Payday loan help!

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faireunepipi
faireunepipi Posts: 3 Newbie
in Debt-free wannabe
Hi,
I am struggling to keep up with my payday loan payments. I know it was stupid taking them out but now I'm struggling and can't keep up, it's been a vicious circle for me.
I borrowed it so will pay it back but I can't afford the payments as they are at the moment,
Any adivce or help would be greatly appreciated!
Thank you x

Comments

  • sourcrates
    sourcrates Posts: 28,972 Ambassador
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    Hi,

    Yes, stop paying them if you can't afford them.

    All the payday lenders have procedures in place to help customers who can't pay.

    You just need to make arrangements with the collections dept of each company.

    Cancel your payment method, card, DD, or however you pay, cancel the CPA as well, then they have no way to take money from your account.

    Get in touch with the lenders and talk to them.

    It's simple really.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • faireunepipi
    faireunepipi Posts: 3 Newbie
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    Thank you x
    I will get on it tomorrow. I feel a right idiot! I haven't told anyone either.
  • sourcrates
    sourcrates Posts: 28,972 Ambassador
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    faireunepipi wrote: »
    Thank you x
    I will get on it tomorrow. I feel a right idiot! I haven't told anyone either.

    Happens to the best of us.

    Good luck with it.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    and don't feel an idiot. Have an idea of how much you can afford to repay before speaking to them.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • faireunepipi
    faireunepipi Posts: 3 Newbie
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    I need to sit and work it out so I've got something to offer when I speak with them.
    Thanks again for the replies :-)
  • McKneff
    McKneff Posts: 38,831 Forumite
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    Good luck, no need to feel like an idiot lol.

    There really is no need to tell anyone anyway unless you actually want to.
    Its nobodys business but yours.

    One day at a time pet,,,, plug away at it....
    Annie
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi

    I just want to emphasise the importance of cancelling the CPA (Continuous Payment Authority) as sourcrates suggests. Technically you can instruct the lender and your bank to do this over the telephone but it’s a good idea to back it up in writing. This factsheet explains it in more detail:

    www.nationaldebtline.org/EW/factsheets/Pages/payday-loans/payday-loan-debt.aspx

    You’re right that you should work out your income and expenditure before you start making payment offers. There’s a SOA template here you can use for that. Feel free to post your SOA figures here if you would like some feedback from people on the forum.

    www.stoozing.com/calculator/soa.php

    James
    @natdbeltine
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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