Need help with Pay Day loan companies

NellaH

Hi all,

New to the forums, have tried reading some of the stickies but I really need advice on how to deal with my situation.

Long story short, a while ago I was in a fix and took out a pay day loan with one company for a couple of hundred and now it is spiralling out of control. What was a £200 loan has now become a debt shuffling between three pay day loan companies totalling almost £1.5k, which is now more than I take home each month.

I know I have left it late to do this as I am now throwing hundreds down the drain each month in interest, but it has been a hectic few months with moving home and changing jobs. Now I am in a real catch 22 situation (I can't pay them off without borrowing more from them) and I really need help to clear the debt.

I have sat down and worked out my current income/outgoings and could afford £2-300 a month but I have heard stories about these pay day loan companies being very unhelpful and charging even more interest for spreading the payments out. A loan to cover them all is out of the question as my credit history is pretty poor plus borrowing to pay of borrowings is what got me into this trouble in the first place.

I know there is no easy way out, but if I could at least somehow get the companies to freeze interest and let me pay them back over the next 5-6 months that would really help, but I would like to know my rights before trying to contact them so they don't try and bully me into agreeing for more loans or something.

What can I do?

Thanks very much in advance,

Nella

sugarplum10

NellaH wrote: »

Hi all,

New to the forums, have tried reading some of the stickies but I really need advice on how to deal with my situation.

Long story short, a while ago I was in a fix and took out a pay day loan with one company for a couple of hundred and now it is spiralling out of control. What was a £200 loan has now become a debt shuffling between three pay day loan companies totalling almost £1.5k, which is now more than I take home each month.

I know I have left it late to do this as I am now throwing hundreds down the drain each month in interest, but it has been a hectic few months with moving home and changing jobs. Now I am in a real catch 22 situation (I can't pay them off without borrowing more from them) and I really need help to clear the debt.

I have sat down and worked out my current income/outgoings and could afford £2-300 a month but I have heard stories about these pay day loan companies being very unhelpful and charging even more interest for spreading the payments out. A loan to cover them all is out of the question as my credit history is pretty poor plus borrowing to pay of borrowings is what got me into this trouble in the first place.

I know there is no easy way out, but if I could at least somehow get the companies to freeze interest and let me pay them back over the next 5-6 months that would really help, but I would like to know my rights before trying to contact them so they don't try and bully me into agreeing for more loans or something.

What can I do?

Thanks very much in advance,

Nella

Im pretty new on here myself but i will help as much as i can.

I dont know if anyof these companies is WONGA but i had a debt with them and what i did was this......
I called their customerservice helpline and toldthem that i couldnt afford to pay it with my circumstances etc and they were really sympathetioc and said they would freeze it of charges for 28 days untill i could sort it out however they would continue to charge me the 3000% interest!!!!
I hAVE PAID IT IN FULL!!!! however what you need to do is get it cleared a quick as possible and contact a debt helpl,ine such as payplan or cccs. they are both free and have extensive websites..
This kind of debt is crippling and i really feel for you, what i did to pay it was i asked for money as crimbo pressents and i also had a tax return and used all of that to pay it off!!!
phone anywhere else that you need to pay money into this month and see if they will give you a months grace just so you can clear this payday loan debtr as this would buy you some time to use as much money as you can to clear it.
as im a newbee im sure someone else on here will correct my advice but im happy to help.
good luck and merry christmas.. sugarplum xx

tippingpoint_2

I got in touch with Wonga & QuickQuid over the weekend, & both agreed to payment plans over 5 months with frozen interest. I think that getting in touch with them before you default is the key.

I emailed both explaining that I had fallen into financial difficulty & would not be able to pay them on the agreed dates, but was committed to settling my loan asap without falling into default. They both responded within 1hr, & I had emailed confirmations from both soon after.

NellaH

Thanks. Wonga and QuickQuid are two of them, PayDayUK is the other. I have not fallen behind with Wonga or PayDayUK, but last month I agreed to pay half to QuickQuid then and half this month, so technically no arrears just yet.

I was keen on getting some advise on how to contact these companies for assistance, if you say they are sympathetic then I may just go ahead and call/write to them, see what happens.

tippingpoint_2

I used the livechat option on QuickQuid & emailed Wonga