please help...payday loan!!!

ford123_2

I think the only option i really have now is just to cancel my card in the morning, then once the payment goes unpaid, i will contact the payday company again and see if they will set up a payment plan then!!
Thanks for all your help, very much appreciated

stokelady

Im in a similar situation, I have around 4 ranging from 300-500 pounds, at the moment I am paying around £300 a months rollling them all over. Thinking of trying to open a basic account with santander, and cancelling my old account, then writing to them to try and make a payment arrangement, as it is at the moment i am spending £300 a month and the loans are not going down ..........can anyone offer any advice?

Missus_Aka

I was in a similar situation end of last year with payday loans from wong@ p@y d@y express h&t p@wnbrokers and qu!ck quid, i have paid all of it(£2500) back as of last week on a income of 880, my advice is cut everything unecessary out (sky packages, look for better providers for utilities, look at how much you spend on food, dont spend on going out) i looked for extra ways to make money: surveys, selling old ink cartridges to the recycl!ng factory, ebay everything you can (i can make without trying £100 and when i really need to push the boat out i can make £500). If you cant do this straight away cancel your account, move your bills and then start to deal with them as they call to collect their money, they WILL take payment arrangements if they think they cant get their money back without a fight though they wont tell you this straight away, they will say its supposed to be a pay day loan we cannot arrange repayment etc. but push it with them, luckily i managed to do it without this hassle but if you have to do it and quickly, but dont be downheartened we all get ourselves into a mess sometimes it will get better and you will never go back to a pay day company again

ford123_2

stokelady wrote: »

Im in a similar situation, I have around 4 ranging from 300-500 pounds, at the moment I am paying around £300 a months rollling them all over. Thinking of trying to open a basic account with santander, and cancelling my old account, then writing to them to try and make a payment arrangement, as it is at the moment i am spending £300 a month and the loans are not going down ..........can anyone offer any advice?

i would definitely open another account and cancel your old one and do it that way, this is what i plan to do with mine, otherwise you would probably be in the same situation in a few months time, at least this way you can be sure that no more money then you want is going to be coming out of your account and you can come to an arrangement with the payday loan companies to payback what you can afford every month.

ElJayco

Listen to Missus Aka as she is giving good advice.

These pay day loans should only be used as an extreme last minute emergency and if you have to be using more then 1 company then you have a serious financial issue that you need to be sorting yesterday.

I have been in debt most of my adult life (since 16-40) and deeply regret not being sensible with my money as looking at the tens of thousands of pounds I have paid in interest my famly could have had a much bette quality of life and now it is much harder to treat them and pay off debts but we are slowly getting there.

It's hard but you have to make sacrafices if you want to get to a point where your income is more then your outgoings but once you are in that position it's much easier to tackle debt.

Just looking at my sig, my debt currently is £74,315 which is becuase my mortgage and loan have gone down but cards have gone up since June last year. My partner has got another job though recently and that is helping us make a bigger dent in our debts.

The banks don't make it easy either, I recently started rounding up my minimum payments on my credit cards to decrease the debt quicker and the same month I did this 2 of them upped my interest rate!

ford123_2

well thanks to everyone who gave me advice on this, i didn't have time to open a new bank account, so i reported my card as possibly stolen, then on the days the loans where do to be taken out i made sure i waited until my pay went into my bank at 12, then transfered it into my internet savings account, bank didnt honour the payment as there where no funds in my account, so i just transfer money back over when i need to use some of it, so my money is safe and i will now come to an arrangement with the companies to repay back what i can afford

binnie

I would still be careful though Ford as they will still attempt to take some of the money until you reach an agreement with the pay day company.
I know once a day at least they had lists which had peoples names on and they tried their cards sometimes several times a day and took £10 even if they could get it.
I don't want to worry you.
I'm not 100% sure if you cancel your card or report it stolen if it stops them getting your money or not.
I know they had peoples bank account details so if they cancelled the direct debits, they still had the account number to go off.
I hope for your sake they don't get their hands on it, will you let me know as I am curious and not sure how it works for certain.
xxxx

NeverAgain_2

ford,

Reporting your card as 'possibly stolen' is dishonest when you know it has not been.

Your general approach to this is messy and not very professional.

Don't get me wrong, I have no brief for payday companies, but I would strongly advise anyone against telling lies to their bank.

You have signed a continuous payment authority which can only be cancelled with the company, so the position of your card is neither here nor there.

To prevent the company taking money from your account - a process known as 'rinsing' - the only correct advice is to close that account.

ford123_2

binnie wrote: »

I would still be careful though Ford as they will still attempt to take some of the money until you reach an agreement with the pay day company.
I know once a day at least they had lists which had peoples names on and they tried their cards sometimes several times a day and took £10 even if they could get it.
I don't want to worry you.
I'm not 100% sure if you cancel your card or report it stolen if it stops them getting your money or not.
I know they had peoples bank account details so if they cancelled the direct debits, they still had the account number to go off.
I hope for your sake they don't get their hands on it, will you let me know as I am curious and not sure how it works for certain.
xxxx

yeh i spoke to someone from the payday company and they told me that as i have changed my card they cannot take money from my account,and in an email i had it said the same, as the payment had failed it said one of the reasons could be that i have changed my card. i am still being careful though, transferring money from my account into my savings account until i can come to an arrangment on a payment plan, just incase they can get hold of it.


never again.... yes i know i haven't gone about it in the best of ways but too be honest i was at the last resort, yes i got myself into the debt but at the time i was able to afford to pay back on time, then my hours got reduced at work so my circumstances changed, i tried contacting these companies on several occasions to tell them this, and try and arrange something else but they were no help at all and basically told me they are taking the payment on the set date and thats that!! i am not trying to avoid paying off the debt, but i couldnt live just paying off more interest on the debt then the actual debt was too begin with, it wad starting to affect the amount of money i had to pay my bills and rent, so this really was the only way out!!

eyeopener2

Don't believe a word they say Ford, they will take the money if it is there, when you least expect it. You come to a supposed arrangement with them and when your guard is down BANG, your accounts cleared. Interest plus charges, charges, charges.

The only way is to close your bank account, set up another and only then make an arrangement.

Good luck but please don't trust a Payday loan company, they are scum.