Taking out Payday Loans while mentally impaired

billharris

Hi ... this is my first time using this site & forum so I apologise in advance for any protocol errors.

Essentially, i recently took out a number of payday loans from several lenders during what I would assert was clearly a psychotic episode.

I do have a mental health diagnosis which is fairly recent in terms of being diagnosed and is still very much being investigated and treatment options considered.

I am now faced with repaying these loans, which I will not be able to do as per the agreed timetable.

Also, as i was in a psychotic state when i applied for and obtained the loans, i'm not sure if the information I gave on the applications was accurate. I may well have stated i was employed for example and in receipt of a wage based on my recollection of a previous job, where actually i currently live on benefits. I'm just not sure what is the case due to the state I was in at the time.

I am even having to go through my online banking statement to find out a list of who i borrowed from and for how much as i remember so little.

Does anyone have any advice for me on how to proceed?

And could I be in trouble if i obtained the loans using erroneous information whist i was suffering psychosis?

Any help whatsoever would be very much appreciated.

Best wishes

Bill

Gaz83

Get in touch with a debt management company. Stepchange is your best bet, they don't charge a fee.

billharris

Many thanks, I'll check them out now.

elsien

Would your doctor or consultant be able to provide evidence to back up your claim?

billharris

Yes, I see a consultant psychiatrist once a month `and he would be able to back up my mental state in writing.

jonesMUFCforever

Not worth a red card for commenting on this so I will say nothing!

redpete

What did you do with the money? If there is a way of getting some or all of it back (e.g. selling stuff you bought) then you would have a better chance of persuading them to freeze interest and accept a payment plan.

CLAPTON

what steps are you taking to prevent this happening again?

[Deleted User]

Insolvency time I would have thought.

When payday changed at my new company sayso after taking out a loan in September 2015 to then find payday had moved nearly a week nothing was said on the potential for deception apart from I had to make the first due payment on time to ever be 'helped' so I took a trip to the buys desk at Cash Con best thing I could have done and today I'm on target to save over £20 in interest so it can be turned around.

Know someone unemployed who got receipt of these loans in 2013 and now in an IVA and that's before regs were tightened up which should have made any episode recently of borrowing more than from 1 pdl lender nothing more than a fantasy!

boo_star

Deleted%20User wrote: »

Insolvency time I would have thought.

When payday changed at my new company sayso after taking out a loan in September 2015 to then find payday had moved nearly a week nothing was said on the potential for deception apart from I had to make the first due payment on time to ever be 'helped' so I took a trip to the buys desk at Cash Con best thing I could have done and today I'm on target to save over £20 in interest so it can be turned around.

Know someone unemployed who got receipt of these loans in 2013 and now in an IVA and that's before regs were tightened up which should have made any episode recently of borrowing more than from 1 pdl lender nothing more than a fantasy!

Do you ever make a post that is comprehensible?

You seem to dive into the rabbit hole after a few (non punctuated) sentences.

I appreciate you may have mental health issues and it isn't a dig, but boy does my head hurt after trying to decipher just one of your posts.

[Deleted User]

If you tell the lenders now that you will not be able to repay on time, they will most likely freeze the debts straight away and give you a few weeks before chasing you or adding any charges. If you go down the StepChange route then you might need to wait longer for them to make contact on your behalf.

If you do contact the lenders then ask them for their policy on loans issued to those with mental impairments.

Good luck.