Payday Loan Nightmare - Help PLS

dancingfairy

Hi. The gambling thing made sense - no wonder you got in such a lot of debt in such a short space of time.
Have a look for the ex-gamblers support thread on here for moral support. I am glad you are seeing a counsellor and trying to get things back under control.
I'm not sure about the bank cheque thing -what's to stop them refusing them and then adding more charges on top? although I sort of understand not wanting to deal with the payday companies.
Before you do anything you need to get in contact with the debt free organisations - this is because you don't want to be incurring extra debt as the bank is not likely to be too pleased if you are trying to increase your debt with them which you can't pay back just to sort out a payday loan and it might not help if you needed to go on a dmp or an IVA.
df

dancingfairy

You don't have to do what the free organisation say but it would probably help you to hear what they suggest.
I think you also really need to sit down with your family who you owe loans too and explain the situation and as some point you are not going to be able to pay (well not without getting more payday loans and getting into a bigger mess) hence why I think you should seek professional advice. It'll be hard - yes but they may be able to support you emotionally - you never know. Maybe you'll feel better when things are out in the open? maybe they have an idea already with the loans?
Hope you can sort things out.
df

superstar24

Ames wrote: »

Cancel the cheques NOW! If your bank honours them, then you're massively overdrawn and you'll find the crap really hits the fan with your bank. If they bounce, you'll have massive charges to pay, as well as the 'loan companies' on your back. If you cancel them, you'll just have to deal with the loan companies, and if you get help from a debt charity then they'll help you with that too.

There's an ex gamblers support thread on here, I'll find the link in a min, it might be worth you posting on there. People on there have dealt with telling their nearest and dearest, and might be able to help you with either telling them, or living with it yourself. Either way I think support would be good.

Ames, thanks for the info.

I am contemplating cancelling them, however if they were issued with a cheque gaurantee card, does it not mean that the bank has to pay them or can they still bounce them? i would rather pay the high bank charges and negotiate with the bank to make them a payment plan that i can afford.

thanks in advance for the link.

superstar24

dancingfairy wrote: »

You don't have to do what the free organisation say but it would probably help you to hear what they suggest.
I think you also really need to sit down with your family who you owe loans too and explain the situation and as some point you are not going to be able to pay (well not without getting more payday loans and getting into a bigger mess) hence why I think you should seek professional advice. It'll be hard - yes but they may be able to support you emotionally - you never know. Maybe you'll feel better when things are out in the open? maybe they have an idea already with the loans?
Hope you can sort things out.
df

Df the only problem with speak to my fam is that last yr in oct they bailed me out and i only ended up doing the same thing - then again at the beginning of this year my BIL gave me took out a loan for for 7.5k to pay them off - which i did - only to end back at the casino with half the money - so you can imagine that giving me close to 15 k in a span of 6 months and me messing up again they would not be too happy and the fact is that i live with them both....

bluecowonthebus

Hi there

The cheque guarantee card usually has a limit on it, ie £50. The bank wouldn't pay more than this limit I don't think.

I have a £400 debt with the Money Shop and am on a DMP with CCCS. I spoke to the Money Shop branch and to their head office. The branch was a bit confused about what to do but the head office was fine and I pay £5 a month through the DMP. I don't know whether they presented the cheques to my bank account but at that point I didn't really care, I just wanted it sorted.

HTH

superstar24

bluecowonthebus wrote: »

Hi there

The cheque guarantee card usually has a limit on it, ie £50. The bank wouldn't pay more than this limit I don't think.

I have a £400 debt with the Money Shop and am on a DMP with CCCS. I spoke to the Money Shop branch and to their head office. The branch was a bit confused about what to do but the head office was fine and I pay £5 a month through the DMP. I don't know whether they presented the cheques to my bank account but at that point I didn't really care, I just wanted it sorted.

HTH

hey blue,

basically my cheque guarante card has a £100 limit on it and from my banks docs it says that they will pay 1 chq a day on that. all the cheques that i currently have outstanding are 1 day apart so am thinking maybe get them all put through my bank and then deal with my bank. i understand i will probably get hit with about 1500 worth of charges and ruin my credit history, however i know it would be alot easier dealing with my bank then with the high street lenders. i have spoken to a couple today who said they would accept a payment plan but obviously until i have something in writing it does not really count does it....

Ames

I can kinda see where you're coming from, but if you do that you have to make sure that you have a new account set up with all your wages and dd's going through that. Otherwise your bank will take your next pay cheque and you'll be completely sc***ed.

superstar24

i have already setup another account.
on the other managed to spk to 2 of the payday loan companies and they said if i go in with a SOA then they can agree to a payment plan.
so its a first step i guess

theoretica

I believe you can not cancel guaranteed cheques, and if they are under your card limit they will be paid regardless of the funds in your account.

See http://www.apacs.org.uk/payment_options/plastic_cards_7.html

sammy115

theoretica wrote: »

I believe you can not cancel guaranteed cheques, and if they are under your card limit they will be paid regardless of the funds in your account.

See http://www.apacs.org.uk/payment_options/plastic_cards_7.html

Banks still may not pay these cheques if there is no money in the account. I believe these cheques go out in a day by day period...if that is the case the bank may take it that these cheques have been written in such a way to get around the cheque guarantee limit and bounce them anyway.....its what they did with me when I had a payday loan....