cash store uk debt

strangedays

Last year i stupidly took out a payday loan at the cash store, which they have now passed to northern debt recovery as i was unable to pay the loan back.

I earn 1100 per month, and when i went into the store they offered me 800 pound, with interest i was paying back my full wage. I should never have taken it, but was having some problems at the time and got carried away.

Now this is clearly not responsable lending, knowing that my full wage would be swallowed up each month and leaving me with no alternative but to borrow from them again and again. Is there anything legally that i can do about this. NDR are threatening to come to my address now, which i dont want!!!.

I know it was a stupid thing to do but i couldnt help myself when they offered me the money...

Debt-Free-Dave

Check out these forums thoroughly for tips on how to manage your debt effectively. You need to plan, and have solid goals for how you are going to pay this back.

In terms of the responsible lending comment, you agreed to the terms of the contract and accepted the cash. As such the responsibility is yours to ensure you have the means to pay it back im afraid. I do think that these places should be banned, but only becuase people are unfortunately foolish enough to take out these loans in the first place.

poppasmurf_bewdley

strangedays wrote: »

Last year i stupidly took out a payday loan at the cash store, which they have now passed to northern debt recovery as i was unable to pay the loan back.

I earn 1100 per month, and when i went into the store they offered me 800 pound, with interest i was paying back my full wage. I should never have taken it, but was having some problems at the time and got carried away.

Now this is clearly not responsable lending, knowing that my full wage would be swallowed up each month and leaving me with no alternative but to borrow from them again and again. Is there anything legally that i can do about this. NDR are threatening to come to my address now, which i dont want!!!.

I know it was a stupid thing to do but i couldnt help myself when they offered me the money...

Firstly, it might not have been responsible lending, but neither was it responsible borrowing! You have as much responsibility as the loan company does.

Is there anything you can do about it? Yes, pay it off as quickly and as cheaply as you can. The loan company have not given you a 'get out of jail quick' card.

Second point I've highlighted: Yes it was a stupid thing to do, but I doubt there was a man with a machine gun forcing you to sign up for the loan. I have a similar problem but I control myself every time I open the freezer and see the ice cream.

Oompa_Loompa_2

poppasmurf_bewdley wrote: »

Second point I've highlighted: Yes it was a stupid thing to do, but I doubt there was a man with a machine gun forcing you to sign up for the loan. I have a similar problem but I control myself every time I open the freezer and see the ice cream.

I think the OP has illustrated that she's learnt her lesson! Absolutely of no use to scold OP now and make a comparison to ice cream! I'm sure he/she feels bad enough as it is and is on here ASKING FOR HELP, NOT to be judged! What's done is DONE.

OP - I've been there, done that. I can vouch for the fact that it is sheer desperation and NOT foolishness. Having done it and paid them back, I can safely say I would never go back. Lesson learnt. I am also CERTAIN the OP will never go back to them. Really no need for anyone to point out it shouldn't have been done in the first place - this is OBVIOUS!!!!!!!!!!!!!

OP - first step is to communicate. Don't bury your head in the sand. You need to pay them back as soon as you can, but call them and explain situation, tell them you're desperate to pay back and will do as much as you can but you need x amount for rent & living, but you can't make money from thin air so can only do what you can.


Chin up, you have learnt a valuable lesson and will feel SO SO good when they are off your back, which you will eventually be able to do. Also, you can warn anyone you know about making the same mistake!

poppasmurf_bewdley

Oompa_Loompa wrote: »

I think the OP has illustrated that she's learnt her lesson! Absolutely of no use to scold OP now and make a comparison to ice cream! I'm sure he/she feels bad enough as it is and is on here ASKING FOR HELP, NOT to be judged! What's done is DONE.

Yes, what's done is done. And it's no use offering tea and sympathy either. The OP needs to be told how stupid she has been or she may very well make the same mistake over and over again.

I know it's harsh but it's the way we as humans learn to deal with our mistakes. If everyone says "it doesn't really matter that you've been stupid" or evades the fact, then lessons might not be learnt.

The old "I couldn't help myself" or "I was pressurised into it" lines don't work with me or many others on this site. People have to be responsible for their own actions.

Debt-Free-Dave

Oompa_Loompa wrote: »

I think the OP has illustrated that she's learnt her lesson! Absolutely of no use to scold OP now and make a comparison to ice cream! I'm sure he/she feels bad enough as it is and is on here ASKING FOR HELP, NOT to be judged! What's done is DONE.

OP - I've been there, done that. I can vouch for the fact that it is sheer desperation and NOT foolishness. Having done it and paid them back, I can safely say I would never go back. Lesson learnt. I am also CERTAIN the OP will never go back to them. Really no need for anyone to point out it shouldn't have been done in the first place - this is OBVIOUS!!!!!!!!!!!!!

OP - first step is to communicate. Don't bury your head in the sand. You need to pay them back as soon as you can, but call them and explain situation, tell them you're desperate to pay back and will do as much as you can but you need x amount for rent & living, but you can't make money from thin air so can only do what you can.


