payday loans

sceebs67

hi iv gt 5 payday loans all due to come out on friday problem is my wage goes in friday so not enough time to set up a new account to stop these coming out any help someone

sceebs67

iv tried that they wont do it they want full payments friday

simon2010

i am sick of reading these stories of people falling into the PDL trap. They are a menace and ruining people.

I feel very sorry for you, I hope you are ok.

Do you know anyone who can get you out of this mess??? Family /friend?

Come clean and talk to someone.

Tixy

Do you have online banking?

Some people have been successful in stopping up during the night and waiting until their wages go in and transferring their wages out to another account (or spouse or family member's account) before the payday loan companies take their funds out. Obviously this would still mean you'll incur charges and will still need to arrange to repay the loans - but can at least mean you are not left with nothing to live on in terms of paying priority items like rent/food etc.

If you can stop the payments then you can then open a new bank account with a different bank and then work on setting up repayment plans with your creditors.

If you can't stop them then the first to try will get paid and the later ones will obviously be refused. In which case they'll keep trying to see if more money is paid in over the next few days. But you should then have time to open a new bank account before next pay day and try to come to a repayment plan with the ones that were not paid.

This thread might be useful Dealing with Payday Loan Companies

DCFC79

simon2010 wrote: »

i am sick of reading these stories of people falling into the PDL trap. They are a menace and ruining people.

I feel very sorry for you, I hope you are ok.

Do you know anyone who can get you out of this mess??? Family /friend?

Come clean and talk to someone.

The issue is why do people take the loans out in the first place but other than that they are fine as detailed in the thread you started. Its also when they dont just take 1 out but they take out a second to pay off the first loan or pay off other bills and take a third 1 to pay off the second loan and before they know it they are so deep in the mire of debt they dont tend to think rationally.

[Deleted User]

simon2010 wrote: »

i am sick of reading these stories of people falling into the PDL trap.

Probably best to give up reading. As long as people think they can borrow their way out of trouble, the stories will keep coming.

RichGold

simon2010 wrote: »

They are a menace and ruining people.

They are not a menace. People who use them incorrectly are a menace to themselves.

Tremour-88

If its coming out as a Direct Debit speak to your bank and stop it, if its coming out as a card payment phone your back and tell them you've lost your debit card and you'll be sent one with a new CVV code & Expirey date so they couldnt use it.

Also which bank are you with? If you do online banking just make a Savings Account and stay up late and when your wages come in (usually midnight - 2am) transfer it all into the savings account

masterlumps

actually thats not true, they WILL be able to take the payment from a new card, however if you cancel your cards the day before pay day it *should* buy you some time to get your wages out this month and then call them after missing it to arrange a paymenty p[lan

dresdendave

sceebs67 wrote: »

hi iv gt 5 payday loans all due to come out on friday problem is my wage goes in friday so not enough time to set up a new account to stop these coming out any help someone

Why do you want to stop the payments to the PDL companies? Isn't the whole point of a PDL that on payday you pay back the money you borrowed?

Tremour-88

dresdendave wrote: »

Why do you want to stop the payments to the PDL companies? Isn't the whole point of a PDL that on payday you pay back the money you borrowed?

Maybe he isnt getting paid enough and if all the PDLs come out he wont have enough money to feed himself untill next pay-day?