Payday Loan Advice Needed Please!!

tinytoty

Hi there

I have been lurking here for over a year now and decided I need to start taking action to regain control over my finances, any advice would be greatly appreciated! I have gotten myself into a complete mess with payday loans, this has been going on for about 2 years now and I have only been able to pay the roll over fees each month. It has now got the stage where I can't even pay the rollover fees this month and I don't know what to do. I'm really scared and have been crying the past week and feeling really stressed. The payday loans are as follows:

The Cheque Centre - £980.00 rollover fee £180.00
Wonga - £1020.00 rollover fee £170.00
Payday Express - £450.00 rollover fee £90.00
Quickquid - £250.00 rollover fee £50.00

I have tried to increase my overdraft and also applied for a consolidation loan at my bank to clear these but no joy, also applied for a credit union loan but was declined as my credit report shows late payments to my credit cards. I dont have any defaults on my credit report but assume I will get some when I default on the payday loans? I am paying £500.00 a month to roll these over and I feel sick at that, I know this is my own fault getting into this mess but I am desperate to get out of it now. Has anyone had any experience dealing with these particular companies? I'm hoping to get payment arrangements with them as I can't go on paying all this interest each month without reducing the debt. Sorry for the long post!!

CH27

I suggest you contact the CCCS & ask them advice.

gizmo111

All you can do is work out your budget and offer them what you can afford - CCCS and payplan can help to get the fees stopped or reduced so that you have a chance of paying them back.

tinytoty

Thanks for the reply, I have spoke to them in the past but I was thinking of trying to deal with the individual companies myself, do you think that's a bad idea? The reason for this is that if I do a DMP I would have to include all my creditors and so far I have managed to keep my other creditors up to date, it's just the payday loan companies that are the main problem. I have 4 installment loans which will all be finished within a year, one finishes in December, one in April and 2 in july.

FireWyrm

You can of course deal directly with the PDLs yourself, but had better dust off your 'thick skin' cape because these companies are not nice to deal with like a regular bank. They will threaten you, they will harass you. If you are planning to DMP with just them, then as you probably know, you need a simple protected account where they cannot get to your money...first. You will also need to change your phone number because they will harass you...luckily, BT charge a nominal fee if anything in harassment cases. Your mobile number could also do with being made more private before you rattle the PDL chains.

Once you're set, it's a case of writing to them, telling them what you will do, and more importantly will not do and just waiting out the flak.