Payday Loans and Job Loss

lm91

Hello all,

I am new to this site but it seems as though this is the place to help people such as myself out.

I lost my job recently and now find myself in a prediciment where i have several pay day loans to pay at the end of this month and next month without any income to be able to pay. My loans total about £1500 with Wonga, Quick Quid, Payday UK and Peachy Loans.

I know what i have done (by using these loans was incredibly moronic) besides this points is there any advice from anyone on this forum to be able to help me?

I am worried with stress and need some advice.

Thanks in advance,

L.

tomtontom

Speak to a debt management charity.

BillJones

There's a research project for someone into the correlation between taking out pay day loans and then immediately losing your job...

Anyway, you presumably received your finishing pay, so put all of that into the loan, sell anything that you can, to raise the money, and get out and get any job that you can, today. I bet that if you step away from the keyboard now and head into town that you could start in a bar job for tonight's shift.

dealer_wins

BillJones wrote: »

There's a research project for someone into the correlation between taking out pay day loans and then immediately losing your job...

Anyway, you presumably received your finishing pay, so put all of that into the loan, sell anything that you can, to raise the money, and get out and get any job that you can, today. I bet that if you step away from the keyboard now and head into town that you could start in a bar job for tonight's shift.

Excellent post, but I dont think people these days do these sensible things!!

Isnt it always someone else's fault in the 2010s?

Gaz83

Write to them and request that they freeze the interest and set up a repayment plan that's manageable for whatever income you are going to have coming in.

EDIT: You might be able to do it over the phone. I don't know much about the other ones but Wonga are supposed to be one of the more reasonable payday lenders when it comes to being unable to meet repayments.

Pixie5740

I agree with Gaz83. Just contact the PDL companies and be honest with them about your situation. They can't get money you don't have.

Gaz83

What you need to do ASAP, however, is contact your bank and instruct them not to allow any payments from any of these companies to be taken from your account.

hohum

dealer_wins wrote: »

Excellent post, but I dont think people these days do these sensible things!!

Isnt it always someone else's fault in the 2010s?

Aren't you both the funniest.

as you are both so clever and sorted, why don't you apply your obviously considerable intellect into responding to a request for help instead of posting unhelpful comments? Refer to the forum guidelines, this forum is for support not judgement.

I don't know when the last time you went looking for work was but friends, you don't tend to get a trial shift the same evening as applying. My source? 15 years experience of working in hospitality industry.

OP:

do you have enough coming in to cover priority payments eg food, rent?
consider completing an SOA - even just for yourself - so you can see how you will get through the next few months
if you can't meet your repayments, consider speaking to a free debt charity like national debtline or stepchange or CAP.

You're not alone in getting in this mess, and you won't be alone in sorting it.

Monkeyballs

C'mon guys, the Op is asking for advice and while Bill has offered some it's with a dose of sarcasm and Dealer you're just kicking the boot in!

This is the 'Debt-free wannabe' forum not the 'Now I cast thee into eternal damnation' forum

Op, you're going to need to repay the loans but obviously any money you do have needs to be used for priority spending first (I.e. Rent and food).

If you do have enough coming to you to be able to pay these PDL's off along with rent and food, etc then great otherwise do the responsible thing and contact them and your bank to cancel CPA and prepare to discuss repayment options - I'd also speak to a debt charity first.

Either way, you need to be quick because although they are due to be paid at the end of the month so you still have time it's useless sitting on your hands.

Yes you need to get out there and start looking for work but PDL's are not to be the driving force for earning a living, at some point you need to knock them on the head one way or another and this is as good as any!

MB

DCFC79

The sooner you contact them the better it will be.

redfragglebiker

Gaz83 wrote: »

What you need to do ASAP, however, is contact your bank and instruct them not to allow any payments from any of these companies to be taken from your account.

Gaz is correct - Phone up your bank and ask to remove any Continous Payment Authorities on your cards and account. This should stop them taking any money out whilst you negotiaite with them. Don't be fobbed off if the bank says they cannot do it becuase they CAN and MUST at your request.