payday loan trouble - help pls!

Smellthecoffee

I am worrying about payday tomorrow. I now realise what a mess Im in with payday loans. I will have wonga £1174 and quick quid £930 coming out of my account tomorrow. So all of my pay will be gone before Ive paid anything. I really need to get myself sorted now as I've come to the conclusion that this is just a vicious circle that I will never get out of. Ive been surviving on PDLs for the last 8 months and each time taken out more as Ive needed more to stay afloat (with all the interest Ive paid on top).

I started using wonga as I had a major flood, electrical damage etc in my flat. I used the cash to help me with repairs etc and because I live in a shared ownership property the buildings insurance didnt cover it. So I started off using and always paid it back on time etc....but the amounts have been creeping up & up.

I dont have time to open a new bank account but was thinking transferring my salary as soon as it hits my account at midnight & sending it to my partners bank account. Do you think that would work? At least then it would be ringfenced & they wont be able to withdraw. I can then cancel my bank account completely (its with rubbish santander anyway!) and then open a basic account with barclays or the co-op for my next month salary to go into.

I assume they cant track down my partner and start taking money from his account...but with these PD lenders you never know! They seem to be quite sneaky when it suits them.

Any advice would be much appreciated. I've been lurking on the forum for a couple of days and am pretty stressed about how Im going to make it through the month if they manage to get my cash again!

Tixy

I've seen someone on here who did just that and managed to transfer his wages as soon as it hit his account - he had to stay up quite a few hours refreshing his bank account before the money hit the account though (I seem to recall he thought it would be in a midnight but actually appeared around 2.30 or something).

The payday loan companies won't be able to take money out of your partners bank account.

If you can get the money transferred out before the PDL companies try to take their funds then you should then be able to follow the standard advice about writing to the payday loans to set up repayment plans. Remember not to give them your bank details of your new account or your partners bank details.

Have you worked out a budget at to how much you can afford each month to repay these loans?

Smellthecoffee

Thanks so much for the reply - its helped to reassure me that there is hope! I just need to be up and watching my bank account tonight, for however long it takes! Once I've done that I will open a new bank account for my salary and will try to offer them a repayment plan. Im sitting down right now with all my bills out, just trying to make sense of it all and work out exactly what I can afford. I just need to take control of the situation really. Ive got myself into this mess and I now just need to focus on getting myself out. No point burying my head in the sand any longer....

I feel relieved already!

Tixy

Good luck for this evening - I guess all banks vary but hopefully you can get it out in time.
Is partners account you are transferring it to with santander or a different bank?

Smellthecoffee

My partner banks with santander also, so hopefully that should cut down the number of days I need to wait for it all to clear etc. I'll be watching my account like a hawk tonight!

turbo.jet

My pay hits my account around 2am too. If it were me I'd be refreshing it from midnight until I see it in there. Good luck!

Santander are part of the faster payments scheme, so it would go instantly into the other account even if it were with another bank in the same scheme.

Good luck getting on top of things. Have you done an SOA? (statement of affairs). There will be a link in one of the sticky topics at the top of the thread list. Do that, post it in a new thread with a title along the lines of seeking advice to turn your debt around and you will get lots of help, support and advice.

Smellthecoffee

thanks Turbo - I will definitely be sitting right in front of my PC hitting that refresh button! Hopefully I'll be quick enough! :-)
I havent done an SOA yet but will certainly work on it and see where I can make some changes. Ive been on the phone all morning trying to speak to my debtors, so already am feeling like Im back in control and know what Im doing. I just need to learn to live within my means!!

RAS

I would suggest getting the money out of your partner's account pronto as well, in case Santander allow debits against it. You need that money in an account in a bank that has no relationship with Santander. In the short term, use cash.

turbo.jet

What helped for me was getting all my debts into one place at 0% interest. Not sure if this is an option for you but I felt a lot more in control with just one debt to focus on, and knowing that there wasn't any interest on it.

The living within your means bit - thats the hard part, but its not optional. You can do it.

Good luck.

turbo.jet

Can you open the basic account with a completely unrelated bank today?

Smellthecoffee

oh crap! dont know what to do!!
So ive been up half the night waiting for salary to hit my bank account. It arrived at 2.30am. Just transferred it to my partners bank account but despite me putting to transfer immediately, it wont let me. It keeps changing the date for the cash to leave my account to 1st Oct. But payday loans will try and take today...in a few hours probably. Have no idea what I can do! I cancelled the direct debit for quick quid but there doesnt appear to be one yet for Wonga. I guess they just do it automatic or something. So stressed!