Payday Loan misery

lantanna

Why when people post on the forums seeking help, guidance and the knowledge of others do some feel the need to make snide remarks. It helps no one. For those that are perfect and dont make mistakes congratulations u are truly unique

Wirralm8

Hi there. If you have made arrangements with the loan companies to pay them back via your debit card rather than a direct debit you can contact them direct or your bank to get this cancelled. Once this request has been received it must be actioned.
If you go onto the CAB website Adviceguide and look down the left hand side of the homepage under 'News' you will see a heading 'Cancelling regular payments on your credit/debit card'. This will give you more info. You wont then need to move your money to another account.
Obviously if you decide to do this you must try and sort out another payment method. If you get in touch with your local CAB office they will be able to help and advise you and make an appt for you to see one of their debt specialists.
Hope this helps.

laura243

Oh how i look up to you Bugsy, you must lead such a perfect life to be able to think yourself better than others.NOT!!!! I would rather be in the situation i am than think it's ok to attempt to kick somebody when they are down. Get off your high horse and take your big ego away from somewhere I am seeking advice, I don't care for anything you have to say.

Thanks Lantanna :T :T :T

BugsyBrowne

laura243 wrote: »

Oh how i look up to you Bugsy, you must lead such a perfect life to be able to think yourself better than others.NOT!!!! I would rather be in the situation i am than think it's ok to attempt to kick somebody when they are down. Get off your high horse and take your big ego away from somewhere I am seeking advice, I don't care for anything you have to say.

Thanks Lantanna :T :T :T

Thank you I am glad I have been of good assistance.

BugsyBrowne

lantanna wrote: »

Why when people post on the forums seeking help, guidance and the knowledge of others do some feel the need to make snide remarks. It helps no one. For those that are perfect and dont make mistakes congratulations u are truly unique

Thankyou Lantanna its not about being unique it's about learning what you can afford.

LLouiseR

it depends what type of car loan it is. If its Hire Purchase or conditional sale the car does not belong to you and so if you do not make payments they can take the car back (there are rules to this!). If the loan is secured against the vehicle, again the car can be repossessed.
You need to get full advice from a specialist adviser to go through all the pro's and con's of all the options open to you and to give specific advice in your circumstances.All good advisers will check if you need the car for work (there are no other reasonable alternatives) and if you do they take this into account in any advice that they give. If they don't ....go elsewhere

wiseshark

Hi Laura, Open a basic bank account IMMEDIATELY with a visa debit or visa electron card, not an ATM cashcard. Make sure it is not associated with your current bank.

Go to your bank as soon as it opens on Wednesday when your salary is paid in and withdraw all your funds over the counter.

Contact National Debtline or CAB IMMEDIATELY.

When your basic bank account is up and running, set up necessary direct debits and pay priority bills like morgage/ rent, utilities and car loan which is necessary for work. In the meantime all other creditors can WHISTLE.

Open an account with your local Credit Union ASAP.

Although you won't get credit for six plus years with the imminent defaults, who cares.

You will eventually get back on your feet and be so much wiser.
Keep us informed sweetheart, we are here to help and are fully behind you.

tell_it_how_it_is

One other potential option would be to ALLOW these two companies to take their money after the payday (to clear them off and stop the worry of any further spiralling costs), and then consider getting a smaller payday loan (say £600-£800?) to cover your bills and minimal living costs for the next month. It may even involve doing the same on a smaller scale the month after.

It'd require some major self discipline, and mean curtailing any treats entertainment or food wise for a month or two, but would save you oodles of hassle with those companies and see you out of your sticky mess sooner rather than later.

Mara69

laura243 wrote: »

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.

I think it's a bit rich calling these companies greedy and outrageous! Are you not greedy and outrageous for borrowing money, knowing full well how much you'd have to repay and when - with every intention of defaulting on the loans? You weren't complaining about their fees when they lent you the money, were you? Wonga, especially, make it very clear how much you will have to repay and the interest charged at the time you apply for the loan.

Default on the loans, change bank accounts and thankfully no one else will lend you money.

BugsyBrowne

People who get loans knowing full well they are not going to pay it back are just as bad as the tw*ts who claim for whiplash, either way are the companies prosecute the good people with higher premiums.

Yes there are desperate times where people rely on pay day loans etc but affordability is a different matter there is always different options like CAB and the main thing is budgeting.