Decent Lender

Bennbfc

Could anybody offer me some advice please.

I've stupidly taken out some Payday loans recently, which I needed, but wish I'd not taken them. It totals something like 2.2k

I wanted to get a loan to pay these off in one go and just pay the loan back, but due to having these on my credit file, its pointless going to mainstream banks (I have tried my own too).

I don't want to apply to random internet companies who are going to charge me £69 to be told no, like a lot of other people on here, I also don't want 100 texts per day offering me money :rotfl:

Does anyone have any advice on a lender for poor credit which is going to do what it says on the tin and not mug me off by sending me to someone else.

Thanks a lot!

DevCoder

How many PDL's are you talking about?

To be honest, with them on your credit file, no decent lender is going to touch you with a barge pole.

Why don't you ask the PDL's about a DMP? Yes you'll have to default and your credit file will be trashed for 6 years, but then its already trashed...

Monkeyballs

Don't pay them, cancel your CPA and agree a repayment plan with them that you can afford - call Step Change and arrange a DMP if necessary.

DO NOT borrow more to repay them, I've been there and done that... It's not a good idea

And stop borrowing! You may think you needed them at the time but I bet you didn't really

Good luck!

MB

Tixy

Unfortunately there are likely to be very few options with the payday loans on your file.

Have you considered trying to arrange repayment plans with your existing payday lenders? (usually need to cancel the CPA with your bank before they'll consider it). This can be done direct or with one of the debt advice charities.

Alternatives might be to look into a credit union loan. Mostly credit unions require you to start saving with them first, but some will allow loans sooner to help people get out of the payday loan cycle.

Would there be any chance of your employer advancing you a loan to be taken back straight from wages? Or any family?

How much can you afford to repay a month towards the debts?

Bennbfc

Can I just go and cancel the CPA at the bank? I've got 4 payments coming out on payday. I need to speak to the lenders I think and come to some arrangement.

Im going to speak to the Credit union nearest me.

I could afford around 200 a month, which is why I was looking for a 2.5k loan over 3 years, it would make it easy. Obviously I can't afford £200 a month for this period coming up because I have to pay the lenders back.

Would I eventually get someone knocking on the door if I didnt pay? I have a joint mortgage with my partner. Would her rating take a knock if shes living in the same address as me? Im not advocating not paying btw. Just wondered what the consequences would be.

Thanks for the replies.

Tixy

Yes you can cancel your CPA with the bank direct. Telephone or call in. They should be fine to do it, if they start to suggest that you need to speak to the lenders first then be insistent, you do not but not all frontline staff are up to date on this. This may be useful
https://www.nationaldebtline.org/EW/factsheets/Pages/41%20EW%20Payday%20loans/Page-02.aspx

If you cancelled the CPA and didn't arrange payments then inititally you would just get letters chasing you. Eventually they may take court action to obtain a CCJ. If you still didn't pay then at that point bailiffs could be instructed.

As you have a joint mortgage with your partner they you are financially associated on your credit files. So anytime either of you apply for credit the potential lender sees both your file.

Worth saying that if you do default on your loans and then enter defaults on your credit files these are on for 6years and will affect your ability to get credit/switch mortgage etc.