Help! I've been an idiot using PayDay Loan companies!

StressedSteph

Hi DBurns,

All these replies are tough reading arn't they, but if you are determined to get out of this asap, then alot of it is necessary.

I have done alot of things, but thankfully never gotten involved with payday loans, but I have read alot about others who have.

What I have read alot, is the advice to open a basic bank account, and switch all your household direct debits to that one. Whilst the payday loans have your bank account details, they will help themselves to whatever they want and you need to escape this.

Once you have done this, contact them, either direct or through StepChange and try to negoiate a freeze in interest and charges and work out how much you can afford to pay them per month

It will wreck your credit file, but who wants more credit??.

Please consider doing these things, it will help you loads.
Take care
xx