Payday loans.....help

learntthehardway_2

How do I stop 4 payday loans taking full amount out of my bank account on my payday????...I stupidly :mad: took these loans out 6 months ago and have tried paying them off but only paid interest, Im now in DMP and need to stop them taking full amount out of my bank, I've wrote to them /emailed them my situation and all 4 have wrote back saying they WILL collect their money which will leave me with no money to pay morgage/bills/live for next month.......can anyone help me please????.can I instruct my bank not to make payments to them??????
Gawd Im so fed up........

crystyl

Hiya not sure if I am qualified to help but having read some of the threads on here about Payday loans people have suggested that you can call the bank and register your bank card as lost etc.

Someone I am sure will be along soon to correct me if I am wrong.

HTH

saltnvinegar

Hi Crystyl

The only way to be sure is to do the following:

Do this immediately:

Inform your current bank that your card has been stolen (not lost or just cancel it). This will stop the payments but only short term (and I'll explain why in a minute)

Take out all the money you have in this account the day before your payday loans are due to be taken (otherwise as you have said you will have no money to pay mortgage, food etc)

Then as a matter of urgency (today/tomorrow if you can):

Set up a basic bank account with a bank/building society that have no financial links to your current debt (so they cannot offset).

Put the money you have withdrawn into this and get your wages paid into this account also (can take your employer a couple of days to get this sorted hence the urgency to get this account sorted before the end of the month).

Even if you cancel/report your debit cards lost payday loan companies frequently use a form of payment called 'recurring payment authority' (or words to that affect).

As some DFW's have found, this payment authority allows the pay day loan companies to still keep taking payments and some have discovered this even after changing bank accounts but with the same bank!

Better to be safe than sorry and completely change banks (make sure they are not in the same banking group).

Try not to get fed up, take some positive action and sit back knowing that your money will be safe for your priority debts.

Once this is done you then have some leverage over the payday loan companies to discuss a repayment plan as they won't be able to dip into your account and help themselves to your money.

SnV

eyeopener2

Follow SNV's advice now, dont wait till tomorrow do it now. The sooner your in control of the situation the better.

KingElvis

Yes, get your wages going into a different banking group not just ASAP but quicker if you can.

These parasites will find a way of getting your money if you sit back and do nothing, the lost / stolen card thing may work but i wouldn't put my money on that one, the banks have a habit of coming down with their own kind.

Get an account setup, get your wages / benefits put into that and then deal with the shyster loan companies as you see fit.

And for the love of God, when it gets tricky with them DO NOT give them the details of your new account.

Good luck

Elvis

eyeopener2

You say your in a DMP. Didn't CCCS or Payplan advise you to open a new bank account? If you haven't done this do it now.

the payday companies will shout and scream and stamp their grubby little feet but its all noise, just pay your DMP abd get yourself settled.

E2