Pay day loan help - letters

gingeralan

gizmo111 wrote: »

No I don't.
My point is PDL's have their place and can be helpful but shouldn't be used as a way of funding an already overstreched budget.
Your point seems to be that everyone who uses them is an idiot and should plan better - obviously you never make a simple mistake or buy on impulse.

I am not getting personal. I do make mistakes and have paid for them. I have never used PDL but having busted my overdraft once I decided to keep a fund of around a week of wages instantly accessible but not in my main account.

The sheer volume of threads on this forum stating they have got themselves into a PDL trap confirms my own beliefs to me. If you have a different opinion great. I would rather shout from the roof tops to anyone that will listen that PDL's are not a good idea. My parents went through some pretty bad times with debt, and are still really no where near sorting it many years on. I hope other people don't end up in that situation. PDL's are the start of a long slippery slope. Which I hasten to add you are obviously not on as you have only used it once. Don't take my words asan attack, they are not merely an opinion.

gizmo111

gingeralan wrote: »

I am not getting personal. I do make mistakes and have paid for them. I have never used PDL but having busted my overdraft once I decided to keep a fund of around a week of wages instantly accessible but not in my main account.

The sheer volume of threads on this forum stating they have got themselves into a PDL trap confirms my own beliefs to me. If you have a different opinion great. I would rather shout from the roof tops to anyone that will listen that PDL's are not a good idea. My parents went through some pretty bad times with debt, and are still really no where near sorting it many years on. I hope other people don't end up in that situation. PDL's are the start of a long slippery slope. Which I hasten to add you are obviously not on as you have only used it once. Don't take my words asan attack, they are not merely an opinion.

I totally agree with you that they should be avoided if possible as most seem to use them to try and make ends meet and then end up paying horrendous amounts in interest and charges and borrowing from another provider to pay the first one, and then ending up owing many of them with little to no hope of paying them back. Was in a similar situation with cheques cashing places during divorce some 14 years ago.
All I'm saying is they can e useful but should only be used as a one off in an emergency when you know you can pay them back without having to borrow again - which is what I did and it was a useful service to me at the time whcih was over a year ago - at least once a week I am offered £800 instantly and can see how people fall into this terrible trap.

Sorry to hear about your parents - hope it gets sorted.

gingeralan

gizmo111 wrote: »

I totally agree with you that they should be avoided if possible as most seem to use them to try and make ends meet and then end up paying horrendous amounts in interest and charges and borrowing from another provider to pay the first one, and then ending up owing many of them with little to no hope of paying them back. Was in a similar situation with cheques cashing places during divorce some 14 years ago.
All I'm saying is they can e useful but should only be used as a one off in an emergency when you know you can pay them back without having to borrow again - which is what I did and it was a useful service to me at the time whcih was over a year ago - at least once a week I am offered £800 instantly and can see how people fall into this terrible trap.

Sorry to hear about your parents - hope it gets sorted.

As you acknowledge most people use them to make ends meet, without these individuals your useful service is not economically viable therefore the only way you can make use of it, on rare occasions, is because of people that cannot make ends meet and pay through the nose. If this facility was just used in the circumstances you suggest no one would provide these loans as there would be no profit worth considering.

Maverick_Gypsy

My mum's in a terrible mess and I wonder if anyone can help please. She has 2 payday loans which she tells me today she's had to extend and is panicking about the reminders coming round again at the end of this month and she can't pay them off. I feel guilty as she got one of these loans to help me through some difficult circumstances but I didn't know just what was going on til today. She's had an email from something called restructure payday and said she would complete the form and pay £80 a month back as it suggests. I've told her not to do anything til I've got some advice from experts on here. She does have fragile mental health but covers everything up so well you don't realise just what she's coping with. can anyone help plz? is it worth her going through this restructure payday company and paying a monthly fee (I know she'll pay a lot more but it will help her to breathe again).

gingeralan

Maverick_Gypsy wrote: »

My mum's in a terrible mess and I wonder if anyone can help please. She has 2 payday loans which she tells me today she's had to extend and is panicking about the reminders coming round again at the end of this month and she can't pay them off. I feel guilty as she got one of these loans to help me through some difficult circumstances but I didn't know just what was going on til today. She's had an email from something called restructure payday and said she would complete the form and pay £80 a month back as it suggests. I've told her not to do anything til I've got some advice from experts on here. She does have fragile mental health but covers everything up so well you don't realise just what she's coping with. can anyone help plz? is it worth her going through this restructure payday company and paying a monthly fee (I know she'll pay a lot more but it will help her to breathe again).

I would suggest trying one of the charities such as cccs, they will offer a similar service but without the monthly charge. Check out some of the debt free sections on this site for more info. Haven't used them myself, but it is always preferable to use one of the charities rather than the profit making companies.

chalkie99

Just a quick look at their site tells me you should definitely have nothing to do with them.

Looks like a scam to hook vulnerable people who are desperate to escape pay day loans but all that will happen is that these people will hound you for your card details and will then rip you off on the basis that you have already agreed to their terms and conditions.

STAY CLEAR.

gingeralan

Probably right chalkie. The site looks a little suspect to say the least.

Apples2

Maverick_Gypsy wrote: »

She's had an email from something called restructure payday and said she would complete the form and pay £80 a month back as it suggests. I've told her not to do anything til I've got some advice

Firstly, well done for posting on here before doing anything rash.

A google sugests it is http://www.restructurepayday.com/, an american based outfit of "no doubt" scammers.

Please try to understand how to determine if an email is from scammers, or genuine. Hard and fast rule:

If you have contacted a Company and requested information, it is likely to be genuine.

If you have received a random email without asking for it, delete it, or report it as spam, then delete it (as in this case with your Mother).

Notice the T&C's goes to the privacy policy, no T&C's to be found, you would be opening your bank account allowing them free access to do whatever they like.

Nobody is going to randomly contact you out of the blue and help you in any way shape or form, they are out to scam you.

If your mum is struggling, she should (as gingeralan mentions) go to a debt charity who isn't going to rip her off, the 2 companies in question are the CCCS and PAYPLAN

As an aside, is there nothing you can do to help her out of this mess?
The Charities listed above are great, but they cannot wipe the debt off, it will still be there, possibly accruing Interest so there is still work to do.

Maverick_Gypsy

Thank you so much to you for those suggestions. I'm on my mum's PC now and did the CCCS debt remedy breakdown quickly - said she's not even enough spare money to set up a plan with them so need to look into everything. Found out since that she got 2 Provident loans, one for bits of money and the other was for Christmas for everyone - and believe me she doesn't spend on herself! Total of £900 with crazy interest. Don't know whether to tell Provident that she can pay them a small amount each week (she's been paying silly amounts) or let it go to a debt collection agency. Got a headache because of it all. But thank you all very much x

gingeralan

Maverick_Gypsy wrote: »

Thank you so much to you for those suggestions. I'm on my mum's PC now and did the CCCS debt remedy breakdown quickly - said she's not even enough spare money to set up a plan with them so need to look into everything. Found out since that she got 2 Provident loans, one for bits of money and the other was for Christmas for everyone - and believe me she doesn't spend on herself! Total of £900 with crazy interest. Don't know whether to tell Provident that she can pay them a small amount each week (she's been paying silly amounts) or let it go to a debt collection agency. Got a headache because of it all. But thank you all very much x

I am sure you won't, but if cccs say that you can't setup a plan don't go with any company offering to sort it for a fee. Cccs will do exactly the same as anyone else, good luck hope you get sorted soon. All the best