My payday loan and credit card horror

Gazat4

Hello I have got caught in the Payday loan trap because I wanted to do things my friends did which in reality I could not afford but it has all back fired and I have learnt a huge lesson.
If you cant afford it do not get a payday loan credit card or any kind of credit.
I say any kind of credit because I got a littlewoods account and I was short on money to pay a debt so I ordered a PS3 for £300 and sold it in town cash convertors for £100 if had time could sold on ebay for a lot more

I nearly defaulted on mini credit and tooth fairy but i told work about my money trouble so they gave me an advance to pay them off which i am glad I did because I heard that someone defaulted on mini credit on £100 2 weeks later owe £500 and people told me tooth fairy are like loan sharks

Mini credit £125 cleared but got charged £5.50 early payment and £1 to change debt card details and £1 to change back account details

Tooth Fairy £275 - paid them

PDuk £150 not contacted yet

QuickQuid £350 not contacted yet

Payday Express £350 big bullys will not listen to reason I even threatened to go bankrupt.
phone you 8 times a day

Wonga £560 agreed to my 14 month repayment plan with freezes interest

The Money Shop £360 - emailed

Lending stream 1 £160 emailed waiting on reply
2 £200

I have opened a separate bank account for each payday loan so they never take out over the agreed repayment plan amount.
I use a separate bank for my wages to go into
I never phone them it can cause a lot of stress so I write to them.

Credit cards

I sent them a letter

Barclays £1362 froze charges and accepted 2 month break followed by £25 a month repayment plan

Vanquish £1062 _ freeze interest to 1.99 % and charges for 3 months after 3 months review situation

Capitalone £667 - sent letter to phone after i wrote to them

Aqua £350- said in there terms you can not have a repayment arrangement because i have used the card within last 3 months

Rise credit - no reply from letter

Never go with Rise

My balance is £300
There is no interest but you get a monthly charge example
£300 is 10% balance + £30 charge
£200 is 10% balance + £20 charge

Why Oh why did I was I stupid enough to accept this card

Last of all one more loan

Provident £465

Will keep you updated

Some days I get so upset and stressed and can not sleep.

stuartroberts

I totally understand how easy a trap this is to get into, i did it before these companies were big.

in my day it was pre cleared and dated cheques. i got to a point where i was writing cheques to pay day lenders that covered my whole salary and costing me £200 a month which i couldn't get out of for love nor money coz no sooner had i been paid i needed the money again.

went on for almost a year with cheque after cheque untill i decided enough was enough and opened myself another account and let my account massively go overdrawn with my old bank , and the cheques cleared because of the guarantee card,they added few charges once they were made aware. took me four years to pay off but i haven't had a payday loan since.

lesson learnt big style.

so i totally understand why you feel trapped and alone, hardest thing is admitting the problem, things get worse before they get better but it is so worth it.


good luck and keep your chin up

geoffky

Gaz how old are you? Are you still at home or do you own a house or rent?

Gazat4

geoffky wrote: »

Gaz how old are you? Are you still at home or do you own a house or rent?

I am 28 and live in rented accommodation

geoffky

Gazat4 wrote: »

I am 28 and live in rented accommodation

If i was you i would seriously look at going bankrupt..You need some breathing space and after 12 months its over apart from your credit record which is trashed for five years...Good luck whatever you do.. Not sleeping is not good..you need to act..

Daedalus

geoffky wrote: »

If i was you i would seriously look at going bankrupt..You need some breathing space and after 12 months its over apart from your credit record which is trashed for five years...Good luck whatever you do.. Not sleeping is not good..you need to act..

Without further information 6k is little to go bankrupt over.

coshboy

Good luck Gaz, I feel for you. Keep at it!

I've never borrowed from these but a girl at work told me she borrowed something like £200 and didn't pay it back on time. She's now on her feet a bit better now, but she reckons she's paid around £1500 for a £200 or £300 loan! Very scary!

Daedalus

coshboy wrote: »

Good luck Gaz, I feel for you. Keep at it!

I've never borrowed from these but a girl at work told me she borrowed something like £200 and didn't pay it back on time. She's now on her feet a bit better now, but she reckons she's paid around £1500 for a £200 or £300 loan! Very scary!

If this is true it is disgusting. There should be a bar on how many times the original capital can be accrued in charges/interest.

dealer_wins

Daedalus wrote: »

If this is true it is disgusting. There should be a bar on how many times the original capital can be accrued in charges/interest.

Thats what APRs of over 4000% do though, and thats what people sign up for.

Its madness, but the people signing up are the mad ones!!

debrag

How about a DRO?

Ilona

I think we ought to thank Gaz for posting on here, and everyone considering taking a loan should be made to read it. He has been honest, pointing out the pitfalls about how he got into this mess. Gaz, I hope you have learnt your lesson, and I wish you well in getting it sorted. You might have to cut right back on your spending for a while, only buy what you absolutely need, rent, utilities, travel to work, and food. Throw every penny you have at your debts. You can do it if you put your mind to it.
Ilona