Pay Day Loans

hartleyamy

Hi,

New to this so not too sure if Ive posted in the right area, any help would be much appreticated.

I have a few payday loans, which over the past few months have built up and are now eating up my wages every month. At first I have just burried my head with them, but now they are now starting to worry me and I want to get rid of them.

I have looked into cccs, but found the guy dealing with myself, rude, unhelpful and did not explain anything to me. After a lenthly conversation, I got the information, but am not sure I want to go down this route, as although I have other debts (a bank loan), i am not behind on this and do not want this to be effected.

What would be people's best approach to this be, or best advice of how to solve this problem? Would cccs be the best route?

Thanks for your help
Amy

Tixy

Hi

Presumably CCCS are suggesting a DMP to you?

It certainly can be a good option for people who cannot meet their debt repayments.

Whilst you are not currently behind on your loan you would need to include it if you did a managed DMP - what is the reason you wouldn't want this to be included (bearing in mind that entering into a DMP means you cannot borrow any more money until all the debts are repaid and defaulting on the payda y loans will mess up your credit file for 6 years and 1 more default won't make much difference.

Some people try setting up payment plans with payday loan companies themselves - which could be another option - it works for some people but isn't the easiest option. You'd still need to secure your income in a new bank account and ensure you take on no more loans and ensure you always pay according to the agreements and be careful over how you pay them (to ensure they don't end up with your new bank account details).

Try talking to CCCS again and speaking to a different advisor to see if you find them easier to deal with.

DCFC79

Look at why you got the pay day loans so you dont end up borrowing from them again in the future.

opinions4u

Would cccs be the best route

You don't actually say what their route is.

But it's almost certain that your mistake in taking multiple pay day loans will stuff your credit file until the end of the decade.

I'd take any free help CCCS can give you.

dealer_wins

badcreditloanscanada wrote: »

Try to get a secured personal loan as soon as possible, for the term that you can better afford to pay off your exsisting payday loans to avoid further swelling of your debt.

Terrible advise.

NEVER convert unsecured debt (especially that you are struggling with) into secured debt where you could lose your home.

cos_2

dealer_wins wrote: »

Terrible advise.

NEVER convert unsecured debt (especially that you are struggling with) into secured debt where you could lose your home.

This IS good advice, unless you really, really, really know what you're doing.

barbarawright

dealer_wins wrote: »

Terrible advise.

NEVER convert unsecured debt (especially that you are struggling with) into secured debt where you could lose your home.

Not just terrible advice but rather clumsy spam if you check out the poster's user name.

DaleRodgers

cos wrote: »

This IS good advice, unless you really, really, really know what you're doing.

I second this.

However, it may be worthwhile looking for a loan of a larger amount to consolidate your smaller ones if you DEFINATELY believe you can afford the reduced monthly repayments. But as said above you must know absolutely exactly what your doing and during these difficult times its absolutely vital you count every penny!