Payday loan problems

BRIGHTHOPE

A bit of advice please.

Took out a Payday loan a few months ago and have since lost my job. I will pay them back, but I'm afraid that it has to be on my terms. What I want to stop is them emptying my bank account whenever money goes in there. If I simply report my card lost to the bank, they will obviously issue me with a new card, presumably with a new number. Will that stop them from being able to withdraw from my account?

hur575

I would think so as they take direct payment like you made purchase, most do not do dd, so it should be ok but I stand to be corrected. Have you given your account number and sort code?

BRIGHTHOPE

I can't honestly remember whether the account details were requested when I applied. I have however been on the web site now and they do ask for those details when you apply, so presumably they have got them. Where do I stand if they have those details? Would changing the card number make any difference. That's obviously the easiest course of action. But if that isn't going to be effective then I'll have to go to another bank.

mel12

You need to

a) Set up a new bank account and move your wages/benefits there ASAP

b) in the meantime report your card as stolen and ask the bank to stop all payments


Otherwise they can completely empty your account.


See this thread for more info
https://forums.moneysavingexpert.com/discussion/2735257

ciscokid

Great advice, close your bank let the payment bounce....I tried this once...how does paying back £900 for a £400 loan sound? Absolutely insane? Exactly....don't do it. How much did you borrow and how much is the interest? Can you scrape up the interest? If you can scrape it up, then borrow the repayment from another payday company and pay that to your previous one along with the interest. The interest of these loans accrue daily so the quicker you can pay them off, the lower the interset will be....try and get a system going where you are routinely borrowing between the two and adding your own money to cover the interset until you can afford to pay the lot off. It will cost you a lot in the process, but not as much as letting the interest tick away daily.

Blobby8_2

https://forums.moneysavingexpert.com/discussion/2923292

Cisco you are in no position to give advice

ciscokid

Can only offer advice from my own experience. And my experience was that following the other advice in this thread will lead to much bigger problems. If you hop over to the DFW wannabe you will find a poor person who missed their 220 payment and ended up losing half their salary by the time they repaid their loan.

Interested to hear your experiences of beating this problem however blobby.

Clive_Woody

ciscokid wrote: »

Great advice, close your bank let the payment bounce....I tried this once...how does paying back £900 for a £400 loan sound? Absolutely insane? Exactly....don't do it. How much did you borrow and how much is the interest? Can you scrape up the interest? If you can scrape it up, then borrow the repayment from another payday company and pay that to your previous one along with the interest. The interest of these loans accrue daily so the quicker you can pay them off, the lower the interset will be....try and get a system going where you are routinely borrowing between the two and adding your own money to cover the interset until you can afford to pay the lot off. It will cost you a lot in the process, but not as much as letting the interest tick away daily.

:spam: And so the downward spiral begins......

Clive_Woody

ciscokid wrote: »

Can only offer advice from my own experience.

You've already told us where you experience has landed you. I mean no offence but your advice posted above will not help anyone.

Blobby8_2

ciscokid wrote: »

Interested to hear your experiences of beating this problem however blobby.

I got myself into around £10k of unsecured debt in the nineties through overspending after I had to take a salary drop. I liquified as many assets as possible to reduce the debts and then lived as frugally as possible until I cleared all my debts apart from my mortgage.
After that I decided I did'nt like being in debt and threw every spare £ at my mortgage, I have never borrowed another penny since then and I never will. If I cant pay for it I dont have it.
You have significant problems and need to sort yourself out, it is entirely up to you.
My way will not suit everyone - your way will ruin anyone.

mithuthecat

:spam::spam::spam::spam::spam::spam::spam::spam: This is for the CISCO THICK AS 2 PLANKS KID TOTAL WA-K-R