Payday UK - Need a little advice...

rossmac84

Hi,

Looking back going near a Payday Loans company was the worst decision I have made, so please dont preach at me for doing so as at the time it seemed like the only option.

Anyway.. 2 Years later maybe more I im still with them and stuck in the trap... Get paid, Pay off the loan and end up taking it out again as I run out of cash before my next payday comes around. If I dont do that then I defer it and just pay the interest. So far I would estimate it is costing me nearly £1500 a year which is a rediculous position to be in.

The current amount I owe is £550. I want to get rid of it asap as I im fed up. Can anyone offer the best way to do this? I would happily pay them £110 for the next 5 months (as I have been doing so for a while) However I would like it if the account was frozen and that £110 came off the loan.. meaning in 5 months it would be cleared. However I dont know what is the best way to go about doing this. Currently I pay £110 and the loan rolls over meaning I still owe £550 thus getting nowhere with regards to clearing it.

After doing some research on Payday loans and other peoples experiences the majority of the advice pointed to cancelling my debit card so that they could no longer take the payments. Then wait for the phone calls from them or should I write to them stating my repayment proposal.

Is this the right way to go about it? thanks for any help or advice in advance.. let me know if you need more information.

Apples2

rossmac84 wrote: »

cancelling my debit card so that could no longer take the payments. Then wait for the phonecalls from them or write to them stating my repayment proposal.

Are you expecting the flurry of phone calls to cost you nothing??

This route people are advising you to go down will entirely trash your credit file. No more credit for the next 6 years.

You will be in default and face all the associated charges which come with it.

The only way out of this is to knuckle down and take the debt seriously.

Get rid of your luxuries for a few Months while you clear this debt.

Head over to the DFW Board and post a Statement of Affairs.
If you won't take the advice they give, you aren't serious enough about clearing your debts.

Good luck

whichwhydoIturn

i dont know that cancelling you card would help as they still have your permission to have an auto payment. sorry if i am wrong ,i am certain that someone may be along soon to correct this and advise more.havent helped very much have I ? but i think if you look back on threads there is some info about this.x

xmaslolly76

Have you tried to get a loan from the local credit union or if not and your scraping the bottom of the barrel what about Provident yes you pay interest but at least what you will pay will come off the balance and you will eventually pay it off instead of forking out £110 each month for nothing in effect just dont get tempted to take anymore loans out. Probably get shot for saying that but at the end of the day its better than what your are doing now.

stuartthomas45

it easy to get cash advance loans.. . but if you understand what you are doing and don't take out more money then you need...then i think they are fine...i personally feel there are some positive uses of payday loans..