Paydayloan nightmare!!!

DVardysShadow

tenbob84 wrote: »

payday loans are a good thing if used properly

But the number of ways of using them properly is vanishingly small ....

pippitypop

Pay day loans are evil, they are one of the reasons I was denied credit from Virgin Money. Avoid!!

debthelp1983

[/QUOTE] I myself am now all but £54 clear of nearly £4k's worth of payday loan hell through polite, personal and reasonable management/repayments. It can be done

Best of luck.[/QUOTE]

Your response has been the best one so far - and so informed and detailed. Thank you ever so for taking teh time - I will keep you posted with what happens...
the fact that u managed to do it - gives me MUCH hope! Thankyou xx

debthelp1983

To all and everyone who has taken the time to reply - Im SO grateful and will be posting on here to give details of the outcome...
THANKU THANKU THANKU!!

OneLife_OneShot

Good luck!!

sazc_2

I got into the payday loans spiral and no sooner had i repaid the 4 i had i was borrowing them straight back. I spoke to them but none seemed to want to offer any help on repaying them so I entered into a DMP in September 2011 and my June payment will clear the remaining balance in the 4 I had totalling around £2,000. Theres been no charges, interest added and if i'm honest theres been no contact by phones and I've only received 1 default notice. I hope you get it all sorted!

FireWyrm

daveg72 wrote: »

It's about time payday loans and the likes were banned.

Geez, there's always one isnt there.

Dave, the elephant in the room here is that people choose to use a PDL, they are not forced. Right or wrong, these people are adults and know exactly the situation before they enter it. Some, like the OP are enticed (although that assessment is often debatable when circumstances are actually assessed) but most people who take out PDLs use them for frivilous reasons. I believe Which did a survey and found that something like close to 3 quarters of loans were for things like holidays, cars, shoes, nights out etc.

PDLs are not criminal organisations in the normal sense of the word and although their recovery tactics can be alarming to the uninitiated, it is all clearly outlined in their Ts&Cs which the debtor would have agreed to in advance. They are short term lenders and they expect (shockingly) that if a debtor borrows the money, they repay it, promptly and in full. The truth is, they wouldnt exist as a business model if people stopped using them, but that's not going to happen and it has nothing to do with desperation and everything to do with wanting something immediately that you simply cannot afford in most cases.

FireWyrm

DVardysShadow wrote: »

But the number of ways of using them properly is vanishingly small ....

Then dont use them...go without whatever one was thinking to buy. Its what human kind has done since the dawn of money (an many billions continue to do today). My 7 year old could spot the flaw in the PDL structure - namely, if you havn't got the money this month, what makes you think you'll have the priciple AND the interest next?

PDLs would cease to exist tomorrow if the public simply stopped using them. No legislation necessary.

Smokealot

God dont even get me started on payday loans. I dont blame them I blame me for the amount I owe, thank god I had my LBM in April and decided to sort this out.

Im determined not to default or use a DMP, what i did was setup a hugely valuable spreadsheet to view my finances for the next 12 months (spreadsheets are my thing), one tab has all the incomings and outgoings etc so i can play with figures, and the other has calculators for all the pay day loan companies i owe money to.

This way I can see what impact paying off a bit more or rolling over will be.

it has helped me stay calm and now ive looked at different ways i can be clear in September and have all my wages to myself in October.

Dont jsut give in and head for a DMP, it might be possible to turn it round without one.

anyone wants a copy there welcome

best of luck, stay strong OP.

IDoDoodles

Smokealot wrote: »

Im determined not to default or use a DMP, what i did was setup a hugely valuable spreadsheet to view my finances for the next 12 months (spreadsheets are my thing), one tab has all the incomings and outgoings etc so i can play with figures, and the other has calculators for all the pay day loan companies i owe money to.

This way I can see what impact paying off a bit more or rolling over will be.

it has helped me stay calm and now ive looked at different ways i can be clear in September and have all my wages to myself in October...

This! I too use the spreadsheet method. It makes everything crystal clear, and I think it's a great habit to get into. You really feel much more in control of things :cool: