Payday loans....

Juiicy

Hello I'm 21, work part time, and since April 2011 have stupidly got myself into debt was wondering if anyone could give advice to help me!

It first started when I got a capital one progress credit card in April this year and misunderstood the terms. It had a limit of £500 and I thought it was 0% on everything for a year. Turns out it was just on transfer's. So didn't pay for 2 months, when capital one got in touch and I finally reliesed what an idiot I was I paid a chunk of it off. Then being left short again and no overtime at work, I've just been making the minimum payments on it all year when it was July, my partner lost his job, so I foolishly started using Wonga. Over the next several months when I had repaid and done my limit on Wonga, I started using other payday sites. I have well and truely got myself in a right pickle now, and got paid £1000 last month, I normally only get about £675-750, went to the cash machine and had £40.00 left to last me the month I dont know what go do. I now have a bad credit rating aswell and thanks to my bank authorising £400 to be taken out of my bank a week before my last payday (when I was in my over draft and had just 40p in my account) i was left again to turn to payday companies .... I'm screwed. I have been looking for a full-time job, anywhere. I have moved back with my parents and am no longer with my partner. Help please x x

DCFC79

Well first step is go to the dfw board and post a SOA(link for that should be on the dfw), also be truthfull with the soa as the peole on the dfw are quite good at providing help.

Juiicy

Whats dfw? Sorry x

DCFC79

Juiicy wrote: »

Whats dfw? Sorry x

debt free wannabees

the soa thingy i mentioned

creditcardhelp11

You need to understand that even if you get a 0% card you still need to make minimum payments per months you never pay nothing at all per month, unless it’s a buy now pay later option on a store card. However, you need to open a basic bank account and have your wages paid in there. If your bank has made charges etc and they themselves have deducted money you could ask for first right of appropriation for your basic needs. If they refuse use a template letter like this - http://www.warwickdc.gov.uk/NR/rdonlyres/305C09D1-AE11-4DF1-BD9E-29F3090E532A/0/SampleComplaintLettertoBank.pdf

If you are still in hardship then apply for a crisis loan to get you by you have 28 days to appeal. Then give the National Debtline or CCCS a call and sort your financial sitution out.

Juiicy

Thanks guys x

Tixy

In addition to the advice already given - as said above you do need to open a new bank account asap and have your wages paid into that - thus preventing the payday loan companies taking repayments whilst you work on sorting out a repayment plan.

This thread Dealing with Payday Loan Companies
and this one IMPORTANT - Where to seek professional impartial advice about your debts. might be useful for you.

Juiicy

Thank you for all your advice, yep 'lost' my bank card this month and in the process of opening another one. Can't believe I got myself in a pickle thanks again x x

meer53

Sorry to let you know but "losing" your card won't stop payments being claimed by the Payday Loan companies.

Tixy

Just stopping the card is not sufficent. If you have any money in the bank account (or any unused overdraft) chances are they'll still take whatever is there direct from your bank account. You need to ensure you empty that account and open a new bank account at a totally different bank.

dealer_wins

This is exactly why PDLs are such bad news. It starts out with a small loan/card, and before too long swamps the borrower with unafordable debt, trashes their credit score and causes untold stress and hassle.

Hope you can more forward OP and take DCFC79s advise.