Payday Loans HELP!

davet1984

Hi all,

Like an idiot I got involved with payday loans when I was broke. Now I'm earning I want to pay these back. I am due to pay £350 to PDE on 24/03 and I don't have it. I owe £570 to P2P as well and have agreed repayments of £285 over 2 months with them which I think I might be able to make.

I have just rang PDExpress and they were horrible. I was asking for bank details to pay them back and he wouldn't give them me. Finally managed to get them and he said if I don't pay £350 next week they will add a £70 fine to my account.

Can they do this?

I plan to make weekly payments to clear this debt but obviously £410 is a more than I took out!

Never going to get into this mess again!

Help anyone. What is the course of action if I struggle to make the payments?

Thanks

Dave

RAS

please can you speak to your local credit union as they may lend you enough to pay one of these debts of at about £7 interest instead of £70.

This will explain them and you can find the nearest one to you.

http://www.abcul.org/page/index.cfm

A number of them offer freedom loans which are designed to get you out of the payday situation. The APR is usually nearer 25% in these situations than the 11% they charge for regular savers.

davet1984

RAS wrote: »

please can you speak to your local credit union as they may lend you enough to pay one of these debts of at about £7 interest instead of £70.

This will explain them and you can find the nearest one to you.

http://www.abcul.org/page/index.cfm

A number of them offer freedom loans which are designed to get you out of the payday situation. The APR is usually nearer 25% in these situations than the 11% they charge for regular savers.

Don't you have to be a member of the credit union for a while before they will loan you anything?

RAS

Not for the freedom loans, but the APR is a lot high - 2% per month instead of less than 1%.

Depends if yours does them.