Payday loan

[Vegas2003]

HI

I have got myself into a mess with some payday loans.

I took them out over the last year and have been roling them over ever since and using other ones to pay them off and back and forth-- ie taking from Peter to pay Paul

At present I owe

Wonga 450
Quick Quid 950
Txt loan 700

My original loan with Wonga was £400 and i did pay rollover payments for about 4 months
My original loan with QQ was £700 and also paid a number of months interset ect
My original loan with Txt loan was 350 and again i had paid this back a number of times and took it out again.

I had other smaller ones which i have now cleared, at present i have not paid these loans for the last 3-4 months and have been ignoring constant calls and letters ect. I no what to get rid of them and a family member has today taken a loan of £2000 out for me, however I think the charges and rates they have added are ridiculous and given the fact i had paid so many months interest on them dispute what i owe.
Does anyone no if these companies will accept a reduced settlement to get rid off them and making sure my defaults on my credit file become satsified?
Or do i have to request my credit agreemtment to work out exactly how much i owe and have paid ect...
Any advice will be great, this is my first post an i am new to this.

[miliitant]

Re: Payday loan

phone each one of the payday loan companies and say a family member has agreed to lend you limited funds and you are one of many payday loans i have at the moment, and that you are in discussion with each of them

offer them only the original loan plus one months interest, OR WHAT YOU CAN AFFORD AS A FULL AND FINAL, BUT NEVER MORE THAN THE ORIGINAL AMOUNT PLUS ONE MONTHS INTEREST as they are only 30 day loans

if any decline say, take me to court then and you will get £1 week then

if they agree, get them each to send an email as a full and final settlement

then DO NOT GIVE THEM YOUR CARD DETAILS

ask them for their bank details to send by bank transfer

PLEASE GET EMAIL CONFIRMATION OF A FULL AND FINAL SETTLEMENT BEFORE SENDING ANY FUNDS

[Vegas2003]

Re: Payday loan

Would it be worth me getting my original credit agreement if so how do I go about getting them, as for the loans i have more or less already paid double if not over that by rolling them over ect.

[Vegas2003]

Re: Payday loan

Thanks by the way.

[Guest]

Re: Payday loan

I wouldnt bother with the credit agreement, i presume these were taken out on line any way.

You need to email each, tell them that you may be able to borrow a little money off a relative and ask them to accept one quarter of the amount due(just quote the figure) as full and final settlement on the account, let us know what they come back with

D

[labman]

Re: Payday loan

The very first thing to do is to instruct your bank in writing to cancel and not pay the Repetitive Payment Authority. If they then pay the loans, after a recent law change you should be recompensed by the bank.

[Vegas2003]

Re: Payday loan

By 1/4 you mean for instance Wonga is 450 so i would offer them roughly £112 and a months interest?

thanks

[Vegas2003]

Re: Payday loan

I Canceled my card and had a new one sent out as just last month i had another company called payday express who i owed £400 to help themselves and take out my last £350 out my account on the same day all in £50 payments, that left me stuffed for the month.

[Guest]

Re: Payday loan

By 1/4 you mean for instance Wonga is 450 so i would offer them roughly £112 and a months interest?

thanks

I would just offer them a flat amount, they probably wont accept it , but it gets the ball rolling.

I presume the contracts have they all gone past their original term.

May be an idea if you say to "terminate the agreement and as full and final settlement of all liabilities due under the contract".

D

[labman]

Re: Payday loan

I Canceled my card and had a new one sent out as just last month i had another company called payday express who i owed £400 to help themselves and take out my last £350 out my account on the same day all in £50 payments, that left me stuffed for the month.

They can't do that since the new law was passed recently, as long as you instruct them not to. If they then pay out, the bank must reimburse you.

[Vegas2003]

Re: Payday loan

I have set up payment plans with them all but i have failed them all on a number of occasions so i don't no if they have gone past their original term.. I have had a defaulted email off QQ and Txt loan and letters saying they will be passing it to Debit collectors..
I failed the plans due to so many things coming up and biting me in the arse latelty. I messed up a number of years ago loaing money and have never been able to get straight since then but these payday loans are a joke i already feel i have paid then well over the odds they are like parasite's.

How would i get them to terminate the agreement?

[Vegas2003]

Re: Payday loan

Well i had a payment plan set up with them and for £50 a month on 21st of June and come the date it was due out i failed it then 2 days later 23rd June I went to take money out my account and their was nothing in it. I called the bank and they said a number of £50 payments had all come out that morning..
It was Payday express, how could i claim this back?

[Guest]

Re: Payday loan

I have set up payment plans with them all but i have failed them all on a number of occasions so i don't no if they have gone past their original term.. I have had a defaulted email off QQ and Txt loan and letters saying they will be passing it to Debit collectors..
I failed the plans due to so many things coming up and biting me in the arse latelty. I messed up a number of years ago loaing money and have never been able to get straight since then but these payday loans are a joke i already feel i have paid then well over the odds they are like parasite's.

How would i get them to terminate the agreement?

The law is very imprecise regarding pay day loans. The CCA was not designed with them in mind, so many of the protections that are in place on standard fixed sum loans do not apply.

However, if the loan has gone past its original term and there has been no modifying agreement made, then legally the loan is terminated, and what they are charging you is default interest at the contractual rate.

Either party can terminate the agreement at any time but if the debtor does it all liabilities owed under it become immediately due, so you could offer a full and final settlement and you would terminate it yourself, if they accepted the payment.

D

[Vegas2003]

Re: Payday loan

How do i find out or go about asking them this without them telling me lies or making up what they want.

[Guest]

Re: Payday loan

You don't have to ask them anything just make the offer, see what they say.

As it stands at the moment courts do not like making judgments for anything over the original sum due on the agreement,(principle plus one months interest).
The reason being ,as i said earlier that the interest being charged on default is the same as the outlandish contractual interest rate.

The courts have to enforce the interest if it is part of the contract but if it is being applied as part of the default sum then they can say this is unfair and refuse to sanction it.
D