Payday loans are financial Russian Roulette!

Delree

Your immediate problem is a symptom of a larger one and your chickens are coming home to roost at a most inconvenient time.
Let's face the facts, credit is surely in the bin so time to make a payment plan, stop the interest and rid yourself of this millstone around your neck.

I've never taken a pay day loan but totally understand why people do, a wolves at the door situation arises and it's desperate times calling for desperate measures, now is no different.

I wish you the best and hope you escape this, you will btw because you will have to, amazing how reality and necessity drives outcomes.

Chin up ignore the haters

broad-sword_2

Firstly I'm not judging at all, and this may not help OP but I'm puzzled why the payment did not go even if you had cancelled your card, for whatever reason, as all we seem to see on this board is advice saying cancelling your card will not affect the payment (usually to people trying not pay to it back). I'm afraid you are seeing the real and ugly face of pay day loans now.

Angry_Bear

Would Money Shop not be able to give you bank details so you could arrange an internet/phone transfer? Failing that, could you transfer money to a friend or family member who lives near the shop so they could go in and make the payment for you (tell them NOT to use their debit card, but to take cash).

sarahcmo

i have been in the same situation so i understand your worry , i just called them and arranged a better pyment plan that was easier to manage. i am so sorry people have jumped on you when you needed help. this site is on the whole very helpful and you came to the right place, the smug ones that judge you should hang their heads in shame. i really hope you can sort this and reduce your worry. Just like you i used these as a last resort but have learnt my lesson i really wish you the best of luck and hope this will soon be sorted for you.

ChrisBuchanan_2

Lol same thing happened to me yesterday I just joined the board and made a similar post about payday loans and how awful they are etc and got people who dont know all the details about my life or why i needed the money, I was making a point about how they offer to increase the loans every time you go in, how the fact they dont do credit checks and are somehow approved by the FSA, how the state of the economy would be better if they didnt exist or would have a normal amount of interest that could still make them money, how they dont do proper checks to see if you have any other loans on the go, it is giving vulnerable people the chance to drive them to the ground and get stuck in an endless cycle which to me should be criminal, all valid points and yet even though thanks to some help I am almost out of debt certain people think they should start having a go at me for getting myself into that situation, the fact is this service should not be available to consumers in this country as its not doing our economy any favours, its making the poorer even more poor. In the past year I have spent £1000+ on interest which could have been spent in shops and other things, thousands of other people are in the same situation so a lot of money could be going into making this country back on track. As for your situation, you could get a family member or friend to phone up and pay the £70 odd pounds for you? Can I ask which Money Shop is it that you use in Glasgow is it the one on Union Street?

FireWyrm

ChrisBuchanan wrote: »

...and got people who dont know all the details about my life or why i needed the money,

No-one in the western world doesnt understand that money lending at these rates is just plain silly.

ChrisBuchanan wrote: »

I was making a point about how they offer to increase the loans every time you go in,

Nothing stopping you telling them to jog on.

ChrisBuchanan wrote: »

how the fact they dont do credit checks and are somehow approved by the FSA,

So, you admit you needed the money (for whatever reasons), could not go to a mainstream lender and yet complain that there is an institution prepared to lend you the money you needed for as long as you needed it?

ChrisBuchanan wrote: »

how the state of the economy would be better if they didnt exist

No. The economy has nothing to do with PDLs. The economy is in a twist because people borrowed far beyond their means to repay. People borrowed money they simply didnt need in order to live, or they borrowed money hoping to cash in on property speculation. Now, people complain that the bubble has burst, the credit is no-longer freely available and that they cant afford to pay back what they borrowed. Sorry, it's a self inflicted injury.

You are confusing 'need' with 'want'. Need is when you havnt eaten in days and the cupboards are bare. Want is when you 'must have' a new ipad. There is a world of difference between these two states. Complain all you want, but the bottom line is that obviously fulfull a neiche in the market or they wouldnt exist.

ChrisBuchanan wrote: »

or would have a normal amount of interest that could still make them money,

Their interest IS 'normal'. In fact, its actually more reasonable than a credit card. Yes, you read that right. The FSA requires all lending businesses to quote APR (over a year) but this doesnt necessarily suit the business model of PDLs. A PDL is for a short period of time, perhaps 15 to 30 days, and at that rate, it's about 20-25%. Most credit cards are in the region of 27-32% and some loans like Amigo are up around the 49% mark. Now, tell me that PDL interest is 'unreasonable'? If a debtor stuck to the original contract (just a few days), they would pay no more interest than if they borrowed it from a credit card.

Your understanding of their business model is flawed and from that you draw inaccurate and misleading conclusions.

ChrisBuchanan wrote: »

how they dont do proper checks to see if you have any other loans on the go,

Why should they. You are presumably a grown adult of sound mind? You asked them for a loan, they gave it to you. It is up to you as an adult to read/consider/understand the consequences of your actions.

ChrisBuchanan wrote: »

it is giving vulnerable people the chance to drive them to the ground and get stuck in an endless cycle which to me should be criminal,

Debtors are specifically asked whether they are old enough and whether they have READ and UNDERSTOOD the terms and conditions. If you answer yes, they can hardly be held responsible for your financial ineptitude.

ChrisBuchanan wrote: »

all valid points and yet even though thanks to some help I am almost out of debt certain people think they should start having a go at me for getting myself into that situation,

The first step to beating an addiction is to admit you have a problem. Just as the alchaholic isnt held down and liquor poured down his throat, so the same applies to those who CHOOSE to take out a PDL.

ChrisBuchanan wrote: »

the fact is this service should not be available to consumers in this country as its not doing our economy any favours,

And yet you admit to availing yourself of this 'service'?! If you felt so strongly about how immoral it was, perhaps you should have refrained from taking a PDL?

ChrisBuchanan wrote: »

its making the poorer even more poor.

No, silly spending on things they dont need are making everyone poor. Ask yourself, do you REALLY need that TV or Sky subscription...do you...honestly? You and I both know the answer is NO.

As for this pseudo class hatred you are displaying....let me tell you buddy that the working class are those who are working and THEY are the poor. Those on benefits are raking in far more than I could hope to earn. There is no such thing as the 'downtrodden' poor if there ever was...its' a myth.

ChrisBuchanan wrote: »

In the past year I have spent £1000+ on interest which could have been spent in shops and other things,

I assume you mean that you have gone hungry, or cold or in some way were physically deprived, because if you weren't then spending on what you didnt need got you in this mess in the first place I suspect. This comment is quite indicative of those who take out PDLs and then find they cannot service them. The answer, as always, is to cut your expenses to the absolute minimum and pay it off.

ChrisBuchanan wrote: »

thousands of other people are in the same situation so a lot of money could be going into making this country back on track.

Its a basic fact of business finance. You cannot spend your way out of a recession. It doesnt work.

Heffi1

Very well said FireWyrm!

essjaytee

Progress2 wrote: »

Please help me to understand how I can get out of paying extra fees. I'm supposed to be on holiday and really am in quite an inaccesible place in Berkshire. The Money Shop are expecting me to take a round trip out of my way to pay them at least £75 tomorrow.

Unfortunately the only way to "get out of paying extra fees" is to make your repayments on time. If they've already added the £25 charge onto your account then why can't you accept it as a lesson learned, enjoy the rest of your holiday and wait till you get home and then use your new card (assuming you've asked your bank for a new card) to make the payment with then?