flexcredit.co.uk

Neilio1981

I owe about £550 by the end of this month (payday loans, rolled over, ignored etc etc). I know rolling over was silly, but I am expecting inheritence which never arrived - lesson learned!

Anyway, I now need to pay these off, but dont have a good great credit rating to get a 'normal' loan.

I came accross flexcredit .co .uk

I'd borrow £600 from them and pay pack about £90 a month for a year which is extortionate. However, I'd be able to afford it and maybe its just the hit I'm going to have to take.

My question is.....has anybody used these before? The pay back is no problem, so I'm not worried about horror stories. I'd just like to know if they as they seem. I do note that if they reject you, they offer you other loans, so I was wondering if they automatically reject you and then act as a broker - which isn't what I dont want!

Failing using these people, do I have other alternatives? I know I'm going to have to pay ridiculous interest etc on whatever loan I take out....it's my fault for rolling over my payday loans

Thank you

Tixy

You say you don't have a great credit rating - what is actually on your credit file?

Have you tried asking your bank for an overdraft? even just a temporary one?

Do you have any other credit available to you? credit card or anything?

Will you have any money towards paying off the £550 or are you short of the full amount?

Neilio1981

There's nothing too negative on my file, but there was a £3k student overdraft and a CCJ, but they've dropped off, so I guess that even though they aren't there, my score will still be affected.

I've not contacted my bank, but will do so now I think.

I don't have any credit - I have a Vanquis card and a poor credit Capital One card. They are at £200 each and I'm paying off £20 per month (to improve rating).

I'll have about £150 of the £550. I was thinking about contacting them and being straight? Hopefully working out a payment plan with them. Would payday loan guys (Wonga) do this?

Tixy

Once a CCJ is 6years old and no longer on your file it will no longer have any impact on your credit file or ability to get credit. I would certainly try your bank as your first option.

Payday loan compines vary a lot with what they'll agree to. And obviously they usually have access to your bank account and so will try to take anything that is in there. But if you can protect your wages (sometimes means a new bank account) they sometimes will agree to something like repayments over a 3month period. If you need to pay it off over more than that then you probably need to be setting up a new bank account to protect your finances, then writing to them with a monthly repayment offer and income & expenditure statement (or seek advice from one of the debt charities for help).

Neilio1981

I just did an online application for a loan with my bank - no joy.

It looks like I'll have to approach Wonga with a payment plan of sorts. Am I right in thinking that if you have a new card (i.e with new numbers etc on it) then they won't be able to take money from my account, as they'll have my old cards number etc?

Thank you

Edited to add: I can afford to pay at least £100 a month, so I'm hoping they would be ok with this

brokeinlondon

I believe they'll still be able to take money out of your account even if you cancel a card and get a new one issued, as they use something called a 'recurring payment authority' or similar. there's a great thread on here about Payday loans and the scums that run them - hopefully someone will come along with a link for it, as I can't find it.

Your best bet is to open a new bank account to get your wages paid into, even if you do manage to arrange a repayment plan, because they don't always stick to what they've agreed! They WILL try to fleece you!

Co-op and Barclays both do great basic bank accounts. Alternatively, go into your bank and ask them about getting an overdraft so you can repay Wonga. They might be more willing to give you an o/d rather than a loan.

brokeinlondon

Here's the thread I was talking about: https://forums.moneysavingexpert.com/discussion/2735257

Neilio1981

Nice one

Seems I'm going to have to find some money sharpish!