Payday loans please read

brightside100

Hi everyone

I'm sure this has been covered a million times but I just wanted to give people a little tip from my own experiance with Pay day loan companys.

The main thing I wanted to mention was regarding them fleecing your debit card when you can't repay or even if you have agreed a repayment plan.

• I fell into the pay day loan trap (i'm still in deep with one company) But thankfully managed to give my self breething space but I used to do the followingWhen I used to get paid within no time I had paid it all out to them or they would take money at random times etc regardless of any paymnet plans leaving me with nothing and having to chase money with other companys just to get by. This would leave me with no sleep because of stress and my work suffered for this so the visious circle of not only taking all my money I could have lost my Job because of it.
• The constant harrasing phone calls at work, threats etc

Anyway I could go over this a million time as so many people have been here but this is what I did.

I thought the only way around this was to change bank accounts etc but that would take weeks and it was three days before my next pay day so I decided enough was enough and spoke to my bank.

• I opend something called an easy saver/instant acsess saver with lloyds tsb. THIS REQUIRES NO CREDIT CHECK . and you always have acsess to your money. It opens straight away (plus they sometimes send a cash card for the savings account) THATS A BONUS
• I got my self online banking / or phone banking will do
• As soon as it strikes midnight on Pay day phone the bank or go online and transfer it all into the savings account.
• No one can touch this now and you can transfer as many times a day as you wish

All the banks offer similar things now so get on the phone and get it sorted asap.

The other problem is going overdrawn because you don't have the money in the account to pay normal direct debits such as rent/sky tv etc.

most banks give you a 3 pm grace period now so when a direct debit comes out you will go overdrwan however go into the savings account when you are overdrawn and transfer just enough to cover the direct debit, The payday loan companys still cant touch it as it will be taken by the bank to clear the direct debit.

Long term set up paymnet plans and pay via bank transfer or post office etc and keep up to the midnight ritual
and good luck everyone

DCFC79

"The main thing I wanted to mention was regarding them fleecing your debit card when you can't repay or even if you have agreed a repayment plan."

The above happens because you gave them permission when you took out the loan

brightside100

Of course they did people in desperation agree to anything to get the money they need to fix there car etc to get to work or buy there daughter cloths.



The problem of them doing this is after you agree a payment plan

Its unfair if people offer to pay back everything owed in three equal payments for example including charges, yet they still do it.

[Deleted User]

brightside100 wrote: »

The other problem is going overdrawn because you don't have the money in the account to pay normal direct debits such as rent/sky tv etc.

If you're taking out a PDL while still enjoying the delights of Sky TV, you really need to slap yourself in the face with a frying pan.

DCFC79

brightside100 wrote: »

Of course they did people in desperation agree to anything to get the money they need to fix there car etc to get to work or buy there daughter cloths.



The problem of them doing this is after you agree a payment plan

Its unfair if people offer to pay back everything owed in three equal payments for example including charges, yet they still do it.

There are oher options you can do before you resort to a PDL eg get rid of sky or reduce the cost, reduce monthly phone contract and get a payg.

brightside100

Not at all

well in my case anyway

I live in a shared property and my two housemates suggested sky tv over a year ago, I agreed and set it all up in my name,
However after about five months work actually didnt pay me, I work for the Nhs and our payroll are rubbish.

Anyway I was about £800 short of my bills, child support etc, So I had to take out the two loans, with massive interest when I got paid eventually I paid them with the interest, This left me broke so I had to borrow more
The crooks were I couldnt afford sky but I still had to pay my share because its a shared thing

My ego got in the way of telling my housemates I couldnt afford it and as its shared I had to carry on paying my share.


I don't condone in anyway not paying them its our mess, But taking money from your account when people set up repayment plans is harsh and makes people borrow more.

Please don't be so judgemental i'm almost clear now, Everyone deserves proper chance to put things right

malkyh

Deleted_User wrote: »

If you're taking out a PDL while still enjoying the delights of Sky TV, you really need to slap yourself in the face with a frying pan.

Unless you need to take out a PDL to buy a frying pan that is.

DCFC79

Have you complained to the employer about the payroll then ? has it happened before then ?

Yes everyone deserves a chance to put it right. Are you outgoings more than your wage ? Have you thought of doing a statement of affairs to see where your money is going ?

MuffinTops

Well done for regaining control Brightside. I hope your situation is on the up.

brightside100

DCFC79 wrote: »

"The main thing I wanted to mention was regarding them fleecing your debit card when you can't repay or even if you have agreed a repayment plan."

The above happens because you gave them permission when you took out the loan

I had one company take £390 from me once when I only owed them £237.50 I got the difference back

5 weeks later so I had to borrow more ! horrible place to be

brightside100

DCFC79 wrote: »

Have you complained to the employer about the payroll then ? has it happened before then ?

Yes everyone deserves a chance to put it right.

It did once ages ago before me nad my ex partner split up so I covered it,

Last time was a nightmare, It took three and a bit weeks to sort out,

Its all sorted these days I think they double check mine after the phone conversation we had :-p