Question about the templates and PDLs

[Loosingtheplot]

Hi,

I have just joined the site as I would like some advice/guidance with my PDL's. I am struggling to repay the PDLs that I have and am tempted to send the templates and try and come to some arrangement with the companies.

I don't want to completely stop paying them just to try and come to an arrangement to reduce the amount I pay per month.

Am I right in thinking that to start this process I would need to send the second template letter?? Do I send these letters by email or post?

Also, does anyone know... Generally when an agreement is made with the companies for someone to pay a reduced amount per month... Do they continue to add interest and default charges to the balance? If so it would be impossible to ever get them cleared!!

I will no doubt have mores questions... But these are just the first few that have come to mind.

Thanks in advance

[Never-In-Doubt]

Re: Question about the templates and PDLs

Ahh I created a new thread with PDL templates.

Are you referring to those, ie these ---> PayDay Loan Template Letters - allaboutFORUMS

That process works but it's up to you. They won't listen if you try the nicely nicely approach. Seen it 100's of times.

Can you list the debts please?

[Loosingtheplot]

Re: Question about the templates and PDLs

Yep that is the templates I was talking about.
So do I need to send the first letter off regardless and then send the second one offering to pay a reduced amount per month?

I will log back on tomorrow and list my debts. Need to go and grab a bit of bit of shut eye.

Thanks

[Never-In-Doubt]

Re: Question about the templates and PDLs

Hi

Yea do that. Ideally use email (create a new account). That way it stops them hassling you. But also cancel bank card as "I lost my wallet in the pub". That way you'll get a new card in totality with new ccv meaning they can't raid your cash.

Hold fire for now. List your debts and I'll work on this with you. Don't stress. But cancel your card ASAP! Take enough cash out to live on obviously, first.

[Loosingtheplot]

Re: Question about the templates and PDLs

Ok. I have a bank account with a different bank. So I think I'll start to transfer stuff over and get my wages paid to that account.
I'll cancel my card like you say and tell them it is stolen/lost.

With regards to 2 of my loans... The repayment of those is done by direct debit so they will no doubt be more awkward to manage as I know that they can reset them back up if I cancel them. Pain in the bum!

I will defo post debt info tomorrow... Thanks for your help.

[jon1965]

Re: Question about the templates and PDLs

Hi
Niddy is spot on when he says they do not respond to the please nicely nicely approach.
I have several payday loans and some have been better than others.
One that had a DD set up on it, well I cancelled it and they did keep resetting it up but once I told then to stop they did. However the same one would say we will only take £10 month even after an I&E and list of creditors, they did back down in the end
However , and I stand to be corrected, if you cancel the DD and they do set it up again and take money without informing you....there is the DD guarentee.

If I can help just shout

P.S I love Niddy's letters and wish I had had them at the time and i am now too scared to use them as it would only complicate matters

[jon1965]

Re: Question about the templates and PDLs

As I am in a sort of limbo land at the moment, balls in their court fro one reason or another

[Loosingtheplot]

Re: Question about the templates and PDLs

Haven't forgotten about posting my debts.... Will do it ASAP. Have been up to my eyeballs with my newborn not settling to sleep! Tired mum here!

jon1965 - you say that some PDLs have been better than others... Which ones have you found to be more or less willing to discuss?

Thanks

[jon1965]

Re: Question about the templates and PDLs

Well I am just starting a PDL diary, will be finished by tomorrow.
Wong are a nightmare

Quick Quid awful as well

Fortress group were excellent, got a 50% discount to pay over 3 months

WDA been hard work and very demanding wanting I&E as well as bank statements again and again, in dispute at the moment

Cash Genie were also dreadful, had to follow the complaints procedure

Pounds till payday not heard back from them


My Diary will be up to date by tomorrow.

PDL Diary now done, you will see who the good bad and ugly are.

[Loosingtheplot]

Re: Question about the templates and PDLs

Sorry for late reply.

As requested here are my PDL debts


Wonga
Owe £736.75 (capital Repayment £550 and the rest interest and fees).
Date of original loan 25th January 2012 (have been extending up to now.... No more left).
Due date 28/4/12
Paid so far but tomorrow will miss.

Wage Day Advance
Owed 505.05 altogether, but today have paid 390, just owe them 115.05 which is the interest part of it.
So half paid and half missed.

