🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.
Paying a payday loan with a credit card
Options
Comments
-
-
From WongaCan I repay my loan using a credit card?
No you cannot. We do not accept credit cards as a form of payment unfortunately. We only accept debit cards.
It is not normal to be able to pay credit with credit so I would guess the rest are the same.
Why didn't you use the Credit Card instead of a "last resort" Payday Loan?0 -
It wasnt me...... it was my boyfriend!!!
Just looking at solutions to how he can pay the debt off quickly. He took out 2 pay day loans and was very stupid and didnt pay them back. He has recently contacted them to pay back the debt (in total its just over £1000) and has up to now paid about £350 back. Someone mentioned using a 0% purchase credit card to pay it back and then pay back the credit card over the next 1-2 months instead meaning no more interest. Im sure someone said it was mentioned through Martin Lewis but like whats been mentioned here Ive never seen credit pay off credit before..... help!!0 -
You can get Credit Cards with 0% that allow Super Balance Transfers, You can open one of those and transfer the £1k to the bank account and send it to the PDL company.
That would be an option, but not for someone who has failed to repay a Payday loan, he wouldn't be accepted, for that or anything else.
The easy way out is for you to take his entire debt on yourself, he won't be getting out of this mess anytime soon. You won't find anyone on this board recommending you take on his debt though, certainly not me. Let him dig his own way out and hopefully learn a valuable lesson the hard way.0 -
Just looking at solutions to how he can pay the debt off quickly. He took out 2 pay day loans and was very stupid and didnt pay them back. He has recently contacted them to pay back the debt (in total its just over £1000) and has up to now paid about £350 back.
I understand you're looking to pay it off quickly but maybe that should not be your priority !
Maybe he should simply ask the provider in question whether they would agree to a repayment plan, as far as I am aware the vast majority of them are nowadays prepared to do that. That repayment plan would allow him to pay his debt off at a reasonable rate he can afford, he's paid £350 back already so if he continues to pay any amount between £70 and £120 on a regular basis he should have no problems...?0 -
Yes you can pay off Wonga with a credit card. Or you used to be able to as I did it myself back in June last year. I remember just setting it up as a 'debit card' and it went through fine.
But you musn't then do what I did and pay off the loan on the credit card, then just build the debt up again by taking out another Wonga loan...which is why trying to pay off credit with credit is a horrible idea!0 -
If you do use a card to pay off a pay-day loan, bear in mind that they will keep the card details (even if you specify you are making a one-off payment) and if your boyfriend ever used the loan company again (whether you are still together then or not) the company will use your card again if he fails to pay up on time. I've seen several threads on here where it's happened.DMP Mutual Support Thread member 244
Quit smoking 13/05/2013
Joined Slimming World 02/12/13. Loss so far = 60lb in 28 weeks :j 18lb to go
0 -
Consider getting rid. If he's like this with money you could be setting yourself up for a future of poverty.It wasnt me...... it was my boyfriend!!!
Just looking at solutions to how he can pay the debt off quickly. He took out 2 pay day loans and was very stupid and didnt pay them back.
If he does it again, don't just consider getting rid. Ditch and switch!
It's up to the loan company if they accept credit cards. So ask them or check on their web site. They may charge a small additional fee. It's also possible that the credit card company will treat it as an interest charging cash transaction rather than a 0% purchase transaction.He has recently contacted them to pay back the debt (in total its just over £1000) and has up to now paid about £350 back. Someone mentioned using a 0% purchase credit card to pay it back and then pay back the credit card over the next 1-2 months instead meaning no more interest. Im sure someone said it was mentioned through Martin Lewis but like whats been mentioned here Ive never seen credit pay off credit before..... help!!
Personally I wouldn't allow my bank cards, credit or debit, to go anywhere near a PDL company. If he builds up new debts in future it will be your cards that they go at.
Regardless, if you don't already have a credit card it's going to take 2 or 3 weeks to get the plastic in your hands. In that time the charges will be building up at a rapid rate.
If you do have a credit card but the PDL companies won't accept it, you could purchase day to day stuff (groceries, petrol etc) on the credit card and use the cash saved to pay the PDL.
My view? Let him deal with it. He should stop spending and pay every penny saved towards reducing the debt. He should get on eBay and sell his toys and use that money to clear the debt.
What happened to the pay day that was meant to clear the pay day loans?0 -
They don't know whether it is a Debit card or credit card.
if you phone them up and just quote the number it will go through fine.
the first time they realise is when they receive their monthly statement weeks later which will show charges for the Credit card transaction. I am guessing for a company that size and for the amounts involved it will get ignored.
NB - pay it off with an American Express card. These costs bleeding loads to the retailer.:rotfl:0 -
Firefox1975 wrote: »They don't know whether it is a Debit card or credit card.
if you phone them up and just quote the number it will go through fine.
the first time they realise is when they receive their monthly statement weeks later which will show charges for the Credit card transaction. I am guessing for a company that size and for the amounts involved it will get ignored.
NB - pay it off with an American Express card. These costs bleeding loads to the retailer.:rotfl:
The number that appears on a credit or debit card is more than a random string of numbers you know. From the number you can tell whether it's Visa, Mastercard, Amex whatever; you can even tell who issued the card and what kind of card it is. They're called Bank Identification Numbers (BINs). Wikipedia even has a page that lists 'em - http://en.wikipedia.org/wiki/List_of_Issuer_Identification_Numbers - 'though I wouldn't swear that it's completly accurate or even up to date, as usually you have to pay to get that sort of info. However the likes of payday loan company likely does. You quote them a number and they will know what kind of card it is.
0
This discussion has been closed.
Categories
- All Categories
- 5 Election 2024: The MSE Leaders' Debate
- 343.8K Banking & Borrowing
- 250.3K Reduce Debt & Boost Income
- 450K Spending & Discounts
- 236K Work, Benefits & Business
- 609.1K Mortgages, Homes & Bills
- 173.4K Life & Family
- 248.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards