I fell into the payday loan trap....

TwelveStopsThenHome

Hi, I basically owe £1200 to various payday loans and I am constantly in money worries.

I need some advice ASAP. Pay outs to these companies have decimated my wages this month, and I am very desperate. I did stupidly apply for one but declined it as I felt it was wrong, and they wanted the extension number for HR in the company I work for!

immoral_angeluk

TwelveStopsThenHome wrote: »

Hi, I basically owe £1200 to various payday loans and I am constantly in money worries.

I need some advice ASAP. Pay outs to these companies have decimated my wages this month, and I am very desperate. I did stupidly apply for one but declined it as I felt it was wrong, and they wanted the extension number for HR in the company I work for!

Change bank account NOW, draw up a financial statement and make them an offer of what you can afford pm based what you have left after your essential outgoings. You need to start reviewing your finances and budgetting and looking at why you needed payday loans in the first place.

Have a wander over to the DFW board too.

TwelveStopsThenHome

Basically, I owe a lot of money as I had trouble with a few bills and keeping my house afloat. Repairs in November crippled me, so I just took a chance and got one of these loans. Wonga has completed been paid off and that's over. Will they ask for money after paying off?

immoral_angeluk

TwelveStopsThenHome wrote: »

Basically, I owe a lot of money as I had trouble with a few bills and keeping my house afloat. Repairs in November crippled me, so I just took a chance and got one of these loans. Wonga has completed been paid off and that's over. Will they ask for money after paying off?

No, they'll only chase for money that's still owing.

I still recommend popping over to DFW and looking at your budgetting overall if you're needing to rely on payday loans when things go wrong though.

glasgowsaver2011

Promise yourself you will never use these people again

Peelerfart

A month on beans is worth it to get rid of these situations - really!

cottonhead

If its a lender that allows you to defer by paying the interest plus a little each month off the balance then that can help gradually pay it off. If not then settling it as soon as you get paid and taking another one out for a smaller ammount each month till its paid can work. Neither are great plans as it shows up as more and more loans on your credit file. I stupidly took one out and repaid it as they said it looked good on your credit file that you had repaid. Now my bank and other lenders wont touch me as it looks dodgy that I used a payday lender ! Wish I had thought properly first. If the above doenst work and your credit rating is already rubbish then do as the others say. get your pay put in another account and call them to explain you have to default and come to a repayment agreement.

SPIRITEDPIXIE

It may be worth trying to get them to gome to a repayment arrangement, however, I have seen reveiws of some of theese companies, Wonga being the most mentioned, and not all of theese companies will accept repayment arrangements. I'm also in a hefty payday loan trap, and thanks to payday loans I am now unable to borrow money from any regular loan comany.

CHR15

SPIRITEDPIXIE wrote: »

and thanks to payday loans I am now unable to borrow money from any regular loan comany.

Really?? You really think it is the fault of the people you borrowed money from??

If you had such a fantastic credit file before you took out the first one, why didn't you just put the bill on a Credit Card, use an overdraft or take a headline rate loan??

TwelveStopsThenHome

Do some lenders offer an instalment plan? I know Wonga, Lending Stream and Quickquid are leninent and let you pay off as much as you can.

A few of them I have taken out, I believe are a bit unscruplous but I don't know why I did it. I do worry about them ringing @ work.

TwelveStopsThenHome

Well, I've decided to take action and this was a New Year resolution:

I've e-mailed Wonga asking them to pay £30.00 a week, no response yet. Quickquid got back, and have asked me to use the CCCS adress (I've just signed up to them), again I have quoted £30.00 a week.

The rest; Lending Credit, TxtLoan, UK Payday and Payday Express I will e-mail them and ask to pay a minium of £10 to £20 a month. Cash Genie I have nearly paid off.