Pay Day Loan

ladtrying

I have appointment at end of August so will hopefully get some help on all finances then, thanks. I just wanted a bit of advice in the meantime.

gb12345

ladtrying wrote: »

I have appointment at end of August so will hopefully get some help on all finances then, thanks. I just wanted a bit of advice in the meantime.

CAB are probably not going to be much help and you've got a long wait for your appointment.

Try speaking to one of the debt charities (details are in the debtfreewannabee forum), they may be able to negotiate with the company on your behalf and get a payment plan set up and interest frozen.

Jamie_Carter

gb12345 wrote: »

CAB are probably not going to be much help and you've got a long wait for your appointment.

Try speaking to one of the debt charities (details are in the debtfreewannabee forum), they may be able to negotiate with the company on your behalf and get a payment plan set up and interest frozen.

The reason I said CAB was because they would know if the Op was eligible for any benefits whilst they can't work.

Tjrw1985

Who is the lender?

redpete

Have you contacted the lender to explain the situation and asked if they can:
- freeze the interest
- agree to a reduced monthly payment

Depends on the lender but there are reports on here of people making arrangements like this.

Caladan

PDL companies are usually quite flexible in freezing interest and arranging repayment plans (after they've added some hefty penalty fees to the loan). The problem is they'll keep trying to claim the money off your debit card.

In theory you can now ask your bank to cancel any recurring card transactions, in practice it's quite a new concept and I'm not sure how reliable it is.

I'd suggest giving an explanation of why you are unable to repay the loan and offering what you can afford to pay in writing to the payday loan company, make sure you send it recorded delivery.

gb12345

Caladan wrote: »

In theory you can now ask your bank to cancel any recurring card transactions, in practice it's quite a new concept and I'm not sure how reliable it is.

Not just in theory - it is a legal requirement that banks cancel any Continuous Payment Authorities if they are told to by the customer. If they are unable to (due to system limitations for example) then any money debited after they are advised of the cancellation has to be refunded.

Caladan

gb12345 wrote: »

Not just in theory - it is a legal requirement that banks cancel any Continuous Payment Authorities if they are told to by the customer. If they are unable to (due to system limitations for example) then any money debited after they are advised of the cancellation has to be refunded.

Quite right - Thanks for clarifying, I tend to be a bit vague in my explanations (must come from being a banker!).

dealer_wins

ladtrying wrote: »

Complete lesson learned. I'll never tuoch them again. I just wanted advice.
At the time I thought I could pay them back- I wouldn't ever ignore T's and C's- my circumstances changed after I took the loan out and I now can't work. So my income has dropped massively therefore why I am unable to pay it back.

Yeah yeah yeah, usual BS. You have a payday, you pay back your loan on that payday. Or dont borrow in the first place.

loonysuz

Just like you I had hit hard times and at the time I could afford to pay the loans back (i had 3) but then I was sick from work and could not afford to repay and was also paying back and then borrowing more

It is a horrible vicious circle but my experience has been great with the lenders all freezing interest and allowing me to make installement payments. I think the main thing is to contact them as soon as you are having problems.

Hope you get it sorted.#