Pay day loan trouble

jfh7gwa

neverletmego wrote: »

The reason I couldn't repay on time was that a truly unexpected cost had come up.

What was the unexpected cost?

I don't mean to be nosey, but I've seen various people refer to "unexpected costs" ranging from being hit by a car on their lunch hour whilst going to pay in cash to the bank to take them out of an overdraft (that one's true, happened to a friend of mine - unlucky sod - 4 days in hospital!) to car breaking down (not that unexpected at all).

Also, if you're living so close to the bone financially that you've taken out a payday loan, it seems like an unexpected cost is only one of your worries - you need to figure out what allowed you to get to this point and fix the root of the problem in the first place (living beyond your means, reduced income through no fault of your own, hell, maybe you have a gambling problem for all I know - these boards see it all, but I haven't seen anyone who is yet beyond help - so it's best if you do as people have already suggested... don't bother trying to "explain" to these payday folks any more, just PAY UP however you can, and then work on the other financial stuff with us as a secondary immediate problem to start working on).

richardvc

marleyboy wrote: »

My biggest reason and complaint for avoiding them is..........
And thats without delayed payments.

But that is declared before you sign the deal - if you don't want the rate don't borrow the money / do save the money etc.

They make no bones about being last resort lenders and would guess they work pretty well for those who do treat them as that (last resort lenders) AND pay them back on time !

Better_Off_1983

CLAPTON wrote: »

from their website FAQ

Q: What happens if I do not pay after 30 days?
A: If you have any doubts about whether you will be able to repay aloan, please don`t apply for it in the first place. If you do not pay the loan within a specified time you will be charged for another loan period. If the payment still does not arrive, we will unfortunately have to send the debt to a debt collection agency which will incur additional charges. None of these things are worth risking

It's rare to see this on a loan company's FAQs. Normally, they sugarcoat it and say "Dont worry, our customer service reps will be happy to help and assist where necessary!"

Derivative

The reason I couldn't repay on time was that a truly unexpected cost had come up.

And as a result of not paying the truly expected cost (payday loan on 25th dec), you've been saddled with another unexpected cost that will match if not be far larger than whatever else you bought.

Pay it off now. Beg steal and borrow from friends. Do whatever it takes - get bloody rid of it. Put aside your pride and sort it out before you get into the thousands.

geoffky

I bet the unexpected cost will be the least of your worries once these people empty your account...as i guarantee 100% they will..

DCFC79

Any news OP ?

ryantcb

why did the unexpected cost take priority over the debt that will now ruin your life?
I dont know you, your life or your circumstances and would be wrong to pass judgement as I too have been in dire situations financially in my time and understand why people use loan sharks. But I cant not work out what unexpected bill would make you forfeit your payment to the loan shark.
Pay it off and swallow the expenses and chalk it down to experience.

Don't borrow £400 when £200 is enough so many people borrow on the basis of what they can pay back not on what they actually need. Then when the unexpected happens they get stung.

I am sorry for your situation but you gotta pay it back, or let it ruin you.

[Deleted User]

Hi Neverletmego x

Sorry to see your troubles, I agree with the above poster and I am the very last to preach been there, but you will need to get rid of FAST it will be how you deal with it now that counts. You see their part of Toothfairy/NDR/Marshall Hoares, we all know where that leads to they don't carry the saying "Cradle-to-grave service" for no good reason - maybe you'll have to go to the CAB (Citizens Advice)

And then never take another payday loan

Are there any xmas pressies you can sell or can you ask your employer for an advance and or put in any overtime?


Out of 16 odd posts how do you all know the orginal poster didn't have an essential priority payment to make ? we're are not all born financial savvy you know!

opinions4u

Deleted%20User wrote: »

Out of 16 odd posts how do you all know the orginal poster didn't have an essential priority payment to make ? we're are not all born financial savvy you know!

We don't.

I specifically asked the question about what the other payment was, as did others.

Knowing that would help to guage what advice to give the OP going forwards.

Unfortunately he's not returned yet.

skintandscared_2

I just think it's sad that some poor soul spent Christmas Eve, Christmas Day and Boxing Day either worrying about this loan or trying to contact the company. How can a few extra pressies/drinks, or whatever be worth that?! Hope you managed to get it sorted OP, and can now take some frugal-living steps to save up a bit and make sure your next Christmas is a little more enjoyable. I feel really sorry for you going through that.