Can I freeze interest and get extra time to pay a PAY Day loan

DCFC79

OP, maybe your friend should contact Stepchange.

Dovah_diva

Avoiding a default is going to be nigh on impossible. In fact, what he is looking for is nigh on impossible.

HappyMJ

£5,000 in payday loans...Some serious budgeting is required. Pay day loans are only used for the most dire of emergencies ever. Never to meet a shortfall in the monthly budget. He'll get defaults without a doubt.

doug81

We get payday loans are for emergencies etc. You can still work in banking and not manage your money well remember there are loads of different jobs not all are financial planning etc.

Yes I was in the same situation a few years back but got myself sort now thank god. It was easier for me as I was not worried about my job as they did not do credit check on me etc.

Anyone got anything a bit more useful than saying its stupid to have £5000 on payday loans we know that already =-)

The tip about Wonga is useful to know thanks a lot.

They have some assets they are selling at the moment on Ebay so hopefully in 2-3 weeks will have some money to knock a few of these off.

Thanks

DCFC79

doug81 wrote: »

We get payday loans are for emergencies etc. You can still work in banking and not manage your money well remember there are loads of different jobs not all are financial planning etc.

Anyone got anything a bit more useful than saying its stupid to have £5000 on payday loans we know that already =-)

But why so much in pay day loans ?
What were they used for ?

Has the reason why the loans were taken out been rectified so it wont happen again in the future (otherwise it will happen again) ?

How did he thnk he was going to repay the loans if hes having problems now ?

I believe he will get a default (which is fair) when he pays a less amount than what he agreed to.

bengal-stripe

doug81 wrote: »

They have have the following pay day loans

£816 CFO
£1100 Wonga
£500 Lending stream
£797 Payday express
£750 Swift Sterling
£790 Payday UK
£300 Sunny

£5053 Total

doug81 wrote: »

We get payday loans are for emergencies etc.

So many emergencies!

[Deleted User]

Can I freeze interest and get extra time to pay a PAY Day loan

Yeah only if you can pay up in 2/4 months tops

Dealt with CFO, Lending Stream and Payday Express by the above method out of your list OP, I don't know why I did it, it was hard
and still involved a lot of complaining but hey that was 2011 so we can only hope it has improved

You don't get to pay these lenders a £1 or anything daft like that until it has gone to debt collectors - could wait for a discount to

jonesMUFCforever

We must assume here that staff overdrafts and loans have either been utilised or are not available.
I have to say it however unpleasant it sounds but has this debt got to do with gambling?

Banks have sophisticated systems to monitor staff accounts - OP believe me your employers already know about you taking them out - if you value your job/career talk to your line manager NOW.
The next step if they find absolutely anything out of order with your work (especially if you are a cashier or have a lending discretion) will be disciplinary action against you.
Please do not let it go that far.

dealer_wins

jonesMUFCforever wrote: »

=
I have to say it however unpleasant it sounds but has this debt got to do with gambling?

Banks have sophisticated systems to monitor staff accounts - OP believe me your employers already know about you taking them out - if you value your job/career talk to your line manager NOW.

And all banks audit/security depts talk to each other so staff cant hide their dishonestly by using other bank accounts! This is one of the first things that gets checked in the event of a fraud/security issue with a staff member.

Better to be honest with your employer OP (Sorry friend of OP)

matttye

There's no way to do what he wants. It's impossible.

If he can't repay the loans he's borrowed, as agreed, then he's going to get defaults.

Unless he can convince some stupid lender to give him a loan, which can be used to pay off the payday loans, he's !!!!!! out of luck I'm afraid.

I try not to judge, but how the heck can someone who works for a bank take out £5k of payday loans and then expect to pay at a reduced amount without getting any defaults? All the while knowing that they'll lose their job if they get defaults?

:wall: