Payday Loan downward spiral

michelle45_2

Hi

Im in the same difficulty as you. Been struggling for a while and now just cant do it anymore as my other bills are not being paid because of having to roll these loans over each month and not paying anythong off the capital.

I know, my fault, living beyond my means but in my head when I reasoned with myself paying back would be no problem but then something happend and the money set aside to pay them off was used for others.

I have contacted my payday companies 5 in all. One has set up a 5 month repayment plan (stopping interest) the others say I have to put but if I havent got it I cannot do anything else. I feel bad as I took them out in good faith but am willing to still pay. If I cannot come to an arrangment then I suppose I will have to wait until they send it to a debt collectin agency who (as I have read) will most likely accept an arrangment.

Let me know how you get on.

LookingUp

Ok I had /have loans with quickquid and payday uk. Sent both SOA stating my pro rata offer. I owed quick quid £600, and they would only accept repayment over 3 monthsof £200 pm and insisted it be by D/D. As I had some money coming in in a couple of months which could catch up on my then rent arrears, I agreed to this. Was wary about D/D but felt I can at least challenge that more easily than by card. They took the three opayments as agreed and after 3rd and final, that was it. Payday UK I owed £175 and the lowest they accepted was £20. Again I felt I could manage that even if it was more than my pro-rata and set up S/O.

redfragglebiker

OK we have some progress, opened a very basic bank account as suggested by the nice guys here and my employer is now paying my wages into it. Emailed all three payday companies with an offer of £50 per month. May have laid it on a bit thick stating I was worried if the situation got much worse I wouldn't be able to work due to stress related illness etc etc. Two of the three have accepted my offer in principle and just have to get it authorised further up the chain. No response as yet from the third but I'm sure they'll be in touch when they can't get their money! Now starting to feel that although it will be a long slog I can cope a little better and sleep a little better at night. I would like to say a really genuine and heartfelt THANK YOU to all the mse members that have offered help/support or just been nice to me. It's nice to get some advice without feeling like a complete idiot or feel like you're being judged. There is light at the end of the tunnel. *Massive sigh of relief*
(P.S) If anyone would like a template copy of the email I sent then I would be happy to pass it on. It may not be the most professional thing you've ever read but it got results for me)

redfragglebiker

Sorry to keep flooding the thread. One of my creditors is now refusing to freeze the interest but the monthly payments I can afford to make will not even pay off the interest at its current rate. I have sent them an email asking them to reconsider, explaining that I have made all best efforts ect but it feels like I am back to square one!

cloudcuckooland_3

Hi there,
Really sorry to hear you are having a lot of debt probs. I have found it useful to go on the Up Your Income thread on this site for helpful things that help to ease the debt burden - of course this depends on whether you have spare time to allocate to this but i have found I can fit a few things in my spare time. Good luck.

RAS

Your third account will get the message if you hold firm.

You could aks on of the debt charities to help and see if you can get their support in re-organising your finances (if they write a letter the PD loan provider may be more sensible).