Payday Loans Disaster ...

stupidboy69

Thanks for all your replies.

I understand why a lot of people would ask me to turn my family but in this situation I do not think it would be applicable.

My mother abandoned my sister and I when I was around two, and then my father died when I was around five. Since then, my uncle and aunt took us under their guardianship, and up until I was around 14-15 I had a decent relationship with them, but I felt the victim of both mental and physical abuse when I was 15-18, and it got to the point where I wanted to end it all. Eventually I got over it, although I still live here I feel that the family relationship is a bit dysfunctional. My aunt refuses to speak to me and although my uncle is on speaking terms, I feel that our relationship is beyond repairable to the point where I do not tell him anything that goes on in my life. I only speak to him when I deposit the rent money into his account. Other than that, I am in my room all day after work. To tell them I have a gambling problem or am in a bit of trouble with payday lenders will not really achieve anything in my opinion. More importantly they were both in a bit of financial crisis themselves and I do believe that my uncle claimed bankruptcy a few years ago. They are not in a position to give a helping hand and I don't feel like admitting anything to them would achieve anything positive other than adding more disappointment to an already dysfunctional household.

The only real family I consider to have is my sister, but she is a single mother on benefits, and at times struggles to manage her finances too. I don't want my uncle or aunt to find out because they will tell my sister, and I don't want to let her down.

Thanks and best regards,

RuthnJasper

stupidboy69 wrote: »

Thanks for all your replies.

I understand why a lot of people would ask me to turn my family but in this situation I do not think it would be applicable.

My mother abandoned my sister and I when I was around two, and then my father died when I was around five. Since then, my uncle and aunt took us under their guardianship, and up until I was around 14-15 I had a decent relationship with them, but I felt the victim of both mental and physical abuse when I was 15-18, and it got to the point where I wanted to end it all. Eventually I got over it, although I still live here I feel that the family relationship is a bit dysfunctional. My aunt refuses to speak to me and although my uncle is on speaking terms, I feel that our relationship is beyond repairable to the point where I do not tell him anything that goes on in my life. I only speak to him when I deposit the rent money into his account. Other than that, I am in my room all day after work. To tell them I have a gambling problem or am in a bit of trouble with payday lenders will not really achieve anything in my opinion. More importantly they were both in a bit of financial crisis themselves and I do believe that my uncle claimed bankruptcy a few years ago. They are not in a position to give a helping hand and I don't feel like admitting anything to them would achieve anything positive other than adding more disappointment to an already dysfunctional household.

The only real family I consider to have is my sister, but she is a single mother on benefits, and at times struggles to manage her finances too. I don't want my uncle or aunt to find out because they will tell my sister, and I don't want to let her down.

Thanks and best regards,

Oh, bless you. Sorry you've had such a tough time. x

stupidboy69

I did not contact StepChange yet because I already sent e-mails to lenders and wanted to see their replies.

I got replies from MyJar, PayDay UK & Sunny. I will quote them below:

PayDay UK

Many thanks for your email.

Thank you for keeping us up to date with your circumstances, we appreciate this and have noted your account accordingly. No payments will be attempted until we speak with you to arrange a repayment plan.

In order to discuss repayments with you we will need to speak with you. We respect your request to be contacted only on your personal mobile, and we will do our best to contact you after 4pm on Monday to Friday. We have arranged for an agent to contact you in regards to this, alternatively you can contact us on the number below to discuss repayment.

We do need to make you aware if we are unable to contact you or you do not get in contact with us in regards to repayment then collections activity will commence and this may affect your credit file.

If you have any further questions in the meantime please do not hesitate to contact us.

MyJar

Thank you for contacting us.

We are sorry to hear that you are finding it difficult to manage financially at the moment and we hope that things will improve for you soon.

The repayment plan is as follows:

Loan ID: xxxxxxxx
REPAYMENT PLAN:
Date: 2016-01-29 | Amount £110.40
Total Sum: £110.40

If at any point you are unable to make a scheduled payment, please let us know in advance so we may reach a mutually acceptable solution.

As agreed, we will debit your card ending in xxxx for the repayment. Please make sure that this is the correct card that we hold for you.

