Payday loans noooo! Please help!

leopardxgirl

Thanks again. I was just wondering instead if perhaps you know of any consolidation loans that would be more appropriate? I just feel that a better solution for me would be to have a loan that pays off all of the existing payday loans and then be able to make monthly repayments to one loan of £3500? The letters and things just sound quite scary is all...

FireWyrm

That's a noble ideal...unfortunately, like new years resolutions, it rarely lasts long. This time next year, you'll be in twice as much trouble. Unfortunately, there are no quick fixes. You'll just have to work your way out. The only other option is perhaps a loan from family to help you, but I strongly advise against consolidation loans...it never ends well.

leopardxgirl

Thank you. Unfortunately I do keep reading terrible things about consolidation loans. It is a shame that none of these charity organisations offer to do this as I believe this is a much better way of helping people deal with smaller problem debts. As opposed to having to pull people out of the situation and end up with a load of potential CCJ's and terrible credit ratings for the next however many years. Though I guess at the end of the day it's my own fault for getting myself into this position. I have signed up with CCCS and I am thinking about doing a DMP with them. It looks so scary though. Any advice out there from anyone who has been down the DMP route? Cheers again.

Growurown

leopardxgirl wrote: »

Any advice out there from anyone who has been down the DMP route? Cheers again.

Go to this thread - DMP Mutual Support Thread - Part 8

2Spicy has just posted #1049 about setting up a DMP. It is very good advice and very useful.

patman99

If one did take you to Court, all you would need to do is prove your income and expenditure and the judge would set an affordable limit anyway. Remember this for when they start the nuisance phone calls.

Remember, these companies lend money out on behalf of banks and pension companies. They take a small percentage then the banks and pension companies get the rest. It is therefore in the loan companies best interest to accept a manageable payment than to get nothing because tithe customer declares bankruptcy.
After all, if the companies or idling the funds don't get a good return from one PDLC, they will pull funds and invest in another.

taffy056

gizmo111 wrote: »

Banks are idiots and it may take several atttempts before they take notice in the meantime the PDL's will take money from the account leaving people with no money.
Best to open a new account where you owe no money and transfer all income over to there - then tell the PDL's. It may be in the meantime that you have to bite the bullet and pay a rollover to keep costs to a minimum.
Also make sure you change phone numbers on your accounts online else they will start ringing you at work.

Yes that could be possible, but the right to cancel is there, you speak to the right person and it will be actioned, opening another bank account is very often to an extreme a measure though as the OP is already having problem or will be soon by the looks of things with a huge overdraft I can see the sense of it here in this situation.

gizmo111

taffy056 wrote: »

Yes that could be possible, but the right to cancel is there, you speak to the right person and it will be actioned, opening another bank account is very often to an extreme a measure though as the OP is already having problem or will be soon by the looks of things with a huge overdraft I can see the sense of it here in this situation.

But it is getting to speak to the right person in time that is the problem - PDL also trade under different names so cancelling one could easy confuse the bank if it popped up as another. Safest way is to change banks.

FireWyrm

leopardxgirl wrote: »

.. It is a shame that none of these charity organisations offer to do this as I believe this is a much better way of helping people deal with smaller problem debts. As opposed to having to pull people out of the situation and end up with a load of potential CCJ's and terrible credit ratings for the next however many years. .....

I'm tempted to observe that CCCS is a charity, not a bank....:cool:

Essentially, they volunteer to help those who cannot cope with writing letters. They do absolutely nothing you couldnt do yourself but the difference between them and DMP companies is that they dont charge you for this help.

[Deleted User]

You have had dome great advice on here alread, I would speak to Step Change or similar (as long a they are fee free) and change your bank account. As someone has already said, if you can arrange a repayment plan with them, ensure you get their bank details to set up a standing order, do not give them bank details as they may decide to take more.

dancingfairy

This is a really old thread that has been resurected by a spammer.
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