Payday Loan misery

laura243

Hi everyone,

I took a payday loan with both wonga (£900 to be paid back) and payday uk (£230 to be paid back) both of these are due on my next payday, paying them both would leave me with NOTHING in the bank, I know I have been an absolute idiot, i dont need anyone to tell me that. These companies are purely greedy and outrageous with their fees but i still took them on in desperation.My question really is shall I move my money out my bank account and let them bounce and set up a payment plan?I really dont know how these companies work with things like this.I'm worried even more interest will be added and it will become even more unbearable .

Thanks in advance.

jason1231972

Move your money, but don't let payments just bounce (since this could cause trouble/charges with the bank, too) - you should specifically cancel and replace your debit card (since debit card transactions are common ways of repaying these things) and/or cancel any direct debits, or any other authority you've given them to collect payments from your bank.

Payment plans may be possible, but getting them agree to them may not be easy. Plus, there is a possibility of additional charges/interest. Some of these things allow you to defer repayment, but for a cost.

If in doubt, or you find yourself in a further hole with them, consider seeing a debt adviser from CAB or the likes.

[Deleted User]

Regain control, get new bank account now (really needs to be unconnected bank or building society) and only deal with these companies in writing, with hard written evidence you've tried to be in contact it won't look good on the comanies if they do add crazy charges but get your money safe

I found Payday UK ok but they were difficult at first as would have liked their money back all in one go naturally -
me signature amount for MEM was once £390 odd owed so I did get a repayment plan and there is hope for you to

Your in for what could be a bumpy ride, (don't beat yourself up) stick with it and you'll be on your way out of this like I am

laura243

Thank you both for your kind words/advice I can't afford to defer payment, well i can on paydayuk but not wonga.Do you know if I head to the bank on Monday how long does everything take to set up?I get paid on Wednesday but i can shift it to a savings account (theres nothing in it!!) the only thing i worry about is i have other direct debits to come out that account; bills, loan payment etc. I also have a £1200 overdraft on this account which i pay back each month then go straight back into, if i open a new account and get paid into that one etc what happens with my overdraft?Will they convert it into a loan?I am so silly to get myself into this

laura243

I don't really think that is a fair assumption (re: getting another loan) to make but thanks for your advice, how do i go about getting a financial management plan?

BugsyBrowne

laura243 wrote: »

I don't really think that is a fair assumption (re: getting another loan) to make but thanks for your advice, how do i go about getting a financial management plan?

What about getting in contact with pay plan.

[Deleted User]

Hi Laura, you can also try Citizens Advice as Jason says x
it is called a debt management plan

[Deleted User]

laura243 wrote: »

Thank you both for your kind words/advice I can't afford to defer payment, well i can on paydayuk but not wonga.Do you know if I head to the bank on Monday how long does everything take to set up?I get paid on Wednesday but i can shift it to a savings account (theres nothing in it!!) the only thing i worry about is i have other direct debits to come out that account; bills, loan payment etc. I also have a £1200 overdraft on this account which i pay back each month then go straight back into, if i open a new account and get paid into that one etc what happens with my overdraft?Will they convert it into a loan?I am so silly to get myself into this

Plenty of people been here girl! just please don't 'roll over' any more on the loans it will be wasted money as this won't come of the balance

Can you tell the bank your having difficulties with the overdraft, seeking professional help now - it will be easier and much better for you in the long run

LLouiseR

You can also go the National Debtline they are run by the Money advice trust - a charity specialising in debt advice and dont charge. you do need to speak to the bank and also seek independent advice - if you don't you'll end up with horrendous charges with the payday lenders and also charges with the bank.

laura243

I will look into debt management plans, thank you all again.I have another question (sorry!!) if anyone can help, i have a taken out a loan to buy a car which i need for work, if i enter a DMP will i have to give my car up?

BugsyBrowne

Deleted%20User wrote: »

Hi Laura, you can also try Citizens Advice as Jason says x
it is called a debt management plan

Sorry wouldn't know the proper name as don't normally get in situations like this to need a debt plan.