If the repayments are not made as agreed, this arrangement will fail and the standard interest and charges will apply.


In case if he would have to contact you on your registered mobile number, kindly provide us with the best time of the day for us to call you.

Sunny

In order to put a repayment plan in place we would need to complete an income and expenditure assessment with you over the telephone to assess and evidence what will be affordable for you to repay each month, this takes approximately 15 minutes to complete and would need full details of you income outgoings and any other creditors balances.



Continuous payment authority has been cancelled and all 3 loans placed on hold each with a frozen balance as you will see below whilst we wait to hear from you with the information we require to complete the assessment.



xxxxxxx £78.54

xxxxxxxx £273.40

xxxxxxx £51.44



Please note this will show as an arrangement to pay on your credit file, may affect future borrowing and will close your account with us once paid back. If payments are late or missed your repayment plan will fail and you will be at risk of a notice of default.

Sunny and MyJar froze interest, but PayDayUK are quite vague. I need to call them up and clarify.

[Deleted User]

andrewjack21 wrote: »

payday loan for a short period of time,usually one to four weeks. You show proof of employment and identification and write a postdated check for the full amount of the amount you borrowed plus the payday loan fee, which you leave with the lender.

The OP has passed this, they aren't looking to borrow instead wanting an interest free repayment plan

I've had near on 100 loans in my time since 2009 and never had to follow your instruction - been declined as well.

OP When I had to ask Payday Uk for a repayment plan it took the complaints procedure for them to become anyway lenient took about 4 weeks, in the end this was the most lenient of them all...

hign10pines

stupidboy69 wrote: »

Hi all,

I am a firs time poster, would appreciate if I could get some help from you all. Before I start, I would like to confirm that I am indeed an idiot for getting myself into this situation and take full responsibility for it.

The situation I am in is quite dire, I have Payday loans with several companies, total amounting to around £5000.00. Here is a breakdown below:

Satsuma (total owed £900.00) - payments of £28.50 per week
QuickQuid (total owed £1695.00) - first payment is for £198.00
PoundsToPocket (total owed £1750.00) - £150.00 per month
Sunny (total owed £460.00) - £460.00 due end of month
MyJar (total owed £114.00) - £114.00 due next week
Lending Stream (total owed £115.00) - £38.50 due end of month
Wage Day Advance (total owed £180.00) - £180.00 due end of month
Payday Loans UK/memecredit (total owed £440.00) - £440.00 due end of month

I am penniless until 29th of January, and am in fact already over my planned overdraft by £350.00 (so when my wage comes in, it will deduct £350.00 from my overdraft automatically). I have two bank accounts, one where my salary goes into and one which PDL companies pay into, so in that sense I am in control of what happens when I get paid.

I live with family and voluntarily pay £200.00 in rent (family do not know about my debt crisis and ideally I would like to keep it away from them...). I could probably live off £350-400 a month (incl. voluntary rent) which leaves my disposable income to £1400 a month to pay these lenders.

If I get things right, I am slightly optimistic that I can get things at least under control after two pay days, but I need your help to prioritize which of these loans should I pay first and which should I try to negotiate a repayment plan with? This month it is impossible for me to pay all my lenders.

Also, because I will be over my planned overdraft by £350 (will be charged £10/day) what should I tell my bank? What will the immediate consequences be?

I know I made a stupid decision, I am only 22, and find myself in such a situation whilst most people my age are saving up etc. it is very depressing but I want to sort things out now...

Appreciate all replies,

Thanks.

edit: just a quick summary, disposable income for this month will be around £1300. Total owed this month is £1609 in PDL alone.

Pay off those in bold, the others appear to be already on repayment plans

jon8sher

I was in a similar situation a couple of years ago, I had no money spare and was in a vicious payday loan cycle. The first thing I did was contact the lenders to tell them I was in financial difficulty. I have to say Sunny, wage day advance and paydayuk were fantastic, they all stopped interest and I paid a very reduced amount and cleared the debts within a year sticking to the new repayments. Quickquid were a bit more pushy but I stuck to my guns and they accepted the reduced payment. I used the self managed DmP proforma on the CAB website and everything was done by email. I was clear of these debts after 13months and I will never go back to that situation but there is a way out. Good luck