Dealing with Payday Loan Companies

saltnvinegar

Hiya

Thanks for your post.

Its unfortunate though that posters who have reported their cards as just 'lost' have found that this still hasn't stopped the recurring payment authority.

But maybe 'lost in a public place?' such as a shopping centre?

I can only advise on whats known to work but perhaps anyone in this situation can use the above if they are not comfortable with the other option.

To put things in context though, I doubt very much you are going to be pursued/arrested for reporting your card stolen unless this is something you start doing on a regular basis!

But if reporting your card lost in a public place works I'm all for it!

SnV

Billy_two_speakers

saltnvinegar wrote: »

Hiya

Thanks for your post.

Its unfortunate though that posters who have reported their cards as just 'lost' have found that this still hasn't stopped the recurring payment authority.

But maybe 'lost in a public place?' such as a shopping centre?

I can only advise on whats known to work but perhaps anyone in this situation can use the above if they are not comfortable with the other option.

To put things in context though, I doubt very much you are going to be pursued/arrested for reporting your card stolen unless this is something you start doing on a regular basis!

But if reporting your card lost in a public place works I'm all for it!

SnV

a search of the home office web site should find you two recent reports on credit cards and mobile phones two items reported as stolen most often when not .......... the police think people should be given fixed fines for doing this

stellabrillante

MARKYS_MISSION wrote: »

I dont have any advice in relation to this particular problem however I dont believe you have either. I am willing to accept that your advice is sound if it is the reccommended course of action that the various consumer / debt agencies give.
I am also willing to apologise for doubting your advice if this is a recognised way of dealing with the horrible situation these people find themselves in. I am not a betting man however I feel resonably confident this is not advocated by any consumer / debt agencies.

As I have already said if your advice helps anybody out of the problem I will be delighted for everyone ,however I have my doubts.:(

MARKYS MISSION: if you have your doubts (and everyone is free to their opinion), why don't you just make some positive contribution to another thread?

I currently find myself in a situation where I am the only earner with a child and very large mortgage to pay. In order to keep food on the table, I very stupidly took out a payday loan so I am just another person who is VERY GRATEFUL indeed for the information posted on this thread.

SimIsOnTheUp

Good Morning snv,

Thank You so much for your reply.

I'll reply back in more depth over the weekend.

ESA Tribunal Hearing today so I'm a bit stressed about that. Enough to keep me going with for now, so Money Shop will have to wait

Hopefully a positive outcome by 3pm today anyway!

Thanks again,

Sim.

saltnvinegar wrote: »

Hi Sim

Thanks for your post and taking time to get everything down in writing, I know from personal experience that couldn't have been easy for you so well done making that first important step.

However could I suggest that you create a new thread and copy/paste what you wrote in post #18 into this thread?

The reason for my suggestion is that there are quite a few things I think you could get help with, and some of them I'm just not remotely experienced enough in. There will be other DFW's who will be though and a new post of your own will help draw their attention.

I think if you can get help on these things, it will also help you with your debt situation.



But what can I help with?!

I'd suggest posting a statement of affairs to start with (http://www.makesenseofcards.com/soacalc.html)

The DFW's here can then help you look at ways you can make savings and get free up some cash to make it go further.

I would also recommend (in fact almost insist!) going to the debt charities (CCCS or Payplan) and have a chat with them and they'll be able to tell you what options you have, help you deal with your creditors etc.

I'm afraid I don't know for sure what the situation with the cheques would be and I'm really sorry as I'm finding it hard to be positive and I hate that.

My first point of call would be to call the bank and see if you can get the cheques stopped (I don't expect much here though)

Second, if thats not possible is it possible to close the account before the cheques are cashed?

I'm not sure where this would leave you on this front though, whether it would be the bank, the loan company (or both!) who would pursue you.

Sorry I can't offer more options than this to stop the cheques getting cashed.

If the cheques do get cashed, and you go over your overdraft limit, would the interest and charges on that overdraft be less than the interest you are paying to The Money Shop?

Just a thought, but it might make the best of a bad situation in the short term.

Another alternative (but only if you can afford it) is to actually pay that deferral fee which then gives you a whole month to get things in progress with the CCCS or Payplan and get some sort of debt management solution in place.

