Payday loan stupidity - misery

camuk81

Try having a read of the following two links

https://forums.moneysavingexpert.com/discussion/2960646

https://forums.moneysavingexpert.com/discussion/2735257

powerwin

Yes, debt charity CCCS.co.uk may be able to help.

Not sure about this, but you may also be able to get your gambling addiction medically recognised, and that can help you fight your corner on your debts. MSE has a guide called debt and mental health I think.

Don't ever place a bet again, for the rest of your life.

Rgds

BigDebtBoy

Thanks for all the replies so far

I was just wondering if there is anything I can do about them trying to take the £170 payment on friday there is not 1 penny in my bank account so the bank will doubt try and charge me for a failed dd payment taking me overdrawn, is it to late to stop this ?
have got another bank account to get paid into.

Feel proper sick

BigDebtBoy

also is there any kind of template to send them via email to let them no I wont be able to pay the requested amounts ?

thanks

glasgowsaver2011

You need to contact them!

Email them

Offer them a payment plan

Tell them your on benefits!!!

cottonhead

Make sure you have your money paid to a different account an remember they can take money straight off your debit card so make sure thats totally seperate. Ie use a card and account that they have never been given details of to do your normal banking.
I would just telephone them and explain on the day the money is due. Also make a token payment to show you are serious about paying them back.. I did so and they were actually much better abut it than I thought. They agreed to let me pay it back in monthly installments over the course of a year.

BigDebtBoy

I dont know what to offer them no way can I pay it off in a year, probably £10 a fortnight at most maybe even £10 a month

eyeopener2

There are token payment letters on National Debtline (make sure you look at NATIONAL DEBTLINE and not just debtline). These are very, very good.

Do yourself a big favour and offer them £1 each until you are sorted. Give yourself some breathing space so you an address 'stuff' and do not make any promises of payment you cannot keep.

They will say NO, but send them the money anyway and then look at what you an afford, not what they demand. If that is £10 a month, then they get £10 a month. Do not ring them, do not speak to them, write to them or email them.

The threats will come, but they are pretty empty in your case. You are bankrupt, you have no assets so they an take nothing. the worst they can do is take you to court and as your on benefits a judge will probably award, if they won the case, a token payment anyway.

Be proactive, do not be bullied. Most of all do not trust a word they say and make sure you open another bank account.

E2

BigDebtBoy

Does this look ok for a email to them informing my situation,? anything to add or leave out ?

Dear sir/madam

Re - customer id **********

Unfortunately My circumstances have changed and I now find myself unemployed and unable to repay the amounts owed on the dates set, I ask that you kindly hold any action and freeze any interest or any other charges on my account
The only way to contact me at present is via email as I am no longer at the registered address and staying at a friends until I am back on my feet, my mobile phone will also be cut off shortly as I am unable to meet the monthly contract payments

At this point in time I would like to negotiate a affordable monthly payment plan and until such a plan can be agreed will be happy to make a token payment of £1 per months soul would kindly ask for your bank account details to pay the money into your account

I look forward to hearing from you

best regards

live_within_ma_means

BigDebtBoy wrote: »

Hi guys

I have made a major screw up, a few weeks back I got a £100 loan out with quickquid (had a couple of other ones over the last 6 months for like £50, and paid them back) however I was a bit worried about being able to pay this back, went onto the site and saw they were offering to top up my loan, now this is my problem, I am a gambling addict (trying to recover but it doesn't help that they are rammed down your throat 24/7) saw this as an oppertunity to win the money to pay for it, ended up getting another £400 and losing the lot (yes i know I am so stupid) so know I owe £170 this coming friday and £750 in 4 weeks
I have no hope of paying any of this back, I am unemployed, think i said I was employed on the forms, can't remember tbh I just wanted some money, got paid today my benefits which didnt even cover fridays payments let alone leave me anything to live off so I decided to try and win enough to do this (I know I know, but my brain doesn't compute till its too late) naturally I have lost all that now so no money for next 2 weeks or to pay even the first set of interest off (how they can get away with even charging £400 interest on a £550 loan I don't know never mind what they will try when I dont pay them)

The worse thing is I went bankrupt just 4 years ago after losing my business, falling into severe depression and gambling so been here before you would hope I would have learned by now wouldn't you , but no not even close
I am living with my parents and its imperative to keep this from them as they have enough to deal with and I will 100% be thrown out this time if I dont chuck myself under a bus

what are my options, I cant even afford to pay them on friday and they will just add up and up and up, what can I do ??

thanks for listening

Thanks for your post i have been reading the mse boards and not writing anything I i'm in a similar position with pay day loans...
I had a problem with alcohol and haven't drank for around 3.5 yrs But I'm substituting the void with shopping...i shop on my feelings...I am rich for one week and in poverty for 3 weeks...I'm sick of this monthly roller coaster ...
I confided in my boss and my best friend this week...

I'm frightened I will get a DAS and I still won't change my behaviour when shopping...its like a distraction and if i'm needing a boost i will go shopping...Its stopping me from getting on in life as i never have any money...
I earn a decent wage and could probably have a decent life but i waste so much money every month on impulse buys i don't need I also waste food too I feel so ashamed but I thank you for your post ans wish you well.