This post explains what happened when I didn’t repay my Payday UK loan.
Regular visitors to this blog will know that I have a number of outstanding payday loans, and that I chose to default on them all instead of rolling them over.
The end result was a lot of fan mail from debt collection agencies and phone calls.
When I defaulted on the account I ignored it for a while as I had a lot of other creditors all competing for my money and attention.
So far as I can tell, I was only asked to repay the original loan amount plus one months interest. I don’t recall receiving any default charges or other fees.
What happened with my Payday UK Debt?
Well I received a number of e-mails asking me to make payment and offering various options including the dreaded rollover. As that was not something I was willing to do I just left it. I might have got some phone calls but I disconnected my home phone. 20 other creditors were also calling me, so my home phone was very busy.
The first thing I did was to make sure I had changed the bank account where my salary was paid in to. I also cancelled the debit card on the original bank account just in case. That way I could be confident that my wages would be safe.
The Debt Collection Agencies get involved
After three months the account was passed to a company called Keyes Whitlock. They sent me several letters requesting payment but not much else happened.
I did try to set up a repayment plan but I didn’t stick to it. I just played the waiting game once more and waited to see which other debt collection agency would get the account.
The next bit of fan mail came from a company called Face2Face contact. I did end up agreeing a repayment plan with them and didn’t really have any further trouble.
After around a year, the account was passed back to a company called Mackenzie Hall who I am still making payments to today. They have purchased the debt from Payday UK so I can’t see there being any more debt collection agencies being involved.
You never know and I will update this post if anything changes.
If you are struggling with Payday Loan Debt, please visit the Debt Help Section on this blog.