Digging out of the payday loan trap

JamesWMH

Just thought I'd add, I extended the loan today, and paid a bit extra, so now I've got to pay back £600 on 02 Jan, compared to the £730 so I am reducing it, just not very fast.

I'll try to set up a payment plan after xmas.

Sassyloco

Hi Lofty

As I understand it, the reason behind getting a completely different bank to bank with is down to the continuous payment authority that you sign up to when you take out a payday loan. It basically means that they can take money either off your debit card or by direct debit. Some banks have been known to take funds from other accounts when money is not available in the target account. If your new bank has no relation to your old one, this can't happen At least that's how I understand it

If you have cancelled your old card, it will stop payments being taken in the main but watch out for Wageday Advance, before closing my account, I had to cancel three DD's they had set up on my account. Might be worth checking on a daily basis to make sure they are not setting these up.

Good luck, you will find most of the companies become reasonable when they realise they can't access your funds any more

x

lesleyvhalifax

JamesWMH wrote: »

How?

I looked on their website and it says you can't pay by credit card...

i would like to know either as it wouldn't let me add a credit card let alone allowing me to pay the loan off on a credit card

Lofty132

Thanks for the advice Sassy, I'm going to go and visit my branch today anyway as it appears they have let a payment go out leaving my £64 overdrawn, despite me not having an overdraft :mad: Thankfully I know one of the cashiers there so hopefully she will be sympathetic when I give her the details.

sugarplum10

JamesWMH wrote: »

Just thought I'd add, I extended the loan today, and paid a bit extra, so now I've got to pay back £600 on 02 Jan, compared to the £730 so I am reducing it, just not very fast.

I'll try to set up a payment plan after xmas.

i dont think youve had your light bulb moment yet!!!
post up a SOA and well all go over it for you. trust me when you see what you spend for real its a real eye opener!!
most people on here have been in your position, please dont extend the loan, call them and ask them for a repayment plan with frozen interest! It will take some haggling but if your persistant they will give in eventually, i know cos ive been there.
thanks for your posts.
sugarplum x

ellie_1985

Hi guys,

I'm in a total pickle with Payday Express... I know these guys are notoriously hard to handle. I have an outstanding debt of £517 with them and just CANNOT get rid of them! Sassyco I saw you had a loan with them, did you manage to sort out a payment plan? They are absolutely relentless!

I was happy to set up a payment plan with them as long as it's reasonable. Have paid off Wonga and am in a payment plan with QuickQuid at the moment but these vultures just won't listen.

Does anyone have any advice?

xgingerx

Bump payday express ? Did u resolve this. Thks

Walaboobah

Looks like sassy doesn't post here anymore, hope all is OK?

Small_Loan_Turns_Big_Debt

You can actually get all this done for free by the CCCS they would of negotiated with them for you and you wouldn't of had to worry about it then.

They are a charity and do everything for free, they were amazing with me!

It's an option anyway...

I know for a fact that Wonga will except a payment plan and should freeze all interest as they did with me.

If you need any advice about contacting these companies I can help, I've been contacting them for almost a year now and help a lot of friends with this problem!

elsjac

Hi, I know this is an old thread and sorry for bumping but I have been in dire straights as of late due to a loss of hours at work. I was googling for help and ended up on this thread, I've followed all of your advice including using the template letter and am now a very happy bunny! I have been using Wonga for over a year now, in the last 5 months I had gotten to their max loan amount of £1000 and was rolling over every month (spending over £300 just in interest - all for nothing). After following this thread I have now set up a payment plan of £84.93 a month. I have now gone on to do this with all my creditors and my monthly financial situation is so much more manageable. Thank you guys so much!

I've been a long time lurker, but just had to post as I'm so happy.