Major Problem - Ealing Trading Company LTD (handycash.co.uk)

londonboy2010

ok thanks for you help

benoit

You might want to make sure that no Direct Debits have been set up on your Bank account because if they try to claim one & the account is empty you might get a fine for not having the money available.

CHR15

This is a spiraling $hitfest you need to get yourself out of QUICKLY.

If they try to take the £50 admin fee (as you agreed to), they aren't going to go away happy and content that they have not managed to take thier £50. Expect a WHOLE pile of extra charges to be lumped on to your total debt.

I can't imagine a company with a name like "handycash" aren't going to be a properly run, professional company (/sarcasm).

Your debt is going to grow enormously if you don't sort this out now.

benoit

Wot he said /|\

londonboy2010

I am really worried, that is just the tip of the iceberg of my debt mountain.
So much debt it is stressing me out.

benoit

May be worth posting on the Debt Free Wannabe section to get some advice regarding your debt, they are really helpful and might be able to suggest ways to cut down on your outgoings & give you general debt advice so that you can take the bull by the horns now before the iceberg gets any bigger.

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

Too late to worry now about the consequences of payday loans going wrong but learn from it so that you don't find yourself caught up in future with that sort of thing. They are fine of you manage then on the terms they are designed for & can be really usefull HOWEVER there is a darker side to them also.

sazzybum

Hi, I'm sorry for your predicament, but out of curiosity...how, and when were you going to pay back the whole lot? Did they take out the £50 before the date they were supposed to? Is that the problem?

If they did, then certainly email them and fight it...but if they didn't-why weren't you prepared for this money to be taken out? You borrowed it knowing that you weren't going to pay it back on the date you signed for.

I've heard (or read, rather) horror stories of them taking much more than £50 out unexpectedly.

No offence intended..just wondering why you did it when you knew you couldn't pay it back? *waits to get slated*

benoit

In all fairness you could apply that logic to everyone who gets in debt. If his debts were (as he has now confirmed) already out of control then i doubt very much he was thinking about the long term implications. Debt is about the here & now, consequences are usually the last thing on your mind when you need to find fast cash to pay your rent etc.

sazzybum

benoit wrote: »

In all fairness you could apply that logic to everyone who gets in debt. If his debts were (as he has now confirmed) already out of control then i doubt very much he was thinking about the long term implications. Debt is about the here & now, consequences are usually the last thing on your mind when you need to find fast cash to pay your rent etc.

I understand that benoit, hence the 'no offence intended' I tried not to say it in a nasty way-like some people do. I was just curious.

Anyhow-I believe your first stop should be the DFW board..loads of help with debts there, template letters and the like. I'm sure someone will help.

CHR15

londonboy2010 wrote: »

I am really worried, that is just the tip of the iceberg of my debt mountain.
So much debt it is stressing me out.

This is known as the "lightbulb moment".

The point at which it all becomes clear and you realise the size of the problem. It doesn't seem like it, but this is a GOOD thing.

You can now turn the corner and focus on reducing your debt, instead of falling deeper into it.

The DFW Board is FULL of people in exactly your situation, you will find lots of support and advice in DFW.

Good luck.