Payday loans question...

DadsDown

Having become involved in the payday loan quagmire, like so many others, I am looking to make some changes. Whilst I am able to repay the interest every month (I don't even want to think about how much they have made out of me!), I cannot then make much payment towards the capital amount. I am chipping away at some, but not enough.
To these particular debts I owe around £1900, and pay a minimum of about £500 (interest only) plus whatever else I have available. I have realised that if I had this £500 per month I would be able to clear an account (or maybe two) each month, and be rid of them all in 4 or 5 months. This would then allow this 'extra' cash to be used in clearing some other matters.
I wanted to ask if anyone had experience of dealing with these types of loan companies. I know some have talked about including them in DMPs, but I don't feel that is necessary for me at this stage.
I don't know whether to contact each in advance and suggest that I am 'struggling' but will make full repayment in the very near future, if they could wait; or to be pig-headed and simply not pay some of them each month and try to explain as the complaints come flooding in. Either way I guess there will be extra charges, but nothing compared to several months of more interest.
Some of these accounts I have had for a long time, with no previous issues, but I just don't know the best way to approach them.

DarkConvict

The best way to tackle pay day loans is to get a loan at a decent APR from a local credit union. - http://www.moneysavingexpert.com/banking/credit-unions

Credit Unions are what we advise you use to try and deal with payday loans as the interest is a killer. Its one of the few times we would suggest a consolidation loan, which is what a credit union loan is in a way, but at a decent APR not 2356% ....

DadsDown

Thanks. I have heard that mentioned before, but I joined a CU last year and believe the loans are based on a multiple of your savings, which would rule this out. Are you suggesting that they can be 'approached' and has anyone any experience of this?

GeorgeUK

All credit unions have a differenct criteris for things like this.
Some require you to be a member for a weeks before they will give you a loan and others you could join and get a loan straight away. There have been a number of different scenarios posted on the boards.

http://forums.moneysavingexpert.com/showthread.html?p=21492067