PAYDAY LOAN - advice needed, please....

bella_1984

Hey, I have stupidly gotten myself into 3 payday loans. I have paid them off 3 times but have easily fallen into the trap of taking them out over and over again. This time, I have been selected for redundancy and have only been here 9months, so will not be entitled to redundancy pay. I have managed to pay off every single debt I have over the past 5years, and I am really frustrated with myself for being so silly with these loans. I owe:

Payday express - £920
Payday UK - £550
Wonga - £600

I have just made payments to them 3 weeks ago, and now the repayment date is looming again. I am in no position to repay these in full as I hoped as I’ll be losing my job. I have sent letters to each of them explaining my position and that I’m not shying away from the debt, but have proposed a 30% reduction, freeze on interest (so I have some hope of paying them off!) and repayments spanning over 6months.
I have sent them by recorded delivery and asked they only reply to me via email/letter.

I just wondered if anyone else has found themselves in the same position and had any luck sorting it out?

Thank you

jobdone1

i cannot for the life of me believe that the financial service authority have not shut this payday shark companies down so many people falling into the trap and the interest that they charge is absolutely shocking i remember the days of the provident loan it was no where near as bad as what is going on now. But anyway you have done the right thing chances are they will just take advantage of your situation and start loading interest as it looks like you will have no choice but to seek cccs or payplan support to try and suspend interest are you actively looking for another job is their no help you can get from friends or family to clear it straight away because the interest alone could double the amount you owe very quickly try not to pannick but get advice from cccs and go from their good luck

bella_1984

I know.. i'm more disgusted with myself for falling into the trap again after paying off. My Dad has cancer and self employed so i have been paying his house bills etc whilst he's in treatment and unable to work. I hated using this reason, but i did state this in the letter. I am not trying to shy away from it, but im just hoping they have some compassion to try and work this out..... here's hoping!

Dunroamin

bella_1984 wrote: »

I know.. i'm more disgusted with myself for falling into the trap again after paying off. My Dad has cancer and self employed so i have been paying his house bills etc whilst he's in treatment and unable to work. I hated using this reason, but i did state this in the letter. I am not trying to shy away from it, but im just hoping they have some compassion to try and work this out..... here's hoping!

Is your father claiming all the benefits he's eligible while he's unable to work? If unsure, ask one of the McMillan nurses for help in making a claim.

At least this way you'd get some money back from him to use towards paying off these loans.

jobdone1

i agree with donroamin urgently look into help with bills with benefits i'm sure their must be something their to help reduce the bills that would give you some support their is a page on moneysaving expert on one of the drop down bars very easy to use ask's you to put some very simple basic information into and gives you an idea if your father is entitled to claim benefits as for yourself's you will be eligible to job seekers allowance whilst looking for a new job i think its around £70 a week don't quote me on that hope this helps kind regards

bella_1984

To use for my debts? really?... is that possible? thank you so much, ill certainly look into it - although i would much prefer to sort out by myself, it wouldn't feel right taking their money to pay for my stupid mistakes.

bella_1984

Thank you, Jobdone1

Dunroamin

Your father should be eligible for ESA and DLA which will give him a couple of hundred a week and can be backdated for a short time. When he pays you back the money you've paid out for his bills it should help repay your loans.

jobdone1

i belive as long as you have no savings you are entitled to job seekers allowance when unemployed this will help you just because you have a debt does not stop you from claiming benifits what i would say is the bank account that the payday loans come out of do not put any benifit payments into that because they will try to take the money set a new bank account and do not give the details to the payday companies also be carefull if they try to take money from your bank account and you have no funds avaliable the likely hood is you will get bank charges so try to deal with the bank account as quickly as possible

bella_1984

Hey all, i just wanted to update you... i received an email (no horrid calls) from Payday Express, and they accept my repayment plan, frozen the interest and have written off £400 of my debt as a good will gesture. I am now going to repay them a manageable amount each month for 5 months..
Very pleasantly surprised :-)

bexiboo92

bella_1984 wrote: »

Hey all, i just wanted to update you... i received an email (no horrid calls) from Payday Express, and they accept my repayment plan, frozen the interest and have written off £400 of my debt as a good will gesture. I am now going to repay them a manageable amount each month for 5 months..
Very pleasantly surprised :-)

Very glad to hear that these companies can be reasonable and have a heart!

I'm in a similar pay day loan debt.