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Payday loan merry-go round!!
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# 1
Dollydimples
Old 18-04-2012, 10:14 PM
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Default Payday loan merry-go round!!

Hi there, was a bit scared to post but want to get out of this horrible merry go round of paying then borrowing. I started with payday loans to cover a vet bill then paid them off straight away only to find I didn't have enough money left to live on. I've finally came to the end of my tether as I'm worried sick about it, I phoned two of the companies (I have 4) and neither say they can do anything until the day the loan is due.

I'm lost. I don't know whether to apply for a DAS to take the sting out of contacting these companies or whether this will harm me long term.

I didn't have very great credit before these loans as I didn't have anything really in my name. I was hoping to build it but I've wrecked that now should I go down the route of DAS?

Thanks
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# 2
raven83
Old 18-04-2012, 10:53 PM
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Ok, first things first, i would ring your bank and cancel all direct debits etc with them, that way they can't take your money. Then i would write to each one and offer a repayment plan of something you can realistically afford ( you don't want to leave yourself short for the month to be able to afford basics and to live. I am sure that they will accept your offer of repayment, also ask them to freeze any interest, there are forms with this all on that you can download and just fill in, if you google it. Try not to panic, and try not to offer more than you can afford to pay as it will just lead to more loans, if you can only afford a small amount each month then offer that.
Raven.

“Don't cry because it's over, smile because it happened."

Nearly 7 stone lost since September 2012!!!
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# 3
Dollydimples
Old 18-04-2012, 11:03 PM
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Thanks so much Raven, do you think it's better to contact them myself rather than go through a DAS? Do you know if they will call me at work (sorry I'm just scared!!)
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# 4
raven83
Old 18-04-2012, 11:21 PM
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Quote:
Originally Posted by Dollydimples View Post
Thanks so much Raven, do you think it's better to contact them myself rather than go through a DAS? Do you know if they will call me at work (sorry I'm just scared!!)

They most certainly shouldnt contact you at work but it has been known, i would to tell them in the letter not to make any form of phone contact with you at all and to keep everything in writing. I would try doing it on your own without going through a DAS but i think the best one to use if you are gpoing to use a company like that is PayPlan.
Raven.

“Don't cry because it's over, smile because it happened."

Nearly 7 stone lost since September 2012!!!
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# 5
mellonicoley
Old 18-04-2012, 11:24 PM
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Quote:
Originally Posted by raven83 View Post
Ok, first things first, i would ring your bank and cancel all direct debits etc with them, that way they can't take your money. Then i would write to each one and offer a repayment plan of something you can realistically afford ( you don't want to leave yourself short for the month to be able to afford basics and to live. I am sure that they will accept your offer of repayment, also ask them to freeze any interest, there are forms with this all on that you can download and just fill in, if you google it. Try not to panic, and try not to offer more than you can afford to pay as it will just lead to more loans, if you can only afford a small amount each month then offer that.
Except PDL companies don't take money via direct debit, they use a recurring payment authority.

Dimples, see this thread about dealing with them: http://forums.moneysavingexpert.com/...php?p=36725197
..
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# 6
raven83
Old 18-04-2012, 11:39 PM
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Quote:
Originally Posted by mellonicoley View Post
Except PDL companies don't take money via direct debit, they use a recurring payment authority.

Dimples, see this thread about dealing with them: http://forums.moneysavingexpert.com/...php?p=36725197
Oh i did wonder if they put some sort of marker onto the account, in that case then you need to open a new account and close your current one down.
Raven.

“Don't cry because it's over, smile because it happened."

Nearly 7 stone lost since September 2012!!!
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# 7
taffy056
Old 19-04-2012, 4:09 AM
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The advice of closing accounts is very often not correct, you have a legal right to stop reoccurring debit card payments to be stopped from your account, you need to tell the bank to stop them, don't take it's not possible as answer. Here is something that may help you from CAG.

http://www.consumeractiongroup.co.uk...w-to-stop-them
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# 8
billinghamfan
Old 19-04-2012, 9:19 AM
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I would get a new account asap it takes at most a couple of hours if you don't have an appointment, if you use Barclays as I did you get you new card in a couple of days.

If you don't you may end up with all your money being taken out on pay day is it really worth the risk?
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# 9
Gimpsdad
Old 19-04-2012, 10:11 AM
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In practice, asking the bank to stop a debit card payment, or recover it if it has been taken, is useless in most cases. Neither do you have to close your account and get a new one. Easiest way is to report your card lost and they will cancel it and send you a new one. Do be aware that payday loan companies are very sneaky though and may set up a d/d remotely as well without your knowledge. Make sure that you inform your bank that no d/d's to the said companies are to be paid, that way if they do pay them then they will have to refund you.
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# 10
Dollydimples
Old 19-04-2012, 2:45 PM
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Hi there - I can't thank you all enough. I have been panicking over this for a few days and I'm really grateful for all your support. I got a response from Wonga today to say they accept my offer of £77.00 over 12 months to clear that loan but I haven't heard anything from the 2 others which total £900. I spoke with my bank who were very understanding and guided me to "lose" my card and then just as Gimpsdad says register with online banking to keep an eye on DD's being added.

I'm thinking of sending the lenders a letter with my budget and an offer to try and clear them within 12 months as dealing with them over the phone is quite a challenge.

Again many thanks x
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# 11
raven83
Old 19-04-2012, 3:04 PM
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Quote:
Originally Posted by Dollydimples View Post
Hi there - I can't thank you all enough. I have been panicking over this for a few days and I'm really grateful for all your support. I got a response from Wonga today to say they accept my offer of £77.00 over 12 months to clear that loan but I haven't heard anything from the 2 others which total £900. I spoke with my bank who were very understanding and guided me to "lose" my card and then just as Gimpsdad says register with online banking to keep an eye on DD's being added.

I'm thinking of sending the lenders a letter with my budget and an offer to try and clear them within 12 months as dealing with them over the phone is quite a challenge.

Again many thanks x
Yeah, don't ring them put everything in writing, that way you don't have to feel intimidated or bullied and if you write things you can clearly state what is going to happen ON YOUR TERMS.
Raven.

“Don't cry because it's over, smile because it happened."

Nearly 7 stone lost since September 2012!!!
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# 12
blodau4321
Old 19-04-2012, 4:08 PM
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Default Pay day loans

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)?
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# 13
Dollydimples
Old 20-04-2012, 3:24 PM
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I'm freaking out - I've just been called at work by someone asking me for my solicitors details?!? The number was 02035191179
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# 14
cottonhead
Old 20-04-2012, 3:49 PM
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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.
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# 15
Dollydimples
Old 20-04-2012, 4:18 PM
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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.
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# 16
taffy056
Old 20-04-2012, 6:22 PM
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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/en...=03_harassment
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# 17
taffy056
Old 20-04-2012, 7:32 PM
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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
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# 18
gmac2011
Old 23-04-2012, 8:21 AM
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Quote:
Originally Posted by cottonhead View Post
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!
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# 19
Dollydimples
Old 23-04-2012, 1:43 PM
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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!
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# 20
gmac2011
Old 23-04-2012, 1:56 PM
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Did you set up a new bank account etc just incase?
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