Pay Day Loan Companies :(

stewest2007

Ok here goes!.... I move to London from north Wales back in August 2010 and stupidly brought my car down with me. Over the first few months of living here I kept getting caught in the parking fine trap. I ended up owing the council over £2000 in unpaid parking fines, even though I did pay hundreds off before this amount. Anyway, I had the bailiffs knocking on my door demanding the monies so I panicked and decided to get rid of the bailiffs by taking out 5 payday loans.

I then managed to pay 2 of them off before the month was up to reduce the stress. I owe the following;

Wonga £640
Cash until Friday £520
Oakham £400
1 other £500

I don't know how I am ever gonna pay these off because of the interest charges mean I will be paying these off for an eternity.

The only action I have taken so far is to transfer my wages into another current account that I have with the same bank. I have not as yet cancelled my card (or said I have had it stolen), is this important to do so?

Someone please help me!

Savvy_Money

That's a lot of car parking fines! I once was fined £120 by Westminster council but I made sure I didn't make the same mistake twice.

You've done the right moving your current account, but I would cancel your card from the previous account. Payday loan companies are notorious for emptying bank accounts. However I would arrange payment plans with your creditors. I don't agree on principle the ethics of payday loan companies but you did enter into a contract with them so you owe an obligation to meet the debt. Hopefully they will freeze the interest allowing you to begin tackling the debt.

Can you earn extra money somewhere? Can you sell something to provide you with extra cash? Posting an SOA on this board will help others to help you find where you perhaps can make savings so you can have more money available to pay toward your debts.

Hope it works out for you!

purplerain0000

Hi,

I'm in same position as you dont bother cancelling your card as they can still take payments from it according to what i have read on the forums online,and been informed by my bank

You have done the most important thing by opening a new account for future monies to be paid into. I found out recently that you CAN withdraw your permission for these companies to take continuous payments from your account although i am still in a dispute with this with my bank as they keep informing me they can and i argue they cant lol

Please try not to stress out too much i know how you feel but i have come to the conclusion that all the stressing in the world is not going to help me so why put myself through it?!!

I have emailed the companies involved stating i can not make the proposed re payment dates and can i set up an re payment plan....so far only one has replied to me so im still waiting to see if i can get sorted....

I know i havent been much help and im sorry about that im sure someone will be along soon who can advise better than me!....just wanted to let you know ur not alone!

chanz4

Just hope they dont find out about the others, really you have done fraud as you had no intention of paying on the day due on several

kai666

genuine question, what is the parking fine trap, and how do you get £2000 of fines in a couple of months?

stewest2007

Hi, thankyou so much for the responses and advice. I have just realised that 1 of the payments was set up on my new account, so I have 2 current accounts linked to payday loan companies

As for the parking fines, I had received 12 fines over the space of 12 months or so and ignored them until each one turned into between £200 -£400, each. I appealed twice and they were not budging. Then overnight the bailiffs were involved and thier charges were added also. I still owe the bailiffs around £650 also