Payday Loans

mancboixxx

Hi Guys

Where do I begin!

When I decided to break away from living at home and become independant I got myself into a bad situation. You know what its like, you have your own place and nothing matters. You got out whenever you want and do what you want. Well I didnt notice my finances were suffering and to cover rent, bills and food I made the mistake of getting payday loans. Each month I would get one, pay it back but then get another one to cover that one and so on and then low and behold i end up with this......

Wonga - £140 (APR 2689%)
Uncle Buck - £300 (APR 2339.30%)
Swift Money - £200 (APR unknown)
Quickquid - £450 (APR 2356%)
Payday Express - £250 (APR 1737.2%)
Pounds till Payday £395 (APR

I know what your all thinking.....you stupid ****!!

Well I was young and didnt thought i could afford it all. Well my £1200 salary doesnt go far, it just pays off the interest!

My question is......if I cancel the Direct Debit for some of these will they come to an arrangement for me to pay them back? Or will they keep trying to get the money and eventually increase the charges and send me to a debt collection agency?

I know i sound stupid but i havent been in this situation before and i am seriously dont know what to do!

Any help would be appreciate

Insomniac666

Hi there,

I was/am in similar position with a few Payday loan companies, Pounds till Payday, PaydayUK etc...

You got a few options, I'm assuming you gave them a copy of your card so they can charge it for the "rollover/extentions", so you'll need to cancel this, so you'll have a replacement with new numbers. If you have set up a DD, then you may need to change account as they can take the payments from you.

I emailed the various companies basically apologising explained under current financial position, unable to make payment. I had emails back saying tough etc.. and if you can pay we still may be able to offer loans in future (great as this is what got me in the mess!!)

I requested that we came to some sort of payment plan/ freeze interst charges etc.. PoundsTill Payday refused and eventually passe dme to a DCA, who agreed terms of £30 a month, which I set up via a standing order, so thye have no way of getting into my account (not a DD), payday uk I was lucky enough to pay off in one go (a bit of spare cash came in).

Give this a go to start.

good luck

DarkConvict

Look up local credit unions in your area.

The APR on payday loans are so high, credit unions will often help you out of the whole. Give this a read - http://www.moneysavingexpert.com/banking/credit-unions

emp_3

could you borrow off your folks? that way paying them back as 1 payment may seem more manageable.

if you cannot go that route, is it possible to get a consolidation loan to cover them all and then pay that back?

good luck xx

Insomniac666

I've managed to negotiate a payment plan whilst freezing interest at a rate nearly a quarter of what I was paying to re-loan, takin another loan is just adding to the issues of getting debt free.

mancboixxx

Hi everyone, thanks for your replies. I cannot lend any money of my folks, basically they dont have it. If I go to a credit union dont i need to be a member? And wont i have to have a credit check? The main reason i went to payday loans is because they dont credit check. My credit rating has been ripped to shreads and isnt worthy of a loan with a lender. Any help and info would be great, thanks

BringtheStoneshome

Hi mancboixx

Firstly, the fact that you prepared to roll up your sleeves and do something about this situation is your first step to getting rid of these people.

To be a member of a credit union you need to go down with two forms of ID and register as a member. There is normally a nominal joining fee (in Rugby - where I am a member - it is £2). What Credit Unions like to see is that you can save a little each month so try and do that. However, one of the main aims of cedit unions (I am active within mine) is to make sure that people are not falling into these ludicrously extortionate loans. Try speaking to the people there to see what your chances of getting a loan are. In Rugby there is a credit committee meeting once per month to assess loan applications. I am not sure whether a credit check is done or not. It may be that you can obtain a loan to remove one or two of your extortionate loans (credit unions rates should work out at about 12%-13%).

The best thing you can do is find your local union and go along to explain your situation and see what can be done to help.

Good luck and get rid of those loans. You can do it.

BTSH

MessyMare

Phill_Anderson wrote: »

Hi All,

Sorry to say that you guys have done mistake in understanding the concept of payday loans.

A payday loan is not at all meant for luxury. One must go for payday loan if they are in need of sudden money to avoid financial crunches.

Also while going for a loan one must have a clear idea about the interest rate they have to payback.

Regards

Are you working for a payday loan company? All of your posts seem to be about the topic and advising people to get them/about them?

kinglewis121

hi bud i know exactly what you mean im also there luckily a few of my lenders have agreed for a small monthly repayment one in particular i have to give credit to is 1 month loan , although its a vicious cycle they actually phoned me back after i emailed them a mercy plea and just asked how much i could afford to which i was honest and they set it up that way for me , the rest of the companies im still trying at

good luck