Payday hell

dreadwing

Hi Guys,

New member but certainly not new to the site, i have been reading soem stories over the past few months and some people are in a real mess, i hope this gets sorted for you. I am in a mess myself.
I shall start at the begining...
I have been with on a dmp with kensington finance for about 3 years with various credit cards and store cards, debt was totaling around £3000 which is down to around £1000 now.
Over last year i was silly and took out payday loans with various companys; wonga, pay day express etc had about 4 or 5 totaling around a £1000. I paid this back at the end of each month when i got paid but then would have to borrow again in order to survive. After hiding it for so long I told my mum who was not very happy with me and my gran paid off my pay day loans. Forver gratefull.
At the begining of this year i started a new job, i just missed the cut off point for payroll and would have to wait 6 weeks for payday. Going from weekly pay to monthly pay meant i had £200 to last me 6 weeks so i borrowed again. Silly i know, but i couldnt go to my mum and explain to her the situation, i hate borrowing from family!!
So i currently have a wonga debt at around £500 and payday express at £400.
I have recently found out im to be made redundant from my current role and have not been here long enough for any payout.
So i will get my last wage on friday and that has to last me untill i find a new job... who knows when that will be.
I cannot pyshically allow the companys to take the money i owe because this has to last me.
I have spoke to kensington who said they would take them on board and have contacted the companys, they also said they will make payments regardless of the outcome which is nice. No confirmation yet fro either company. I have spoken to wonga and they have my account on hold, but payday express are a nightmare, cannot get through on phone and they do not seem to respond to emails.
I have applied for a new bank account with barclays but not had confirmation yet and I cannot cancel my account with rbs yet as this is my only account, where my wages are going in.
So what i have done is made sure my last wage will be going into my rbs savings account.
I do want to pay the debt off but without some sort of plan i cannot.

I have 3 questions.

1. Can the payday loan companys take the money out of my savings account, they dont know the a/c number or sort code but i guess it is linked to my current account.
2. i have read some stories that they sometimes take payment from anybody who has paid the debt before, could they take this from my grans account... that would be awfull and im pretty sure she would disown me.
3. My plan of action is to use my smartphone at cashpoint to transfer money from my savings into my current and withdraw instantly. would this work?

friday is when they want there money back and that is gtting closer every minute. Im worried that they will take the money from my savings... surely not as they dont have the authority to do this.

Many Thanks

shopaholic2

Hi, I'm going to give you a few bits of advice,but someone more knowledgeable will be long soon I'm sure.
First..
Kensington.is this a fee charging company? You need to try to shift your dmp to CCDs or pay plan as they don't charge a fee,which means every penny you give them goes to paying off your debt.
Second. Although the pay day company possibly cannot access the money in your savings account, your bank can. Therefore if you've not enough money in your current account to pay a payment, the bank can take the money from your savings.
Third. Yes they can also take money off someone who has previously paid them. They don't care who it is, if they can access funds,they will.
Finally. I'm not sure that you will be able to withdraw your money at the point you get paid BEafORE the pd loan companies have got to it, but I wouldn't like to risk it!

billinghamfan

Hi

If you can pop into barclays with Id you should be able to get your sort code and account number.

Your card and pin shouldn't take more than a couple of days.

I was given my details when I opened the account on a slip of paper.

dreadwing

Thanks for the advice.

So maybe if i speak to my bank and tell them not to allow any payments to come out of savings... long shot.
I really hope they do not take the money from my gran that would be horrific.
Yes kensington is a fee charging company, but i have been with them for so long now and they are doing a good job so i dont really mind.
I have a feeling its all goign to end in tears.
But i have definetly learned my lesson and never again will i be going near a pay day company.

dreadwing

billinghamfan wrote: »

Hi

If you can pop into barclays with Id you should be able to get your sort code and account number.

Your card and pin shouldn't take more than a couple of days.

I was given my details when I opened the account on a slip of paper.

Well i tried calling them now but there system is down so cannot see if my account has been accepted, plus i work 9-5 so getting to a branch is nearby impossible.

shopaholic2

dreadwing wrote: »

Thanks for the advice.

So maybe if i speak to my bank and tell them not to allow any payments to come out of savings... long shot.
I really hope they do not take the money from my gran that would be horrific.
Yes kensington is a fee charging company, but i have been with them for so long now and they are doing a good job so i dont really mind.
I have a feeling its all goign to end in tears.
But i have definetly learned my lesson and never again will i be going near a pay day company.

Just to clarify....the pd loan people won't necessarily take the money from your savings, but they MAY take the money from your current account, leaving you o/d? Then your bank has the authority to put money from your savings towards that debt. It's why Martin always says don't have savings where you have debts!

dreadwing

Thank you for your reply.

They may well do that, but if there is no money in there they cant make me over drawn. I dont have an overdraft.

I'm still thinking that going to a cashpoint with my smartphone and transfering and withdraing within seconds may work.

again definetly learned my lesson and will be staying away from debt.

Tiggy_Wiggy

dreadwing wrote: »

Thank you for your reply.

They may well do that, but if there is no money in there they cant make me over drawn. I dont have an overdraft.

Unfortunately I don't think this is right, if a payment gets taken, it will take you into Unauthorised Overdraft. Of course I may be wrong.

Standingtall

Hi Dreadwing. You need to remember that there is a limit to how much you can withdraw in one transaction and also a daily limit. Could you just admit the problem to your employer and have them provide you with a cheque instead? Clearly of course, this depends on the company.

Also, you may end up with an unauthorised overdraft as the PD company tries to take the money, plus all the charges that go with these!

I do not have a solution I am afraid but hopefully someone else will. Sorry.

raven83

shopaholic2 wrote: »

Hi, I'm going to give you a few bits of advice,but someone more knowledgeable will be long soon I'm sure.
First..
Kensington.is this a fee charging company? You need to try to shift your dmp to CCDs or pay plan as they don't charge a fee,which means every penny you give them goes to paying off your debt.
Second. Although the pay day company possibly cannot access the money in your savings account, your bank can. Therefore if you've not enough money in your current account to pay a payment, the bank can take the money from your savings.
Third. Yes they can also take money off someone who has previously paid them. I didnt know they could do this, how is it possible for them to access someone elses bank account? They don't care who it is, if they can access funds,they will.
Finally. I'm not sure that you will be able to withdraw your money at the point you get paid BEafORE the pd loan companies have got to it, but I wouldn't like to risk it!

How are they able to access someones elses account?

shopaholic2

raven83 wrote: »

How are they able to access someones elses account?

I've read on here before now of someone's mum/ dad/ friend paying a one off payment with their card to a pd loan company....next time a payment was due and they couldn't get the money from that persons bank account they have used the card details of previous payer.