Pay Day Loan action needed

ccqueen

Hoping somone will be able to help me with this.

I have a few payday loans that i am paying each month and end up borrowing again to pay other bills.

I know (stupid,stupid but its done now)

Anyway, i am going to open a new bank account next month and will get my wages paid into it but this month it is too late to change my wages so they will go into my current account.

I am just wondering if i transfer my wages to my savings account as soon as they go in will they be able to access it?

I want to pay them back but want to set up payment plans with them and do it over a few months so i can get out of the cycle.

next month my wages will go into new bank account then they can't touch it and i can transfer the token payments to my current account to pay them.

Sorry long winded but the main question is can they access my money if i transfer it to my savings account?

BigCraigJohn

If you move them before they try to take the payments then no.
Personally i'd say you'd be best withdrawing your wages, go and open a new bank account with a totally unrelated bank and see what happens.
Then the loans I think you just need to stop repaying them, theres no way you'll get out the loop otherwise.
You might be defaulted but you can have a go at paying off.

FOURCANDLES_2

Get your wages out straight away and never use such money lenders gain no matter how desperate you are.Problem is these guys will have your work number wont they??? you may need to warn your employer as I believe they can be rather persistent .

ccqueen

I know they will default me eventually if i stop paying them but to be honest my credit file is damaged already and i think i will be better off getting out the immediate rut and dealing with it over a few months i.e. making settlement offers and repayment plans than carrying on the way i have been.

I know the payments are taken out on my payday and im tempted to tell them its moved by a day and see if i can withdraw my money in time. Worst case scenario i will move it to my savings account and make transfers from there.

Thanks for your advice.

ccqueen

I do worry about the calling at work but i can write and ask them to only communicate in writing, as soon as i set up a new bank account i will offer a payment plan so its not as if i am ignoring them altogether.

doing it this way i will hopefully be able to settle them over a couple of months so although its a pain short term it does mean i will get out of the cycle and get on with my life again.

Fingers crossed.

FOURCANDLES_2

How would your employer react if they rang or would the call go straight to you? if not it might be a good idea to have a discreet word .As they do not always take notice of the do not ring at work letter it from what i have read just gets them to do it ie put more pressure on .

ccqueen

I work in field sales so if i am not in the office they give them my mobile number so shouldn't cause too much of a problem as they generally don't say the full company name and as i do have a lot of odd company names call me as i sell business insurance.

Will have to just take my chances i think if it becomes a problem i will deal with it but it won't be long before i can pay them off so hopefully i can nip in the the bud quickly.

FOURCANDLES_2

ccqueen wrote: »

I work in field sales so if i am not in the office they give them my mobile number so shouldn't cause too much of a problem as they generally don't say the full company name and as i do have a lot of odd company names call me as i sell business insurance.

Will have to just take my chances i think if it becomes a problem i will deal with it but it won't be long before i can pay them off so hopefully i can nip in the the bud quickly.

Oh i see that should not be a problem for you then as you say you should have it sorted in a few months good luck on that.And stay away from these short term guys they will bleed you dry I think they should be banned.

ccqueen

Thank you for all your support.

I love this forum and the people on here really are a credit to the boards.

I actually feel better already that i at least have a plan.