Payday loans but clearing them

moomin_master

Hi guys, first post but just found this forum.

Been struggling with payday loans but with some graft I believe I can see the light at the end of the tunnel.

Tbh, I can't even remember how I got into this mess. I just woke up one day and realised I had 8 payday loans.

I have got myself down to 5.

Payday express £125 (reduced from £600)
Payday UK £140 (reduced from £350)
Quick quid £820
Wonga £600 (will be paid off in 2 weeks)
Lending stream. Well I made the mistake here of not checking repayments. I borrowed £700. In 2 months paid £566 and found to clear my balance of £745, would take four more payments of 1001.

So in 2 weeks will be down to 4 loans and a bit extra off one loan. But I wanted to i have made a plan in my head and sticking to it.

Refinancing isn't a great way to clear loans but now I have PDUK/PDE low, I know I can start attacking the bigger loans. January I plan to pay of PDE and a chunk from lending stream. Feb pay off Lending stream and PDUK. March and after I can just work on Quickquid who I have found easy to deal with generally.

I tried discussing the situation with Lending stream and found it hard to get them to grasp what I was talking about. I think once Wonga and Lending stream have gone the rest will be easy to deal with.

The others I have had are Mr Lender/Txt Loan and Quid.co.uk.

What I will say about them is quid.co.uk closed my account as I asked. 2 weeks later I did a test as I got a statement through. Asked for £50 but it wouldn't let me as account was closed. No e-mails or texts from text loans since I asked them to stop and nothing from Mr Lender either.

immoral_angeluk

Bumping for the evening crowd...

mum2one

it sounds like your working the right way with the debts, just to say good luck with it all xxx

moomin_master

Quick update... bye bye Wonga. Just cleared of my Wonga loan of £600. Ir is going to be tight for the month but one down, four to go.

Extended my PDE/PDUK loans. Going to ring lending stream tomorrow to take an early payment for the month. I think by the end of feb should be further along. It does feel good to say goodbye to Wonga though.

worried48

Well done, I'm sure it feels good clearing one!

moomin_master

It does because I am halfway there. Cleared of 4 payday loans. So next one I want too tackle is Lending stream. Going to delete my details from Wonga now. I feel confident that by end of March should be clearish of most loans. I miss having my wages in my bank. I do think that after this I will be able to save. It actually hit me that I have been using payday loans for to long and just seeing them go down is making a huge difference.

sheilds

Well done-you are getting there and seem to have a great determined attitude to clearing them.
Keep it up -you'll be so glad you did:)

DaveK1971

Hi, I'm also having communication difficulties with Lending Stream. I had to send my DMP letter by a combination of recorded delivery, email and fax a total of 22 times before they finally stopped saying they hadn't received it!! I have no idea what is happening with them at the moment as they don't appear to know!

moomin_master

I do think that Lending stream are useless. I have paid 3 of the 6 months off now. Got next month to pay, then clearing them off in Feb completely. There call centre is useless. They seem to not understand half the questions I gave them and I ended up just hanging up the phone.

I considered some form of company to repay the debts but the also have quite high fees. Seems like just going further in debt.

Does anyone have advice on these. Looking at what they charge it seems better to clear these loans off by yourself.

415SanFran

I Don't mean this to sound harsh but, you did not "just wake up one day and have payday loans"
Perhaps you need to work out why you got the first one and the later domino effect that you seem to be in now, so it can be avoided if the same problems arise in the future.
Have you thought of finding a local credit union in your area?

moomin_master

I got into my situation by living outside my means, and things arising and having to borrow more money to cover it. That I already know. Probably have done whatmajority of people have done on this board. And with it being so easy to borrow, just did it with a "yeah, who cares" atitude. I had been borrowing without the implications until I realised I was 1000's in the hole. Let's be frank... I was stupid. Now, however, I am posting about what I am doing too get myself out of the hole I have dug. Asking questions along the way. Maybe it'll help someone else out along the way.