Wage Day Advance

redqueen_2

wow 8 payday loans - anyone else who's reading this - don't apply for them.

If the situation is as bad as it sounds and you already have Defaults on your credit file with CCJ's pending you should consider putting the payday loans and any other unsecured debts you may have into a debt management plan to stop the interest & charges and start reducing the debt. If you have another bank account or can open one you should do so and close your current one so no further money can be taken by the PayDay loan companies.

There are a number of good debt management companies but be careful of the sharks. I know Martin recommends the CCCS and Payplan as they don't charge fees (please don't ban me moneysavingexpert!) but my issue is that they are funded by the creditors as a means of getting as much of the debt paid back as quickly as possible.

No-one ever talks about this but its important that people in debt understand the difference between private debt management companies and 'charitable' organizations sponsored by the creditors. A good debt management solution should be client focussed first and foremost whilst still being fair to the creditors. I spoke to an Insolvency Practitioner (IP) a few weeks ago who told me CCCS have several hundred thousand clients yet only had one IP.

Why is this important?

Because an IP is the person who handles IVAs and Bankruptcy, and the creditors sure don't want you to start an IVA or go Bankrupt as they would only get back a fraction of what you owe on an IVA or potentially nothing if you went Bankrupt.

Thinking about this...the CCCS comment on this site....I'm definitely getting banned now!

MrHudson88

I had payday loans with 6 companies around september last year because I was stupid and young seen money for free without thinking it had to be repaid but luckily through working ridiculous hours and selling stuff including my xbox lol Im pretty much all paid up.

First of all if youve signed agreements that said there gonna charge for failure to pay sadly not much you can do however making a plan straight away will ensure theres no drastic action like court or more money charges added.

Secondly anyone reading this who hasn't used Payday Loans before DONT DO IT!! im sure im not only one who would tell you this. Yes it might be nice to get £100 for nothing but in 28 days you have to pay that back and if you dont pay the stress of threatening letters phone calls and charges are horrible

RichGold

MrHudson88 wrote: »

money for free without thinking it had to be repaid

A common widely held notion these days. Some people obviously don't understand what "taking out a loan" means.