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payday loan help please!!!

triple08
triple08 Posts: 56 Forumite
I am up s**t creek... i took out 6 payday loans last month and i have only paid 2 back this month, i have not even paid interest on the others. Has anyone else been in this situation? will they tell my employers? will they send loads of post to my house? any help will be greatly appreciated.
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Comments

  • kriss_boy
    kriss_boy Posts: 2,131 Forumite
    Whats the background? Why did you take out 6? To spend on what?
  • triple08
    triple08 Posts: 56 Forumite
    my dad took out a loan with a local gangster and then lost his job, i had absolutely no choice and i have just fell well behind on my expenditure despite tight budgeting
  • giorgio992
    giorgio992 Posts: 75 Forumite
    Part of the Furniture Combo Breaker
    triple08 wrote: »
    I am up s**t creek... i took out 6 payday loans last month and i have only paid 2 back this month, i have not even paid interest on the others. Has anyone else been in this situation? will they tell my employers? will they send loads of post to my house? any help will be greatly appreciated.

    i'm in pretty much the same position. got no money to pay back two i owe tomorrow. hopefully increasing the overdraft with barclays to try and cover it. i'm gonna ring the companies and try and negotiate something with them maybe you should try that too
  • chuckley
    chuckley Posts: 4,405 Forumite
    Part of the Furniture
    did they attempt to take payment on said day?? (i know quickquid dont do it automatically sometimes).

    im guessing u didnt have the funds to defer?

    i have heard that wonga bombard you with calls and continue to try and take payment throughout the due date if bounced... adding £10 fees each time its rejected...
  • theartfullodger
    theartfullodger Posts: 15,766 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Wonga?? those bleedin' dodgy guys that a surprising number of people think of as crooks, altho obviously they must be misinformed... who charge 2,689% APR!!! Is this a UK record???

    Sorry to hear your story & that of your dad... best of luck...


    Lodger
  • dumb_luck
    dumb_luck Posts: 80 Forumite
    I was in the exact same position- except I was in debt with 9 payday loan companies. The stress was a nightmare.
    LBM June 2008 Debt at LB £6906.65 :eek:
    Payments to date-£2933.87
    1 year to lose:j 20 pounds- September 2009 (9 so far) (Weight loss the old style way)
    "A life lived in fear, is a life half lived"
  • dumb_luck
    dumb_luck Posts: 80 Forumite
    Sorry posted to soon...

    My advice is- go to you nearest bank and set up a safe bank account. Call your current bank and report your bank card as lost/ stolen. Remove all funds ASAP from that account to your new account- and change your bank details at work. At least this way what ever goes into your bank account is yours and gives you a good place to start repaying your debts from.
    LBM June 2008 Debt at LB £6906.65 :eek:
    Payments to date-£2933.87
    1 year to lose:j 20 pounds- September 2009 (9 so far) (Weight loss the old style way)
    "A life lived in fear, is a life half lived"
  • dumb_luck
    dumb_luck Posts: 80 Forumite
    Also you need to send them letters requesting that they do not call you at work. That's what I did and everyone except for Vanquis bank left me alone.
    LBM June 2008 Debt at LB £6906.65 :eek:
    Payments to date-£2933.87
    1 year to lose:j 20 pounds- September 2009 (9 so far) (Weight loss the old style way)
    "A life lived in fear, is a life half lived"
  • chuckley
    chuckley Posts: 4,405 Forumite
    Part of the Furniture
    Wonga?? those bleedin' dodgy guys that a surprising number of people think of as crooks, altho obviously they must be misinformed... who charge 2,689% APR!!! Is this a UK record???

    Sorry to hear your story & that of your dad... best of luck...


    Lodger
    they really arent dodgy... i found them to be the best of the bunch, as they charge interest daily and u can repay at anytime within the month u set it up. however, to defer u have to pay 20% on the spot before extending, whereas quickquid and pduk take the choice of two options fees on the original payback date.

    I still prefer to use wonga tho.... cheaper in the long.

    but @ the end of the day payday loans are for short term... and if u find yourself in difficulty u have to go to them ASAP. the people that get in trouble are the ones that leave it to bounce...
  • chuckley
    chuckley Posts: 4,405 Forumite
    Part of the Furniture
    dumb_luck wrote: »
    Sorry posted to soon...

    My advice is- go to you nearest bank and set up a safe bank account. Call your current bank and report your bank card as lost/ stolen. Remove all funds ASAP from that account to your new account- and change your bank details at work. At least this way what ever goes into your bank account is yours and gives you a good place to start repaying your debts from.
    does that work though? they take ur bank acc number aswell... can they just use that and sort code to take funds?! (sorry ive no idea)
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