Payday loans

missroxannerussell

Hi,
I currently have 4 payday loans which for about the last 6 months i have paid the interest fees on so i am paying £180 per month, i was planning on paying one off each month but unfortunately my hours at work have been cut down, i am trying to get another job but obviously its going to take a bit of time.

I would really like to get a loan to cover all 4 of the payday loans and be able to pay it off monthly but i am bankrupt and am not able to get a loan with anyone that i have tried. I really don't know what else to do cos i am not able to pay any of them back now and the payments have started to bounce back.
Any advice would be greatly appreciated.
Thanks.

tictax

Have you been discharged from your bankruptcy?

Even if you have been you will struggle to get loans. I hope you don't find this rude but if you are already been made bankrupt why have you got back into the debt cycle?

missroxannerussell

Thanks for your reply.
I don't really think my reasons for "getting back into the debt cycle" are anything to do with you.
It is not really something you can comment on when you do not know other peoples circumstances.
Any helpful comments would be greatly appreciated............

iolanthe07

There's no need to be so touchy, and tictax makes a fair point. (S)he is trying to help, because unless we can help you address the reasons for "getting back into the debt cycle" you'll never get out of it. Try posting on the debtfreewannabee board where you'll get non-judgemental help in managing your finances. The answer to your question is that, as a bankrupt, credit will be very hard for you to obtain except from loan sharks; anyway, it sounds as if you need more credit like you need a hole in the head.

sdooley

http://www.responsiblelending.org/issues/payday/victims-4.html

Payday loans are evil.

That probably isn't any help to you but just get rid of them. Call CAB, go to the credit union, file BR again, anything, but they are evil. Getting them out may have seemed like a good idea but it wasn't. Even Christmas presents aren't worth the misery.

crazyfj

is it all with the same pay day company; where you bankrupt before or after taking the loans?

Going_Under

Will sound a bit harsh but if you are already bankrupt then what have you got to lose.....don't pay your next instalments to the Payday loan company, cancel your debit card telling the bank you have lost it & keep a daily check on your account for the Payday loan company setting up that direct debit mandate you signed.

When they phone you, explain your circumstances (make them up if need be) to them & offer to make a minimum payment - I guarantee the company will accept as long as your offer isn't ridiculous.

owner

sdooley wrote: »

http://www.responsiblelending.org/issues/payday/victims-4.html

Payday loans are evil.

That probably isn't any help to you but just get rid of them. Call CAB, go to the credit union, file BR again, anything, but they are evil. Getting them out may have seemed like a good idea but it wasn't. Even Christmas presents aren't worth the misery.

That link is to an American site, the way Payday loans work in this country is completley different and is regulated by the OFT.

JimmyTheWig

missroxannerussell wrote: »

I don't really think my reasons for "getting back into the debt cycle" are anything to do with you.

I disagree. You are asking for our help and we are trying to give it.

Lets say someone came on here and asked "What's the best way to borrow £30 as I would like to take my wife to a theme park but we can only afford one ticket?" Someone might tell the OP how to get a BOGOF voucher for that theme park. Not at all what was being asked about, but actually so much more useful than the real answer to the question.

So in your case, maybe people can advise what the best way to pay off these loans is. But maybe a better answer would be to try to help you work out why you are in this situation so you can avoid it in the future.


Hope you get something sorted.

sdooley

owner wrote: »

That link is to an American site, the way Payday loans work in this country is completley different and is regulated by the OFT.

Don't be an apologist for them. They operate in precisely the same way in the UK (arguably regulation is tighter in much of the US) except typically on monthly rather than 2-weekly cycles. So you might pay £2,500 on a £200 loan over 2 years rather than $5,000 on a $200 loan, assuming the charge for the credit facility doesn't increase for the longer time it is held in the UK.

And American pay-day loan companies advertise in the UK doing bank transfers direct to UK customers in sterling without OFT regulation - against UK law but not extraditable if legal in the US.

missroxannerussell

You or anybody else knowing details about my personal life isn't going to help me get out of debt in any way, as it happens if its really that important my mom died of cancer and my dad killed himself not long after, i am having regular counselling sessions so i am coming to terms with my loss. I got in a mess with money as i was severley depressed and had to take some time off work and my sick pay eventually ran out. I hope this clears a few things up for those of you who think you need to know how i got into debt.

Many Thanks to those of you who gave me some helpful advice, i have contacted CAB and they have advised that i contact each payday loan company and explain my situation and arrange a payment plan which i have now done.