Payday express
Owe 450 (borrowed 360, 90 interest).
Due date 30/4/12
Up to now paid, but will miss this month.

Payday uk
Owe 212.50
So far paid.
Due 12/5/12

Quick Quid
Owe 687.50 (550 borrowed 137.50 interest and fees)
Due 28/5/12 -as extended and paid interest.

As you can see I am in a mess and am very stressed. Any help would be appreciated.

[jon1965]

Re: Question about the templates and PDLs

Ok
my advice but It is my advice only so do not take it as gospel
1) report your debit card as stolen, bit of a bugger but it will stop all card payments
2) Cancel any direct debits to these companies (and for good measure write to your bank saying you remove your authority for any DD's from the companies . Name them as they appear on your current DD list)
3) Email or write recorded delivery to each explaining your circumstances and asking for a repayment plan and for them to stop all interest and charges. (One idea is to write the letter, email it and then send it recorded if you can afford it or at the very least get a proof of posting )

Niddy may suggest being more aggressive as per his templates. It's up to you. You need to be aware it will damage your credit rating and will be on there for 6 years (but will shown as satisfied when you have paid)

Anyone feel free to contradict me ...I won't take it personally ..I will just come and break your legs

[Loosingtheplot]

Re: Question about the templates and PDLs

Thanks for the reply Jon. I am very grateful for any info.

[Loosingtheplot]

Re: Question about the templates and PDLs

Get ready for the 6 million questions...... you can tell I am on edge about this! But glad to be finally taking action!

Ok, so I have cancelled my debit card and reported it as either lost or stolen so I will be getting a new one in the next few days.... will that of sorted out the problem of them being able to use my card to get funds from my account?
Does anyone know if new cards are linked in any way to cards that are reported as stolen/lost? Can the companies still apply for the payment and the bank approve it?

I have another current account which has never been used for PDL's and so I will be transferring my banking over to this account (and will not be giving this account details to anyone!!). Will sort out for all my wages to now be paid into my other account.

Direct debits cancelled to the PDL's. I will now watch the account for the direct debits being set back up. If I cancel them will it definately stop them being able to take the money?? Or will the bank just honour it anyway? There will be no money in there for them to try for anyway, but I will still get bank charges if they do try and they bounce back.

I will also now write a letter to my bank (Barclays) to remove authority for these direct debits to be paid... know doubt they won't listen cos they are pretty rubbish from experience!

Can anyone tell me... can you close current accounts down when you have money oweing on an overdraft if you come to an agreement with the bank that you pay money back every month? If this is possible I will do this with the account and then it really will stop them trying for money?

What is the next step? What is the best way to get the PDL companies to agree to let me pay what I can afford and to possibly freeze the interest?

Sorry for the ton of questions!

[jon1965]

Re: Question about the templates and PDLs

Ok
So I will try to answer what I can and others will hopefully fill in the blanks

Your debit card....there are rumours on another site that the PDL's can get money by using your old card, however when I have challenged this no one has ever been able to give me an example of it happening. It never happened to me that is all I can tell you.

Direct debits
Once cancelled they should be cancelled and if they are set up again you should be covered by the DD guarentee. But certainly instructing your bank not to set up any from these companies should do the trick, keep a copy of your letter and either send it by recorded delivery of get a receipt from the bank.

You other current acount, is it with Barclays? If it is you really need to open one with another bank.

Closing your current account with barclays, a couple of options...just move all your DD's and SO's to your new account and wait for them to start getting shirty with you or once you have moved everything talk to them and arrange to repay at x per month

As for the PDL's there are several options, Niddy has some nice templates that basically tell them to F.O. but I have not tried them. You could email/write to them all and make an offer of x per month on the condition they stop all interest /charges . Some will accept and some wont. The ones that wont, keep a record of what you owe and keep making the offer. Eventually they will accept but only pay what you owe and no more.

The big issue for you will be that your credit score will be screwed . The sooner they default you the better because after 6 years it will be off your credit file and won't affect anything.

Now there maybe people who disagree with me and that is fine, unlike other websites no one will through a hissy fit or remove a post (unless it breaks the rules).

Hopefully Niddy will be along to cast his eye over my reply and let you know if he thinks it's crap.

[Loosingtheplot]

Re: Question about the templates and PDLs

Thanks for reply Jon. Yep the other account is with HSBC, so that is one less thing to worry about.