Payday Loan-Urgent Help Required!

peterbancroft

Due to severe financial difficulty I borrowed £400 last month from Pounds till payday. I have been borrowing from this company and re-loaning for a few months now.

However this month they didn't take the money on my payday. I cannot now afford to repay them the £538 they are requesting.

The payment was due out of my account on TuesdAY 23RD September 2008 and they called me on Friday 26th September demanding payment.

I told them, that they didn't take it, but they said you or your bank must have cancelled the direct debit.

I then expalined to them, that if that was the case(it wasn't they just failed to set it up again, after I cancelled it then re-loaned) they should have called me on tuesday.

I now cannot afford to repay this debt until next month at the earliest.

They have threatened to charge all sorts of fees and send people to visit my home to collect the money! (No specfics yet)

If they visited my home, then I would be embarrassed, as this is a very confidential matter which they don't know about.

Can someone help me as to the best course of action I can take please?

hypno06

I don't know the answer I'm afraid, but I am bumping it up in the hope someone else can help.

Is there anyway you can carboot, ebay, etc to get that money in so you can pay it off?

peterbancroft

hypno06 wrote: »

I don't know the answer I'm afraid, but I am bumping it up in the hope someone else can help.

Is there anyway you can carboot, ebay, etc to get that money in so you can pay it off?

Unfortunatley I don't really have anything that will get me that kind of money a matter of 2 days.

hypno06

If they could have taken the money on Tuesday, but by Friday there was no money to take, what has it been spent on in the meantime?

bank_of_slate

Hi Peter, have you posted a full SOA yet? Even if we can't help with this particular situation we may be able to help you longer term.
www.makesenseofcards.com/soacalc.html

Contact CCCS or the CAB for some advice about the loan until payday issue
...Linda xx

Tigert

I haven't got anything positive to add I'm afraid. These people are difficult to deal with.
I had trouble myself and for a day late they wanted to charge me over £70 despite the fact that they had made a mistake. Keep firm with what you can repay now and repay them the rest as soon as you can. You can try to reclaim the charges later as they could be considered unfair. They will also try to tell you that because they aren't based in the UK, they don't have to abide by the Consumer Credit Act and UK Law. This is rubbish, they do.

If you are experiecing financial difficulty, pay day loans are really not the answer as I discovered myself to my cost. It's far better to contact Payplan, CCCS or Citizens advice and look at a debt management plan of some sort - I wish i'd known there were alternatives - would have saved me a lot of greif.

I did eventually get Pounds till Payday to cancel the charges, but it was hard work.

Burlesque_Babe

the chances are they won't send anyone to your home, but if they do, you can tell them you won't and don't have to deal with them on the doorstep in any shape or form. They have NO powers to demand payment at the door and the only people who can legitimately visit are court bailiffs following the granting of a CCJ.

peterbancroft

Tigert wrote: »

I haven't got anything positive to add I'm afraid. These people are difficult to deal with.
I had trouble myself and for a day late they wanted to charge me over £70 despite the fact that they had made a mistake. Keep firm with what you can repay now and repay them the rest as soon as you can. You can try to reclaim the charges later as they could be considered unfair. They will also try to tell you that because they aren't based in the UK, they don't have to abide by the Consumer Credit Act and UK Law. This is rubbish, they do.

If you are experiecing financial difficulty, pay day loans are really not the answer as I discovered myself to my cost. It's far better to contact Payplan, CCCS or Citizens advice and look at a debt management plan of some sort - I wish i'd known there were alternatives - would have saved me a lot of greif.

I did eventually get Pounds till Payday to cancel the charges, but it was hard work.

Did you pay the money back including charges, or did you just pay the money back without the charges?

How did you get them to cancel the charges?

bank_of_slate

Peter we need to help you to get out of even needing to use these sharks!

Post an SOA so we can help you
...Linda xx

doodledo_2

Could you pay them some of it now and then some later in the month maybe, can you negotiate with them (sorry no experience).

Although it doesn't help solve this problem definately worth looking into posting your SOA to get out of the payday loan cycle.

Hope you get things sorted.

Tigert

peterbancroft wrote: »

Did you pay the money back including charges, or did you just pay the money back without the charges?

How did you get them to cancel the charges?

I paid them what I owed them. I got them to cancel the charges by writing to them and pointing out that as advised by the CAB they are subject to UK Consumer Law and that there charges were unreasonable and therefore potentially unlawful. I also continously phoned them to point out that it was there mistake that they hadn't taken the Direct Debit.

Eventually I got an email stating my account was clear.

As stated above they are very unlikely to visit your home. They never even threatened me with that. But if they do, they have no rights so tell them to go away.