Payday loans - Help!!

gb12345

Treadmill wrote: »

That's strange I thought I had linked to the capital one card designed for people with bad credit card.

The page is a bit confusing.

On the one hand it says that it is for people with a good credit history, but on the other mentions CCJs/defaults might not be a problem

malcolmffc

Why do you have 3 payday loans? Do you have 3 pay days?

worried48

Capital One have several different cards. There is one for poor credit.

pheonixrising21

malcolmffc wrote: »

Why do you have 3 payday loans? Do you have 3 pay days?

Is it not possible to have 3 pay days? I could argue that I have at least 6 paydays...

One for my main salary, one for the rental income from my flat, then the mystery shopping companies I work for pay on at least four different days between them (depending which ones I have done work for the previous pay period)

Thompson2

Treadmill wrote: »

That's strange I thought I had linked to the capital one card designed for people with bad credit card.

Thanks, will look into this

Thompson2

malcolmffc wrote: »

Why do you have 3 payday loans? Do you have 3 pay days?

No i don't have 3 paydays, I have 3 separate payday loans

Thompson2

Tixy wrote: »

You say your credit is at rock bottom - what exactly does your credit files show?

Presumably you tried to get other cheaper credit before resorting to payday loans? eg did you ask bank for an overdraft or try to get a credit card or a bank loan etc? If you could not get one before you had payday loans its likely to be even harder now.

You could try to gradually pull your way out of the payday loan debt, living very frugally, minimising outgoings to only essentials, maximising income / selling any items you can etc.

You could try contacting the loan providers and trying to arrange repayment plans with them.

You could default on your loans (cancel the continuos payment authority and possibly switch to your salary being paid to a new bank account) and then try negotiating with the payday loan companies to arrange repayment plans and ask them to consider freezing interest.

You could contact one of the debt advice charities for help on arranging repayment plans / seeing what other suggestions they have based on your circumstances. You might also want to try posting on the debt free wannabe section of the forum and posting a statement of affairs to see if people can help make suggestions to reduce outgoings / get things cheaper / prioritise payments etc.

Unfortunately no, I didn't look into getting other credit first, I wish I had of done though looking back!! The adverts make it look so simple and easy, plus my partner was due a wage rise, instead he got made redundant, which has not helped in the slightest. I no you shouldn't spend money you don't have, but he was promised a wage rise so we thought we could get my car fixed!! What a mess!!

Apples2

Thompson2 wrote: »

I no you shouldn't spend money you don't have, but he was promised a wage rise so we thought we could get my car fixed!! What a mess!!

A friend of mine did that. The Taxman promised him a £15k rebate so he immediately cancelled his car HP Direct Debit.

Don't think I didn't try to knock some sense into him but he was adamant he would simply clear the lot when the cheque arrived, which never did.
The Car was repo'd and he is still fighting off the marauding hoards of debt collectors over a year later.