Escaping payday loans

jamesd

Since you've made the payments so far you might try Lenders Compared. That's the site for doorstep and some other lenders set up as a result of the OFT investigation into that business. The rates aren't cheap at typically 200-400 APR but that'll be cheaper than payday loans and you can start out with a decent time to pay and overpay as fast as you can.

While the payday loans on your record aren't great this may let you avoid getting any "arrangement" notes added to your credit record. That's less bad than a default or missed payment but still not great.

If you have credit limits on a mainstream credit card still available, using that borrowing will be cheaper than the payday lending or the Lenders Compared lenders. Spend on the card, use the money spent on the card to pay down the payday loans.

It doesn't yet look as though you need to go with the DMP and default routes, provided you can get these loans onto cheaper longer term deals. If you can't or something goes wrong with that then you can proceed with the DMP approach.

lindopski_2

so easy to get caught up in the pay day loan trap
I have spent this last 6 months battering all of my debts and I am at the moment debt free.
I have never needed a payment plan and have always paid them off on the due date but escaping Wongas grasp has been one of the things on my agenda.
I have also just paid off my final loan installment with Nat West but to clear all the debts finances are now very tight.
The electric will go off in two days, my car will run out of diesel in 3
Payday isnt till the 22nd so no doubt I will once again need to rely on Wongas assistance :P as I have no wealthy relatives etc to assist.
If I do need to borrow which is likely, I will keep it to the minimum to get me to pay day and then I can pay them off and start to buy my christmas shopping on payday.
poundland prezzies all round this year I am afraid but at least I will leave 2011 with no debts - hooray!

piglet25

Just found out that my daughter has borrowed £400 off wonga, she had borrowed £45 a couple of days before the £400 and they loaned her the £400 before the first one was even repaid! I am fuming with her as she has no way of paying it back so I am going to try emailing them as ihateyes advised the OP in an earlier post and hopefully get it cleared that way, she has changed all her benefits to go into my bank so they can't just take them and is going to have to learn the hard way I can't believe they would lend money to someone on benefits that amount, as her total income is only £600 per month, and I can't believe she is so stupid either!!

jamesd

Lindopski, congratulations on the soon to be successful hard work!

ihateyes

OP...... take the advice....

you have 2 choices.... pay the loans or close the bank account and talk to these companies.

Believe me you will have money in your account and it will disappear.

These companies are known to try for your money. if they try £100 and it goes though they will try again, if that fails the will try £90, and they will keep going like that til your bled dry. this is automated, and will happen at any time of day.

While that account is open you will get stung.

Please take our advise, otherwise please dont come back looking for help when you have no money left for the month as they have cleaned you out, cos i wont be repsonding other than told you so,.


I have been there, got cleaned out. even when a repayemtn plan was agreed, they took the payment, then cleaned me out in the next 30seconds.

YOU HAVE BEEN WARNED....

for the other posters in similar situation....

let me now how you get on.

LovelyLeeds

Never quite understand why posters put things like, 'they cleaned me out', 'they raided my account', 'they left me unable to pay my bills' ad infinitum...
They took what was owed and what you agreed to - end of.
If anyone takes out a PDL with little intention of paying it back (no matter how your circumstances change) - they will take what you agreed to - if funds are in your account.
PDLs know that they have taken on a huge risk, they know that a percentage of people will not pay them back, so their T&Cs are written to offset this risk.

geoffky

One thing i do admire is the ability to con the conmen,,,i love it when they catch them out playing them at their own game..