Payday loans please read

malkyh

If your employer messes up your wages resulting in your DD's boucing, shouldn't they then cover the costs of any charges?

brightside100

I clamined £120 back in charges but it took three months, i'm still chasing the other £100 for charges they owe me.

Honestly It was a nightmare, I would agree to pay these people and they would still take three times what we agreed.

such a bad trap

Tixy

One thing to be aware of regarding your idea of a savings account (presumably this is the same bank as your current account).

What has happened to some people is that bank pays the pdl company when they try to take funds, taking you into an unauthorised overdraft, and then the bank use their right to offset funds to take money from the savings account to repay the overdrawn current account.

If you are trying to set up repayment plans with pdl companies it is always advised to first open a new bank account with an unconnected bank and have all your income paid into that.

Sounds like you have been alright in this instance, but banks will use the right to offset if required.

bbfc

I've just got myself out of the payday trap, and managed to pay off Wonga early and only have one payment to QuickQuid next month for £300 and thats me done.

Payday loans are like overdrafts - easy to get into, but you can never seem to get out of it. Luckily I had a friend who loaned me the money to pay one off, so at least its just him I have to pay back (with no interest) rather than Wonga.

It does seem odd that even though you set up payment plans, they still tried to take all the money owed? Did you call them or just email them a payment plan? I missed a payment with QQ once and called them up the moment I noticed it hadn't left my account. They weren't particularly helpful (they are american) and couldn't explain what it wasn't debited from my account as usual, but I paid it with my debit card and thankfully my extension remained in place otherwise that would of been a nightmare!

I get constant calls from 'The Money Group' (using a variety of phone numbers), who run PayDay UK (I had a loan with them a while ago) but I just ignore them. All they are trying to do is sell me something but I'm not interested.

I'm so glad to be finally out of the vicious circle of payday loans. They are useful and most are really professional (Wonga and QuickQuid have NEVER called me for anything).

Clarewilliams

I have heard so many bad things about payday loans within my job, default on one payment and they will take the whole amount out in one go via your debit card, also a lot of people go through a search company to find a payday loan and when they get passed on that search "company" they then get charged between £59 and £69 off your debit card for referring you,this is either if you go on to take the loan or not:mad:

bbfc

Clarewilliams wrote: »

I have heard so many bad things about payday loans within my job, default on one payment and they will take the whole amount out in one go via your debit card, also a lot of people go through a search company to find a payday loan and when they get passed on that search "company" they then get charged between £59 and £69 off your debit card for referring you,this is either if you go on to take the loan or not:mad:

Have you read any of the above?

Payday loans are very useful when used correctly - as a short term loan. If you pay back what you agreed then all is fine. Usually the whole balance is due on your next payday, or some offer extensions so you can have longer to pay it back (but end up paying more back in the process). They will try a few times to take what they are owed, but if they can't then you will default. If you cannot afford to pay it back them you need to tell them that. If you have any doubt about being able to pay a loan back, then don't take one out.

Also, yes many people do go through so called brokers, but usually the charge is clearly displayed for people to see when signing up. Ignorance is not an excuse i'm afraid.

Apples2

As the SKy account was opened over a year ago, you are no longer tied to a contract with them.
It is not clear if you are still paying it or not but if you are, stop burying your head and cancel it...TODAY.

You can't buy your way out as you seem to be doing. Your late pay arrived, and your panalties were covered, but it doesn't seem to be enough to get you out of the mess.

You MUST reign in your outgoings, it is the ONLY way out of this mess. It is pointless going forward if you are throwing money away on needless things resulting in your outgoings exceeding your income.

Shifting banks is not a solution, it just enables you to retain access to cash. The bigger picture of late fees and escalating charges will continue unabated. It will catch up with you eventually.

Cancel Sky, cancel the Gym, cancel subscriptions, Sell your phone, cancel the phone contract, sell tat, get some evening work... the list goes on. The more seriously you take it, the sooner the mess ends.

The problem is spending too much each month - control that, and the rest will solve itself.

Clarewilliams

bbfc wrote: »

Have you read any of the above?

Payday loans are very useful when used correctly - as a short term loan. If you pay back what you agreed then all is fine. Usually the whole balance is due on your next payday, or some offer extensions so you can have longer to pay it back (but end up paying more back in the process). They will try a few times to take what they are owed, but if they can't then you will default. If you cannot afford to pay it back them you need to tell them that. If you have any doubt about being able to pay a loan back, then don't take one out.

Also, yes many people do go through so called brokers, but usually the charge is clearly displayed for people to see when signing up. Ignorance is not an excuse i'm afraid.

Yes I did read it and I am not here to say they are good or bad what I am saying is make sure you are well aware of the terms of the loan

Also as for your broker comment about, it is well displayed, then if this is the case why do so many people end up with charges on their cards they had no idea about ie Brokers fees (and by your ignoriant comment then there must be lots of them?!)

My advice to the original poster is cancel all your direct debits to begin with and contact sky as you need to sort the problem out ASAP

bbfc

Clarewilliams wrote: »

Yes I did read it and I am not here to say they are good or bad what I am saying is make sure you are well aware of the terms of the loan

Also as for your broker comment about, it is well displayed, then if this is the case why do so many people end up with charges on their cards they had no idea about ie Brokers fees (and by your ignoriant comment then there must be lots of them?!)

My advice to the original poster is cancel all your direct debits to begin with and contact sky as you need to sort the problem out ASAP

They get charged because they used the service. The charge may be displayed when signing up or within the T&Cs. People choose not to read it and then come on here to say they had money stolen from their account etc, when in fact if they had researched a bit more they would of knew that. Like i said, ignorance is not an excuse. If you fail to read what you are getting yourself in to then who else is there to blame?

asbokid

bbfc wrote: »

Payday loans are very useful

*snigger*

:rotfl::rotfl::rotfl: