Payday Loan Hell

lancashirekaz

Hi

Not sure what Im doing as first time on. Please be gentle.:) Just got my wage slip and realised that the whole lot is gone on 5 payday loans so will need to reloan again to pay my rent and bills. Already doing a DMP for card/loan debts. really struggling now. Not quite sure what to do now. Any advice appreciated............

Tixy

Hi

Who is your DMP with?

Were you aware that you should not be borrowing at all once on a DMP?

I would suggest you will have to default on the payday loans and redo your DMP to include all your new debts as well as the existing ones, and hope that your existing DMP creditors accept the reduced payments. If your DMP is not with a free provider/charity then at the same time why not switch to one of those.

Have your wages gone in to your bank account yet? when are they due to go in and when are the payday loans due to go out?

lancashirekaz

Hi,
My wages go in at midnight and my loans all come out tomorrow. I was aware I shouldnt be taking out a loan whilst doing a DMP but I got into problems with health issues(due to a stroke a couple of years back in my early forties), took time off work etc. All my own fault I know but I just want to work on sorting it out. I live alone and Im very scared now. My DMP is with the CCCS.

Heffi1

Hi welcome and congratulations on posting on here, I would speak to CCCS immediately, I think they are open until 6 and explain the situation to them, ask if you can put the pay day loans onto your DMP, but be prepared for them to say you have broken your agreement of not taking on any more credit and tell you the DMP is finished.

It is really important that you get the cash out of your bank before the payday loans take it.

Tixy

Do you have online banking?

If so you may be able to transfer your wages from your bank account to another account before the payday loans go out. (Some people have had to wait up all night checking their account to do this as sometimes wages are not paid in until around 4am).

Do you have another bank account you could transfer them to - or a very trusted friend/relative whose bank you could transfer them to?

In theory you can tell your bank not to make the payments to the payday loans but in your situation you do not have time to get that done.

If you cannot move your money by internet banking then at the least I would try to withdraw some cash after its gone in but before the payday loans go out - its not likely to be much but its better than having no cash for the month.

What you should do in a DMP if you are unable to make the monthly payments in future is to contact CCCS and ask either to reduce payments permanently or to just pay token payments for a month.

You will need to contact CCCS and explain. They may let you restructure and include your Payday loans, or they may cancel. If they do then you could try to see if perhaps Payplan will set you up a new DMP with everything included.

The other thing to consider is whether a DMP is the right option for you now with the level of debts you have and your income/outgoings. Maybe now is a good time to assess whether it is still the best option or whether you may want to consider some form of insolvency.

lancashirekaz

Hi

Thank you all. it's been such a nightmare. I am also suffering from depression (an effect of the stroke), trying to support myself and cope with not being as well as I was. ironically, I have learnt how to cut my shopping, petrol use etc and never buy clothes anymore. Ive just allowed it all to go too far..... Thanks again.

[Deleted User]

Don't beat yourself up - easy done and sure plenty of us been in that old cliche where the ends just don't meet

Hope you get on okay I feel for you, maybe time has come to review your income and seek advice again - as above really, don't stuggle sometimes our fight isn't equiped enough at such times and there is no shame in laying the sword down - I did this after making quite a battle of it myself (probably un-necessary but when your feeling down/depressed...) and found though the 'expected misery or misguided fear of declaring being broke' I've actually improved mood wise (never thought I'd say it!) something no amount of money or a top credit rating can ever buy

Hope you get my ramble! all the best however you tackle it

x