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Payday loans.. sick of reading....

Jessicamc
Jessicamc Posts: 12 Forumite
I have been looking on this site for a few months now.. just sitting reading and never writing..

I have decided now to have my say..

Im sure alot wont like this but here goes..

I have read so many post on here about people who take out payday loans and lose their job or become sick and cant pay back and then moan about the charges..

Let me just say..

In January this year I owed.. PAY DAY UK 475.00.. Cheque Centre 918.00.. Text a loan..234 and PAYDAY Express 200.00..

I was in up to my eye balls.. My salary take home was 1159.00

I didnt have a clue what to do..

SO I DECIDED to stop feeling sorry for myself.. to start selling on ebay and STOP SPENDING.. I payed all my bills and paid as much as I could back every month.. starting with the most expensive APRs and rolling over the rest to prevent them all taking out my wages at once..

Its been the hardest 7 months ever!!!!!!!!! I have lived on 25 pound a week for my work and food after travel was covered. I gave up everything havent bought anything new and sold alot of my stuff but now I get paid this month and after bills all the money is mine..

I have worked so hard in clearing it and it actually annoys me that people think they can lie there way out of paying it.. You do not take a loan out and a week later find yourself unemployeed even if you did you would still be due a final salary from employer and would / should be able to pay.

The reason these companies justify charging so much is because so many people dont pay them back!!!..

If you take a loan and read terms and conditions you would know what the chargers are but you clearly dont care what they are and didnt look.

I have never had a charge from these companies and I also think its a joke that you would just cancel a card and move your money..

If you borrow.. PAY BACK!!!!!

You wouldnt just cancel your rent direct debit or your car payment and expect that to be ok..

Sorry for the rant it just does really wind me up..

I went through hell to pay mine back and now I can sleep at night knowing I am debt free 100 percent and will never go back there.. It amazes me really how people would ever just ignore it and hope it goes away...
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Comments

  • Well said that lady!

    Congratulations on clearing the debts off.
  • nickyhutch
    nickyhutch Posts: 7,596 Forumite
    Good for you.
    ******** Never be a spectator of unfairness or stupidity *******
    "Always be calm and polite, and have the materials to make a bomb"
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Jessicamc wrote: »
    I have been looking on this site for a few months now.. just sitting reading and never writing..

    I have decided now to have my say..

    Im sure alot wont like this but here goes..

    I have read so many post on here about people who take out payday loans and lose their job or become sick and cant pay back and then moan about the charges..

    Let me just say..

    In January this year I owed.. PAY DAY UK 475.00.. Cheque Centre 918.00.. Text a loan..234 and PAYDAY Express 200.00..

    I was in up to my eye balls.. My salary take home was 1159.00

    I didnt have a clue what to do..

    SO I DECIDED to stop feeling sorry for myself.. to start selling on ebay and STOP SPENDING.. I payed all my bills and paid as much as I could back every month.. starting with the most expensive APRs and rolling over the rest to prevent them all taking out my wages at once..

    Its been the hardest 7 months ever!!!!!!!!! I have lived on 25 pound a week for my work and food after travel was covered. I gave up everything havent bought anything new and sold alot of my stuff but now I get paid this month and after bills all the money is mine..

    I have worked so hard in clearing it and it actually annoys me that people think they can lie there way out of paying it.. You do not take a loan out and a week later find yourself unemployeed even if you did you would still be due a final salary from employer and would / should be able to pay.

    The reason these companies justify charging so much is because so many people dont pay them back!!!..

    If you take a loan and read terms and conditions you would know what the chargers are but you clearly dont care what they are and didnt look.

    I have never had a charge from these companies and I also think its a joke that you would just cancel a card and move your money..

    If you borrow.. PAY BACK!!!!!

    You wouldnt just cancel your rent direct debit or your car payment and expect that to be ok..

    Sorry for the rant it just does really wind me up..

    I went through hell to pay mine back and now I can sleep at night knowing I am debt free 100 percent and will never go back there.. It amazes me really how people would ever just ignore it and hope it goes away...

    I have yet to see someone who hasn't tried to get out of the PDL spiral without talking to them or trying to arrange a payment plan.

    I have a cousin = up to his eyes in debt trying at the last minute to make things right. He arranged a DMP with CCCS, I stupidly helped to make token payments and used my debit card to one of these - my account has been stripped with no authorisation to do this.

    People in debt work very hard to get out of it.

    OP = which of these PDL's do you work for??
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • Jessicamc
    Jessicamc Posts: 12 Forumite
    Im sorry to hear that they have used your card to take money.. surely that is a legal matter than you must take up with your bank and a solicitor.. Did you say at the time that it was a 3rd parties card.. as anytime i have paid anything over phone with anyones card they have always asked to speak to the person...

    Do you think if i worked for the companies i would have got myself in such a mess. im stating an opinion and i did say at the start im sure a few people wouldnt be happy with it..

