Can't pay my payday loan!!

dancingfairy

Except that contacting people at work is, I believe against the OFT debt collection guidelines.
Op - draw up a budget and a proposed repayment plan and send it to them.
Also cancel any CPA or dd facilities with your bank that might allow the payday lender to just take the money back anyway otherwise you'll have bigger problems.
You can sort this out.
Best of Luck
df

worried48

I wonder what percentage of people actually do pay these loans back? I suppose we must get a very skewed view on here otherwise all PDL companies would have been out of business years ago, from what I see on here.

sistafromanothermista

It never ceases to amaze me the amount of posters who borrow from these companies with no intention of paying it back (As in 2 days after taking it out say 'i can't pay it back')
Makes me so :mad: I just cannot usually be bothered to reply to these sort of threads.

iolanthe07

sistafromanothermista wrote: »

It never ceases to amaze me the amount of posters who borrow from these companies with no intention of paying it back (As in 2 days after taking it out say 'i can't pay it back')
Makes me so :mad: I just cannot usually be bothered to reply to these sort of threads.

I don't think many people borrow from these companies with no intention of paying back. It is just that some people live from day to day and don't think much about the future. Lying usually comes back to bite you.

National_Debtline

dancingfairy wrote: »

Op - draw up a budget and a proposed repayment plan and send it to them.
Also cancel any CPA or dd facilities with your bank that might allow the payday lender to just take the money back anyway otherwise you'll have bigger problems.
You can sort this out.
Best of Luck
df

This is great advice. We have a sample letter that you can use to remove the continuous payment authority which you can find via our payday loan fact sheet: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=41_payday_loans

Is this the only debt you have? What was the reason for taking out the payday loan? There could be some useful options to help you.

Best wishes,

David @ NDL.

PasturesNew

Deleted_User wrote: »

If you'd been made redundant, you'd likely have a redundancy payment with which to make the payment.

I've been made redundant loads of times, never had a payment.

adouglasmhor

I have used one in the past a few days before payday, to cover a bill as the charges for missing it would have been more than the interest and set up on the loan. not ideal but better than incuring charges from my insurance company, and from the bank for a refused payment or even having my car insurance ended.

John1993_2

PasturesNew wrote: »

I've been made redundant loads of times, never had a payment.

Is that being made redundant, or being let go?

Even if the latter, you should still get your last pay packet after they tell you.

adrenalin

if people work why cant they get arranged overdrafts? I could even get one on benifits but maybe as I never went over allowed and used work. They not even took it off me lol. I reluctant to take it off it £2500 they used increase it just as showed payments going in from incapasity lol. Maybe usful in emergency. Took me ages pay it off but least no pressure and low fees.

Id never get one now so maybe be usful if I get better

Sinhanada

adrenalin wrote: »

if people work why cant they get arranged overdrafts? I could even get one on benifits but maybe as I never went over allowed and used work. They not even took it off me lol. I reluctant to take it off it £2500 they used increase it just as showed payments going in from incapasity lol. Maybe usful in emergency. Took me ages pay it off but least no pressure and low fees.

Id never get one now so maybe be usful if I get better

Not everyone can I'm afraid. It depends on how much you earn, how much available credit you have \ used etc. I'm one of the many who have taken payday loans before, and when I realised I'd been sucked in too deep, I contacted CCS to help. I was on over 30k per anum, but the banks refused the loan to get me out of it. I understand why now. I wish people would stop saying go to the banks. They won't always help - and shouldn't always help and that is where the niche for these guys appears.