PayDayLoans and Rent Payment - Please help!

EagleHawk1

Hi everyone,
Basically I'm in a bit of a pickle. I currently owe 3 payday loan companies different sums of money (£100, £150 and £200), which owing to circumstances I'm unable to pay this payday. I have a rent payment on the same day, which means that I won't have enough money in my account on the 27th of this month to pay all four things.

Obviously my rent is a priority debt, and I really need to pay that, I went to see my landlord and he wasn't very empathetic about the situation. So I desperately need to pay that over the payday loans.

Basically next month I will be receiving £2,000 from my friend, because I lent it to him as he was in real trouble a while ago. And he will be able to pay it back to me on the 20th April. So I will be able to pay the companies their money on this date.

What should I do? Should I chance it and run to the branch on Tuesday to withdraw my money as soon as possible (£610) or, should I contact the Payday loan companies to explain (Would they be helpful about this? I don't want to ring them and to tell them money's going into my account, incase they actively try to take it early on the 27th)... Can I contact my bank to put a block on these transactions? I did think about cancelling my card... Unfortunately it's too late to contact my employer to get the bank account details changed...

Please help! I'm worried about what's gonna happen...

EagleHawk1

Could I perhaps log into online banking to transfer my wages early in the morning? What time will the wages go into my account? And also does anyone happen to know what time of the morning the companies will try and take my money? If I'm really lucky I might time it right...

piglet39

Hi EagleHawk1

Didn't want to read and run and I'm sure others will be along shortly.

Your rent is the priority. From what I understand the PDL's do debit your account early on the day payment is due. Long shot here but can your employer pay your wages into a different account? Maybe just say that you've had a change of circumstances and this is an emergency.

Piglet

Standingtall

Good morning Eaglehawk1. I suspect you should play safe and ring the Payday loan companies. They will probably allow you to roll - at a cost of course:eek:

Lessons and advice: do not use payday loan companies and do not lend to friends. I say the latter for the simple reason that if your friend cannot afford to pay you as planned then you may lose a friendship and not just your money.

Only my opinions but I hope they are of help.

Good lcuk:)

rising_from_the_ashes

Standingtall wrote: »

Lessons and advice: do not use payday loan companies and do not lend to friends. I say the latter for the simple reason that if your friend cannot afford to pay you as planned then you may lose a friendship and not just your money.

Just what I was going to say!

I've been in the PDL trap and it's a nightmare to get out of them.

As ST says, they should let you roll them over - but it will cost. Once they're paid back, please, please don't take one ever again - they're just not worth it. They're only a very short term solution that can take months and months & cost a fortune to repay - if you can't make ends meet in month 1, things are rarely better in month 2 when you need to pay them back.

As for lending to a friend, very admirable but tbh it should only be done if you can afford to lose the money - you've no guarantee you'll see it again (the loans board is full of tales or woe about this) no matter how good a friend and a) IMHO just don't do it as it's not worth losing a friend over if it goes wrong and b) you can't afford to do this if you're then having to resort to PDLs youself.

endora

PDL are tricky customers and not easy to deal with, some worse than others. As your rent is a priority debt you shouldn't have to fall into arrears for the sake of paying the PDL sharks, neither should you have to contact your landlord.

I'd say try to withdraw your money a.s.a.p. or even better if you can get it paid somewhere else. You really can't relie on PDL companies to be helpful. Someone may well come along with a story of one that has, on occasion, been agreeable but that's not something to be counted on as it would be the exception rather than the rule.

gizmo111

Take this letter to your bank tomorrow





Date:




Dear Sirs,

Account no:

Please act upon the following instruction with immediate effect:

No payments in any form are to be made from my above numbered account to

xxxxx


Yours faithfully,



Along with a copy of page 15 from this

http://www.fsa.gov.uk/static/pubs/consumer_info/know_your_rights_guide.pdf
which says this

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments