Payment plans for payday loans?

nicholson11

I have 2 outstanding payday loans with Payday UK and Payday Express. To settle them will cost me £1000 in total (£500 each).

Does anybody know whether these companies provide payment plans to make it easier to repay these loans?

Alternatively, can anyone recommend a good strategy to pay these off. I have tried to obtain a £1000 personal loan or increasing the credit limit of my Barclaycard, but was declined for both. Gloom.

iluvmarmite

They will probably say no to a payment plan, They will take money out of your account untill its paid off, they will take as much as they can, and they will try taking money everyday untill its paid off. They are very sneaky in the way they take money as well, they will try for small amounts, if they can get say £25 they will try again to take more. They wont let up in trying to take payments.

They HATE payment plans and debt management plans, but of course you can always ask and you must have a really good excuse as well.

Tixy

Ususally they won't initially agree to a repayment plan - and they are likely to keep trying to take funds out of your bank account. If you haven't already you need to set up a new bank account and have your income paid into that account.

Only once they cannot get money from you automatically might they consider setting up repayment plans (don't set up dds from the new account, use standing orders so you can control what is paid) This thread might be worth a read - Dealing with Payday Loan Companies