loan style things and am negotiating the same for all of them. If you do not agree or you continue to add unnecessary charges then I shall cease all repayments as it'd be fruitless paying back less than the charges each month.

I do feel my offer of repayment is generous given the fact I live in my car and I ask you to think about this before responding with the usual line of "we cannot accept a payment plan" because if you do this I will simply cease all communication because I simply cannot afford to repay this in one go.

Please confirm acceptance and supply your bank details and a reference to use and I shall set up a standing order in due course.

Yours faithfully,

Template 3
They'll respond and most probably say tough - we don't take payment plans to which you send this back:

Dear Sirs,

Ref: xxxxxxxx

I write with reference to your email, the content of which has been noted.

I am sorry you are not able to consider reduced payments however as explained in my last email I am simply unable to settle this loan right now and therefore I am offering you (as well as the other lenders) a set amount per month in order to reduce the balance.

I don't see why you're being so obstructive, please just send me your account details and a reference number to use and I shall pay a set amount into your account each month. Please note, I will only repay the original debt so consider this prior to adding extortionate charges - I have not got the money so please don't waste my time with threats, I've nothing for you to take!

I hope you accept my monthly repayment of £xx.xx and look forward to receiving your bank details in due course. Failure to acknowledge this situation will result in no further correspondence until such time as I find my position more able to repay the balance. Adding charges will result in immediate cessation of payments as I am not here to line your pockets with undue charges.

Remember, I only have an email address and I'll reply as and when I log-in via an internet cafe.

Email address: name@whatever.com

Yours faithfully,

Template 4
You'd use this if they just aint listening to you and keep demanding one thing or another!

Dear Sirs,

Ref: xxxxxxxx

I write with reference to your email, the content of which has been noted.

I am sorry you are not able to agree with my more than generous offer and thus you leave me no alternative but to cease all dialogue until such time I am in a position to resume repayment of this payday loan.

I still do not have an address, my situation hasn't altered and I still have no money. If you decide to back down and accept my offer of £xx.xx per month with all charges and interest frozen then great, send me your bank details and reference and I'll commence repayment. If you refuse then I'll be in touch when I am able to repay this.

That's it - no other options are available. I do not have what you seek and thus you're wasting both our times by going over old ground.

Kind regards,