Any advise on my first contact with Payday loan companies to set up a payment plan?

A question about : Any advise on my first contact with Payday loan companies to set up a payment plan?

Hi,

I've got Payday loan debts of Ј4k, and consequently haven't really slept in a week......I want to take control of this and deal with them properly in order to get things sorted. Additionally, I am scared witless of the thought of them telephoning me at work.

Here's a quick breakdown of my debt:

Wonga Ј973
Quick Quid Ј1929
Lending Stream Ј165
Payday UK Ј925.

I can afford to pay Ј300 per month to clear this off, which would take 13 months so I am very worried that they'll just laugh in my face at this offer.

Can anyone advise how I should contact them at first? I'd like a template letter that basically says I can't afford to pay what they want, I need to arrange a payment plan, here's my offer, and don't ever call me at work, but worded in such as way that will sound like I know what I'm talking about! I also understand that I'll probably need to bombard them on a daily basis with emails of this sort until I get somewhere.

Also - I have opened a new bank account as per much of the advice on here, but haven't yet closed the old one...there is no money in the old account so the PDL companies can't actually get any money out of there, but when they try and fail, am I likely to incur bank charges?

Can anyone please help or point me in the right direction?

Thanks!

Best answers:

• Have you thought about a debt management plan? They can act as a middle man and takes the pressure off you a bit.
  I found that most pay day loan companies are reasonable and happy to help you set up a repayment plan, just make sure everything is in writing.
  Instruct your bank to NOT allow any sort of payments to these companies from your old account and make sure you've cancelled and ordered a new debit card for that account.
  Good luck
• I would recommend contacting one of the free debt management companies such as PayPlan or CCCS as they will be able to help you hun. Don't worry about how long it will take you to pay off just focus on doing what you can.
  I've only had experience of Wonga but if you tell them you are in the process of starting a DMP with one of the above they put a hold on your account for 30ish days (I think it's 34 days) till they receive your client number.
  It is best if you close your account but in the meantime you can send this letter.
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