Chin up, you have learnt a valuable lesson and will feel SO SO good when they are off your back, which you will eventually be able to do. Also, you can warn anyone you know about making the same mistake!

It absolutely is foolishness. I have been there myself, and can tell you that, yes, it was a pretty foolish thing to do. Thats not judging, though the OP was blaming the lender, and TAKING RESPONSIBILITY it surely step number one in sorting out your debt. I've heard so many people point out that they cannot afford to live without pay day loans, when clearly, who CAN afford to live with them!

Debt-Free-Dave

strangedays wrote: »

Last year i stupidly took out a payday loan at the cash store, which they have now passed to northern debt recovery as i was unable to pay the loan back.

I earn 1100 per month, and when i went into the store they offered me 800 pound, with interest i was paying back my full wage. I should never have taken it, but was having some problems at the time and got carried away.

Now this is clearly not responsable lending, knowing that my full wage would be swallowed up each month and leaving me with no alternative but to borrow from them again and again. Is there anything legally that i can do about this. NDR are threatening to come to my address now, which i dont want!!!.

I know it was a stupid thing to do but i couldnt help myself when they offered me the money...

Have you checked out the debt free diary section? There are hundreds of storied there of people who have managed to get out of debt. Its also a really good way to get things off your chest, so could be a good idea to start one on there detailing your journey. Good luck, I hope it works out for you.

Bravehearted_2

Oompa_Loompa wrote: »

I think the OP has illustrated that she's learnt her lesson! Absolutely of no use to scold OP now and make a comparison to ice cream! I'm sure he/she feels bad enough as it is and is on here ASKING FOR HELP, NOT to be judged! What's done is DONE.

OP - I've been there, done that. I can vouch for the fact that it is sheer desperation and NOT foolishness. Having done it and paid them back, I can safely say I would never go back. Lesson learnt. I am also CERTAIN the OP will never go back to them. Really no need for anyone to point out it shouldn't have been done in the first place - this is OBVIOUS!!!!!!!!!!!!!

OP - first step is to communicate. Don't bury your head in the sand. You need to pay them back as soon as you can, but call them and explain situation, tell them you're desperate to pay back and will do as much as you can but you need x amount for rent & living, but you can't make money from thin air so can only do what you can.


Chin up, you have learnt a valuable lesson and will feel SO SO good when they are off your back, which you will eventually be able to do. Also, you can warn anyone you know about making the same mistake!

This is the most useless kind post ever. Offering tea and hugs without actually offering practical advice. Yet quick to shoot down the previous poster who scolded the op but offered advice.

And how are you "CERTAIN" the op won't go back for a loan, just because you didn't.

OP, helpful advice - no one forced you to borrow so just forget the irresponsible lending tosh. Didn't you think to yourself that you were borrowing almost your salary? Call them and offer a repayment plan. Ask for interest to be frozen. Or if you have family that can help.

Oompa_Loompa_2

Bravehearted wrote: »

This is the most useless kind post ever. Offering tea and hugs without actually offering practical advice. Yet quick to shoot down the previous poster who scolded the op but offered advice.

I did offer advice. Why don't you read my post again? The OP illustrated awareness that they'd made a mistake. Tea and hugs is not accurate!

Oompa_Loompa_2

poppasmurf_bewdley wrote: »

Yes, what's done is done. And it's no use offering tea and sympathy either. The OP needs to be told how stupid she has been or she may very well make the same mistake over and over again.

I know it's harsh but it's the way we as humans learn to deal with our mistakes. If everyone says "it doesn't really matter that you've been stupid" or evades the fact, then lessons might not be learnt.

The old "I couldn't help myself" or "I was pressurised into it" lines don't work with me or many others on this site. People have to be responsible for their own actions.

That's good these lines "don't work with you", but why don't you look at the post - THREE references to it being a stupid thing to do! Having been there myself, I was utterly depressed and felt trapped by it, so I don't see how being scolded when the OP is clearly struggling at the moment with what they've done is going to help. OP KNOWS it was stupid! Oh and I am certain OP won't do it again, because OP will never want to feel the way the do right now.

strangedays wrote: »

Last year i stupidly took out a payday loan at the cash store... I should never have taken it, but was having some problems at the time and got carried away... I know it was a stupid thing to do but i couldnt help myself when they offered me the money...

Tixy

Its your debt you will need to arrange to repay it. It terms of practical advice...

If you don't want them to doorstop visit you then you can send this letter - http://forums.moneysavingexpert.com/showpost.php?p=23635529&postcount=60

Have you switched bank accounts or are they still trying to raid your bank account when you are paid? If you haven't already switch to a new bank account with an unconnected bank and have your wages paid into that.

Then write to the debt collector and state how much you can afford per month to repay the debt, ask them to consider freezing charges & interest on the debt (if they are still being added on). There are template letters to make a repayment offer on national debtline website which you could use.
Then make sure you make those payments each month until the debt is repaid.