Payday and other loan issues!!!

graham1985

Hey everyone!

I managed to get myself in a compete mess and looking for some advice....

Basically I built myself into a lot of debt and ended up taking out more and more credit to get myself out of it!

The amount I owe isnt a huge amount and I have a decent wage (now) but it got messed up and hid under a rug to hide from it!

I have just managed to pay back a friend (£4500), and still over another friend £1000 (this will be all payed up by July!).

I have a welcome loan of £4000 that im currently paying £75 a month and to be honest they have been very helpful and understanding!

The biggest pain I have is Payday Loans...I have one for £800 (PoundsTillPayday) and another for £1000 (QuickQuid), these I keep rolling over each month which is killing my finances more than anything else!

Im thinking that my best plan is to offer them both payment plans for a certain amount each month since my credit scoring is dire anyways is shouldt have to much of an effect, however do some research online it seems to me that payday loans are very very hard to deal with and very agressive in how they deal will bad payments?

Has anyone had to deal with them in this sort of situation before? Or does anyone know the best way to go about it?

Im 100% serious about getting my debts sorted...I have been stupid about them in the past but now I know that I want everything back on track! So any help you have I will be eternally greatful for!

Thank you everyone for reading

Graham

MBOBE

I'm in a similar situation with payday loans, paying £550 a month to NOT repay them!

I asked what I should on here and the general theme seems to be get a new bank account, cancel the old cards, when you've defaulted email or write to them explaining your situation and that you want to make payments to clear the debt and ask for details of how to pay (without giving them your card details) and then just pay em off one by one whilst still making token payments to the others...

Think I'm going to give it a go, seriously can't keep paying this much money and not be reducing the debt!

Obviously this might not work for you but might be worth considering...

tigga_1961

If you wish to pay these off by reduced payments or payment plan definitley cancel your debit cards first, ring the bank and say youve lost them or something cos you have agreed to pay by this method and they have permission to "raid your card" its a small price to pay waiting a couple of weeks for a new card, also dont talk to these on the phone always by letter or email to keep a paper trail, and if you dont like harrasing phone calls think about changing your phone number.HTH there is loads of info on these pages re pay day loans

graham1985

Hey thanks guys for your replies

MBOBE, just read your other thread that you wrote in May...hope all works out for you too buddy!

flugella

The thing with Pounds Til Payday is to NEVER speak to them on the phone. Their "account managers" are basically glorified bullies and stop at nothing to force you to pay what you cannot afford. Ignore all calls from them, email them instead and within 6 weeks they will pass your debt onto a company called Clarity who respect a request not to phone you and accept offers very easily. Hang in there!

woody01

tigga_1961 wrote: »

If you wish to pay these off by reduced payments or payment plan definitley cancel your debit cards first, ring the bank and say youve lost them or something cos you have agreed to pay by this method and they have permission to "raid your card" its a small price to pay waiting a couple of weeks for a new card, also dont talk to these on the phone always by letter or email to keep a paper trail, and if you dont like harrasing phone calls think about changing your phone number.HTH there is loads of info on these pages re pay day loans

Cancelling makes no difference.
This is really bad advice, and simply isn't true.

gbaryah

Agree with Woody01

happyandy63

The best advice anyone can give you is speak to citizens advice or your local councils consumer advice centre. The way to tackle debt is simple.

Always pay as much as you can.
Always pay the highest interest off 1st.
Watch out for catches and penalties.
Don't be tempted to pay less because they give you the option (they are still charging you interest).
Don't break the conditions because you will likely face penalties

Its totally possible to borrow £5k and pay back £20K Thats what they want!