Dealing with Payday Loan Companies

musashi10

And do you think its realistic that I can get a new bank details and change pay info with payroll before next wednesday? considering bank holidays next week?

sistafromanothermista

Have you got an auth overdraft?

musashi10

No odrafts at all

sistafromanothermista

Have you posted an SOA?

jon1965

Hi
Frankly this is what I think you need to do, but it will !!!!!! up your credit score.
Report your debit card lost/stolen (pain I know but needs to be done)
In writing to your bank and the PDL ask them to stop paying any payments to (quote the exact details that appear on your last statements -I guess you have had loans with all these before)
Write to each PDL (or email at a pinch) recorded explaining that your circumstances have changed and you can no longer afford to repay . Ask them to freeze all interest and charges and make a repayment offer that you can afford. Also tell them that you can only communicate in writing .
It's not as if you are trying to avoid paying them, just that you can not pasy them. Do not be fooled into any offers of rollovers etc.You need a repayment plan

gizmo111

musashi10 wrote: »

And do you think its realistic that I can get a new bank details and change pay info with payroll before next wednesday? considering bank holidays next week?

New account is very quick - the change of pay you will need to talk to your payroll dept and if they cannot change it then ask for a cheque, you may have to bite the bullet and pay rollovers this month so you have some money left to live on for the month and sort it from there.

You need to do an SOA and see what is realistic with all your debts.

musashi10

Hi, thanks for the replies.

I can't afford a rollover unless I take out another payday loan from another company to pay for the rollover interest.

Realistically I could pay them something like £150 each a month starting from next month.

Just wondering if its better to speak to them before I default or after?

And whether the CCCS can help with this?

musashi10

I think though that £150/month would just about and in QQ terms not, pay back the monthly interest, so I can't see an end to this

musashi10

Right. It's do or die time this week for me.

Looking at the payday loan's own website they recommend phoning them asap to set up a repayment plan and not take out any more loans.

So I guess this is what I should do? But do it in writing?

And set up new banck account if possible

jon1965

Yes writing or email so you have proof of what has been said