Scared, help me please?

Cartman69

DGJsaver wrote: »

Maybe i am confused , please correct me if wrong

The OP has said they owe various payday loan companies various amounts , they also said they have paid an admin fee of £69.50 to Yes Loans

Ok i get that , they say then , they owe their bank £69.50......overdrawn ...ok fine , then say their wages of £600 odd will go i...again , fine ,that will clear that...

What they dont specify is how they are paying their payday loan people , what method ??
If ist DD , cancel , NOW , if its SO , the same , if its RCP cancel the card...

This all assumes the OP doesnt owe their bank any money other than the £69.50 ...

If this is all true , why are they being advised to open a new BA

?

Cheers

DD you mean direct debit? i just said i owe them on a certain date.. and what do you mean by cancel? Infrom the payday companies that i cant pay them back on the date im supposed to?

Hannah_10

DD = Direct Debit
SO = Standing Order
RCP = Recurring Card Payment

These are all ways that the payday loans companies get money out of your account. To cancel any of them (or even to find out what's what) speak to your bank.

issytm

go to financial ombudsman......... ive just got my cheque for 69.00 from yes loans when i cash it whether it will bounce or not is to be seen:beer:
hopefully a result

Smilingnow

The Co-op are a good bank opened me an account after I declared myself bankrupt 8 years ago. They gave me a basic cardcash account which still has electron use on the card.

Please cancel your card though and get your money transferred to a new account! If you don't cancel the card WONGA will still persistently try and take single payments of £10 out of the account causing you to go further into the red!!! I know, it happened to me.....good luck

Cartman69

I could get my wages paid into my mums bank account, they were paid in there a few months back when i lost my card.. go into work on Monday and tell them to pay me into that account?

Cartman69

issytm wrote: »

go to financial ombudsman......... ive just got my cheque for 69.00 from yes loans when i cash it whether it will bounce or not is to be seen:beer:
hopefully a result

So you got your money back?

More info please man!?

Hannah_10

1. Getting your wages paid into your Mums account is a good idea yes, you want to speak to the accounts department at work as soon as possible about that.

Keeping it as simple as possible you've still got a few things to do after that...

2. Talk to your bank. Tell them...
a) That you didn't authorise the £69.50 to Yes Loans (if you didn't)
b) That as of right now you want all standing orders, direct debits, transfers and anything else that can make money leave your account cancelled.
c) That you want your card cancelled.

3. Stop using that account for now, clear the overdraft on it as soon as you get paid. Then check with the bank that no charges are due to go out and that it's all clear to close the account and close it.

4. Start a DMP.
a) Do a SOA (there's a sticky thread at the top of this board about SOA's with a link to an online form that does it for you).
b) Work out what you can really afford to repay.
c) Write letters to each company you owe money to saying you can't repay as previously agreed, you're doing a debt management plan, you want the interest frozen, how much you can afford to repay them each month and pay it as a cheque or a postal order.
d) Send all letters by recorded post (will cost 72p more than normal post) and keep a copy.
e) Yeah I know it's not sexy or fun writing all that stuff up and queueing at the post office but it's how to get out of the trouble you're in.

5. When you get your Co-Op account details through tell your work what they are and don't tell any of your creditors.

6. The Financial Ombudsman Service is a government run official body that sorts out disputes about financial companies. Before you can complain to the FOS you need to have complained to Yes Loans, in writing, and got thier final word on the matter. Then you have to have a specific grounds to complain and do a 4 page form and send in all the letters you've got and they MIGHT investigate. See 2a for an easier way.

Cartman69

Cheers for the reply mate.

Hmmm if i have to do it i have to do it..

I'll go into work Monday and ask them to put the money in my mums bank account.. then on the friday when i get paid.. just put £70 in my bank to get it back to normal.. but will i not have to pay interest? At the minute it's stayed at £69 and not gone anymore into the red.. as i can check my bank online..

Cartman69

They must of obviously checked my bank account? As i got this email after applying for the co op account.

Current Account Application

Thank you for your recent application for a Current Account. Unfortunately, after careful consideration we are unable to open the account you requested.

We have made our decision using a technique known as credit scoring. Our credit score takes into account the information provided by you during your application and information provided by Experian, our Credit Reference Agency.

You will find details of how credit reference agencies operate, and also obtain a copy of your credit report online at experian. The fee for the report service is £2.00. You can also order a report by phone on 0870 241 6212. The fee for the phone service is £2.50

If you would like us to reconsider your application then please write to us with any further information that you feel may help your application. This could include any information you have obtained from Experian, your last 3 months bank statements and or details of any savings, property or investments you have.

Thank you for your interest in The Co-operative Bank.

RAS

Hi

You need to request a basicv bank account which is not credit scored - the Co-op one is called cashminder. They even let bankrupts set one up.

Obviously you have asked for a bank account that is credit checked, not a basic account.