    But really go through the forum and see just how many use the same story.

    I dont believe these companies should raid bank accounts to get money at all but maybe there theory is if you have money in your account and you arent paying then you are defrauding them...

    I lived as i said off of 25 pound a week for 7 months...I gave up the gym that I went to 4 times a week... I sold my mobile and bought a cheap basic one.. I got rid of my sky tv package..

    I did everything possible and I feel great that I know now when my wages go in my bank they are mine and i dont have to allow a company to take them and then re apply for them..

    I cant believe I got myself in that mess but I am also posting this to prove to anyone like me hidding in the shadows that you can work through it with will power and cut backs and that you dont have to cancel cards and move banks and have to arrange payment plans..

    Hard work and budgeting.... extreme budgeting does work....
  • Apples2
    Apples2 Posts: 6,442 Forumite
    gizmo111 wrote: »
    I stupidly
    Correct, it was a stupid thing to do. By associating your card with his account, they could jump right in, you would know just how common this is if you were capable of properly advising/helping someone.
    gizmo111 wrote: »
    People in debt work very hard to get out of it.
    Bold statement that one where everyday on here we see people blaming the lenders, all loans are mis-sold, it's everyone elses fault I "lost my job the day before it needed paying" etc etc.

    Seems you are carrying a large chip too.
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Jessicamc wrote: »
    Im sorry to hear that they have used your card to take money.. surely that is a legal matter than you must take up with your bank and a solicitor.. Did you say at the time that it was a 3rd parties card.. as anytime i have paid anything over phone with anyones card they have always asked to speak to the person...

    Do you think if i worked for the companies i would have got myself in such a mess. im stating an opinion and i did say at the start im sure a few people wouldnt be happy with it..

    But really go through the forum and see just how many use the same story.

    I dont believe these companies should raid bank accounts to get money at all but maybe there theory is if you have money in your account and you arent paying then you are defrauding them...

    I lived as i said off of 25 pound a week for 7 months...I gave up the gym that I went to 4 times a week... I sold my mobile and bought a cheap basic one.. I got rid of my sky tv package..

    I did everything possible and I feel great that I know now when my wages go in my bank they are mine and i dont have to allow a company to take them and then re apply for them..

    I cant believe I got myself in that mess but I am also posting this to prove to anyone like me hidding in the shadows that you can work through it with will power and cut backs and that you dont have to cancel cards and move banks and have to arrange payment plans..

    Hard work and budgeting.... extreme budgeting does work....

    This is a money saving site with an emphasis on geting out of debt also - exteme budgeting is our mantra.

    People in debt who make arrangements to pay are not defrauding anyone because thier bank account is empty.

    I don't need a solicitor to explain myself to these people at PDL's the point is I never offered or agreed a CPA to them and my money has been refunded and the OFT and FSA have received a complaint in writing - (not e-mail or telephone) from myself
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • chanz4
    chanz4 Posts: 11,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Ooo op cant say this, people don't have to pay back
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Jessicamc
    Jessicamc Posts: 12 Forumite
    Can i also add..

    The Interest I paid was out of this world...

    On my loans alone..

    Payday uk.. I had to pay 95 a month intrest before a penny came of my loan..

    Cheque centre I had to pay 168 before anything came off the original amount of 750.00

    Text a loan 34 pound before anything came off the 200.00

    and Payday express 40.00 before anything came of the 160.00..

    I was paying 337 a month on APR's before I could even get the loans down.. So yes after 2 years using Payday loans and probs paying about 5k in interest i feel great and feel If this helps one person see light at the end of the tunnel then good :)
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Apples2 wrote: »
    Correct, it was a stupid thing to do. By associating your card with his account, they could jump right in, you would know just how common this is if you were capable of properly advising/helping someone.

    I was just helping a family member to sort himself out with the help of the CCCS - where did I qualify myself as anything else??

    Bold statement that one where everyday on here we see people blaming the lenders, all loans are mis-sold, it's everyone elses fault I "lost my job the day before it needed paying" etc etc.

    Seems you are carrying a large chip too.

    Clarify please - where I have I made any bold statements?????????
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • OneLife_OneShot
    OneLife_OneShot Posts: 775 Forumite
    Tenth Anniversary 500 Posts Combo Breaker
    edited 27 June 2012 pm30 9:44PM
    I was a full time delivery driver for Dominos which came under self employment ( I got paid each shift) I paid my own taxes and NI contributions, so when I couldn't pay back it was legitimate, but sure you probably think I am lying my way out of it. I had many PDL's before that and I paid them all before they were due.

    I paid it all off though and won't be going near a PDL again unless it was a job where like you said you would be due a pay-off if made redundant. Not everyone who gets in trouble with PDL's are lying and don't plan on paying it back.

    I do agree thought that people blame the PDL's and don't read the terms and conditions when their bank balances get wiped out by these companies.
    "All truths are easy to understand once they are discovered, the point is to discover them."


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