Please help - been stupid and taken payday loans

stuckinadebtrut

I owe Wonga, Wage Day Advance, Lending Stream, Cash Genie & Payday UK.
The payment was due yesterday but the easy cash account i held with halifax has been closed at my request.
I have set up a new account with halifax - can this be accessed by these companies?!
I have contacted the companies already to explain i cannot afford to pay, its like every month I was borrowing to pay the previous month, Wonga has got ridiculous at like almost a grand :mad:
Please advise, I had thought of suicide.

happy_bunny_2

Hi there

Not sure whether or not Halifax would debit any transactions from your old account to your new one. Anyone?

The loan companies will be trying to get money from your old card.

To be sure, I would open an account with another bank. As if Halifax accept payments on your old card they can take from your new account

Coop would be a good account.

Hold in there and people who know more than me should help soon

HB

elsiepac

Hi there

I'm sorry to hear of your situation.

As someone said in one of your other threads, posting multiple vague threads is not going to help.

So, gathering all information from your threads this evening, it seems you are in a DMP with Payplan, yet still went ahead and got these payday loans.

From what I know of it, you actually stand to lose your DMP, because you agreed when you entered into it not to take out any more debt. that will be Payplan's view. Your creditors will be annoyed as they will receive less money as a result of this. Some of them may even cancel your reduced payments or start charging interest again.

Basically, you need to do the following:

1. Ring Payplan as soon as humanly possible and explain the situation to them. See what they say.

2. Set up an account away from Halifax. Putting all your eggs in one basket is silly, because they can offset payments against your new account. May not happen, but it's not worth the risk. Try Co-Op, Lloyds etc for a new basic account. Personally I use Co-Op and they are very good. 3 strikes and you're out. Requires discipline!

3. Don't let it get you down. You are not in a good situation it's true, but it will be possible to sort out, you just need to learn your lesson from this and never, EVER, do this again. If you are in difficulty on a DMP, you ring Payplan and tell them - they may let you miss payments for a month, or just make token payments or something - all a much better solution than payday loans.

4. Finally, post an SOA. Let us help you.

LC

happycamel_2

Please post an SOA. Also, given that you've spent thousands in total, do you have anything you can sell to get at least some of the high interest loans paid back? Well done for realising that you didn't help yourself by borrowing more.

Now you need to get an action plan together to sort it all out. I agree with your first stepping being to confess all to Payplan. We can help with getting things under control but please follow board etiquette and stick to posting updates on this thread.

stuckinadebtrut

I'm trying to set up a repayment plan with wage day advance and they want bank statements, income/expenditure - do I have to provide this as I'm sure I read on another thread I don't?

NorthernLas

I would have thought that as you are in a DMP with PayPlan you really should talk to them before agreeing repayment plans with anyone else. You must not favour one creditor over another. Whatever money you have left to pay ALL of your debts really needs to be split pro-rata - if you need help from an intermediary like PayPlan as companies hassle, then so be it.

An honest SOA (income and expenditure sheet) could really help to make the situation clearer for you. Did you do one when you set up the DMP - and was it honest (maybe not since you needed to find additional cash).

Unless you are certain that the repayment plan is pro-rata, then DO NOT agree to it. Offer them the minimum per month (in writing using a letter from National Debtline). Assuming they abide by the rules while you seek financial advice, they should give you 30 days grace.

Payplan_company_representative

Hi, I would recommend that you call us as soon as you can. We are here to help and we will work around your situation and try and getting everything resolved. We can look at including your new debts into your DMP and we can look at reviewing your I&E as it is obvious that you are not coping with your current repayment plan.

stuckinadebtrut

Payplan I really appreciate your help, will you take my dmp away from me?

stuckinadebtrut

Also what will you need from me?

Payplan_company_representative

We wont take your DMP away from you so please do not panic. When you call us, if you could provide all of the details of the payday loans ie: who they were with, account number and current balance.

stuckinadebtrut

Will I need to provide any bank statements or payslips as I have changed jobs and moved house since my last review.