the curse of pay day loans

sur1972

We have fallen into the trap of payday loans, i was in a well paid job and borrowed a thousand with a thirteen hundre payback, (i should say my credit rating is poor) now having lost my job we cannot repay the loan. HELP:mad::mad:

[Deleted User]

Contact the payday loan companies then and tell them, you have the opportunity to explain your circumstances now today and offer what you can afford to pay as your in the one of the vulnnerable groups right now being out of work and we fortunately live in a world that has rights and works on innocent until proven otherwise
...a problem talked about is a problem dealt with

Citizens advice/CCCS/Payplan is also an option and free to use if you cannot dealt or cope with it on your own

All the best

sur1972

Will this effect my credit even further

[Deleted User]

It can, depends on who your lender is and what stage the debt is at.
But the peace of mind is you'll now be positively dealing with this whatever the credit report says and one day your credit rating will improve as all things can

Do you really want more credit you may not be able to afford? it might fix things today but how about in a years time if your circumstances don't change?

I'm not a professional and it is just how I see it, others may be much more knowlegable

jon1965

I have to say, yes it may well have an effect on your credit but short of selling your body what other option is there.
PDL's have historically been very difficult to deal with, some more so than others however things have been getting better recently (possibly to do with the OFT investigation) Would you be willing to say which company?
But I would tell them straight away, when is your payment due?
The danger is that they will clear out your bankaccount so possibly report your card as stolen. If you need specific advice repost and we will see what we can do

sur1972

Wonga
wonga

Bravehearted_2

You said your credit is poor so what difference does it make if it gets worse.

And you said you were in a well paid job so why the pdl?

As above - call them.

jon1965

Ok
Well could be worse but could be a whole lot better.
First off, I am assuming that this is not your first wonga loan?

Report your debit card stolen (not lost but stolen)
Write to both your bank and to wonga removing any authority from them to debit your account (look at your bank statement to see what name they use to debit your account)
Check your wonga contract for what penalty charges they say they may charge (when I defaulted they added over 250 for a 100 loan )
Then write to them, explaining your situation and making an offer you can afford, if you are on benefit say £1 per month until you get back on your feet and ask for their bank details to set up a standing order.
They may very well refuse but keep with it,
Golden rules
All communication in writing or email. Get a proof of posting
Keep copies
Never give them your card etails again
whatever charges they stick on keep track of what you have paid and when you get to a figure that is reasonable e.g loan+1month interest+default charge then stop paying.
If afer 3 or 4 months you can rustle up say 50% make them a full and final offer , if not keep plugging away at £1.

If I can help just shout

jon1965

Bravehearted wrote: »

You said your credit is poor so what difference does it make if it gets worse.

And you said you were in a well paid job so why the pdl?

As above - call them.

Sorry but No NO NO do not call them . I do not call them wanka for nothing. Writing or email only.
It doesn't matter why the PDL was used, it happened so lets deal with it

If they will not agree a payment plan, make a formal complaint
they have 8 weeks to reply with a final answer
If it's still not reasonable go to the FOS

OneLife_OneShot

This happened to me not long ago, I owed Wonga £551, I rang up on the day my money was due and explained I had lost my job and was in the process of singing on, I explained I could pay them £50 per month until September when I was returning to university. The girl on the phone was lovely and said she was going to put a note on my file I had lost my job. After I hung up they e-mailed me a repayment plan and it is also viewable on my Wonga account online.

If you ring up and say you want to do a repayment plan and be specific about that then it will be fine. I know your is more than mine but I did it once before as well and they always seemed dead on about it. Just do not miss a repayment date was they freeze the interest on your balance and it won't go up if you pay on time by them, I have heard of people doing 12 month repayment plans also.

Good luck.

jon1965

Hi
Can I just sound a note of warning. 99.9% of the information I have read about wonga goes totally against what the last poster said, I have only read 3 good comments like this , 2 were from one time posters on the same thread on my favourite website (not) Cag and then this one.
Every other one has siad different things such as , raided bank accounts, wouldn't set up a repayment plan until they had defaulted , added charges etc. Also I have not heard of anyone who has had to set up a repayment plan and then got another PDL with the same company.
I would urge extreme caution before accepting the word of the previous poster.
My personal dealings with them have been a nightmare.