payday loans

dankerrysmum

hi,just wondering what happens when you can't afford to pay a payday loan such as wonga,paydayuk etc
owe £500 to payday uk and really struggling to pay it back ,does the debt get refered to debt recovery agencies?

Sassyloco

Hiya

They will refer it on eventually, you will be better to try and arrange a payment plan with them. I have just done it with PDU, they asked for income/expenditure details before agreeing payments but agreed to freeze the account as long as payments are made on time.

Wonga were also reasonably stressfree to deal with, they agreed a 12 month payment plan.

Good luck

Tixy

Hi

I'd suggest you have a read of this thread. They will continue to try to take it out of your account until you have funds in. If you want to agree a repayment plan then you need to first move all your money / income to a new bank account with a different bank, only once they can't help themselves to your money will most pdl companies agree to a repayment plan.
Dealing with Payday Loan Companies

LandyAndy

dankerrysmum wrote: »

hi,just wondering what happens when you can't afford to pay a payday loan such as wonga,paydayuk etc
owe £500 to payday uk and really struggling to pay it back ,does the debt get refered to debt recovery agencies?

This is where they really make their money. Rolling loans forward at their outrageous rates of interest.

If I were you I would try any other source to raise the money to pay them back.

greenbrucelee

the advice from all above is sound.

if your really struggling with it conact cccs or payplan as soon as you can to get help with this and never touch one of these companies again.

I am in debt with basically all the major ones, wonga,quickquid,unclebuck,mr lender,txt loan,cheque centre, moneyshop along with credit cards and overdrafts

please do not do what I did which was to borrow from others to payback or defer your current ones or you will get into a cycle of debt which you will struggle to get out of without some serious intervention from a dmp company like the ones I mentioned.

leckie123

I agree that the cccs is a good idea to help you manage your payments but unfortunately your credit rating goes down the pan. After divorce from my ex husband I used the cccs to help me with all my debts, that was around 9 years ago and I'm only now back on the credit merry-go-round. Unfortunately I too fell into the trap of using the cheque centre last year, borrowing money (payday loans) then rolling over. I found to my cost that the tactics they use in these places is to "suggest" changing your payday loans into a monthly payment loan that lasts for a year. I ended up being conned into paying £245 a month off my wages. I'm angry with myself for getting into that mess in the first place but even angrier that the employee in the shop suggested this to me. I get peeeed off when they phone and ask if it's "ok" to take the payment when I get my wages. I can't wait till I get rid of this debt with it's extortionate rates of interest when it ends in June this year. Don't do it, no matter how desperate you are, they are ripping people off left, right and centre.