Payday loan merry-go round!!

blodau4321 · 19 April 2012 at 4:08PM

Hi all.

What affect does a pay-day loan have on your credit rating? It is a negative if you were to apply for a mortgage and you have taken out a pay-day loan previously (and paid it off on time)?

Dollydimples_2 · 20 April 2012 at 3:24PM

I'm freaking out - I've just been called at work by someone asking me for my solicitors details?!? The number was 02035191179

cottonhead · 20 April 2012 at 3:49PM

If you have notified them all of your troubles thats the first start. Second is to protect your pay as they will try and take it. They dont need your bank account details for this - they will just use your debit card. So make sure your pay is put in an account with a card that you have never used in your dealings with them. Then when the repayment is due phone up and explain you have financial difficulties - I wouldnt mention you have mulitple loans - and ask to enter into a repayment plan. Some lenders are better than others. I phoned wonga last month and they were actually really helpful letting me pay back over a year in equal installments, freeaing the interest and charges. Cant speak for other lenders. When thats done just be strong and dont be tempted to use them again. I swore I never would re loan and now currently have 3 on the go. I will eat dust next month if I have to - I refuse to take out another loan.

Dollydimples_2 · 20 April 2012 at 4:18PM

Thanks for replying! I am exactly the same and won't touch these things with a bargepole.

I googled this company that called me they are well known and called Morgan & Co or Associates their number is 020 3519 1179 and the message they have left me on my voicemail is disgusting, they said that this is a time sensitive matter that I must give them my solicitors details or I will be very sorry, they said if I don't get in touch then they can only wish me well with the situation that awaits me!

I called them back and told them that was disgusting that I took that as a threat and would report them to the OFT and the police (I know bit much but I was shaking with adrenaline!) and they hung up on me.

taffy056 · 20 April 2012 at 6:22PM

Never deal with these people over the phone ever, send them a letter to say that you will only deal in writing and to stop calling you

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=03_harassment

taffy056 · 20 April 2012 at 7:32PM

Dubguy could you start your own thread with this, rule of thumb here is one problem per thread so advice don't get mixed up. Thanks

gmac2011 · 23 April 2012 at 8:21AM

cottonhead wrote: »

If you have notified them all of your troubles thats the first start. Second is to protect your pay as they will try and take it. They dont need your bank account details for this - they will just use your debit card. So make sure your pay is put in an account with a card that you have never used in your dealings with them. Then when the repayment is due phone up and explain you have financial difficulties - I wouldnt mention you have mulitple loans - and ask to enter into a repayment plan. Some lenders are better than others. I phoned wonga last month and they were actually really helpful letting me pay back over a year in equal installments, freeaing the interest and charges. Cant speak for other lenders. When thats done just be strong and dont be tempted to use them again. I swore I never would re loan and now currently have 3 on the go. I will eat dust next month if I have to - I refuse to take out another loan.

Do you mind me asking how you went about contacting wonga, as in via email or telephone?

And what sort of payments did they accept per month on whatever you owe?

Thinking of doing something similar just want advice on best way to go about it!

Dollydimples_2 · 23 April 2012 at 1:43PM

Hi GMac I found Wonga to be the easiest to deal with. I called them and explained that I was having difficulties, they confirmed my email address and said they would send me a budgeting form. I completed this and then sent it by email. I told them I would basically split the amount I owe over 12 months and they agreed.

Hope you get it sorted, I know how stressful this is!

gmac2011 · 23 April 2012 at 1:56PM

Did you set up a new bank account etc just incase?

Payday loan merry-go round!!

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