I'd also recommend closing your Co-Op account if you think this is compromised, open up another basic bank account with someone else (thats not financially linked to any debt you have) and don't give out the details of this one to anyone! Have your income paid into this.

Best

SnV

purple81_2

SNV

I read your thread and it has finally made me take some action in order to request repayment plans with the payday loan companies that I currently owe to.

I didnt have time to set up a new bank account as my salary had already been processed but I reported my card as stolen to my bank.

I get paid this Monday but most of the payday loan companies think my payday is the 30th (thursday) except for Wonga. My repayment to them is due on Monday and I'm very worried that they will clear out my account and leave me penniless I see that this is a possibility and as I owe them slightly more than I get paid this month (due to being put on a 3day week) I'm really anxious that they will take every penny in my bank. My bank said that as they were a regular debtor they might get their money even using the old card number.

Any advice??

eyeopener2

Billy_two_speakers wrote: »

a search of the home office web site should find you two recent reports on credit cards and mobile phones two items reported as stolen most often when not .......... the police think people should be given fixed fines for doing this

Doesn't matter what the Police think, they can think all they want, until its passed in LAW they can pontifiacte till the cows come home.

If you say its been stolen how are they going to prove it hasn't been? This moralising is all well and good but if its case of reporting a card stolen and being able to feed yourself or a PayDay loan company taking all your money then I know what I would do.

SimIsOnTheUp

Hiya SnV,

I've paid Money Shop £15.99 yesterday, to extend one cheque for a further month as of tomorrow.

Will be doing the same for the other 4 cheques (=£63.96..Gulp) this week.

Will then try and get the £500 paid off asap.

It's just something I'll have to deal with as best I can, as I got myself into this mess, and I'll get myself out of it!

Really don't want to lose my 'full' bank account either, so it's got to be done!

Thanks for all your help.

Sim

Pipsyoneone

i have a loan with wonga in january it was for £170.00 i wrote to them informing them that my mother has been diagnosed with cancer and money was very tight they didnt reply just kept emailing general replies i then received an email to SOMEONE else about SOMEONE elses loan to my email i informed them this is a data protection breach they didnt reply now the debt has risen to £450 approx they have got a company called grosvenor legal services to collect on my behalf this company rang my MANAGER at work which was very embarassing so i want to just pay them the £170.00 plus the interest that would have been added originally approx £40-£50 and get the GLS off my back so they dont call my work again please please help this is depressing me i have been put on anti depressants anyone who wishes to help email me on please help me:(

SimIsOnTheUp

Hiya,

Sorry to hear you've been getting grief off these people.

They're just trying to embarrass you into paying more than you can afford, and that isn't on.

You don't have to put up with any c_ap from these people!

Have a look here -

https://forums.moneysavingexpert.com/discussion/comment/35971321#Comment_35971321

Send them the letter (and include in there, that they must never phone you at work OR home), and never ever try and negotiate over the phone. They'll just try and bully you into paying more than you can afford.

Always keep it in writing.

Send them a written SOA (Statement of Affairs) - your personal budget sheet (have a look on the 'Debt Free Wannabe' forum here), and make them a written repayment proposal that you can afford.

They might whinge and moan, but let them! Only pay what you can afford, and all will be fine.

These vultures are not worth getting ill over. No one is.

Hope you're feeling better soon

Sim.

Pipsyoneone wrote: »

i have a loan with wonga in january it was for £170.00 i wrote to them informing them that my mother has been diagnosed with cancer and money was very tight they didnt reply just kept emailing general replies i then received an email to SOMEONE else about SOMEONE elses loan to my email i informed them this is a data protection breach they didnt reply now the debt has risen to £450 approx they have got a company called grosvenor legal services to collect on my behalf this company rang my MANAGER at work which was very embarassing so i want to just pay them the £170.00 plus the interest that would have been added originally approx £40-£50 and get the GLS off my back so they dont call my work again please please help this is depressing me i have been put on anti depressants anyone who wishes to help email me on please help me:(

SimIsOnTheUp

PS -

Remember this bit at the end of your letter -

"Yours faithfully
Sign digitally"

On any letters to them, don't put your signature on there, just in case they're tempted to use it 'out of context'...

Just print your name.

Hope this helps,

Sim