please help...payday loan!!!

ford123_2

hi, i have recently taken out a few payday loans and am managing to pay them off so far, but i have one from payday uk due to be taken out in 2 weeks time and i know i wont have the money in my account to pay them off, i have read many different things on here saying if i cancel my debit card or report it lost or stolen then they wont be able to take the money from my account but i have also read that they will have set up a recurring payment so the money will come out regardless...please help

binnie

I worked for a similar company for two days until they decided I wasn't suitable for the job. As far as I heard, they will charge you fees for late payments or extension fees.
I would ring them and tell them, afterall whatever you do, you will probably incur charges. I know some people cancelled their direct debits, but if they have your card details, I know they can just go into your account and try for the money.
My best advise would be to ring them, they won't bite.

ford123_2

thanks for your advice, i really want to pay off the debt but i know it is not going to be in my account, am going to ring my bank this morning and see what they say then i will decide what is the best too do, i just didn't want to be cancelling my debit card only o find they have taken the money anyways, i did ring payday uk and they said that there is nothing i can do and they will try to take the money on the date arranged and if the money is not there i will be charged more and they will then contact me to arrange payment, the man i spoke to was actually very rude!
definitely won't be touching another payday loan again!

ford123_2

thank you, will let you know the outcome

ford123_2

just got off the phone to the bank and they told me there is nothing they can do for me, as i gave them my card details it would have been an ongoinging payment and if i cancel my card that will do no good as they can still access my money, looks like i'm going to have to go and open another bank account and hopefully get all my direct debits and pay payed from the new account.

ford123_2

thank you, i spoke to payday uk again today and told them the money wont be there, so just to see what they would say i told them that i had lost my debit card and asked if they could still take the payment because it had been cancelled, and the man i spoke to said that they won't be able to take it as it will be a debit card transaction and if the card has been cancelled they won't be able to take the money out, dont know whether to trust them on that or not though!!

binnie

Hi Ford,

Have you really cancelled the card, as thats what you need to do or tell the bank you have lost it.
If you don't cancel the card, then the payday company will just have a go at getting the money.
When I worked for one for two days, I saw what they did and they would try for £10 first, if they could get that, then they would try and get £100 until the card declines. They are ruthless. Maybe I'm glad I wasn't suitable to work there, seems against my morals somehow to work for loan sharks.
Hope all gets sorted.
x

ford123_2

hi i haven't cancelled my card as yet, i had to use it today but am going to ring the bank in the morning and cancel it then, hopefully that will sort it, as i said i'm not trying to avoid the debt but have tried asking the company for help but they answer was just there's nothing i can do and they have to at least try and take the money out, so i left with no choice but to do this and then arrange another way to pay them.

binnie

Hope you get it sorted. I thought if you rang them first, they would just roll over the payment until another month. They did at that place I worked.
If the direct debit wasn't about to go out and it was in plenty of time, I would cancel it, and apply for an extension.
They only went into the accounts if no-one had rung them beforehand.
Ask to speak to a supervisor or manager, I would.
Even though I only sat and watched/listened to what they were doing, I picked quite a lot of info up from them. I presume they all work the same.

Good luck.

ford123_2

Yep there is a roll over option on there but too be honest i wouldn't even be able to afford to pay the 60 odd pounds they were asking to be able to do that, and if i did i would only be paying back the interest the debt wouldn't have gone down at all, i tried to log onto my account just now and couldn't log in, so contacted them on the live chat and they said because i have informed them i wouldn't be able to make the payments this month they have put a block on my account so i can't even log in to access any details!!

binnie

Oh dear what a mess.
Not sure what happens next then. I know they pass the debt onto a debt maangement company eventually and they then deal with you.
But in the meantime I thought if you contacted them and asked for a payment plan, then they wouldn't put on anymore interest because you had rung them.
They said if people ignored them and didn't ring them , then they would keep attempting to take payments from your bank account.
if the direct debit bounced, there would be charges at £12 for the first debit direct bounce, then up to £36.
Can you go to Citizens advice at all and see what they say.
I'm sorry I can't offer you anymore advice as I only worked for one of those payday companies for 2 days.
I wasn't even let loose on the phones, we just sat and listed in to calls.